Raimon Land, or RML, a leader in luxury and ultra-luxury real estate development, summarized its performance for the year 2022, showcasing significant growth in Q4 with a net profit of 43 million baht, compared to a net loss of 457 million baht in the same quarter of 2021. In Q4, the company achieved presales of 803 million baht, a 73% increase from the same period last year. The total revenue for 2022 was 2,745 million baht*, reflecting a 9% increase from the previous year, attributed to the transfer of ownership of the ultra-luxury condominium 'The Estelle Phrom Phong', a joint venture project with Tokyo Tatemono, a leading real estate developer from Japan. The transfer exceeded the set target, with over 2,400 million baht in ownership transfers by the end of 2022, representing approximately 50% of the available units.

Mr. Korn Narongdej, CEO of Raimon Land Public Company Limited, stated that the company's business performance in 2022 was remarkably successful, especially in the last quarter, where it turned a profit after a loss the previous year. The sales in the same quarter also nearly doubled compared to the previous year, with total sales for the year increasing by almost 7% from 2021. It is encouraging that RML's customers have confidence in the brand and the quality of the 'The Estelle Phrom Phong' project, leading to a swift transfer process that began in Q3 2022, with approximately 50% of the available units already transferred. The company expects to finalize sales this year.

“In Q4 2022, the company managed to turn a profit due to effective management reflected in the efficient project cost management of RML, as well as financial cost management with a suitable mix of floating and fixed interest rates. Additionally, the company successfully rebranded under the slogan 'Luxury Reimagined' to enhance the brand's image, making it more accessible and modern, and expanding the target audience to reach all generations with purchasing power in the luxury and ultra-luxury market. This has resulted in a very positive response for both projects under the joint venture with Tokyo Tatemono, with 'The Estelle Phrom Phong' achieving approximately 80% sales and 'Tait Sathorn 12' reaching about 90% sales,” Mr. Korn added.

*Note: In 2022, total revenue of 2,745 million baht included 2,393 million baht from ownership transfer revenue of the project.

'The Estelle Phrom Phong' is a joint venture project between Raimon Land and Tokyo Tatemono.

The company has a backlog of 4,965 million baht as of December 31, 2022, across two projects: 'The Estelle Phrom Phong', which has been transferring ownership since Q3 2022, and 'Tait Sathorn 12', a luxury condominium in the heart of Sathorn, which will begin transferring ownership in Q3 2023.

For the business direction in 2023, the company is shifting its investment strategy from self-funding projects to joint ventures with other companies, as well as adopting an asset-light strategy that focuses on collaborating with landowners to develop projects, thereby reducing land cost. Additionally, the company continues to focus on developing and investing in projects that generate recurring income, allowing for quicker revenue recognition and increased regular income. In Q2 of this year, 'One City Centre', the highest-grade luxury office building in Thailand, located in a prime business area next to the BTS Phloen Chit station, will open. This will support the company with regular income and continuous cash flow. The project has received very positive feedback even before its full opening, with over 50% occupancy and many leading companies already signing contracts, including Mitsubishi Estate (Thailand), Mitsubishi Heavy Industries (Thailand), Mitsubishi Power (Thailand), Marubeni (Thailand), and various other renowned global organizations.

Furthermore, the company plans to launch two new ultra-luxury branded residence projects. The first is Rosewood Residences Kamala in Phuket, which will be developed as a private luxury villa project with a total project value of over 7 billion baht. The second project will be located in the Sukhumvit area, aiming to become the number one leader in luxury and ultra-luxury real estate development.