Last month we celebrated the 5 years in a row The Riviera Group won Best Condominium Eastern Seaboard cementing their position as Pattaya’s leading Developer. So it seems quite appropriate that for the start of 2021 we can print more good news in them concluding their Construction Bank Finance approval for their latest project Ocean Drive.
With a healthy relationship going back almost 10 years now with SCB (Siam Commercial Bank) The Riviera Group concluded and secured their construction finance with a loan of 570m THB.
The project itself, currently built to the 30th floor with 13 floors left to go to the 43rd roof top. Progress is good as are sales in excess of 80% (even after some inevitable ‘COVID’ cancellations).
Winston Gale (Riviera Group Owner) commented that given the market conditions, lender’s restrictions and higher criteria to achieve for both domestic and commercial loan applications, it’s not surprising then that higher than normal level of loan rejections are being experienced currently.
For SCB to be lending to them (again) is testimony to their confidence in The Riviera Group. In fact, I found out that since late 2011, SCB has lent a total of 3.8 billion THB spread over 5 high-rise, high-profile Projects to Winston Gale. No small amount for an independent company led by a Foreigner, based in Pattaya.
For now, entering the new year and hopefully turning a corner on the year we have all had to experience, the buyers in their project Ocean Drive can now at least rest comfortably that the project’s construction finance is secured and their investment is safe. Not an easy statement to be able to make in what has to be a very difficult market place today.
As The Riviera Monaco will approach the final stage of construction now into 2021, units such as these here are still available, both Foreign and Thai quota, all fully fitted. There is a reason they win Interior Awards both here in Thailand and Internationally, the standard they produce really is up there with the best. Unique, sometimes one-off designs can be found in varying floors. Often, designed rooms are not replicated and so buyers can find rooms completely unique to any others within the project making them special without the cookie-cutter approach many projects adopt for ease of production.
The Future – New Projects Planned
With their bank finance secured for their latest project, all big things being in part nicely tied up, I asked Winston if their was any new Riviera Projects on the horizon post COVID we could know about. “Yes, we have a new project waiting to go, but of course now is not the time. So like many, we have to wait and see, watch the recovery and go from there”.