Raimon Land steps up sale of major holdings
Developer in acute need of cash
Raimon Land (RML) is accelerating the sale of major assets, including its 8.4-billion-baht stake in the One City Centre (OCC) office tower, as part of efforts to enhance liquidity in the first quarter of 2026.
Chief financial officer Sorrapong Mamuang said the company’s turnaround strategy involves reducing its shareholding in OCC to generate cash flow and strengthen liquidity, supporting its return to profitability.
“We delayed launching new projects as we waited to reduce our stake in OCC,” he said. “The proceeds will be used to support new developments and create cash flow for related businesses.”
The asset sale is one of the company’s remedies after the Stock Exchange of Thailand (SET) imposed a “CB” (caution against a possible delisting) sign on its securities on March 3 due to net losses for three consecutive years.
On Nov 17, the SET again imposed the CB sign after RML’s third-quarter financial statements showed shareholders’ equity below 50% of paid-up capital.
The company posted net losses of 452 million baht, 312 million, 833 million and 1.21 billion in 2021, 2022, 2023 and 2024, respectively.
In the first nine months of 2025, RML reported a net loss of 666 million baht on revenue of 271 million baht, improving from a 720-million-baht loss and revenue of 178 million baht year-on-year.
Based on third-quarter financial data, RML shareholders’ equity totalled 2.3 billion baht, down from 2.97 billion at the end of 2024 and 50% below its paid-up capital of 5.795 billion baht. The debt-to-equity ratio was 1.86 times, up from 1.44 times.
“We are expediting the reduction of our OCC stake to generate cash, and we plan to launch new projects next year,” said Mr Sorrapong.
OCC is a 61-storey grade-A office tower with a total lettable area of 61,000 square metres and an occupancy rate of 80%.
The property commands an average rent of 1,400 baht per sq m per month.
Completed in March 2023, the building located on a six-rai leasehold plot on Ploenchit Road is being offered at an opening price of 14 billion baht.
RML holds the asset through RML 548 Co Ltd, a joint venture with Japan’s Mitsubishi Estate, with a shareholding ratio of 60:40, respectively.
OCC is the largest single asset among RML’s pending disposals. Of the 13.75 billion baht in assets earmarked for sale, the company’s stake in OCC represents 8.4 billion baht.
Other assets slated for future development include a plot on Sukhumvit Soi 28 with a book value of 1.73 billion baht, another on Sukhumvit Soi 38 valued at 1.38 billion baht, and a 45-rai seaview land parcel on Phuket’s Kamala Beach worth 760 million baht.
The Phuket site, roughly three kilometres from Kamala Beach, was originally projected for development as the 7-billion-baht Rosewood Residences Kamala branded project, announced in 2022. The launch was targeted for last year, then later put on hold.
The development plan was revised to 13 super-luxury villas on 25 rai worth a combined 3.2 billion baht, with the project expected to launch next year.
“The assets that can be sold the fastest are the remaining units at existing completed projects, such as The River condo worth 847 million baht,” said Krit Likitbanakorn, acting chief executive.
“We expect to sell these units and realise the revenue by the first quarter of next year, while the Phuket villa project should generate sales next year as that market remains robust, unlike Bangkok.”
source: https://www.bangkokpost.com/property/3149045/raimon-land-steps-up-sale-of-major-holdings
