Thailand’s luxury property developer Raimon Land PLC has continued to enhance its financial status by announcing its net profit for the first six months of 2014 already reached THB795.7 million (USD24.4 million) – or 107 percent of its total net profit for 2013.
The firm recorded THB1.9 billion (USD59.4 million) in Q2 2014 revenue and THB432.7 million (USD 13.3 million) in Q2 2014 net profit, which represents a 19.2 percent increase quarter-on-quarter and 89.7 percent increase year-on-year net profit.
The quarter also marks Raimon Land’s ninth straight quarter of profits, with retained losses now totally eliminated.
In Bangkok, the newly completed 185 Rajadamri is 86 percent sold out and more than 40 percent of the units have already been transferred as of June 30, 2014. At The River (pictured), 93 percent of units have been sold and 98 percent of sold units have been transferred. Sales have been strong at The Lofts Ekkamai, where 72 percent of the units have been sold just one year after its launch, with an expected completion date of Q4 2016.
In Pattaya, 89 percent of units at Zire Wongamat have been sold, leaving only 51 units in the market. Unit inspections will start next month with project completion scheduled in Q4 2014. The construction of Unixx South Pattaya is also well on track, with the main building works now reaching the 17th floor, and almost 60 percent of the total available units already sold as of June 30, 2014. That project is scheduled for completion in 4Q 2015.
In a statement, the company said: “Thanks to its prudent policy of requiring high deposits, representing 25 percent-40 percent of the selling price, Raimon Land benefits from a very low transfer-failure rate (approximately 1 percent) which gives it confidence in its secured backlog of THB11.5 billion (USD 353.0 million).”
CEO Johnson Tan added: “These latest results are further evidence that Raimon Land’s turnaround is complete. Right now, we find ourselves in a counter-cyclical position, whereby our earnings are in an upward cycle while the property market is still digesting the last few years of heady growth. This allows us to be both somewhat selective and to pursue any interesting acquisitions which fit our vision of a premier property company.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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