RML (Raimon Land Public Company Limited), a leader in the luxury and ultra-luxury real estate development sector, announced its presales performance for the first nine months of 2023, totaling 1.605 billion baht, an increase from 1.442 billion baht during the same period last year, representing an 11% growth. The response to its ready-to-move-in condominium projects has been excellent. As of September 30, 2023, 'The Estelle Phrom Phong', an ultra-luxury condominium in the heart of Sukhumvit, has achieved transfer sales of approximately 4.3 billion baht, or about 92% of the sold units. Meanwhile, 'Tait Sathorn12', a luxury condominium in the Sathorn area, has recorded about 1.3 billion baht in transfer sales, or approximately 82% of the sold units, within just two months.

Mr. Korn Narongdej, Chief Executive Officer of RML, stated, "The company continues to execute its business plan, focusing on financial management to maintain stability and enhance operational efficiency. We are also conducting ongoing marketing activities to stimulate sales, which has resulted in strong overall sales performance for RML in the past nine months (January - September 2023). The projects currently on sale have received an excellent response from customers in terms of both sales and unit transfers, as evidenced by the ultra-luxury condominium 'The Estelle Phrom Phong', which is nearly sold out with only one unit remaining. Additionally, we have fully sold our quota to international customers. The luxury condominium 'Tait Sathorn12', which was recently completed, has also received a very positive response, with current sales reaching 97%, including 40% of the sales quota to international customers. Furthermore, the company generates income from rental and service fees from the highest-grade A+ luxury office building in Thailand, 'One City Centre' (OCC), which currently has an occupancy rate of about 70% for office and retail spaces, along with strong interest from clients."

As of September 30, 2023, the company has a backlog of 3.081 billion baht. Moving forward, RML plans to gradually recognize revenue from the transfer of ownership for 'The Estelle Phrom Phong' and 'Tait Sathorn12', aiming to achieve the target of 5 billion baht in transfers this year. For the commercial real estate segment, the luxury Grade A+ office building 'OCC' is expected to continue generating rental and service income. The completion of the sky bridge connecting to the BTS Phloen Chit station by the end of this year is anticipated to further increase tenant interest in 'OCC'.

Highlighting the business plan for the end of this year and early 2024, the company plans to unofficially launch a low-rise project in the Sukhumvit area to its top-tier customers in RML's database, with starting prices around 300 million baht per unit. This will be a special project in one of the most sought-after locations in the real estate sector, featuring luxurious design and comprehensive high-end amenities, clearly reflecting RML's leadership in ultra-luxury real estate development. We are confident that this project will attract demand from both international and domestic markets, as there are currently no competitors in the market.

“Regarding the outlook for the real estate market in 2024, we see it as a year where real estate operators will continue to face significant challenges due to negative factors such as rising household debt, increasing interest rates, and an expected inflation rate of 2.6%. However, there are also positive factors, including an anticipated economic growth rate of 4.4%, up from the previous forecast of 3.8%, driven by the recovery of the tourism sector and the resumption of export growth. Additionally, government policies will provide further support. Real estate operators will need to adapt quickly to the evolving situation. Although RML focuses on developing projects targeting high-end customers who are less affected, we continuously monitor market conditions and adjust project designs to meet the changing demands of our customer base. We also strategize pricing to enhance value and promote sustainable growth in the luxury and ultra-luxury real estate market, ensuring that the company maintains strong operational performance amidst these challenges,” Mr. Korn concluded.