Rhom Bho Property (The Title)

Who they are

Rhom Bho Property (SET: TITLE, ISIN TH8258010009) is one of a handful of Thai publicly-listed developers focused almost entirely on Phuket resort condominiums. The original legal entity dates to 1989, but the real-estate business only began in 2012, when the corporate purpose was amended and the company renamed "Rhom Bho Property." Securities were registered with the Thailand Securities Depository on 2 October 2017, with the first SET trading day on 2 November 2017 under the symbol TITLE.

The company sits inside a corporate group controlled by 39 Estate Co., Ltd., with long-tenured board representation from the Wipanpong family. Day-to-day leadership rests with CEO Darong Hutajuta, on the board since 2010 and elevated to CEO in July 2023.

The capital structure has stepped up several times — from the original THB 5m through 70m, 140m, 200m, and beyond, with a par-value reset from THB 100 to THB 0.50 around the 2016–2017 IPO conversion.

Why we cover TITLE

Three reasons TITLE shows up on Invest Phuket repeatedly:

1. Phuket-only specialist. Unlike Sansiri or Origin (nationwide, Bangkok-heavy), Rhom Bho concentrates its capital and operational capacity inside Phuket's tourism corridors — Rawai, Naiyang, the Kata–Karon hillsides, Phuket Town and select Thalang plots. That means deep on-the-ground know-how, but also a single-market risk profile a buyer should understand.
2. Repeat resort-condo formula. The Title series is a serial product — 4–7-storey low-rise condos with hotel-style amenities, landscape-heavy commons, foreign-buyer ratios at or near the 49% freehold cap. It's standardised, recognisable, and replicable. Less landmark architecture, more disciplined execution.
3. Public reporting. Listed status forces quarterly disclosure. We can sanity-check revenue recognition timing, backlog, and gearing against the Form 56-1 One Report — not something most Phuket-focused developers offer.

The Title series — projects on Phuket

The Title is Rhom Bho's master brand. Projects fan out across several sub-locations and stylistic concepts, but share the core operating playbook (mid-rise, pool-led common areas, resort interior design, foreign-buyer optimised legal structure).

Completed / mature

The Title Rawai (Phases 1–3) — South Phuket's Rawai Beach corridor, the company's anchor location since the first Phuket branch opened in 2011. Phase 1 launched c. 2011–2012; Phase 2 (the publicly-disclosed reference launch) comprised three 4-storey buildings, 120 units, THB 452m gross — averaging around THB 3.8m per unit. Phase 3 added another ~240–260 units in 7-storey blocks. The aggregated Rawai cluster is in mature secondary-market trading today, with units typically THB 2.5–5m on resale depending on size and renovation.

The Title Naiyang (Title Residencies Naiyang) — Naiyang Beach, north Phuket, within walking distance of the Sirinat National Park and a 5–10 minute drive from Phuket International Airport. ~350–450 units across multiple low-rise blocks; resale band today is THB 3–7m per unit depending on sea proximity. Mixed owner-occupier and short-term rental ownership.

Under construction / in active sales

The Title Wadi — Rawai–Nai Harn hinterland, low-rise nature-integrated concept ("Wadi" = oasis/valley). Pre-sale from c. 2022; first handovers expected mid-2020s. Mid-200 unit count range, advertised from c. THB 3M to ฿8M per unit, hotel-style facilities.

The Title Katabello — Kata/Karon hillside with Andaman sea views. Condo format with hotel-grade common areas. Launch pricing in the marketing materials clusters around THB 120–160k per square metre, putting unit prices in the THB 4M – ฿15M band depending on view and size. Construction is the most visible of the current launches.

The Title Sino — Sino-Portuguese design language, often paired with Phuket Town or Karon submarkets. ~150–250 unit range. At least one phase actively in sales.

Early sales / concept phases

The Title V — fifth-numbered phase in the series, mid-market resort condo, plans/sales phase.

The Title Saifon — "rain" theme, suggesting a quieter, non-beachfront tourist radius. Early sales.

The Title Halo — design-led, panoramic-view concept aimed at younger foreign buyers. Pre-sale and marketing phase.

The Title Biancana — Mediterranean white-aesthetic, target coastal hillside (Kata/Karon/Kamala). Concept reveal and early marketing — no public SET construction timetable yet.

The Title Heritage — heritage-styled architecture (Sino-Portuguese cues likely), boutique sub-200-unit format at a slight per-sqm premium (THB 100–130k/sqm indicated).

