Raimon Land Launches 19 Billion Baht Projects in Bangkok and Phuket
Developer Raimon Land Public Company Limited has announced plans to invest over 19 billion baht in three new luxury and ultra-luxury projects in 2026-2027. The company is forming joint ventures with foreign partners to develop branded residences on Sukhumvit and detached villas on Kamala Beach in Phuket. Raimon Land CFO Varun Varavonisha confirmed that negotiations with a foreign family office have been ongoing for about a year, and the deal is 80% agreed with expected signing in June 2026.
Two projects in the Sukhumvit area of Bangkok - a branded residence and upscale hotel - are valued at approximately 13 billion baht. The third project, SLS Residences Phuket Kamala worth around 4 billion baht, is being developed jointly with Ennismore, an Accor subsidiary specializing in lifestyle hospitality. Construction completion is scheduled for 2029, making this deal one of the largest transactions in Thailand's branded real estate market over the past three years.
Sukhumvit Project Details: Branded Residences and Hotel
Raimon Land is focusing on "Local Soul" and "Smart Luxury" concepts, combining international standards with emphasis on local identity. The Sukhumvit projects are located in the central part of the district, where average cost per square meter in the premium segment reaches 350,000-450,000 baht according to CBRE Thailand for the first quarter of 2026. The branded residence will include a limited number of units with access to hotel services, including concierge, rental management and loyalty programs.
The upscale hotel will be part of the company's strategy to create assets with regular cash flow. Raimon Land already manages the A+ class office building One City Centre (OCC) with an occupancy rate of around 80%, attracting international corporations and major local companies. The company plans to include OCC in a Real Estate Investment Trust (REIT) structure in the coming months, which will free up capital for new projects.
Varun Varavonisha noted that financing will be provided through partner capital and the company's own funds. If sales proceed according to forecasts, bank financing may not be required. However, a contingency plan is prepared in case sales pace is lower than expected - in this scenario the company may attract additional bank financing, but the volume will be insignificant.
SLS Residences Phuket Kamala: 13 Villas on the "Millionaire's Mile"
The SLS Residences Phuket Kamala project is located on a section of Kamala Beach coast known as "Millionaire's Mile" - an elite real estate zone with elevated terrain and panoramic views of the Andaman Sea. The complex includes only 13 detached villas with areas up to 2,200 square meters each, including interior spaces and open terraces. The starting price is 250 million baht (approximately 6.9 million USD), the maximum reaches 500 million baht per villa.
The project is developed jointly with Ennismore, which manages the SLS brand - a network of hotels and residences known for combining bold design, dynamic social spaces and signature restaurant concepts. The architectural solution was created by an international team, integrating buildings into the natural landscape. Residents will have access to a clubhouse with lounge areas, restaurant, terrace bar, resort-style pool, spa and fitness center.
Villa buyers are automatically included in the Accor Ownership Benefits program, providing VIP status in the Accor and Ennismore network, including access to preferential rates at more than 5,700 hotels and resorts worldwide. Property management will be carried out through the Accor One Living platform, specializing in branded residential complexes and mixed-use projects.
Construction will begin in the coming months after signing an agreement with Ennismore, completion is planned in two to three years. Raimon Land Executive Committee Chairman Korn Narongdej emphasized that the partnership represents an important step in expanding the company's branded real estate portfolio, and Phuket remains one of the most sought-after destinations in the global luxury real estate market.
Financial Strategy: Liquidity and Debt Reduction
Raimon Land is actively working to maintain liquidity amid a slowing real estate market. Over the past two years, the company has redeemed bonds worth more than 2.7 billion baht according to schedule. Recently, early redemption of bonds worth more than 140 million baht was announced. In parallel, the company is completing the sale and transfer of non-core assets, planning to free up funds within the next three to five months.
Raimon Land has filed a registration statement and draft prospectus with the Securities and Exchange Commission of Thailand to issue six new bond tranches with a total volume of up to 510 million baht. The average maturity will be no more than two years, interest rates range from 7.15% to 7.35% per annum. These funds will be used to finance current projects and maintain working capital.
The company also continues to develop projects generating regular cash flow. The One City Centre office building with an occupancy rate of around 80% attracts major tenants, including international corporations. Including the asset in a REIT will free up capital for reinvestment in new projects while maintaining management control and rental income.
Tait Sathorn 12 Success and Luxury Segment Demand
In 2024, Raimon Land demonstrated the success of the Tait Sathorn 12 project - a luxury class condominium in the center of Sathorn district. The project achieved a 99% sales rate, with transferred units worth more than 4.05 billion baht, representing 96% of all units. The company expects complete sell-out and completion of ownership transfer by the first half of 2025. The project is located on Sathorn 12, within walking distance of a BTS station, making it attractive to foreign buyers and investors.
The success of Tait Sathorn 12 confirms sustained demand for luxury real estate in Bangkok, despite the overall market slowdown. According to real estate agency data, foreign nationals purchased 14,753 condominiums in Thailand in 2024 - approximately at 2023 levels, but 26% more than in 2022. Growing demand from wealthy foreign buyers is stimulating developers to create new projects in the premium and ultra-premium segments.
