Riviera Group signs 920 million baht construction loan with SCB

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The Riviera Group brought to a conclusion the signing of the construction loan for The Riviera, Wongamat Beach on Tuesday the 24 of May.

Sommai Ungsrithong, FS.V.P. at SCB said, “It is good to be working again with Winston Gale and his team. Since The Palm in 2012, we have had a positive working relationship together.”

(L to R) Projects Director Sukanya Gale looks on as Riviera Group Owner Winston Gale shakes hands with FS.V.P. Sommai Ungsrithong and Chonburi Regional Manager Anol Eaksil. The Riviera Group brought to a conclusion the signing of a 920 million baht construction loan for The Riviera, Wongamat Beach on Tuesday the 24 of May.
(L to R) Projects Director Sukanya Gale looks on as Riviera Group Owner Winston Gale shakes hands with FS.V.P. Sommai Ungsrithong and Chonburi Regional Manager Anol Eaksil. The Riviera Group brought to a conclusion the signing of a 920 million baht construction loan for The Riviera, Wongamat Beach on Tuesday the 24 of May.

Attending the signing for SCB was Sommai Ungsrithong, FS.V.P., Bangkok, Chonburi Regional Manager Anol Eaksil, and Khomsai Sangratsamee, Relationship Manager. Attending for The Riviera Group was Owner and Founder Winston Gale and Projects Director Sukanya Gale.

Winston stated, “We are pleased to have concluded this loan with SCB. This will help assist us in the completion of The Riviera, Wongamat. It’s great we have a long-term working relationship with SCB and it also shows to the market the confidence they have in us. Construction progress is on schedule and as a team we are working very hard to maintain this position.”

(L to R) Riviera Group Owner Winston Gale, Projects Director Sukanya Gale, FS.V.P. Sommai Ungsrithong, Chonburi Regional Manager Anol Eaksil, and Relationship Manager Khomsai Sangratsamee.
(L to R) Riviera Group Owner Winston Gale, Projects Director Sukanya Gale, FS.V.P. Sommai Ungsrithong, Chonburi Regional Manager Anol Eaksil, and Relationship Manager Khomsai Sangratsamee.

With the Pattaya property market being stagnant and tourism also experiencing a difficult set-back period, an SCB spokesperson noted that The Riviera’s 920m baht loan was an indication that SCB still saw the Pattaya market as positive, but was clearly determined much more these days than in previous times by the projects’ uniqueness and the developers’ ability to adapt to challenging times.

Today, the project stands at 33 floors (South Tower) and 31 Floors (North Tower). Topping-out of both buildings is expected late August when the buildings reach 43 and 40 floors high. Their 45m THB showroom where the ‘Glamorous’ theme was launched end of 2013 is finally scheduled for demolition this August, making way for extensive swimming pool works.

The Riviera, Wongamat Beach is a 3.6B Thai Baht project with a completion date of late 2017.