SC confirms a revenue target of 19 billion baht, growing over 20%. The single house market is strong across all segments, with plans to launch 10 new projects worth a total of 13.3 billion baht in the second half of the year, along with expanding its recurring income portfolio by developing 7 hotels within 3 years.

Mr. Natthapong Khunakarawong, CEO of SC Asset Corporation Public Company Limited (SC), a developer of high-quality real estate with the concept of being a Living Solutions Provider for customers, revealed that

“In 2019, SC is confident in achieving a revenue of 19 billion baht, growing over 20%. For the second half of the year, we plan to launch 10 new projects with a total value of 13.3 billion baht, divided into 8 low-rise projects worth 7.3 billion baht, which include:

- Single houses under the brands Pave, Venue Flow, Bangkok Boulevard, and Bangkok Boulevard Signature, priced from 4 to 30 million baht.

- Twin houses and townhomes under the brands V-Compound and Wurf, priced from 2 to 6 million baht.

All 8 projects are located in various areas such as Rama 5, Rangsit, Seri Thai, and Bangna to meet the strong purchasing power for low-rise projects across all locations and price levels. The 2 high-rise projects, with a total value of 6 billion baht, include:

  1. THE CREST PARK RESIDENCES, a condominium near BTS Ha Yaek Lat Phrao station, just 250 meters away, in the prime location of the Ha Yaek Lat Phrao area, with a project value of 3.5 billion baht, developed by SC NNR1 Co., Ltd., a joint venture between SC and Nishitetsu Group, a giant in real estate and transportation from the Kyushu region of Japan.
  2. SCOPE THONGLOR, a condominium adjacent to BTS Thonglor station, with a project value of 2.5 billion baht, developed by Scope Tower Co., Ltd. Additionally, there are 46 ongoing projects for sale worth 41.9 billion baht, divided into 60% low-rise and 40% high-rise, while the backlog stands at 10.6 billion baht, with 57% expected to recognize revenue this year from both low-rise and high-rise projects. There are 2 condominium projects expected to be completed and start transferring ownership in the second half of the year, which are:
  3. Project 28 CHIDLOM, 250 meters from BTS Chidlom, expected to start transferring ownership at the end of Q3.
  4. Project CENTRIC RATCHAYOTHIN, 150 meters from BTS Ratchayothin, expected to start transferring ownership at the end of Q4.

Mr. Natthapong further stated regarding the plan to expand new business, “SC plans to expand its recurring income portfolio for sustainable growth in the future, with an investment budget of 3 billion baht to develop hotels in the mid-to-upscale segment in Bangkok and tourist cities, with 7 locations within 3 years (2019 - 2021) to increase the proportion of net profit from recurring income to more than 1 in 4 or 25%.”

For the performance in the first half of 2019, SC reported total revenue of 6.698 billion baht, with 93% from property sales and 6% from rental and service properties. Revenue from property development for sale was 6.236 billion baht, derived from low-rise projects at 5.202 billion baht, growing 16% (yoy), and high-rise projects at 1.034 billion baht, with a net profit of 598 million baht and total sales of 7.023 billion baht.

As of June 30, 2019, the company and its subsidiaries had total assets and total liabilities of 45.15 billion baht and 28.984 billion baht, respectively.

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