IFA Hotels & Resorts ups stake in Thai developer
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IFA Hotels & Resorts has acquired an additional 14.92% stake in Raimon Land, the Bangkok-based luxury real estate development company. The move increases IFA’s ownership in Raimon Land to 41.07%. Raimon Land has a series of property developments in Bangkok and the main resort locations of Phuket and Pattaya. Over the past several years, the company has delivered projects valued at over US$200 million to the Thai market. Additionally, the company has a project pipeline with a sales value exceeding US$1 billion.
Werner Burger, President and COO of IFA HR, said; “We have been working closely with Raimon Land for the past two and a half years and have witnessed many positive synergies between the two companies. Raimon Land is the leader in premier real estate development in Thailand. Their residential projects are on track and currently being completed with successful hand over to customers.”
Construction of The River (pictured), a major landmark condominium project on the Chao Praya River in Bangkok, is scheduled for completion by 2011.
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