Raimon Land, or <\/span>RML, a leader in the luxury and super-luxury real estate development sector, has reported a 75% reduction in losses for Q3/65 compared to Q2/65, indicating an upward trend in performance. This improvement is attributed to profit shares from the 'The Estelle Phrom Phong' project, an ultra-luxury condominium that has been completed and started transferring ownership since Q3 of 2022. The company aims for a 'turnaround' in 2023 through its Asset Light strategy, which helps reduce costs and interest rates, and is preparing to launch the highest-grade A office building in Thailand, 'One City Center', to support the company's recurring revenue base and ensure continuous cash flow. Additionally, RML plans to open two more Branded Residences projects.<\/span><\/p>

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Mr. Korn Narongdej, CEO of Raimon Land Public Company Limited (RML), stated, "In Q3 of 2022, the company reported a loss of 47.6 million baht, which is a significant improvement from the loss of 193 million baht in Q2 of 2022. The company has revenue from the backlog of 'The Loft Silom' project and also generates recurring income from project management fees and marketing fees. The improved performance from the previous quarter is due to profit shares from 'The Estelle Phrom Phong', the only ultra-luxury condominium located in the heart of Sukhumvit, which has been completed and started transferring ownership since Q3 of 2022. This project is a joint venture between Raimon Land and Tokyo Tatemono Co., Ltd., with sales reaching 75% and rapid transfers occurring, allowing the company to continuously recognize profit shares. It is expected that this year, the transfer value will reach around 2 billion baht as targeted. Another project under the joint venture with Tokyo Tatemono is 'Tett Sathorn Twelve', a luxury condominium in the Sathorn area, which has also achieved over 85% sales. Both projects have received positive responses as customers have confidence in the brands of both companies. Raimon Land is renowned for its leadership in luxury and super-luxury real estate development, with over 35 years of experience, while Tokyo Tatemono is also a leading real estate developer from Japan."<\/p>

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In 2022, the company will gradually recognize the backlog sales, which as of September 30, amounted to 6.1 billion baht, including 2.7 billion baht from the completed 'The Estelle Phrom Phong' project and 3.4 billion baht from the under-construction 'Tett Sathorn Twelve' project, which will be recognized continuously in 2023.<\/p>

For the business direction in 2023, the company is committed to a turnaround, aiming for quicker revenue recognition and creating a balance and diversification of income from both real estate and recurring income. At the beginning of the year, the company plans to open the highest-grade A office building in Thailand, 'One City Center', located in a prime area next to the BTS Phloen Chit station. This mega project is a joint venture between Raimon Land and Mitsubishi Estate Group, a leading real estate company from Japan. Once operational, it will support Raimon Land's recurring income and ensure continuous cash flow. Additionally, the company is focusing on an Asset Light business strategy by collaborating with landowners to develop projects together, which will help the company manage financial costs more effectively. The company also plans to launch two new Branded Residence projects, targeting sales of 8.2 billion baht in 2023.<\/p>

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Regarding investments in various projects, the company has funding sources from loans from financial institutions, finding partners to co-invest in projects, and issuing bonds. The company submitted a filing for its second bond issuance in October 2022, totaling 250 million baht, which will be sold in November. There are plans for a third bond issuance of up to 400 million baht by the end of 2022. The company expects a positive response and interest from investors, similar to the bond issued in mid-2022, which amounted to 1.05 billion baht and sold out quickly. This success reflects the confidence and trust that investors have in the company.