Under the terms of the contract, valued at approximately Baht 1.24 Billion, Pre-Built is responsible for delivery of all the structure, architectural, mechanical, electrical and plumbing works. Construction for the two-tower complex has already started and is expected to be finished by mid- 2014.
Work well underway at Zire Wongamat. The project is expected to be completed by mid 2014.
Pre-Built PCL is a listed company that has developed its reputation since it was founded in 1995. It has been constructing residential and commercial buildings, shopping centers, schools, government centers and larger complex projects and delivering them on time, while adhering to strict quality control measures. Zire Wongamat marks Pre-Built’s first project in Pattaya, bringing its expertise and proven track record to the bustling seaside resort.
For Raimon Land’s Chief Executive Officer Hubert Viriot, the proposal provided by Pre-Built best addressed the requirements that were defined for Zire Wongamat. “I am confident that our collaboration with Pre-Built will enable us to deliver impeccable units that will meet the expectations of our future residents and home owners. The majority of them are young Thai families who look forward to a perfect place to relax on weekends,” he said.
An artist’s impression shows the completed Zire Wongamat development.
“Just an easy 90-minute drive from Bangkok, Pattaya has become a favorite choice for secondary homes, because of the recreational and entertainment options that are within the reach of the whole family. Zire Wongamat has proven exceptionally successful also because some units are available with an accessible starting price of 3 million Baht. With more than 70% of the units already pre-sold, we are ready to move ahead.”
Pre-Built Managing Director Wirot Charoentra commented: “We are thrilled to be working with Raimon Land on this exclusive beachfront project. We uphold Raimon Land’s commitment to offer their clients the best quality and value, and because of our expertise and experience, we are confident that we can match their high expectations.”
Occupying over 5 rai of prime beachfront property on Pattaya’s most exclusive cove, Zire Wongamat features two towers, 37 and 54 storeys respectively. Each of the 480 units have been designed to provide stunning panoramic views of the Gulf of Thailand. Customers can choose from a variety of different unit types, ranging from 38 sq.m. studios to 185 sq.m. three-bedroom units. Additionally, buyers can expect top-quality interior decoration as well as world-class amenities like an infinity lap pool, modern fitness centre and sauna.
Raimon Land has secured THB 1,027 million in financing facility from TISCO Bank, the country’s first investment bank, to support the development of the project.
Transfers at ‘The River’ project underway
With the company’s Bt 15 billion ‘The River’ project in Bangkok now over 76% sold and nearing completion, Raimon Land has recently announced the commencement of transfers to its customers.
“We are targeting transfers from The River of around seven billion baht this year with the remaining value next year in combination with the first transfers from 185 Rajadamri,” said Chief Executive Hubert Viriot. “The success of our new projects in Pattaya plus a new launch in Bangkok later this year will secure the flow of revenues and profits through to at least 2015,” he added.
“Our new strategy has been to diversify our portfolio from reliance solely on an ultra-luxury niche to include more mainstream mid and high end segments through the development of the Zire, Unixx and Lofts brands. This new approach has resulted in a much stronger Thai customer base and a more reliable platform for future growth,” said the company CEO.
Raimon Land has previously announced its intention to maintain a rhythm of roughly two new launches per year over the long term. The capital raised from the recent Bt.457 million private placement and the anticipated warrant conversion, plus internally generated cash-flow are sufficient to fund both an accelerated new launch plan and strong dividend payments.
“We are therefore very confident that our strategy will generate substantial and sustainable returns for our shareholders both in terms of capital appreciation and dividends in the years ahead,” concluded Mr. Viriot.