This update is focused on expansion. Delays have been the defining challenge of this period, and the most material development is Thonglor running 35% over budget. We want to be direct about what drove that, what we have decided, and why. Details below.
Thonglor — 6 courts 35% over budget
The project is 35% over its original budget. Two factors account for almost all of the overrun, and they are different in nature — one was forced on us, one we chose.
Land condition (forced). Ground conditions at the site required a substantially heavier micropiling investment than the original engineering assumed. This is foundation work — not discretionary, and not something that could be value-engineered away without compromising the structure.
Air-conditioning (chosen). Since we set the original budget, competitors in Bangkok have introduced air-conditioned courts, and the offering has been very successful. Playing conditions have become a real basis of competition in this market. We took the decision to add full AC rather than open a flagship that is already behind the market on the single most visible comfort factor.
We remain committed and are pushing this project forward. Thonglor is our flagship. We consider it essential to holding a leading position in the market — it is the venue that sets the standard the rest of the portfolio is measured against, and the one that makes our premium positioning legible to players, partners, and brands.
Cloud 11 / CP Group Opening first week of October
We are opening the first week of October. This is approximately one month later than the original plan, and it is now a firm date rather than a range.
Soft opening from 15 September. We expect to begin running friends-and-family sessions from mid-September onwards, ahead of the full opening.
You are invited. As an investor you are welcome at the soft opening — come and play the courts before anyone else does. We will be in touch with details closer to the date.
Court installation is being completed as we speak — this is the most tangible progress in the portfolio right now
Remains our nearest opening and our first multi-location expansion
Will also anchor our new F&B concept and central kitchen — see below
Phuket Rawai Target: Q1 2027
Project is just getting underway, with an expected opening in Q1 2027
Budget is on track — no variance to report on this project
Partner continues to contribute 75% of capex, the most favorable structure in our pipeline
Cloud 11 opens the first week of October, with a friends-and-family soft opening from 15 September. Thonglor is over budget but proceeding as our flagship. Phuket is on budget and on track for Q1 2027.
Rama IV — Performance
July was a challenging month. Two factors drove it, and they compounded each other rather than acting independently.
New clubs opening. Several new venues came online in Bangkok during the period, fragmenting demand across the city.
Rainy season — but different from last year. Rain has always affected our outdoor court. What changed is that last year we had no meaningful competitors, so weather displaced play in time rather than losing it: players rebooked with us. This year, a player rained off an outdoor court has somewhere else to go. The rain did not get worse — the cost of it did.
We have taken action, and it is working. We pulled two levers — the academy and our managed communities — both of which create committed, scheduled play that is far less sensitive to weather and to a competitor opening down the road. As of this week we are back above 70% occupancy.
Court Occupancy Progression
Week commencing, 1 January to 29 August 2026 · three courts · TPS and Setpoint bookings combined
Prime time (weekday 17–21, weekends all day)All hours (08:00–23:00)Current week, including projected
Prime time occupancy
89.2%
up from 72.5% average in July
Highest weekly prime-time figure since the first week of June
Overall occupancy
74%
current average, all hours
Recovered as academy and managed-community programming took hold
September pre-booked
60%
of September hours already on the books
A strong forward signal, with the rainy season coming to an end
Highlight
Occupancy recovered above 70% this week, following academy and community programming actions
Highlight
Academy revenue crossed 600K this month — the highest in our history, ahead of any previous month on record
Highlight
First proper academy structure launched — fixed groups and monthly subscriptions, replacing ad-hoc lesson booking. Customer response has been genuinely strong
Working on
Reducing weather and competitive exposure on court revenue by continuing to shift the mix toward committed, scheduled play
The strategic read: the academy subscription model is the most important commercial development of the period. It converts variable, weather-exposed, price-comparable court hours into recurring monthly revenue with a fixed schedule and a social commitment attached. That is exactly the structural defence a market with 20-plus venues requires, and it is showing up in the numbers within the first month.
F&B — New Concept and Central Kitchen
We are developing a full F&B concept to maximise the revenue opportunity at Cloud 11, and to run that venue as the central kitchen for the portfolio.
