Raimon Land Launches The Lofts Asoke and Posts 14th Consecutive Quarter of Profit
• Pre-launch of The Lofts Asoke with pre-sales of 23% in first 2 weeks in-line with prudent deposit approach
• Record 14th consecutive quarter of profit achieving THB 155 million net profit for the three-month period during 3Q2015
• Interest-bearing debt to equity ratio now stands at 0.87x
Bangkok, 16 Nov 2015 –, Thailand’s leading high-end real estate company, Raimon Land Public Company Limited (the “Company”) has successfully unveiled The Lofts Asoke, reaching pre-sales of THB 723 million or 23% within first 2 weeks. In addition, the Company recognized net profit of THB 155 million for 3Q 2015, marking the 14th straight quarter of profit.
Launch of The Lofts Asoke
Raimon Land introduced The Lofts Asoke, a high rise development valued at THB 3.2 billion, bringing total project value launched during 2015 to THB 3,900 million. The Lofts Asoke reached 72 units sold out of 211 within November 13th, bringing pre-sales to 23%, in-line with the Company’s prudent deposit approach.
The Lofts Asoke is 4th in the successful Lofts series, following Lofts Sathorn, Lofts Yennakat, and The Lofts Ekkamai. The project provides a prime inner city location and a unique double height loft design inspired by New York loft living. Facilities including 2nd floor workspace/lounge for residents, 31st floor infinity edge pool for residents as well as 100% parking have maintained Raimon Land’s strong reputation for innovation. The building features 1-3 bedrooms from THB 6.1m, with a skyloft high zone comprised exclusively of duplexes.
“I would like to take this opportunity to thank our home owners and staff for the success of The Lofts Asoke. The creativity, effort and attention to detail put into this project has paid off and further solidifies our position as Thailand’s leading high-end real estate company as we continue to deliver highly differentiated products to the market,” said Chief Executive Officer and Executive Director Johnson Tan.
The Company recognized revenues of THB 1,103 million for 3Q 2015. The Company’s EBITDA and net profit for 3Q 2015 were THB 240 million and THB 155 million, respectively.
Company’s shareholders’ equity has increased significantly from THB 3,544 million at the end of 2014 to THB 4,248 million at the end of 30 September 2015, as a result of steady recognition of net profits.
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 30 September 2015, the Company now has backlog to be recognized as revenues of THB 6.9 billion. The Company expects pre-sales and backlog to be further solidified from the addition of The Lofts Asoke into the portfolio during the fourth quarter of 2015. In fact, pre-sales was registered at THB 1,851 million for the ten-month period ending 31 October 2015.
Existing Project Updates
In Bangkok, Raimon Land’s track record and performance continues to be one of the strongest in Thailand’s high-end market, with sales achieved reaching 90% or higher for the 185 Rajadamri and River condominiums already completed, reflecting the company’s strength in the high-end sector, including multiple sales at prices exceeding 350,000 THB per sq.m. in both properties. The Lofts Ekkamai now under construction has seen bookings reaching close to 95% with completion in 2016
Mews Yen Akat housing estate by Raimon Land was launched officially in Q3 with dedicated sales gallery at the Company’s headquarters. The first home for show on site is expected to be completed by 2Q2015.
In Pattaya, sales at Zire Wongamat are now exceeding 90%, while the backlog of sales at UNIXX is around 70% with completion scheduled for year end 2015.