The Residences 38 and La Clef Bangkok by The Crest Collection on Sukhunvit Soi 38.

SET-listed Rabbit Holdings, a financial services and real estate subsidiary of BTS Group Holdings, expects to return to profit by year-end as part of its divestment plan.

Soraya Satiangoset, chief financial officer at Rabbit, said the largest portion of revenue in the second half of 2025 will derive from the sale of a plot in the Thana City project on Bang Na-Trat KM 14 Road in Bang Phli, Samut Prakan.

"We are under pressure from interest payments, but are striving to return to profit within this year," she said.

The plot spans nearly 170 rai and is held by Keystone Estate Co, in which Rabbit owns a 50% stake.

The transaction value is 2.52 billion baht, of which Rabbit is expected to receive 1.26 billion baht.

The buyer is Kingkaew Assets Co Ltd, a subsidiary of BTS Group, which plans to develop a property project on the site.

As part of the divestment plan, Ms Soraya said another expected transaction in the second half is the sale of Vienna House by Wyndham Diplomat Prague, a four-star 400-room hotel in Prague, Czech Republic, valued at €67.5 million.

"This transaction will begin in November, but completion may be pushed to early next year as year-end holidays in Western countries could cause delays," she said.

In the first half of 2025, Rabbit recorded 3.11 billion baht in revenue and a net profit of 21.5 million baht, following two consecutive years of net losses: 4.38 billion baht in 2023 and 903 million baht in 2024.

More than 70% of revenue was attributed to its real estate business, which includes nine hotels with 1,819 rooms in Thailand and Europe, rental office properties in London and Bangkok, and condo projects developed through joint ventures with SET-listed Sansiri.

The remaining revenue was derived from financial services (15%) and other businesses (12%).

Rabbit also has its own condo development business, recently completing a 36-storey tower worth 5 billion baht on a two-rai plot on Sukhumvit Soi 38 that was previously part of a joint venture with Sansiri before Rabbit acquired the land for independent development.

The project comprises The Residences 38, a luxury freehold condo with 56 units sized between 57-450 square metres and priced from 22.9-246 million baht, and La Clef Bangkok by The Crest Collection, a serviced apartment with 115 rooms operated by Singaporean hospitality firm Ascott Limited.

Two months after launch, roughly 20% of the condo units were sold, with 80% of buyers foreigners, mainly from Taiwan, Japan and India.

The serviced apartments reported an initial occupancy rate of 20%, with monthly room rates starting at 115,000 baht for units sized from 38 sq m.

The occupancy rate is expected to rise to 40% by the end of the year, said Ms Soraya.