MAY 18: Luxury listed property developer Raimon Land recorded its 12th straight quarters of profit late last week, announcing net profits of THB313 million for Q1 2015 in a statement to the Stock Exchange of Thailand. It also announced it would be launching at least two new projects during 2015.
The company recognised revenue of THB1.63 billion in Q1, and as a result of its strong operating cash flow, the company’s interest-bearing debt, net of cash and cash equivalents, to equity ratio now stands at 0.7x, a reduction from 0.9x at the end of Q4 2014.
Johnson Tan, Chief Executive Officer and Board Director of the company (pictured), said: “Raimon Land continues to perform well under the current environment, as evidenced by our strong EBITDA and improving balance sheet.
“The management will continue to closely monitor industry fundamentals, source land plots to further augment the company’s backlog, and explore opportunities for alternative sources of income,” he added.
Raimon Land said it saw Q1 sales its completed properties reach more than 90 percent. For its properties under construction, Unixx South Pattaya has sold 64 percent with completion scheduled for Q4 2015, while in Bangkok The Lofts Ekkamai, has sold 85 percent with completion slated for Q4 2016.
The company noted that it has seen ongoing growth in sales to mainland Chinese buyers, and plans to unveil new marketing campaigns targeting both international buyers and Thais later in Q2, including roadshows and partnerships with leading banks.
It said that its sound deposit policy has ensured that transfer failure rates have remained below 1 percent.
The company has revealed plans for two new developments in H1 2015 that will serve to strengthen its position as a leader for high-end residential properties, it said in the statement.
Mews Yen Akat in the Sathorn central business district will offer nine unique homes and is the company’s first development in the ‘Limited Edition’. The official launch and construction will happen within the next three months.
The company also announced the purchase of a prime inner city plot of almost 2-rai near mass-transit connections and will begin pre-sales late this year.
“Raimon Land has spent the last two years focused on internal improvements as well as handover of two major developments,” said Tan.
“This year we will unveil new-to-market properties that will continue to build the company’s reputation as a leader in high-end real estate development.”
The company said that it has received substantial interest in both new developments, with advance registrations already ahead of expectations.
