Sales in Raimon Land’s The River Soar Past THB7 Billion

Date: July 7, 2008

 BANGKOK; July 7, 2008 – An increase in demand from Thai buyers at The River – Bangkok’s premier condominium project being developed by Raimon Land on the Chao Phraya River – has pushed sales over the THB7 billion mark, driving the project’s total sales volume to 55.5% of the targeted THB12 billion.

 This surge in take up of the condominiums, more than THB800 million over the sales target to date, has prompted Thailand’s leading luxury condominium developer to release the South Tower’s higher units earlier than planned. More than 80% of the North Tower’s units have already been sold.

 Since launching the 837-condominium project in March 2007, during which the limited number of units released were sold within three days, Raimon Land has incrementally released 492 condominiums, selling 418 of them for a total of THB7.094 billion.

 In square metre terms, 53,685 square metres have been sold for an average of more than THB132,000 per square metre. This represents 51.5% of the project’s total area.

 Raimon Land Chief Executive Officer, Nigel J Cornick, said this strong performance reflects the positive sentiment held among investors that Thailand’s property sector can continue to expect sustained demand throughout the year and into next year.

 “This is particularly true of the high-quality, luxury condominium sector, which is driving the market forward despite the ongoing political instability. This also sends a positive signal to international investors considering strategic property purchases in the country,” Mr Cornick added.

 Sales in The River, Raimon Land’s highest valued project to date, got off to a solid start in 2008, with figures for February alone topping THB1 billion. All subsequent months surpassed their THB300 million target, except April which is traditionally slow due to the Thai New Year holiday.

 The prestigious The River condominium project is the focal point of Raimon Land’s marketing initiative to develop and promote an exclusive lifestyle community on the Chao Phraya River.

 Mr Cornick noted the Chao Phraya was once the epicentre of commerce and filled with close-knit neighbourhoods. By leading the drive to rejuvenate the river, Raimon Land will add value to the area for its customers and prospective buyers.

 “Our aim is to revitalise the river to its previous status, with the Thonburi side at the heart of a concept that establishes a five-star lifestyle along its banks while maintaining a real feel of community. We want to engage customers by inviting them to our show suits and inspire a new appreciation of riverside living,” Mr Cornick said.

 The River Promenade has held a number of upscale international events already this year including a performance by world famous DJ Tiesto and the debut of Emilio Pucci’s Spring/Summer Collection 2008.

 When completed in 2011, The River will be the tallest residential building in the Bangkok at 250 metres, with its own private pier and shuttle boat service to the Saphan Taksin skytrain station. Living areas, bedrooms and studies will enjoy spectacular, floor-to-ceiling city and riverside views.

 For more information about The River project, please visit www.theriverbangkok.com.