On the back of achieving THB 723 million in presales within two weeks of the launch of its latest project, The Lofts Asoke (pictured), high-end property developer Raimon Land has posted its 14th successive quarter of profits to the Stock Exchange of Thailand.
During Q3 the company reported net profits of THB 155 million from revenue of THB 1.103 billion.
Strong operating cash flow has continued to see the company’s balance sheet strengthening, with interest bearing debt to equity ratio now standing at 0.87x, a reduction from 1.00x at the end of 4Q 2014.
As of September 30, 2015, the company had a backlog to be recognised as revenues of THB 6.9 billion. It expects presales and the backlog to be further solidified from the addition of The Lofts Asoke into the portfolio during the fourth quarter of 2015. In fact, presales were registered at THB 1.851 billion for the ten-month period ending October 31, 2015.
Existing Project Updates
Raimon Land’s track record and performance continued to be one of the strongest in Thailand’s high-end market, with sales achieved reaching 90 percent or higher for the 185 Rajadamri and River completed condominiums, including multiple sales at prices exceeding THB 350,000 per sqm in both properties. The Lofts Ekkamai, now under construction, has seen bookings reaching close to 95 percent with completion expected in 2016.
Mews Yen Akat housing estate by Raimon Land was launched during Q3 with a dedicated sales gallery at the company’s headquarters. In Pattaya, sales at Zire Wongamat now exceed 90 percent while the backlog of sales at Unixx is around 70 percent with completion scheduled for the end of this year.
Raimon Land was founded in 1987 and listed on the Stock Exchange of Thailand in 1993. Its portfolio also includes klapsons The River Residences serviced apartments, Vue community lifestyle mall and Space 48 office building on Ratchadapisek Road.