Luxury property developer Raimon Land and Bank of Ayudhya have reached an agreement over the financing for 185 Rajadamri, the developer's most exclusive condominium project to date.
Bank of Ayudhya will provide Bt2.79 billion in project financing to support the development. BAY previously funded Raimon Land's The Heights Phuket project.
BAY President and CEO Mark Arnold said " We are proud to play a part in giving Bangkok's glittering skyline this impressive new addition with the one of the best developers in the country."
To Hubert Viriot, Raimon Land CEO, the ability to secure project finance for 185 Rajadamri with Bank of Ayudhya in the current economic climate reflects the trust.
"We appreciate in particular Bank of Ayudhya's experience, strength and liquidity, which helped make this transaction possible. With such a strong financial partner and all licenses in place, 185 Rajadamri is set for launch in September with the opening of the show suites."
Located on the last remaining freehold land on Rajadamri Road, 185 Rajadamri will comprise 240 state-of-the-art apartments overlooking Lumpini Park and The Royal Bangkok Sports Club. Completion of the project is anticipated in 2013.