RML (Raimon Land Public Company Limited), a leader in the luxury and ultra-luxury real estate development sector, has announced its performance for the first half of 2023, achieving total presales of 1,072 million baht, a 42% increase from 753 million baht in the same period last year. This growth is attributed to the strong reception of ‘The Estelle Phrom Phong’, an ultra-luxury condominium, which has generated transfer revenues of up to 3,600 million baht, or approximately 85% of the available units for transfer. The company aims for total sales across all projects to reach 6,700 million baht this year, in line with its targets.

Mr. Korn Narongdej, Chief Executive Officer of RML, stated, “The overall performance for the past six months (January-June 2023) has been successful in meeting our goals, as reflected in the continuous growth of presales since the first quarter, primarily driven by the completed project ready for ownership transfer, ‘The Estelle Phrom Phong’, located near BTS Phrom Phong and The Em District, just 2 minutes away. Meanwhile, sales have received an excellent response, with nearly all projects nearing sold-out status. ‘The Estelle Phrom Phong’ has achieved 90% sales, and ‘Tait Sathorn12’, a luxury condominium in the heart of Sathorn, just 180 meters from BTS Saint Louis, has recorded 95% sales. Additionally, the company has income from leasing space in the luxury Grade A+ office building ‘OCC (One City Center)’, with an occupancy rate of approximately 70%, reflecting the ongoing demand for luxury and ultra-luxury condominiums as well as Grade A+ office buildings.”

“In the second quarter of 2023, the real estate business was impacted by the Monetary Policy Committee (MPC) raising the policy interest rate from 1.75% to 2% per annum, along with rising construction material prices and labor costs. However, the company was not significantly affected due to strong management, allowing us to maintain construction material and labor costs for all current projects since their launch. Furthermore, we have effectively managed financial costs, both floating and fixed interest rates,” Mr. Korn added.

For the plans in the last six months of 2023, the company has a backlog of 4,682 million baht as of June 30, 2023, which will gradually be recognized as revenue from the project ‘The Estelle Phrom Phong’ and is preparing to recognize revenue from the project ‘Tait Sathorn12’, which will start transferring ownership of the units in the third quarter after construction is completed. The company is also actively seeking tenants for ‘OCC’, which is currently under construction of a sky bridge connecting to BTS Phloen Chit, expected to be completed by the end of this year, which is anticipated to increase tenant interest in leasing space at OCC, aiming for full occupancy in 2024. Additionally, the company plans to launch the ‘Rosewood Residences Kamala’ project in Phuket with an exclusive private sales round and will begin selling an ultra-luxury horizontal project in Sukhumvit by the end of the year, which is expected to create a significant impact and further solidify RML's image as a leader in the luxury and ultra-luxury real estate development sector.