IFA to Loan THB 395 million to Raimon Land

Category: Real estate, Posted:26 Mar 2009 | 13:42 pm

High profile developer Raimon Land is set to obtain a short term loan of THB 395 million at an annual interest rate of 10% from one of its primary shareholders IFA Hotels and Resorts. In a notice to the Stock Exchange of Thailand the key terms and conditions have been disclosed in a connected transaction and that no collateral has been posted for the bridge loan.
Raimon Land has developed Kata Gardens, The Heights and is yet the launch the Amalfi project in Phuket. The stated purpose of the loan in the notice posted on the company website is the repayment of debt and working capital for projects current under development. Shares in the company are currently trading at twenty satang.
While Thailand's residential market has been hard hit by the current economic downturn, this announcement restores a certain degree of confidence in recognition of overseas investors such as IFA towards improvements in market recovery.

Other News

Gamechanger: Phuket’s 80-Meter Development Height Restriction Repealed

Category: Hotels|Real estate, Posted:31 Dec 2024 | 11:19 am One of the most significant changes to Phuket’s real estate sector this year is the repeal of the 80-meter development height limit. In a recent Government Gazette, the Thai Cabinet approved a re-zoning proposal by the Minister of Natural Resources and Environment, which now allows development in Zone 6 of Phuket to extend up to […]

C9 Hotelworks Release Definitive Asia-wide Branded Residences Report

Category: Hotels|Real estate|Tourism, Posted:12 Dec 2024 | 08:30 am C9 Hotelworks Release Definitive Asia-wide Branded Residences Report Branded residences in Asia see record supply worth USD26.6 billion according to C9 Hotelworks new research report. The market shows a rising proportion of standalone and mixed-use developments, with a growing presence of brands beyond hospitality. The branded residences sector in Asia has achieved a record-breaking supply […]

From Spas to Longevity: Phuket Evolves into a Global Wellness Tourism Leader

Category: Hotels|Real estate|Tourism, Posted:29 Nov 2024 | 08:10 am Wellness tourism is in great shape. One of the fastest growing areas of the tourism industry, the sector has grown from a niche market for committed health seekers to become a THB 219 trillion (USD 6.3 trillion) global powerhouse. At the heart of this revolution is Asia Pacific, which accounts for 30% of the worldwide […]

More Insider News