IFA Hotels and Resorts increases shareholding in Raimon land in Thailand

Talal Jassim Al-Bahar, Vice Chairman and CEO of IFA HR, stated: "The increase in our shareholding in Raimon Land is a testament to our belief in the management, the company and the great value that Raimon Land adds to our portfolio. We will continue to support the company and benefit from its growth."

Widely recognised as a premier international mixed-use developer, IFA HR initially entered Thailand during January 2007 as part of its global expansion plans.

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."

While the global economic downturn continues in most markets across the world, recent reports indicate positive movement across many countries in Asia.

The past three to four months will show double digit GDP growth in most of Asia for the second quarter of 2009, with Thailand growing by approximately 12% for the same period.

GDP in most of Asia is currently rising nearly as fast as it fell during quarter four 2008 (Source: DBS Bank Ltd, Asia: Recovery Dashboard, July 13, 2009).

Raimon Land is a multi-award winning premier developer listed on the Stock Exchange of Thailand and has established a sound track record of successful 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 $200m in luxury residential products to the Thai market. Additionally, the company has a project pipeline with a sales value exceeding $1bn.

Hubert Viriot, Raimon Land CEO, said:

"We have seen great value created by working closely with IFA Hotels & Resorts; the internationally recognised Raimon Land name will be further elevated through IFA Hotels & Resorts' international network spanning the Middle East, Europe, Africa and North America. Fortunately, the Asian market is showing signs of healthy recovery in comparison to other regions. We strongly believe we will maintain strong sales levels and will continue to deliver quality products and residences to our valued customers."

This transaction further enhances synergies between both companies. Through closer working relationships, both Raimon Land and IFA HR will be better able to utilise their existing international portfolio and network, giving their clients access to a more diverse product portfolio including residences, resorts, private residence clubs and lifestyle experiences around the world. IFA HR recently expanded its Yacht Ownership Club by adding a home port in Phuket, a value addition to Raimon Land's customers.

Raimon Land recently handed over The Heights Phuket project to its customers. The company's Northpoint Pattaya residential development is on track and scheduled for completion towards the end of this year, followed by handing over to owners shortly after. Construction of The River, a major condominium project in Bangkok, continues to make good progress, with the landmark project rising steadily on the banks of the Chao Phraya River and is scheduled for completion by 2011.

Al-Bahar concluded: "Our strategy has always been to focus on emerging markets; Asia is a key region for us with excellent growth potential which we plan to capitalise on."