Raimon Land plans to use a similar model for new Sukhumvit projects, targeting high-income foreign buyers. Partner capital will allow construction to begin before sales completion, which will increase potential buyers' confidence. Varun Varavonisha emphasized that clients will see not only plans on paper, but real construction progress, which is critical for purchase decision-making in the premium segment.
Branded Real Estate Market in Thailand: 2026 Trends
Branded real estate is becoming one of the most dynamically growing segments of the Thai market. Partnerships with international hotel operators allow developers to offer buyers not only housing, but also access to exclusive services, loyalty programs and global networks. Projects involving such brands as Accor, Marriott, Hilton and Four Seasons attract buyers seeking a combination of private ownership and hotel-level service.
SLS Residences Phuket Kamala will become the first standalone residential project under the SLS brand in the Asia-Pacific region. The brand is known for signature restaurants, dynamic social spaces and recognizable design. Residents will have access to the Accor Ownership Benefits program, including elite membership in the ALL Accor loyalty program, VIP status in network hotels and preferential rates at more than 5,700 properties worldwide.
Partnership with Ennismore and use of the Accor One Living platform provide a comprehensive approach to development, design and operation of branded residential communities. The platform offers 360-degree management of mixed-use projects, including marketing, sales, property management and resident privilege programs. This approach allows developers to reduce operational risks and increase project attractiveness to international buyers.
Ultra-Luxury Segment Competition: The 528 Estate and Other Projects
Raimon Land is also building The 528 Estate - an exclusive four-unit project in the Phrom Phong area, approximately 10 minutes walk from a BTS station. Each unit has a plot area from 780 square meters, the starting price is 880 million baht (approximately 26 million USD). Construction completion is scheduled for 2027. The project targets ultra-high-net-worth buyers seeking private residences in central Bangkok with access to infrastructure and transport hubs.
Raimon Land Chairman Korn Narongdej noted that luxury housing is being built in Thailand at unprecedented rates. The company is investing 11 billion baht in projects in Bangkok and other regions in the period from 2025 to 2027. To reduce land acquisition costs, Raimon Land plans to create joint ventures with plot owners, which will provide more favorable terms and accelerate launch of new projects.
Competition in the ultra-luxury segment is intensifying. Other major developers such as Sansiri, Ananda Development and Magnolia Quality Development Corporation have also announced projects in the premium segment with international brand partnerships. Raimon Land stands out with its focus on limited number of units, exclusive locations and integration with global hotel chains, creating additional value for buyers and investors.
What This Means for Pattaya Buyers
Raimon Land's expansion in Bangkok and Phuket directly affects the real estate market of Pattaya and the Eastern Seaboard. Growing supply of branded real estate in the capital and on islands raises quality standards and service levels that buyers expect from projects in other regions. Developers in Pattaya are beginning to implement similar partnership models with international operators, offering residents access to loyalty programs, concierge services and rental management.
For Russian-speaking buyers considering investment in Thailand, it's important to understand that competition for attention of wealthy foreigners is intensifying. Projects in Bangkok and Phuket attract a significant share of capital, which may lead to stabilization or moderate price growth in Pattaya, where supply remains more accessible. Average cost per square meter in Pattaya's premium segment is 180,000-250,000 baht, which is 30-40% lower than in central Bangkok.
Buyers planning to purchase property in Pattaya should pay attention to projects with access to infrastructure, transport hubs and beach zones. Branded real estate is becoming standard in the luxury segment, and presence of partnerships with international operators increases property liquidity for subsequent sale. Resident privilege programs, similar to Accor Ownership Benefits, add value for owners planning to use property both for personal residence and rental.
Investors should consider that Raimon Land uses a joint venture model with partner capital, which reduces financial risks and accelerates project launches. Similar approaches are being adopted by developers in Pattaya, which may lead to an increase in quality projects over the next two to three years. Buyers are recommended to verify developer reputation, presence of all necessary permits and land plot status (Chanote Nor Sor 4) before making a deposit.
Conclusions: Raimon Land Strategy and Market Prospects
Raimon Land is implementing an ambitious expansion strategy in the luxury and ultra-luxury segment, investing over 19 billion baht in three new projects in Bangkok and Phuket. Partnership with foreign investors and international hotel operators allows the company to offer unique products combining private ownership, hotel service and access to global loyalty programs. Financial discipline, including bond redemption and sale of non-core assets, ensures company sustainability amid market slowdown.
The success of the Tait Sathorn 12 project and high occupancy rate of One City Centre confirm demand for quality real estate in the premium segment. Launch of SLS Residences Phuket Kamala and new Sukhumvit projects strengthens Raimon Land's position as a leading luxury real estate developer in Thailand. For Pattaya buyers, these trends mean rising quality standards, growing availability of branded projects and price stabilization in the medium term.
