The company successfully met its sales targets and has announced the launch of six new development projects valued at 11.8 billion Baht.
AssetWise (ASW) has reported impressive results for the first half of 2024, with income exceeding 4.6 billion Baht and profit of 849 million Baht. This represents growth rates of 54% and 93%, respectively, compared to the previous year. From January to June 2024, sales revenue amounted to 10.7 billion Baht, driven by two new development projects in Phuket, THE TITLE, and ongoing income from the transfer of ownership of ready-to-move-in properties.
Following these achievements, TRIS Rating upgraded ASW’s credit status to “BBB-/Positive” due to the company’s strong performance and a substantial backlog of 23.7 billion Baht. In the second half of 2024, ASW will unveil its “The New Frontiers” strategy, which includes six new condominium and housing projects valued at 11.7 billion Baht, as well as a new business venture in health and wellness to enhance recurring income. With the economy recovering, the company is confident in its ability to meet its sales target of 8.7 billion Baht as planned.
The key to this significant success, according to Mr. Kromchet Vipanpong, CEO of AssetWise Public Company Limited, is the company’s commitment to its “We Build Happiness” concept, which ensures that its properties reflect the lifestyle of their residents. In the second quarter of 2024 (April to June), the company reported impressive financial results, with revenue of 2.9 billion Baht and a profit of over 593 million Baht, reflecting growth rates of 64% and 131%, respectively.
Building on this success, ASW achieved record-breaking sales revenue in the first half of 2024 (January to June), reaching 4.6 billion Baht, which represents a 54% increase compared to the same period the previous year. The profit of 849 million Baht during these six months reflects a remarkable growth rate of 93%, marking the highest six-month profit since the company’s inception.
In the first half of 2024, the company successfully completed the transfer of ownership for ready-to-move-in properties as planned and continuously realised income from new development projects. The majority of ownership transfers came from the Kave Town Island project, a 1,770-unit condominium campus adjacent to Bangkok University, which achieved 99% sales completion with a value of 3.5 billion Baht. Additionally, The Title HALO 1, a leisure condominium near Phuket International Airport, reached 93% sales completion with a value of 1.5 billion Baht. Both projects continue to drive ownership transfers and are expected to be significant financial contributors in the third quarter of 2024.
Regarding pre-sales, ASW generated 10.7 billion Baht in the first half of 2024, representing a 35% growth compared to the same period in 2023. This increase is attributed to the sales of two leisure condominium projects in Phuket, valued at 10 billion Baht, which are being developed by ASW’s subsidiary, Rhom Bho Property Public Company Limited (TITLE). These projects, The Title Heritage Bang-Tao and The Title Serenity Naiyang, offer 789 and 814 units, respectively.
Recently, TRIS Rating upgraded ASW’s credit rating from “BBB-/stable” to “BBB-/positive,” reflecting the company’s strong positioning and consistent growth in financial performance, sales figures, income, and net profit. As of the end of the second quarter of 2024, the company’s accumulated backlog was recorded at 23.6 billion Baht, which is expected to be realized by 2026.
Mr. Kromchet Vipanpong further reveals that the second half of 2024 will see ASW’s continued expansion under the “The New Frontiers” strategy, with the launch of six condominium and housing projects in Bangkok, the Eastern Economic Corridor (EEC), and Phuket, valued at 11.7 billion Baht. In the third quarter of 2024, ASW will introduce two residential projects: The Arbor Ramintra-Watcharapol, a 1.5-billion-Baht project featuring modern detached houses close to nature near Chalongrat Expressway, starting at 8.99 million Baht, and CHANN The Riverside Borommaratchachonnani, offering detached houses by the Tha Chin River, valued at 1.8 billion Baht. Additionally, a flagship project valued at 4.5 billion Baht, Aquarous Jomtien Pattaya, featuring luxurious condominiums next to Jomtien Beach, will also be launched at the end of the last quarter.
At the same time, ASW’s ongoing expansion into new business ventures to ensure recurring income includes plans to enter the health and wellness industry. By the end of 2024, ASW will introduce Rocket Fitness, an alternative fitness center, and Vitala, a physical therapy and recovery clinic, within ASW’s community mall, Mingle.
“This year marks substantial growth for ASW in all aspects—sales revenue, income, and profit. We firmly believe that our ‘The New Frontiers’ strategy has strengthened our position amidst a volatile economy and will enable us to achieve our revenue target of 8.7 billion Baht,” assured Mr. Kromchet Wipanpong.
AssetWise Company Limited (ASW) is a leading real estate firm that continuously develops properties and residential projects in prime locations under the concept of “We Build Happiness.” To date, it has launched over 68 residential projects across various housing types to meet the diverse needs of its residents. These projects are marketed under several brands, including KAVE, ATMOZ, MODIZ, ESTA, THE ARBOR, THE HONOR, and TITLE, which falls under ASW’s subsidiary, Rhom Bho Property Public Company Limited. With a cumulative value of 98 billion Baht, ASW has 52 ready-to-move-in projects and 16 projects under construction, resulting in a realised backlog of 23 billion Baht as of the end of the second quarter of 2024.
