Asset Wise Public Company Limited (ASW) has successfully closed a deal to invest in Rompho Property Public Company Limited (TITLE), a leading condominium developer in Phuket, after completing a Tender Offer. ASW now holds a 67.71% stake, marking a significant step in expanding its real estate market in Phuket. The company plans to leverage this investment to enter the hotel and tourism sectors in the future, with plans to launch two new condominium projects in the last quarter of this year, totaling over 5 billion baht, in response to the increasing purchasing power of foreign buyers and the new government's support for Phuket tourism. ASW aims to drive TITLE's revenue growth to 10 billion baht over the next three years (2024-2026) and expects to recognize revenue from TITLE's backlog in 2024, contributing to ASW's robust growth at an average of 20% per year.

Mr. Kramchat Wiphanpong, CEO 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,' revealed that the company's board of directors approved the investment in TITLE, acquiring 417,169,500 shares, representing 57.79% of TITLE's total issued shares, from existing shareholders at a price of 2.50 baht per share, totaling 1,042,923,750 baht. Following the Tender Offer from July 25 to August 31, 2023, ASW successfully closed the deal with a total stake of 67.61%, marking a significant investment to expand into the recovering condominium market in Phuket and positioning ASW as a leading real estate developer in the region.

TITLE is a leading real estate developer in Phuket and one of only two real estate companies listed on the Stock Exchange of Thailand. With over 10 years of experience in condominium development under the brand 'THE TITLE,' each project is strategically located in prime areas such as Nai Yang Beach, Rawai Beach, and Bang Tao Beach, receiving positive responses from foreign customers. TITLE has successfully sold nearly all its projects and continued to deliver units to customers as per contracts even during the COVID-19 pandemic, demonstrating its strong financial position. Additionally, through this investment, ASW gains access to a reliable customer base and network of foreign agents, as well as an experienced management team at TITLE, ready to continue operations immediately.

“TITLE has great potential with its management team, employees, products, and land assets, allowing ASW to immediately tap into the global real estate market in Phuket. This investment also opens doors to the hotel and tourism business, leveraging the province's potential and existing land. Therefore, this deal is considered one of ASW's significant investments and a highly beneficial M&A deal for expanding into the Phuket real estate market, a world-class tourist destination,” said the CEO of ASW.

The CEO of ASW further stated that Phuket's tourism is recovering well, as it is a destination for tourists from around the world, leading to increased demand for residential properties in the province as second homes. Recently, the new government, led by Prime Minister Srettha Thavisin, visited Phuket to meet with private sector operators to discuss strategic development issues for the province and announced a 'Free Visa' policy for Chinese and Indian tourists to encourage more travel to Thailand during the upcoming high season. This indicates that the new government will use the tourism sector to drive the economy moving forward.

This presents a great opportunity for ASW to expand its real estate market in Phuket, a region with high tourism potential, which will positively impact ASW's future revenue growth. ASW is set to recognize revenue from TITLE's ongoing project, THE TITLE HALO 1 NAIYANG, which has already achieved 80% sales from 329 units, valued at 1,517 million baht, expected to be recognized in Q1 2024. Additionally, there are over 80 rai of land awaiting development in Phuket, allowing for up to 9 new projects, with a total project value exceeding 14 billion baht.

Recently, TITLE is preparing to launch two new projects by the end of this year, with a total project value of 5.15 billion baht, including THE TITLE MORI 1 at Bang Tao Beach, valued at over 3.75 billion baht, and THE TITLE X at Nai Yang Beach, valued at 1.4 billion baht. These projects aim to align with the new government's tourism promotion policies in the upcoming fourth quarter. Both projects are low-rise condominiums, expected to transfer ownership following THE TITLE MORI 1 to ensure continuous revenue recognition, targeting 10 billion baht in revenue over the next three years (2024-2026), which will result in strong average annual revenue growth of 20% for ASW as the parent company.

ASW is engaged in real estate development, focusing on high-rise and low-rise residential projects in prime locations under the concept 'Happiness Designed for You' or 'We Build Happiness.' To date, ASW has developed over 54 projects, including condominiums and housing projects, under various brands designed to create happiness 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 on sale or under development, with a total backlog valued at over 14.513 billion baht.