Raimon Land posts record financial results in 2012

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Announces the launch of the Lofts Ekkamai

Raimon Land PLC has announced record financial results for the year 2012, with a landmark net profit of THB 496 million (USD 16.6 million). The company’s 2012 EBITDA1 reached its highest level ever, at Baht 1.058 billion (USD 35.46 million).  Confirming further its sound financial situation, with a secured backlog at the end of 2012 of Baht 16.3 billion (USD 546 million) and unrecognized sales in its current projects valued at Baht 28 billion (USD 939 million), the company saw its gross profit margin jump to 33%.

This positive announcement was made end February by Pradit Phataraprasit, Raimon Land’s new Chairman of the Board of Directors, and Lionel Lee, new Director.  Earlier this month, the Singapore-based Lee family became Raimon Land’s largest shareholder, after acquiring a 24.97% equity from IFA Hotels & Resorts 3 Limited of Dubai.  Consequently, five new directors were appointed to the company’s Board, including Nuch Kalyawongsa as Chief Financial Officer, Lionel Lee, his brother Adrian and Johnson Tan Chin Kwang.  Aside from these new faces in the board room, Raimon Land’s management remains the same.

Pradit Phataraprasit, Raimon Land’s new Chairman of the Board of Directors.Pradit Phataraprasit, Raimon Land’s new Chairman of the Board of Directors.

Expounding on the company’s plan of action, Lionel Lee emphasized the strategies that will be the backbone of its future growth. “We will continue to focus on high-end property development in Bangkok and resort destinations in Thailand, which has been instrumental to Raimon Land’s success,” he explained in reference to the company’s existing projects: The River and 185 Rajadamri in Bangkok, and Zire Wongamat and Unixx in Pattaya.

“Also, we intend to diversify our activities by developing additional income-generating sources, such as rentals from commercial properties, hotel management fees and revenue from food & beverage outlets,” he added.

The Lofts Ekkamai, a trendy development catering to the needs of a young generation of condominium buyers

First on the company’s agenda is the launch of The Lofts Ekkamai.  Targeting both Thai and foreign customers, the 28-storey project will comprise a total of 264 units, with a mix of studios and 1, 2 and 3-bedroom apartments, as well as spacious duplexes designed for modern living.  Conveniently located on 2 rai of freehold land in the trendy Sukhumvit-Thonglor-Ekkamai area, the Baht 2.1-billion project has been designed by HB Design, the architectural firm behind the success of Northpoint in Pattaya, as well as The River and 185 Rajadamri in Bangkok.

The contemporary development will answer the strong demand from a younger generation of condominium buyers for affordable yet high-quality apartments that offer convenient and close access to public transportation, excellent facilities and infrastructure. The project’s official launch is scheduled in Q2 2013, with completion expected by the end of 2015.

Reflecting the company’s growth strategy, Raimon Land is looking forward to the launch of serviced residences at The River under the Klapsons brand, in reference to the award-winning Klapsons boutique hotel developed and managed by the Lee family in Singapore.  In a similar move to diversify into new income-generating projects, the popular Vue fusion mall adjacent to The River could be replicated in other developments, while The River Promenade could be redesigned as a trendy F&B destination along the Chao Phraya.

“As a long-term shareholder, we will explore opportunities to leverage on our business network at the regional and international levels, while continuing to develop Raimon Land’s brands and preserving the company’s high quality standards and founding values that are behind its formidable reputation.” added Lee.

Lionel Lee, new Director.Lionel Lee, new Director.

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