RML has reported its business performance for 2024, highlighting the remarkable success of its luxury condominium project, 'Tait Sathorn 12'. Located in the heart of Sathorn, the project has achieved an impressive 99% sales rate, with transferred ownership valued at over THB 4,050 million, accounting for 96% of total units. The company anticipates the project to be fully sold out and ownership transfers to reach 100% within the first half of 2025. Meanwhile, 'OCC' (One City Centre), Grade A+ luxury office building, has secured an occupancy rate of nearly 80%, attracting top-tier multinational and local corporations. The company is also preparing for OCC's inclusion in a real estate investment trust (REIT) in the near future. Looking ahead, RML is set to launch 3 new projects in 2025, with a combined value of THB 19 billion, reinforcing its commitment to long-term growth.
Mr. Sorrapong Mamuang, Chief Financial Officer of RML or Raimon Land Public Company Limited, said "Despite economic headwinds and evolving market conditions in 2024, RML's luxury projects continue to receive strong market demand. This has been a key driver in supporting our turnaround strategy, positioning 2025 as a pivotal year for sustained profitability. 'OCC', in particular, will play a significant role in this trajectory."
Over the past 4 years, RML has made strategic investments in 'The Estelle Phrom Phong', 'Tait Sathorn 12', and 'OCC', all of which have demonstrated strong long-term returns. In 2024, the company remained committed to its Transformation Strategy, which includes:
- A capital increase of THB 681 million from major shareholders
- Effective cash flow management
- Timely repayment of principal and interest obligations
- Accelerated inventory clearance to enhance liquidity
- Asset optimization to maximize value
Additionally, RML has undertaken organizational restructuring to reduce fixed costs and implemented an Asset-Light Strategy, forming partnerships with landowners to lower land acquisition expenses.
Mr. Sorrapong concluded, "2024 marks a crucial year for RML, as our successful execution of the Transformation Strategy has laid a solid foundation for our turnaround in 2025. We are confident in our ability to return to profitability, with 'OCC' playing a central role in driving future performance. Additionally, we are excited to expand our project portfolio with 3 new developments totaling THB 19 billion this year."
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