Cloud 11 as central kitchen. Rather than rebuild a kitchen operation venue by venue, we are designing Cloud 11 to produce for the wider portfolio. Menu, cost structure, and quality get set once and pushed out.
Chef engaged. We have brought in a chef with deep experience in scalable concepts — someone who has built menus designed to travel across sites, not a single-restaurant operator.
First tastings have been very promising. Early results give us confidence in both the product and its repeatability.
A new revenue driver across every location. As the new menu is implemented portfolio-wide, we expect F&B to become a meaningful third revenue line alongside courts and academy.
The strategic read: F&B revenue is not capped by court hours and not exposed to weather. It is the same structural logic as the academy subscription — growing revenue per member without adding courts.
Team
We have hired Carlota Estrada as our coach at Cloud 11.
The strongest female player in Thailand, with a growing presence regionally — including an APPT title already, in a short time in the country.
She brings real playing and coaching experience to the club, and gives Cloud 11 genuine coaching credibility from the day it opens rather than a season later.
She advances our academy vision. Our intention is for the academy to become the standard in Thailand, and hiring at this level is how that gets built.
She was being approached by competitors. Winning that decision matters beyond the hire itself — in a market where coaching talent is the scarce input, it reinforces our position as the strongest academy in Thailand and denies a rival the same advantage.
Talent Program Launched
We have launched a talent program — a structured path for promising players to develop with us, rather than relying on hiring finished coaches from a shallow market.
We are in talks with Eric Foester to become part of the academy. Nothing is signed yet, and we will confirm when it is.
The structure. Eric would receive support from the academy and be trained under the supervision of our coaching team, working part-time while he finishes his studies in Sports Management.
Why it matters. Eric has the potential to become number one in Thailand within the next few months. Developing that at our academy, rather than watching it happen elsewhere, is how the academy’s prestige compounds.
This connects directly to the academy result at Rama IV. Coaching quality is the hardest thing for a new venue to copy, and it is what converts casual court hours into committed, scheduled play.
Other Relevant Updates
Bali — open Now trading
We have opened Bali successfully. The club is open and trading.
This is our first location outside Thailand and the first live test of the brand in a new market. It sits outside the Thailand OpCo, but it is directly relevant to how we think about the next phase of expansion.
WPA — merger approach Early discussions
WPA has approached us to explore a potential merger. We are reporting it because it is material enough that you should hear it from us.
Discussions are at a very early stage. On what we have seen so far, we are not inclined to pursue it.
We will keep the conversation open. We do not see a reason to close a door this early, and we will come back to you if it develops into anything requiring your attention.
Fundraising
In our last update we said we were targeting to close the funding gap within 60 days. We have not closed it in that window, and we would rather say so plainly than restate a new date without acknowledging the last one. The Thonglor cost position described above has also increased the amount we are raising.
The round is active with three hot leads. The most relevant of these is Sansiri, where conversations are well advanced and where we see strong strategic alignment beyond the capital itself. We expect to close in the next four to six weeks.
Cloud 11 opening — with courts going in now — gives incoming capital a live proof point on our ability to execute a second location, and on the economics of the more asset-light JV structure we intend to repeat.
If you have introductions to investors suited to this stage, we would welcome them.
Asks
Investors — We are actively closing this round. Introductions to investors suited to this stage are the single most useful thing right now. We are also open to debt financing
Corporate and community bookings — Managed communities are proving to be one of our strongest occupancy levers. If you can connect us with companies or groups looking for regular scheduled play, please do
Wellness and lifestyle brands — Thonglor and Cloud 11 are both coming online and we are sourcing brand partners for both. We are looking for social wellness partners, as well as lifestyle concepts that could be interesting to explore or coexist in our new locations
Investor Perks
A reminder that investor perks remain active across all our locations: 30-day priority booking, 20% off court rentals (excluding packages), 1 complimentary coaching session per quarter, and 10% off F&B and pro-shop. Reach out directly with any questions on how to access these.
Thank you for your continued support. This has been a demanding period — delays and cost pressure on the flagship, and a genuinely competitive month at Rama IV. We are being direct about both. The academy result and the occupancy recovery are early evidence that the levers we are pulling are the right ones, and Cloud 11 opening will be the next milestone we share with you.