RML Announces 9-Month Financial Results for 2024, Gears Up for Q4 Pushes for Sold Out 'Tait Sathorn12', Aiming to Boost 'OCC' Occupancy Rate to 80%
RML (Raimon Land Public Company Limited) has announced its performance for January-September 2024, with total presales and revenue from rental and service income amounting to approximately 800* million baht. This includes the ultra-luxury condominium in the heart of Sukhumvit, 'The Estelle Phrom Phong,' valued at 5.2 billion baht, which has achieved 100% ownership transfer. 'Tait Sathorn 12' project, valued at 4.4 billion baht, has seen approximately 90%* of ownership transfers completed, with the expectation to reach full 100% transfer by the fourth quarter of 2024. Additionally, the highest office building in Thailand, 'OCC' (One City Centre), aims to accelerate its rental rate to reach 80% by the end of 2024.
Mr.Sorrapong Mamuang, Chief Financial Officer of RML, said, "Over the past nine months, the company has focused on efficient cash flow management, both proactive and reactive. This has involved boosting sales and revenue recognition from the 3 projects mentioned earlier, alongside careful cost and expense management. These efforts align with the Business Transformation strategy that the company has rigorously implemented since the beginning of 2024. The primary objective is to return the business to profitability and achieve a strong financial position by 2025, with the 'OCC' building playing a key role in reaching this goal."
Additionally, the company has begun developing and launching sales for the 'THE 528 ESTATE' mansion project located in Sukhumvit 28, valued at over 4,000 million baht. This project has attracted significant interest from Ultra High Net Worth clients both domestically and internationally. It serves as a factor in converting non-current assets into cash flow and generating profits for the business.
RML continues to focus on developing luxury and ultra-luxury real estate projects to meet customer demands and provide an exceptional experience, while maintaining strict financial discipline. This approach aims to uphold financial strength, prepare for investments, and set aside reserves to manage market volatility and support efficient business expansion.
*Information as of September 30, 2024
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