RML announces Q1/24 performance and advances business with a new strategy.
RML (Raimon Land Public Company Limited) has released its Q1/24 performance, reporting presales totaling 173* million baht. These presales were primarily driven by the ownership transfer of two condominium projects: ‘The Estelle Phrom Phong,’ with transfers amounting to 4,850* million baht (representing approximately 98%* of units ready for transfer), and ‘Tait Sathorn 12,’ with transfers amounting to 2,850 million baht (representing approximately 70%* of units ready for transfer), indicating significant customer interest. Looking ahead to Q2, RML is poised to address challenges and will implement a new business strategy focused on reducing unnecessary costs and identifying opportunities for project development and management to ensure sustained long-term growth.
Brenton Justin Mauriello AM, Chief Executive Officer of RML, remarked, “Amidst the challenging and volatile conditions of the real estate market, RML continues to derive income from ownership transfers of two projects: ‘The Estelle Phrom Phong’ and ‘Tait Sathorn 12’. While sales for ‘The Estelle Phrom Phong’ have concluded, transfers continue, with ‘Tait Sathorn 12’ experiencing rapid transfers as well. Looking forward to the second quarter, RML aims to optimize revenue from existing projects by maximizing recurring income through leasing activities in ‘OCC (One City Centre)’, the tallest-grade A+ luxury office building in Thailand and recognizing revenue from the ownership transfer of the ‘Tait Sathorn12’ and ‘The Estelle Phrom Phong’ projects, targeting a 100% transfer rate this year. Alongside plans to enhance revenue through new project sales, particularly the ultra-luxurious, rare item development in the prime location of Phrom Phong-Thonglor. These estates cater beyond luxurious lifestyles, commanding an average selling price ranging from 500 to 700 million baht per mansions, with sales expected to commence later half this year.
RML remains dedicated to executing its strategic plan, with a clear focus on steering the business towards stability and establishing a robust foundation. The company is committed to enhancing operational efficiency to deliver valuable returns for shareholders and all stakeholders.
* Information as of March 31, 2024.