The Title Villa Kirara — the only villa product in the line-up (the rest are condos). Hillside or sea-view plots, marketed to upper-mid foreign buyers including Japanese buyers (the "Kirara" framing). Per-villa pricing comparable to mid-tier Botanica villas in the same corridor.

For exact unit counts and construction schedules on the newer projects, Rhom Bho's Thai-language SET filings (annual report, 56-1 One Report) are the authoritative source. English-language portal data covers ~70% of the active pipeline.

Track record and delivery

The clean, boring summary: multiple completed phases in Rawai and Naiyang, no abandoned schemes, no publicised regulatory action. Buyer commentary on the Phuket portals shows the normal-for-Thailand handover delays of a few months on some phases, but nothing extraordinary, nothing litigated, no SET sanctions.

There are no high-profile rental-guarantee disputes attached to TITLE — though, as with every Phuket short-term-rental product, individual buyer disagreements with management on yield projections do occur. Nothing has escalated to class-action territory.

From an underwriting perspective, this is a smaller, execution-focused developer with a clean public record, but with commensurate concentration risk (Phuket-only) and key-person sensitivity to the existing management team.

Who buys The Title

By design, the buyer base is:

• Foreign holiday-home buyers and yield investors (Russia/CIS, Europe, China, Hong Kong, Singapore), targeting 1–2 bedroom units in the THB 3–10m band — exactly where The Title's typical Rawai/Naiyang/Sino product sits.
• Thai urban middle class and Bangkok investors treating Phuket condos as second home / income-generating asset, especially in the lower-priced Rawai phases.
• Retirees and long-stay expats who prefer low-rise resort layouts over high-density urban towers — the entire TITLE product is built around that preference.

If you're looking at the ultra-luxury private-villa segment (THB 25m+ plots with private pools), TITLE only competes there through Villa Kirara; the rest of the line-up sits below Botanica's price tier. If you want a branded-residences trophy (Banyan Tree, InterContinental, Andaz, Autograph Collection), that's a different shelf entirely — TITLE doesn't co-brand with hotel groups in the way Laguna or Minor / Kajima do.

Versus the peer set

The clearest single differentiator is standardised mid-market resort condos at scale in Phuket — that's a real niche, and TITLE owns it.

Financial health (what we can verify)

Hard line-item financials require pulling the latest 56-1 One Report and quarterly statements directly from SET. What's directionally clear from the public profile:

• Revenue is lumpy. Recognition follows unit transfers, not pre-sale signings — Rawai/Naiyang completions drove a mid-2010s revenue spike; Katabello/Wadi handovers should drive the 2024–2027 curve.
• Margins are normal-for-segment. Phuket resort-condo developers typically run gross margins of 30–40%; we have no evidence TITLE diverges materially.
• Leverage moderate. MarketScreener classes TITLE as a small-cap without a "highly leveraged" flag. Final D/E ratios require the formal report — recommended reading before committing equity capital.

Recent disclosed events:

• 29 May 2025 — establishment of a new subsidiary (purpose and registered capital filed with SET; typically used for project SPVs or hospitality operations).
• 6 August 2025 — Q2 2025 / six-month earnings release filed with SET.

If you're evaluating TITLE as a buyer of inventory rather than as an equity-side investor, the SET disclosures still matter — they tell you whether the developer has the balance-sheet headroom to complete the project you're pre-paying.

Where Invest Phuket fits

When you request a sales kit for a Title-series project through Invest Phuket, we send:

• Live unit-stack for the project (which floors and orientations are available now, not the launch-day brochure)
• Payment plan and foreign-ownership ratio status — critical for foreign buyers given the 49% freehold cap
• Comparable resale data in the same Phuket sub-market so the off-plan price doesn't sit in isolation
• Direct line to Rhom Bho's sales channel when you're ready, not a marketing handoff

For TITLE specifically we cross-check the unit-stack with the SET-filed timeline, so you're not relying on a stale brochure floor-plate that doesn't match the construction reality.

Sources

• Rhom Bho Property — corporate / investor pages (Our History, Investor Home)
• Stock Exchange of Thailand — TITLE filings, listing record, 56-1 One Report
• MarketScreener — TITLE securities profile, capital structure, recent news (29 May 2025 subsidiary, Q2 2025 earnings 6 Aug 2025)
• Investing.com — TITLE company profile, board and CEO data
• Knight Frank Phuket Condominium Market Reports — pricing benchmarks
• CBRE Thailand — Phuket condominium market Q4 2025 report
• DDProperty, FazWaz — secondary-market and new-launch pricing data
• Bangkok Post, Nation Thailand — no major adverse news flow surfaced as of mid-2026