RML, a leader in the luxury and ultra-luxury real estate development sector, showcased impressive results for the first quarter of 2023, achieving total presales of 518 million baht, a 63% increase from 318 million baht in the same quarter last year. This surge follows the completion of the ultra-luxury condominium ‘The Estelle Phrom Phong’, located near the BTS Phrom Phong station and The Em District. As of March 31, 2023, transfer values reached 3 billion baht, or approximately 80% of the available units, reinforcing confidence in meeting this year's sales targets.

Mr. Korn Narongdej, Chief Executive Officer of RML (Raimon Land Public Company Limited), stated, “In the first quarter of this year, the company performed well, continuously recognizing revenue from the ‘The Estelle Phrom Phong’ project. By the end of the first quarter, transfer values exceeded expectations, with over 85% of sales already secured. Additionally, ‘Tett Sathorn Twelve’ has achieved approximately 90% in sales. The company also benefits from rental income from the luxury-grade office building ‘OCC (One City Center)’, which is currently one of the most talked-about properties, with an occupancy rate of about 70% for office and retail spaces, reflecting the trust and confidence customers have in the RML brand. Furthermore, over the past year, the company has effectively managed financial costs through an asset-light strategy that utilizes land from landowners for project development, reducing land costs and financial expenses for future projects, thereby enhancing financial stability. In the second quarter, the company will continue to implement its business plan to strengthen its financial foundation and aim to become the number one brand in luxury and ultra-luxury real estate development.”

As of March 31, 2023, the company had a backlog of 4,959 million baht, slightly down from 4,965 million baht as of December 31, 2022, due to the gradual transfer of ownership for the ‘The Estelle Phrom Phong’ project, which began in the third quarter of 2022.

“Looking ahead to the overall real estate market in the second quarter, we see a positive trend driven by improving economic conditions and tourism. The demand for luxury and ultra-luxury properties remains strong among both Thai and foreign customers from Myanmar, Cambodia, China, Hong Kong, Taiwan, Singapore, and Russia, as evidenced by the sales figures from the first quarter. The company’s business plan for this quarter includes increased marketing activities, starting with the ‘RML Pop-Up Lounge’ to offer exclusive deals to customers for the second time after a successful response in the first quarter. Additionally, we will launch marketing campaigns aimed at closing the remaining 15% of units in the ‘The Estelle Phrom Phong’ project and continue seeking tenants for ‘OCC’ to fill the entire 61,000 square meters of rental space. Moving forward, our operational plans will focus on continuously improving the company’s performance, as we still have significant sales awaiting revenue recognition from the transfer of ownership for the ‘Tett Sathorn Twelve’ project, which is set to be completed in the third quarter, and sales from the ‘Rosewood Residences Kamala’ project in Phuket, which will have an exclusive private sales launch in the second half of the year. We are confident that this will be an ultra-luxury branded residence project unlike any other previously seen in Thailand,” Mr. Korn concluded.