Risland ‘cautious’ amid slump
Chinese-owned, Hong Kong-based developer Risland Thailand remains bullish on investment in Thailand with four new large projects in Bangkok and Phuket, but has pledged to take a cautious strategy.
The four projects are worth a combined 30.4 billion baht and will be launched phase by phase.
Paul Nie, deputy regional sales and marketing general manager, said the difficult sentiment provides an opportunity for the company to expand investment.
“Last year we delayed two condo projects to pave the way for this year as the property market has been sluggish,” he said. “We bought plots at good prices to develop new projects.”
One of them is 22 rai on Sukhumvit Soi 64 near the Punnawithi BTS station where Risland plans to develop a mixed-use project worth a combined 16 billion baht.
Dubbed Sky Rise Avenue SKV64, the project will comprise seven high-rise towers with a total of 3,000 condo units and a four-storey office building with lettable area of 2,000 square metres.
The company is scheduled to launch the first phase with 1,000 units worth 5 billion baht in the second quarter this year.
“If the property market improves and the project gets a good sales rate, we will continue with the next phases this year,” said Mr Nie.
The other plot is in Phuket, where the company is buying more land to develop a large branded residential project comprising villas and condo units. The first phase in Phuket with 650 units worth 5.8 billion baht is slated to launch in the fourth quarter of 2020.
The company also wants to launch two condo projects postponed from last year. One is The Livin Ramkhamhaeng with a total of 1,938 units worth around 5 billion baht. Phase one with 600-700 units will be launched in the third quarter.
“We are more cautious but need to move forward,” he said. “Every developer is facing the same situation. We will shift more to online activities such as bookings instead of face-to-face activities, to avoid possible infection.”
Founded in 2017 in Hong Kong, Risland launched its first project in Thailand in 2018 with Artisan Ratchada, a condo project on Ratchadapisek Road with 1,337 units worth 6 billion baht which was 95% sold.
The second project was Lake Serene Rama 2, a high-priced single detached house project with 485 units worth 5 billion baht. Last year it launched Cloud Thonglor-Phetchaburi, a condo project with 661 units worth 3.4 billion baht that is 50% sold.