Raimon Land Plc (RML) plans to include its flagship One City Centre (OCC) property in central Bangkok, valued at 14.8 billion baht, in a real estate investment trust (REIT) as part of its strategy to enhance long-term financial stability.

The SET-listed luxury property developer is also preparing to issue new debentures or secure loans from leading financial institutions while expediting the sale of completed real estate inventory to enhance cash flow, said chief financial officer Sorrapong Mamuang.

The OCC building, which has an occupancy rate of nearly 80% at present, has attracted significant interest from domestic and international investors.

RML is in advanced negotiations with five major investors and expects to finalise the REIT conversion by next year.

"With the OCC building as a key component of our strategy, we are on track to achieve profitability and strengthen our financial position. Our pipeline of new project launches, coupled with the successful execution of our turnaround strategy, positions RML for sustainable growth and long-term stability," he said.

Mr Sorrapong also clarified points raised by the Stock Exchange of Thailand regarding the company's third-quarter financial statements, saying every investment decision is carefully evaluated for risk and long-term value.

"RML reaffirms that all operations adhere to legal and regulatory requirements and emphasise that the investments pose no negative impact on its financial standing," he said.

RML has allocated pre-development funds to support a new mixed-use project scheduled to be launched in the first quarter of 2025. These temporary funds are held with a trusted executive and serve to reassure the landowner of RML's readiness to invest while minimising investment risk.

Previous management decided in 2019 that RML should secure land for a condominium in Sukhumvit.

Following a re-evaluation by the current management and development constraints, the company decided to set aside an impairment provision to reflect the project's adjusted valuation. Terms are being negotiated and a resolution is expected by the first quarter of 2025.

In 2022, RML invested in convertible notes of Nautilus Data Technologies, a US-based data centre company that is preparing for a Nasdaq launch within two years.

While some shareholders have committed additional funds, RML is carefully evaluating its next steps, ensuring all decisions align with shareholder interests and long-term financial objectives, he said.

RML has also signed a joint venture agreement for a villa project to be launched in the first quarter of 2025.

The project is being adjusted to comply with new legal requirements in Phuket while both RML and its partners remain committed due to its strong business potential.

"We are confident that our investments will not only ensure financial stability but also create growth opportunities for the future," said Mr Sorrapong.