Thursday, September 1, 2011

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Saturday, March 24, 2007

New Developments made by Radisson Group

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New Developments made by Radisson Group


The Radisson Hotel Group has expanded into property development with the launch of its 2.3-million-baht Green Ninth project.

Competition in the hotel business had Drive the group to embark on the investment to make quicker returns, said the group’s vice-president Vathana Paradorachai.

The decision to develop a condominium project on existing 18-rai plot opposite the Radission Hotel in the Rama IX area was partly due to a staff shortage in the hotel industry, he said.

The project, with nine, eight-storey buildings, would house 1,550 units sized between 25 and 75 square meters, and priced between one million and 3.6 million baht.

Construction of the first phase of 782units would start in April.

Mr Vathana there was great demand for affordable condominium units in the Rama IX area.

He said the project was in a good location, close to the underground train and the new airport-link project.

The group had land plots in many locations, including one near Suvarnabhumi airport. It would consider developing more projects depending on demand.

Harrison Plc was appointed to handle sales and marketing of the project. Kitisak Jampaphippong, Haarrison’s executive vice-president, said about 20% of the units had already sold before the launch.

The company predicted 49% of buyers would be people working in Asoke, Ratchada and Rama IX areas, 10% would be working in the new airport, with the rest Thai and foreign investors.

He said rental yield was estimated at around 8-10% per year.

The group is also building a five-star hotel, Grand Pacific Resort on cha-am beach, which is a 230-room hotel, worth around 2.5 billion baht, due to open in September.