Asset Wise Public Company Limited or ASW has announced its Q1/2024 results, reporting total revenue of 1.758 billion baht with a gross profit margin of 41%. The company achieved sales of 6.269 billion baht, growing over 65% compared to the same period last year (YoY). The company is confident that Q2 will be outstanding, benefiting from government measures to stimulate the real estate sector, with the launch of 2 new projects: “Kave Luminous Bangmod” near King Mongkut's University of Technology Thonburi (Bangmod) and “Kave Genesis Nakhonpathom” near Central Nakhonpathom and Silpakorn University, with a total project value of 2.460 billion baht. The company will continue transferring ownership for 4 condominiums under the Kave brand, along with 2 single-family home projects.

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 overall performance in Q1/2024 saw the company achieve total revenue of 1.758 billion baht, driven by a 9% increase in property ownership transfers (YoY), including the transfer of completed condominiums from Q4/2023 into the first quarter of this year, such as the Kave Town Colony project near Bangkok University valued at 1.800 billion baht and Atmoz Kanaal Rangsit in the heart of Rangsit valued at 1.650 billion baht, which positively contributed to continuous revenue recognition throughout 2023-2024, as well as joint venture projects like Kave Seed Kasat valued at 1.350 billion baht, which has completed construction and started recognizing revenue from ownership transfers earlier than originally planned in Q2/2024.

Meanwhile, the net profit for Q1/2024 was 256 million baht, a decrease of 9% from the same period last year (YoY). However, excluding special items from the sale of investments from joint ventures in the same period last year, the company would have reported normal profit growth in Q1/2024.

The company achieved pre-sales in Q1/2024 totaling 6.269 billion baht, growing over 65% compared to the same period last year (YoY), accounting for 35% of the annual sales target set at 17.800 billion baht. This success was driven by the positive response to the condominium project “The Title Heritage Bang-Tao” valued at 6.000 billion baht, which opened for sale at the beginning of 2024 and currently has over 52% of units booked, and the project “The Title Serenity Nai Yang” valued at 4.000 billion baht, developed under Rompho Property Public Company Limited or TITLE, a subsidiary of ASW, benefiting from the continuously recovering tourism market in Phuket.

For Q2/2024, the company plans to launch 2 new condominium projects with a total project value of 2.460 billion baht, including the project Kave Luminous Bangmod with 617 units near King Mongkut's University of Technology Thonburi (Bangmod) valued at 1.300 billion baht and the project Kave Genesis Nakhonpathom with 627 units near Central Nakhonpathom and Silpakorn University valued at 1.160 billion baht.

Additionally, the company will continue to generate revenue in Q2 from the transfer of ownership of houses and condominiums across 6 projects, including condominiums such as Kave Seed Kasat continuing from the first quarter, Kave Town Island near Bangkok University-Rangsit valued at 3.200 billion baht, Kave Uni.Verse Bang Saen just 200 meters from Burapha University valued at 520 million baht, and The Title Halo 1 Nai Yang project in Phuket valued at 1.537 billion baht. The single-family home projects include The Honor Yothinpattana and ESTA Serenity Boromratchachonnani.

“With the Cabinet's resolution to reduce transfer and mortgage fees for residential purchases to 0.01% for homes priced below 7 million baht, the company is prepared to transfer ownership of houses and condominiums across 6 projects in Q2/2024, making it another good quarter for the company and positively impacting the overall revenue for the year, as nearly all of ASW's residential portfolio will benefit from this measure, helping stimulate consumer decisions to purchase homes and expedite ownership transfers to complete within this year to take advantage of the measures,” Mr. Kramchat stated.

It should be noted that ASW operates in real estate development, focusing on developing high-rise and low-rise residential projects in potential locations under the concept of “Happiness Designed for You” or “We Build Happiness.” The company has developed over 66 projects of condominiums and housing estates under brands designed to create happiness suitable for every lifestyle, including the KAVE brand, ATMOZ, MODIZ, ESTA, THE ARBOR, THE HONOR, and brands under Rompho Property Public Company Limited or “TITLE,” which is a subsidiary of the company, with a total project value exceeding 94.100 billion baht, divided into completed and ready-to-move-in projects 48 projects and projects currently on sale and under development 18 projects. As of Q1/2024, the company has a backlog of sales awaiting revenue recognition valued at over 20.475 billion baht.