Chewa Thai Public Company Limited, or CHEWA, has announced that the company has signed a memorandum of understanding with SWP Asset Management Company Limited (SWP AMC), a subsidiary of Sri Trang Corporation Public Company Limited (SAWAD), to access assets and enable bulk purchases of non-performing assets (NPA) from SWP AMC and other companies within the SAWAD group for renovation and resale under the name Chewa Renue. The first lot includes 8 properties valued at 17.6 million baht.

Mr. Boon Chunkiat, Managing Director of Chewa Thai Public Company Limited, or CHEWA, revealed that after the company launched a team to aggressively enter the second-hand housing market under the name “CHEWA RENUE” earlier, to cater to the growing popularity of the second-hand housing market and to strengthen the company’s position, it has secured the right to access assets and make bulk purchases of non-performing assets (NPA) from SWP AMC and other companies in the SAWAD group for renovation and resale under the Chewa Renue brand. The first order from SWP AMC includes 8 properties valued at 17.6 million baht, with ongoing considerations for additional purchases. The company is confident in the positive growth trend of the second-hand housing market, supported by good cooperation from SWP AMC, which specializes in managing non-performing loans (NPL) and non-performing assets (NPA).

Mr. Boon Chunkiat further stated that the second-hand housing market is significant and should not be overlooked. Recent observations of the overall second-hand housing market across the country show an average of over 100,000 units listed for sale each month, with an average listing value exceeding 800 billion baht monthly. This market has been expanding gradually, coupled with a positive outlook on the economy as the impact of the COVID-19 pandemic diminishes, indicating a potential recovery. Additionally, the reopening of the country and the influx of tourists will positively impact the recovering business, including those looking for homes with more space than their previous residences, as well as those focused on urban locations that have already been reserved by traditional communities.

On the other hand, Mr. Wasit Kanjanathakij, Managing Director of SWP Asset Management Company Limited (SWP AMC), a subsidiary of Sri Trang Corporation Public Company Limited (SAWAD), stated that the company has specialized experience in managing purchased debts. This year, they aim to participate in bidding for both secured and unsecured debts from financial institutions valued at approximately 3 billion baht. Currently, SWP AMC manages over 500 residential assets and has granted bulk purchase access rights to Chewa Thai, a real estate development company with expertise in marketing. The CHEWA RENUE business, which oversees repairs and improvements, along with marketing and promotion of second-hand residences, will support the sales of these properties and provide another avenue for SWP AMC's continuous growth.

The signing of this agreement marks another significant step in jointly developing solutions to elevate the NPA sector in Thailand, creating additional revenue opportunities for SWP AMC in collaboration with a strong partner like Chewa Thai, while also providing Chewa Thai with quality second-hand assets to generate income beyond its core real estate development business.