Asset Wise Public Company Limited (ASW) has announced its financial results for the first half of 2023, reporting total revenue of 3.015 billion baht and a net profit of 440 million baht. The company recorded pre-sales of 7.169 billion baht in the first half and is confident that the second half will see strong performance, with 7 condominium projects gradually completing and ready to generate income, totaling 10.95 billion baht. This will help achieve the annual revenue target of 7.2 billion baht. The company is also considering adjusting its business plan in the third quarter after successfully closing sales for the condominium project 'Modiz Avantgarde' valued at 1.8 billion baht shortly after its launch.

Mr. Kramchat Wiphanpong, Chief Executive Officer of Asset Wise Public Company Limited (ASW), a leading real estate developer focused on lifestyle under the concept of "Happiness Designed for You" or "We Build Happiness," stated that the overall performance of ‘ASW’ in the first half of 2023 (January-June) included total revenue of 3.015 billion baht and a net profit of 440 million baht. The main revenue source came from the delivery of units from the Modiz Launch condominium project, a 36-story building adjacent to Thammasat University Rangsit with 463 units valued at over 1.2 billion baht, and the Kave AVA project, an 8-story condominium with 1,278 units valued at 2.4 billion baht. The company also recognized profit shares from the Atmoz Tropicana Bangna project, a joint venture in which the company holds a 51% stake, which was completed and began transferring ownership in the second quarter.

In the first half of the year, the company achieved total pre-sales of 7.169 billion baht, launching 7 new projects worth a total of 11.86 billion baht, including Kave Pop Salaya, Kave Coco Bangsaen, Atmoz Palacio Ladprao-Wanghin, Modiz Vault Kaset Sripatum, Kave Embryo Rangsit, Kave Town Island, and Atmoz Season Ladkrabang.

Overall, the real estate market in the first half of 2023 grew in line with the recovering economy from the impacts of the COVID-19 pandemic. However, the company had only three completed projects and began transferring ownership, alongside negative market factors such as inflation, rising interest rates, strict lending policies from financial institutions, the cancellation of LTV (Loan-to-Value) measures, and political uncertainties, which may have resulted in less impressive overall revenue. Nevertheless, the demand for housing among working individuals remains strong, particularly for condominiums in urban areas that offer convenient transportation and proximity to jobs, as well as investment demand for condominiums that provide better returns than bank deposits.

The CEO of ASW further stated that he is confident the company's performance in the second half will be outstanding and worth watching, as there are 7 projects gradually completing and ready to generate income, with a total project value of 10.95 billion baht. This includes 3 projects scheduled for completion in the third quarter of 2023, valued at 3.95 billion baht, namely Modiz Rhyme, Atmoz Portrait Srisaman, and Atmoz Serene Sriracha, and 4 projects in the fourth quarter of 2023, valued at 7 billion baht, including Atmoz Kanaal Rangsit, Atmoz Oasis Onnut, Atmoz Flow Minburi, and Kave Town Colony. With this plan, the company is confident it will achieve its revenue target of 7.2 billion baht for this year.

Regarding the direction of the real estate market in the second half of 2023, it is expected that after the government is established, the overall real estate business will grow better than in the first half, as public confidence increases. Additionally, there are positive factors supporting this growth, including a clear recovery in the economy from the tourism sector, a downward trend in inflation within target ranges, and consumers beginning to ease concerns about rising interest rates. Following the Monetary Policy Committee meeting on August 2, 2023, which decided to raise the policy interest rate by 0.25% to 2.25% due to the continuous recovery of the Thai economy, it is unlikely that there will be further interest rate hikes until the end of 2023, allowing consumers to better assess their home-buying capabilities and feel more confident in spending.

“Recently, we successfully closed sales for the new Campus Condo project ‘Modiz Avantgarde’ near Thammasat University, consisting of 751 units valued at 1.8 billion baht, shortly after its launch. This reinforces our position as the true leader in the Campus Condo market. In the third quarter, ASW may consider adjusting its plans to launch new projects to accommodate the improving market situation, including preparing to launch the Kave Wonderland project with 1,424 units valued at 2.55 billion baht in the fourth quarter, also near Thammasat University,” the CEO of ASW concluded.

ASW is engaged in real estate development, focusing on high-rise and low-rise residential projects in prime locations under the concept of “Happiness Designed for You” or “We Build Happiness.” To date, the company has developed over 54 condominium and housing projects under various brands designed to create happiness suitable for every lifestyle, including KAVE, ATMOZ, MODIZ, ESTA, and THE HONOR, with a total project value exceeding 63.2 billion baht. This includes 38 completed and ready-to-move-in projects and 16 projects currently open for sale or under development. The company currently has a backlog of sales awaiting revenue recognition valued at over 14.513 billion baht.