RML (Raimon Land Public Company Limited) showcased its 2023 financial results with presales reaching 1.912 billion baht, attributing its success to two ready-to-move-in condominium projects: ‘The Estelle Phrom Phong’, an ultra-luxury project located in the heart of Sukhumvit with 146 units valued at 5.2 billion baht, which has successfully closed sales. Additionally, the positive response from the luxury ready-to-move-in condominium in the Sathorn area, ‘Tait Sathorn12’, has achieved a total sales rate of 98%. The company also generates regular income from the ‘One City Centre’ (OCC), the tallest luxury Grade A+ office building in Thailand, which currently has an occupancy rate of approximately 70%, reflecting strong interest from clients. RML is strategically preparing to adapt to changes in the overall business landscape in 2024.

Despite the challenges faced in 2023, RML managed to maintain satisfactory project sales, successfully closing sales for ‘The Estelle Phrom Phong’, a condominium developed in partnership with Tokyo Tatemono, with transfer revenues amounting to 4.75 billion baht, or 97% of the units ready for transfer. ‘Tait Sathorn12’ has also seen rapid client transfers, totaling 2.4 billion baht, or 55% of the units ready for transfer. Furthermore, the company continues to earn regular income from the completed ‘OCC’, which has an occupancy rate of approximately 70%, demonstrating client trust in the RML brand, which is committed to delivering quality projects to global standards. In 2024, the company has established a robust business strategy and is prepared for further adaptation by announcing an increase in its registered capital by 3.588 billion baht for new project development, aiming for stable growth in revenue and profits in the future.

Mr. Korn Narongdej, CEO of RML, stated, “From the overall performance of RML, which began to recover last year, it is evident that the luxury and ultra-luxury real estate market still has high demand. Therefore, in 2024, RML is ready to implement a new strategy to drive the business forward steadily while focusing on generating revenue for the company. We aim to develop projects in segments that are still underdeveloped, which will create change and new vibrancy in the Thai real estate sector. We will prioritize investments that yield consistent returns, manage the company’s finances to ensure sufficient cash flow and liquidity, and maintain an organizational structure aligned with business operations to secure our position as a leader in the luxury and ultra-luxury real estate development sector in Thailand, paving the way for RML’s sustainable growth in the future.” In 2024, the company will continue to generate revenue by filling rental spaces in ‘OCC’, the tallest luxury Grade A+ office building in Thailand, developed in a 60:40 joint venture between RML and Mitsubishi Estate (Thailand). This project is considered the pinnacle of office buildings in every aspect, with a total rental area of approximately 61,000 square meters and an average rental rate of 1,500 baht/sq.m. Currently, the occupancy rate is already at 70%, just six months after completion, indicating a strong market response and generating income for the company. The project has attracted numerous global companies as tenants, including The Boston Consulting Group (Thailand), the world’s eighth-largest bank BNP Paribas, Amadeus Asia, a global travel technology company, and Marubeni, a leading Japanese conglomerate with diverse businesses across eight major industries, among others. This demonstrates that ‘OCC’ is a trusted office building recognized by many leading global companies, resulting in strong rental income. Given this positive response and trend, ‘OCC’ has the potential to evolve into a Private Equity Trust (PE Trust) or Real Estate Investment Trust (REIT) that offers attractive rental returns, which will be recognized by regional financial institutions for its outstanding investment potential and returns. The successful development of a PE Trust or REIT will further strengthen the company’s financial position for sustainable growth.

Additionally, the company is continuously developing its business by increasing its share of low-rise project development targeting wealthy clients at the top of the ultra-luxury segment, which is currently underdeveloped but has a consistently rising demand. RML is preparing to launch three outstanding projects in prime locations in major cities: a project in the heart of Phrom Phong-Thong Lor valued at 3 billion baht with an average selling price of 400–700 million baht per unit, an ultra-luxury branded residential villa project in Kamala Bay, Phuket, valued at 12 billion baht with an average selling price of 600 - 1,000 million baht per unit, and an ultra-luxury low-rise project along the Chao Phraya River with a selling price of approximately 1 billion baht per unit. All three projects will be supported by a fund established by the company, with the company as the main investor, along with institutional real estate investors, and will receive loan support from financial institutions to enhance investment efficiency. The company is also adjusting the management model of existing assets in the mixed-use project along the Chao Phraya River to open for sale to investors.