Tall & Urban News

Chinese-owned, Hong Kong-based developer Risland Thailand will spend 8 billion baht (US$253 million) to launch five residential projects in Bangkok and Phuket worth a combined 10 billion baht (US$317 million) over the next 10 months.

Paul Nie, regional sales, marketing and general manager, said the company has confidence in Thailand and the property market because the country is more flexible than its peers.

“Thailand is attractive for investment in property development, as it is in a strategic location that draws foreign buyers and infrastructure is good,” he said. “Unlike Indonesia, foreign property ownership is allowed in Thailand.”

The investment budget of 2019 is an increase from 3 billion baht (US$95 million) in 2017, the year Risland entered the country.

From June to the end of the year, Risland will launch three new projects in Bangkok. One is Cloud Thonglor-Phetchaburi, a 55-story condo on Phetchaburi Road with a total of 661 units. The others will be a luxury condo on Sukhumvit Soi 23 with 300 units, and Phase 2 of Lake Serene, a high-priced single detached house project on Rama II Road.

In the first quarter of 2020, the company plans to launch a hotel-branded residential project on Koh Sirey in Phuket with 400 units of condos and villas. Risland will also open a new condo project with 2,000 units near Bang Wa Skytrain station.

“Our new projects being launched from this year onwards will involve local partners, after we faced problems with the first two projects launched in 2017-18, when we did everything on our own,” Mr Nie said.

Local partners include designers and property consultants who gave the company advice to have products that match demand and target customers, and have selling prices that match the market.

Founded in 2017 in Hong Kong, Risland has projects in the US, India, Indonesia, New Zealand, Thailand and Hong Kong.

For more on this story go to Thailand Construction News.