In 2018, the Company had revenue of THB 311.73 million, up 6.07 percent from the previous year
Rhom Bho Property Public Company Limited or “TITLE” is a property developer in Phuket. Its primary target market is international tourists who want to own properties for residential and investment purposes. At present, there are tourists from 40 countries around the world. Although the Company is a small property developer, it has contributed to bringing foreign currency into Thailand, unlike other property developers.
2018 was another year in which TITLE continued to grow and advance. It launched a new project, The Title V, at the Rawai Beach, closed the sales for The Title Residencies Nai-Yang Phase 1 and Phase 2, purchased land on the Bang Tao Beach to develop the third location, and signed the contract to appoint Best Western Inc. (BWI) to manage the condotel in The Title V Project, which is another business other than the existing property development. The contract with BWI, which is skilled in managing hotels and condotels under the Best Western chain and one of the ten largest hotel managers in the world, is to present an alternative for customers who want to own property for investment purposes to generate income when they are not using the property. The needs of this group of customers are likely to increase, thus assuring that this business will benefit the Company and will generate recurring income for the Company in the future.
In 2018, the Company had revenue of THB 311.73 million, up 6.07 percent from the previous year but deviated from the expected target because of the failure to transfer The Title Residencies Nai-Yang Phase 1 and Phase 2 before the end of Quarter 4/2018 even though the project was completed and the condominium juristic person was already registered in November 2018. Such failure was caused by the delayed appraisal price, which was issued by a government agency in January 2019 as management has already explained and apologized to shareholders and investors via the media.
I, on behalf of the Board of Directors, cannot reject such responsibility even though the cause of the failure is beyond our control. I apologize to the shareholders and investors and assure you that Title will continue to grow strongly. We are still committed to create residential growth along with tourism to become number one property alternative in Phuket for international tourists under the five-year strategy. In addition to business, we place importance on society and the environment. This year, we have participated in a forest growing project in Sakon Nakhon, kept the Rawai Beach and Nai Yang Beach clean, and provided support for many foundations as part of our social responsibility. The Board of Directors recognizes the importance of social responsibility and regards it as one of the Company’s important missions.
On behalf of the Board of Directors of Rhom Bho Property Public Company, I would like to thank shareholders, investors, financial institutions, customers, government agencies, the media, and concerned parties for their continuing support and most importantly every executive and employee of the Company for their commitment and dedication under the principles of corporate governance to achieve the goals set by the Company and to advance the Company forward strongly and continually.
Mr. Suvit Lamsam
Chairman of the Board of Director