The Lofts Asoke, one of Raimon Land's seven existing projects, will have its official launch on Saturday. The developer aims to have more projects in resort destinations across Thailand.

SET-listed developer Raimon Land Plc (RML) is looking to invest in Chiang Mai to capitalise on the existing base of foreign customers and affluent local buyers.

The company has not confirmed whether the new venture will be formed jointly with the owner of Dhara Dhevi, one of the most popular luxury resorts in Chiang Mai.

Chief executive Johnson Tan said there was no agreement yet with Dhara Dhevi Hotel Co as reported last month by Inter Far East Engineering Corporation Plc (IFEC), the hotel's parent company.

In the report, IFEC said it would have a joint venture with Raimon Land in a new project on a 40-rai plot next to Dhara Dhevi in Chiang Mai.

IFEC said it would comprise a six-star hotel with 80 rooms and a luxury residential development with 200 condo units and 16 single houses, with a combined value of 5 billion baht.

"We are interested in a distinctive project like Dhara Dhevi Hotel but cannot confirm the joint venture," Mr Tan said. "We are eyeing developments in resort destinations like Chiang Mai, Phuket and Pattaya in the future."

Raimon Land also plans to invest 3 billion baht to buy plots of land for two projects being launched this year in Bangkok's central business district and possibly Chiang Mai, with a combined sales value of 8-10 billion baht.

The developer aims to have between 2.5 and 3 billion baht in presales by the end of the year, up from 2.3 billion baht last year. In the first quarter, it recorded 750 million baht in presales.

It has a 2016 revenue target of 5 billion baht; the same as last year.

As of the end of last year, Raimon Land had a sales backlog of 7.7 billion baht and inventory of 6.9 billion baht from seven existing projects. The projects include five sites in Bangkok: The River, 185 Rajadamri, Muse, The Lofts Ekkamai and The Lofts Asoke. The other two projects are in Pattaya -- Unixx South Pattaya and Zire Wongamat.

This Saturday marks the official launch of The Lofts Asoke, valued at 3.1 billion baht with 211 units priced from 190,000 baht per square metre.

Mr Tan said Raimon Land will continue to focus on the domestic market this year.

RML shares closed yesterday on the Stock Exchange of Thailand at 1.27 baht, down one satang, in trade worth 42.1 million baht.