News & Events
The Riviera Ocean Drive Receives a 570 Million THB Construction Loan from SCB.
Seen pictured: (Left to right). SCB representatives Khun Supattra Siripakanan and Khun Suparp Kuhapensaeng Relationship Managers with Khun Theeradate Sritarachiyanon Executive Vice President and (right) Khun Sukanya Gale and Mr. Winston Gale (Owners of The Riviera Group).
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 for Ocean Drive. The project itself, currently built to the 30th floor with 13 floors left to go to the 43rd rooftop. 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, 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, Thailand.
For now, entering the new year and hopefully turning a corner on the year we have all had to experience, the buyers of 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 marketplace today.