RML (Raimon Land Public Company Limited), a leading luxury and ultra-luxury real estate developer, reported a strong sales performance in the first quarter of 2023. Presales reached a total of 518 million Baht*, a 63%* increase compared to the same quarter of the previous year of 318 million Baht*, driven by the ownership transfer of ‘The Estelle Phrom Phong’, an ultra-luxury, ready to move in condominium located near the BTS Phrom Phong and The Em District developed under a joint venture between RML and Tokyo Tatemono Company Limited, a leading real estate developer in Japan, which accounted for 3,000 million Baht*, or approximately 80%* of units transferred, and expected to be sold out within this year.
Mr. Korn Narongdej, Chief Executive Officer of RML (Raimon Land Public Company Limited), revealed that “In the first quarter of 2023, we achieved a strong performance as we have gradually realized revenue from 'The Estelle Phrom Phong', which, by the end of Q1, had a better-than-expected transfer rate and swept sales of over 85%* of units. while ‘Tait Sathorn 12’ has been sold by approximately 90%* Additionally, the company has earned revenue from leasing space in the Grade-A luxury office building ‘OCC (One City Centre)’, one of the most talked of the town about projects in Bangkok, which now achieved office and retail space occupancy rate as well as customer interest of approximately 70%*, testifying strong customer trust and confidence in RML brand. Moreover, we have managed to improve our cost efficiency from the asset-light strategy, by collaborating with landlord partners to jointly develop projects on their land plots, which helps reduce land and financial costs while increasing our financial stability. Looking forward to the second quarter of the year, RML is committed to moving forward with our business plan to strengthen our financial fundamentals and become no. 1 leader in luxury and ultra-luxury real estate development.”
As of 31 March 2023, the company’s total backlog was 4,959 million Baht*, decreased from 4,965 million Baht as of 31 December 2022, from the transfer of ‘The Estelle Phrom Phong’ which started transferred in the third quarter of 2022.
“As for the outlook of real estate market in the second quarter, we foresee a positive momentum due to supporting factors from the recovering economy and tourism sector. Demand for luxury and ultra-luxury real estate in Thailand remains high among both Thai and international customers, including those from Myanmar, Cambodia, China, Hong Kong, Taiwan, Singapore, and Russia, as proven by the sales we achieved in the previous quarter. In this quarter, our business plan will focus more on marketing activities, starting with the ‘RML Pop-Up Lounge’ which offers exclusive deals for customers for the second time after receiving an overwhelming response in the previous quarter. Additionally, marketing campaigns will be launched for the remaining 15%* of units for sale in ‘The Estelle Phrom Phong’, as well as continue to acquire tenancy for the ‘OCC’ to fill the remaining rental space of the entire 61,000-square meter office building. RML is determined to improve our performance and has a significant volume of sales pending revenue from ownership transfer of the ‘Tait Sathorn 12’, of which the construction will be completed in the third quarter of 2023, as well as sales from ‘Rosewood Residences Kamala’ project in Phuket, which will be launched in private sales for exclusive customers in the second half of the year. We are confident that this project will set a new benchmark for ultra-luxury branded residence like never before in Thailand,” added Korn.
*The information as of 31 March 2023.
