IFA Hotels & Resorts recently acquired an
additional 14.92% stake in Raimon Land, a Bangkok based luxury
condominium and real estate development company, increasing
IFA HR's ownership in Raimon Land to 41.07%.
IFA HR initially entered Thailand during January 2007
as part of its global expansion plans.
President and COO of IFA HR, said, "We have been working closely
with Raimon Land for the past two and a half years and have
witnessed many positive synergies between the two companies.
Raimon Land is the leader in premier real estate development in
Thailand. Their residential projects are on track and currently
being completed with successful hand over to customers."
While the global economic downturn continues in most markets
across the world, recent reports indicate positive movement across
many countries in Asia.
The past three to four months will show
double digit GDP growth in most of Asia for the second quarter of
2009, with Thailand growing by approximately 12% for the same
period. GDP in most of Asia is currently rising nearly as fast as
it fell during quarter four 2008 (source: DBS Bank - Asia:
Recovery Dashboard, July 13, 2009).
Raimon Land is a
premier developer listed on the Stock Exchange
of Thailand and has established a sound track record of successful
property developments in Bangkok and the main resort locations of
Phuket and Pattaya.
Over the past several years, the company has
delivered projects valued at over US$ 200 million in luxury
residential products to the Thai market. Additionally, the company
has a project pipeline with a sales value exceeding US$1 billion.
Hubert Viriot, Raimon Land CEO, said:,"We have seen great
value created by working closely with IFA Hotels & Resorts; the
internationally recognised Raimon Land name will be further
elevated through IFA Hotels & Resorts' international network
spanning the Middle East, Europe, Africa and North America.
Fortunately, the Asian market is showing signs of healthy recovery
in comparison to other regions. We strongly believe we will
maintain strong sales levels and will continue to deliver quality
products and residences to our valued customers."
Raimon Land recently handed over The Heights Phuket project to
its customers. The company's Northpoint Pattaya residential
development is on track and scheduled for completion towards the
end of this year, followed by handing over to owners shortly
after. Construction of The River, a major condominium project in
Bangkok, continues to make good progress, with the landmark
project rising steadily on the banks of the Chao Phraya River and
is scheduled for completion by 2011.
Al-Bahar added, "Our strategy has always been to focus on emerging
markets; Asia is a key region for us with excellent growth
potential which we plan to capitalise on."
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