“AssetWise” keeps expanding its portfolio in 2024 with the newest strategy THE NEW FRONTIERS introducing 12 new residential projects in EEC and Phuket, worth 25.9 billion Baht,
along with the new businesses targeting at 17.8 billion Baht.
“Assetwise” or “ASW” unveils its mega-plans in 2024 with 3 main strategies “Execute / Expand / Explore” under the concept THE NEW FRONTIERS with the introduction of 12 new residential projects worth over 25.9 billion Baht. Targeting the sales figures at 17.8 billion Baht, the company seeks to continue expanding its portfolio in Bangkok, EEC and Phuket covering a wide range of properties from housing, community mall and entertainment to healthcare. Such an expansion comes with a re-structuring of the management team to ensure that they are ready to make their visions more concrete in line with the company’s goal of continual expansion.
Bangkok – (8 February 2024) Mr. Kromchet Vipanpong, CEO of AssetWise Co., Ltd (ASW) revealed that 2023 marked auspicious opportunities for ASW with the launch of various residential projects such as condominiums, detached houses, semi-detached houses and luxury properties to serve all customer segments in prime locations in both Bangkok and other provinces. Phuket was one of the regions considered as world-class destinations that boasts its huge popularity amongst foreigners visiting Thailand in search for ideal homes. Last year, the company introduced 15 projects comprising freehold properties and condominiums worth 30.2 billion Baht, which was higher than initially predicted, at 12 projects. This, in turn, reflected in the sales figures of around 16.5 billion Baht, which was higher than its initial target, thus accounting for a growth rate of 16%, compared to 2022.
“The overall trend in 2024 is in keeping with the country’s GDP with a mixture of both opportunities and risks. There are still some factors that will help stimulate purchasing power this year such as the one-year extension of reduced ownership transfer fee and visa-free policy for Chinese tourists, starting from 1 March 2024; the latter of which is expected to boost up the number of Chinese tourists visiting Thailand and this will positively affect Thailand’s real estate industry. In light of this, AssetWise intends to keep expanding in 2024 with 9 freehold projects and 3 condominiums, worth over 25.9 billion Baht. The sales target is set at 17.8 billion Baht accounting for a growth rate of 8% compared to 2023, while the revenue target is at 8.7 billion Baht. The new concept “THE NEW FRONTIERS” is a key motto for this expansion by incorporating 3 strategies consisting of:
Execute: refers to our strong determination to offer high quality housing and condominium while strengthening our core business portfolios –Kave, Atmoz and Modiz. These are our 3 iconic condominium brands that cover all areas in Bangkok, its vicinity and EEC. This year, we intend to expand our portfolio more in Bangkok and EEC by introducing 6 more condominium projects worth over 10.8 billion Baht. These properties are located in prime locations that maximise convenience for a daily commute to work and leading educational institutions. Two other projects that will be opened this year are boutique condominiums called Maroon located on Ratchada 32 and Aquarous located in Jomtian-Pattaya, which is one of the most prominent destinations in the world.
Expand: refers to the expansion in multiple aspects including location, product and price. The company intends to introduce many new residential projects in both prime and new locations that offer economic potentials in the future. This also encompasses the development of freehold properties to satisfy diverse needs of our residents. The brands currently in our portfolio include ESTA, THE ARBOR, THE HONOR and CHANN The Riverside, which is a community of boutique detached houses located just by the great Tha Chin River on Baromratchachonanee Road. Moreover, the company strongly determines to expand our portfolio in EEC, Bangsan, Sriracha and Rayong, which are popular tourist destinations and leading industrial estates. A massive growth in these areas arises from the establishment of Chinese-based offices and factories manufacturing electric cars. This will translate into growing demands for accommodation, serving the purposes for both living and investments.
In Phuket, AssetWise introduced the condominium THE TITLE under Rhom Bho Property Co., Ltd or “TITLE” in affiliation with AssetWise. At the end of 2023, we also launched THE TITLE LEGENDARY BANG-TAO, which was so very well received by both local and foreign clients that around 80% of the properties have already been sold. This reflects clients’ strong confidence and trust in the brand THE TITLE. Such an overwhelming success leads to 3 more projects to be launched this year, which are THE TITLE HERITAGE BANG-TAO, THE TITLE SERENITY NAIYANG and THE TITLE RA WAI, worth over 6 billion, 4 billion and 1 billion Baht, respectively. Moreover, we have been holding a stake of 30% in a partial development of a large-scale project called BOTANICA Grand Avenue, which houses luxury pool villas valued at 12 billion Baht, and this compliments our property portfolio very impressively ranging from condominium to luxury villas.
Explore: refers to our endless quest for new business opportunities and investments to ensure recurring income. One of the large-scale properties is a community mall in the heart of Ratchada called Mingle Mall, offering several services ranging from independent stores, restaurants, aesthetic & wellness centres and spaces for rent, particularly for healthcare, beauty and wellness. The intention to develop properties for other purposes in addition to housing clearly reflects in a series of properties such as Mingle Sport Village at Rangsit, an indoor sports centre, Rocket Fitness, under the management of “Treasure M Company Limited” and ZAAP World, which is the organizer for entertainments, concerts and events. These related diversifications add up to our current portfolio, thus making us one of the principal players in land development industry.
In 2024, AssetWise launched 9 residential projects that are now ready to move in. There are 7 condominiums worth over 9.5 billion Baht and 2 freehold property projects. Currently, the company has backlog worth around 19.5 billion Baht, divided into properties in Bangkok and its vicinity, in EEC and in Phuket, valued at 13.7 billion, 1.8 billion and 4 billion Baht, respectively. These projects represent a stable revenue stream to the company from 2024 – 2026.
Hand in hand with a constant expansion, the company has had a major re-structuring by appointing executives overseeing each development project, which will immensely enhance efficiency and enable us to introduce many more projects to satisfy diverse customers’ needs. Moreover, this new internal structure will allow for more management flexibility to accommodate expected growth in the future.
“I firmly believe that 2024 marks another year of a massive growth for AssetWise arising from a constant expansion to new locations and new developments corresponding to diverse needs of our clients. Our new strategies will definitely enable us to achieve all of our goals this year.” Mr. Kromchet remarked.