Chewa aims to aggressively enter the real estate market, both horizontal and vertical, with the launch of 4 new projects totaling 3.7 billion baht in 2024, partnering with leading allies such as NSKRE and Uwork to enhance the strength of quality products in the market, both in Bangkok and the eastern region, confident of receiving a positive response as always with quality products and after-sales services.

Mr. Boon Chunkiat, Managing Director of Chewa Public Company Limited (CHEWA), revealed that the real estate market direction in 2024 still faces many negative factors, including Thailand's GDP expected to grow only 3.2% in 2024, high household debt reaching 90%, low consumer confidence across all sectors, high loan interest rates, and insufficient economic stimulus policies. Additionally, the stagnation in growth due to the ongoing wars in Ukraine and the Middle East has led to stricter lending criteria from banks for housing loans. All these factors directly impact real estate developers, as the criteria for securing funding for new projects have become stricter, along with other factors in the housing market, reflecting that purchasing power is lagging behind the volume of new products. The townhouse market has seen more products entering than demand, leading to ongoing price wars to reduce stock. All of this affects the real estate market significantly, but the company still sees growth opportunities in the housing market for properties priced below 10 million baht and in low-rise condominiums in quality locations at affordable prices, which have always received positive responses from customers. The company continues to seek new business opportunities and is open to joint investments in real estate and related businesses.

The company plans to invest and launch new projects, starting with the introduction of single-family homes under the brand Chewaram, specifically the Chewaram New Ratchaphruek project located on the new Ratchaphruek Road (Road No. 346), with a project value of approximately 687 million baht, which is expected to start generating revenue in the fourth quarter of 2023. Additionally, the company will launch the condominium project "Chewa Thai Hallmark Ekkamai-Ramintra" located on Nuan Chan Road, connecting to Ratchada-Ramintra Road, with a project value of 1,014 million baht, expected to generate revenue in the fourth quarter of 2025. Furthermore, the company plans to acquire land for additional project development, targeting 4 projects within 2024, with a total project value of 3.7 billion baht (with approximately 600 million baht allocated for land acquisition). This includes 3 low-rise condominium projects under the Chewa Thai Hallmark brand valued at approximately 3 billion baht and 1 single-family home project under the Chewaram brand valued at 700 million baht. In 2024, the company expects to generate 2 billion baht in revenue from existing projects that still have a backlog of revenue recognition.

The company continues to seek new business opportunities and is open to joint investments in real estate and related businesses. Previously, the company successfully sold 10 ready-to-rent factories in Amata City Industrial Estate, Rayong, along with management rights, generating continuous income for the company. Currently, the company is venturing into joint ventures in rental factories again, partnering with Uwork 999 Co., Ltd. or Uwork, which has previously collaborated with Chewa on many projects. This partnership is based on the shared belief that the rental factory business has continuous growth potential. Chewa will be responsible for land procurement for project development, marketing, sales, leasing, and management for the joint venture, while Uwork will be responsible for project development, construction, consulting, and providing structural engineering, environmental consulting, mechanical engineering, electrical engineering, plumbing engineering, civil engineering, and interior design services. This collaboration leverages the strengths of both companies to expand their business together. Construction for the project began in November within the Amata City Rayong Industrial Estate, consisting of 4 factories valued at 210 million baht, expected to generate revenue in the third quarter of 2024, with full occupancy anticipated in 2025.

Additionally, the company has agreed to collaborate to expand its business to enhance investment plans under a joint venture with Nippon Steel Kowa Real Estate Co., Ltd. (NSKRE), a leading real estate developer from Japan with a long history of 70 years in developing commercial and residential properties, including premier office buildings. This partnership combines Kowa Real Estate, the real estate arm of the Mizuho Financial Group, one of Japan's largest financial groups, and Nippon Steel, a global leader in the steel industry. The company holds a 51% stake, while Nippon Steel Kowa Real Estate holds a 49% stake to jointly develop projects. The first project is the "Chewa Thai Hallmark Ekkamai-Ramintra" condominium, consisting of 413 units and 2 commercial buildings, with a project value of 1,014 million baht, expected to generate revenue in the fourth quarter of 2025. In addition to this project, NSKRE is also exploring the feasibility of joint ventures in townhouse and single-family home projects, aiming to expand beyond residential development and participate in other areas in the future.

Last year, Chewa received an award for excellence at the SET Awards 2023, organized by the Stock Exchange of Thailand and the Banking and Finance Journal, in the Business Excellence category for Best Investor Relations Awards. This award is given to listed companies that excel in investor relations activities, based on the quality and usefulness of business information provided and the development of effective communication channels for analysts, investors, and shareholders. This marks the second consecutive year the company has received this award. Additionally, it received a high score for corporate governance from the Thai Institute of Directors (IOD) and a 5-star rating for the quality of its Annual General Meeting (AGM Checklist) conducted by the Thai Investor Association and the Thai Capital Market Business Council for five consecutive years, reflecting its commitment to good corporate governance principles and its dedication to improving the efficiency of shareholder and stakeholder meetings, contributing to the organization's growth and sustainable business operations.

“Chewa” emphasizes a policy focused on sustainability principles (ESG) or Environmental, Social, and Governance, to integrate these principles into the company's management. The company has engaged in numerous social activities; last year, Chewa initiated educational activities led by executives for students at 10 leading universities in Thailand, preparing them for the job market, which received positive feedback. Additionally, ongoing activities include promoting and improving the quality of life for students and local communities in the mountainous areas of Mae Tha, Lamphun for the sixth consecutive year, and extending the Chewa Goes Green project in collaboration with Wat Jak Daeng to manage plastic waste in projects and offices, as well as partnering with SCGP to manage paper waste in projects and offices. All these efforts aim for the company to grow alongside improving living conditions in both social and environmental dimensions.

In terms of after-sales service and customer care, the company remains committed to quality and after-sales service through “Chewa Care,” aiming to be the number one choice in customers' minds for quality and service in the real estate sector for companies with revenues not exceeding 5 billion baht. The company continues to maintain product quality to achieve a Zero Defect standard, ensuring that customers purchasing projects from Chewa receive the best and highest quality products, from pre-sales service to after-sales service, to achieve maximum satisfaction for all customers,” Mr. Boon Chunkiat stated.