valued at a total of 15.5 billion Baht, which contributes to a backlog of 8 billion Baht. As the company begins to recognise income starting in 2024, these developments represent a significant milestone on its journey to becoming the “Heaven Bestination.”
AssetWise’s affiliate, Rhom Bho Property Public Company Limited (TITLE), has recently introduced four development projects in Phuket, with a total value of 15.5 billion Baht, contributing to a backlog of 8 billion Baht. As these properties begin to generate income from 2024, TITLE is making significant strides towards becoming the “Heaven Bestination.” The newly launched properties, located in prime areas in Bang Tao, Kata, and Rawai, include “THE MODEVA” and “THE TITLE ARTRIO BANG-TAO,” both positioned on Bang Tao Beach. These developments are expected to boost regional sales in Phuket by an estimated 5 billion Baht during the peak season. Additionally, “The Esquire” project will further enhance TITLE’s reputation and strengthen Phuket’s status as a highly sought-after destination for both locals and tourists.
AssetWise Public Company Limited (ASW) is a leader in lifestyle and living trends, driven by the philosophy of “We Build Happiness.” The company’s CEO, Mr. Kromchet Vipanpong, noted that ASW has been steadily expanding its development portfolio in Phuket through its 67.94% stake in Rhom Bho Property Public Company Limited (TITLE), a prominent developer of leisure residences in the region for over 12 years. TITLE boasts numerous development projects in three strategic locations—Bang Tao, Nai Yang, and Rawai—offering convenient access, stunning natural surroundings, and amenities suited for both short and long stays.
Dedicated to selecting prime locations that ensure easy access via multiple routes, ASW and TITLE focus on properties that embody the essence of quality living. They prioritize high construction standards and strive to transfer ownership to residents promptly. This commitment fosters trust and confidence amongst customers, contributing to ASW’s impressive sales of 14.5 billion Baht over the first nine months of 2024, with 43% of that total coming from TITLE. Currently, TITLE has a backlog of approximately 8 billion Baht and is set to begin recognising revenue in the second quarter of 2024 from projects like THE TITLE HALO 1, and from other properties until 2027.
Due to its remarkable success and ongoing expansion, ASW has recently refined its strategy for developing leisure residences in Phuket by introducing four new properties, valued at a total of 15.5 billion Baht:
- THE TITLE CIELO RAWAI: Valued at 1.2 billion Baht, with 90% of the property sold within just one week of its launch.
- THE MODEVA: Valued at 6.2 billion Baht.
- THE TITLE ARTRIO BANG-TAO: Valued at 2.6 billion Baht.
- KATABELLO in Kata: Scheduled for introduction in early 2025, valued at 5.5 billion Baht.
ASW anticipates that this strategic shift will drive sales by more than 5 billion Baht.
To date, ASW and TITLE have collaborated on a total of 8 joint condominium development projects, yielding a combined value of 31.5 billion Baht.
“We have demonstrated that our successful expansion into Phuket is one of the key success factors in fostering our sustainable growth under The New Frontiers Strategy. As ASW and TITLE are determined to transform THE TITLE into a ‘Heaven Bestination,’ where both locals and tourists can experience the essence of quality living, we remain committed to developing properties in prime locations and building vibrant communities that will make Phuket a continually attractive and healthy city for everyone,” said Mr. Kromchet.
Mr. Wakin Thangkulawat, CO-CEO of Rhom Bho Property Public Company Limited (TITLE), emphasised the importance of strategic locations like Bang Tao, known for its stunning white sand beaches and turquoise waters. This area is home to numerous amenities, including restaurants, lifestyle stores, educational institutions, hospitals, and activity centers, catering to the diverse needs of families across generations. Notably, this marks the first time TITLE is developing properties that feature a large pet-friendly zone, ensuring that THE TITLE becomes a “Heaven Bestination” for all customers.
Set on 7.5 acres just 500 meters from the renowned Bang Tao beach, “THE MODEVA” is a seven-story leisure residence featuring six buildings and one dedicated pet-friendly building, offering a total of 859 living units. Designed under the theme “The Vibes of Pleasure,” the property harmonises with the natural beauty of Bang Tao. It includes fully-fitted residences in 11 types of simplex and duplex units, ranging from 29 to 148 square meters, along with a spacious penthouse of 148 square meters. The expansive common areas, covering 7,458 square meters, feature both indoor and outdoor zones with a variety of premium services. Indoor amenities include a business lounge, co-kitchen, health center, salon, kids’ club, theater room, and Japanese onsen, while the outdoor areas boast a multi-function swimming pool surrounding all buildings, hydrotherapy facilities, private outdoor living lounges, a pet grooming zone, and dedicated spaces for pets in the pet-friendly building. Prices range from 4.1 to 18.7 million Baht.
THE TITLE ARTRIO BANG-TAO is a seven-story leisure residence comprising three buildings and one pet-friendly structure, offering a total of 435 living units. Situated on approximately 3 acres next to Porto de Phuket, the property is designed around the concept “Live Artfully, Where Creative Retreat Meets Style,” with art integrated throughout the community. It features fully-fitted units in three configurations: one-bedroom, two-bedroom, and duplex, ranging from 28 to 132 square meters. The common areas support 41 outdoor and indoor activities, including a Feature Art Wall, sculptural playground, waterfall, floating pool terrace, healthcare services, live studio, library lounge, kids’ space, Japanese onsen, boxing area, pet grooming area, and a pet pool and playground within the pet-friendly building. Prices range from 4.23 to 19.67 million Baht.
Additionally, the new business venture, The Esquire, provides comprehensive property management services that include property supervision, tenant acquisition, rental management, and laundry and cleaning services. These offerings are designed to enhance the quality of living and maximise comfort and convenience for residents of THE TITLE.
Mr. Phattanan Pisutwimol, Secretary General of Phuket Real Estate Association, noted that the real estate market in Phuket for 2024 is being bolstered by a recovery in the tourism industry, an influx of foreign residents, and increased purchasing power amongst the locals. The Real Estate Information Centre predicts that the transfer of real estate ownership in Phuket will reach 22.7 billion Baht in 2024, marking a 7.1% increase from the previous year. During the first half of 2024, 4,497 condominium units were sold, reflecting a remarkable 259.8% growth compared to the same period last year. Such a surge represents a total value of approximately 40 billion Baht, an increase of 799%. The most prominent areas driving new sales are “Bang Tao and Surin beaches”, accounting for 2,202 units sold —48.97% of total sales.AssetWise Public Company Limited (ASW) has established itself as a key player in property development in prime locations, guided by the philosophy “We Build Happiness.” Currently, the company has developed over 68 condominium and residential projects under various brands to meet the diverse needs of its customers, including KAVE, ATMOZ, MODIZ, ESTA, THE ARBOR, THE HONOR, CHANN, and TITLE, in partnership with Rhom Bho Property Public Company Limited. With a total project value exceeding 98 billion Baht, ASW reported a realised backlog of approximately 23.678 billion Baht in the second quarter of 2024, showcasing 52 completed projects and 16 ongoing developments.
