Raimon Land posted better than expected results for the first quarter of 2021 with profits increasing by nearly 200 percent. One reason for the developer’s success was an uptick in demand for luxury condo units being driven primarily by Thailand’s younger, affluent generation.
“After research, we found considerable demand for luxury residential products from a young and dynamic generation with high-purchasing power. Our company has adjusted its strategy to attract this group of potential customers,” Korn Narongdej, Chief Executive Officer at Raimon Land, stated.
The developer sold all remaining units in a trio of Bangkok developments: The River, The Lofts Silom and The Lofts Asoke during the first three months of 2021. And while a third wave of COVID-19 in Thailand has caused some homebuilders to reconsider their strategy, Raimon Land is optimistic and will forge ahead with plans to launch new projects.
“Although the third wave of COVID-19 is in the background, we are confident that the market is adapting and together with the speeding up of vaccine distribution in Thailand and globally, we believe that the situation will be greatly improved in the near future.
Related: Raimon Land wants to make Bangkok condos more attractive to foreign buyers
Raimon Land focuses on a new form of luxury condo
Raimon Land has captured the attention of young, dynamic buyers by rethinking the luxury condo. In the ultracompetitive Bangkok real estate market, this shift has helped the company flourish.
One of the developer’s most recent launches, The Estelle Phrom Phong, embodies its approach to the luxury condo market. The high-rise project focuses on creating a peaceful experience that has been curated through luxurious amenities, private areas and a sophisticated design.
Each residence boasts fine marble along with high-end fittings, furnishings and appliances. A select number of penthouses feature private elevators for an extra touch of privacy. Details, such as kitchen islands, have been adopted with younger buyers in mind.
The Estelle Phrom Phong is a development regarded highly by judges and the public alike. The project won Best Luxury Condominium at the Dot Property Southeast Asia Awards 2020.