CHEWA has reported a slight decrease in profits for the third quarter, with total revenue at 491.08 million baht, down 41.11 million baht or 7.72% from the same quarter last year. However, for the nine-month period, net profit rose to 22.56 million baht, an increase of 246.21%. The company is launching a special year-end campaign, CHEWATHAI SURPRISE DEAL, offering discounts and bonuses to enhance customer value, reaffirming its revenue target of 2 billion baht for 2024.

Mr. Boon Chunkiat, Managing Director of CHEWA Public Company Limited, revealed that the company's total revenue for the third quarter of 2024 was 491.08 million baht, a decrease of 41.11 million baht or 7.72% from the same quarter last year. Revenue from condominium projects was 346.80 million baht, down 0.87% year-on-year, while revenue from horizontal projects increased by 84.27% to 111.96 million baht. Additionally, revenue from second-hand homes was 13.49 million baht, and other income accounted for 18.83 million baht, representing 3.83% of total revenue. Consequently, the net profit for the three-month period was 1.58 million baht, down 88.73% from the same quarter last year, while the nine-month net profit stood at 22.56 million baht, up 246.21% year-on-year.

The primary growth in sales came from condominium projects priced between 2-4 million baht, including CHEWA Hallmark Ladprao-Chokchai 4 (both phases), CHEWA Pinklao, and CHEWA Kaset-Nawamin. For horizontal projects, growth was driven by CHEWA Home Bangkok-Pathum and CHEWA Home Rangsit-Pathum. Although revenue from townhome/commercial building projects increased, single-detached homes saw a decline due to customers facing loan rejections. Despite accumulating contracts, the company could not transfer ownership as planned.

The overall real estate market is contracting due to a sluggish economy and stricter lending policies from financial institutions. Although the government has introduced measures to stimulate the market, such as reducing transfer fees and mortgage fees from 3% to 0.01% and raising the price ceiling from 3 million baht to 7 million baht until the end of 2024, several negative factors, including policy interest rates, continue to affect overall customer confidence.

For CHEWA, despite experiencing a slowdown in customer interest, statistics show that the number of customers visiting projects has not decreased, but decision-making time has lengthened, and the success rate of loan applications has dropped. The company is adjusting its policies and promotions to align with the current situation and business trends while providing long-term loan application consultations to customers. CHEWA is also collecting data and feedback from customers to enhance promotions and services, ensuring customer satisfaction with product quality and after-sales support. While the market's promotional activities have increased costs, the company remains committed to its revenue target of 2 billion baht for 2024.

In the final quarter of the year, the company will host the CHEWATHAI SURPRISE DEAL, a special campaign for homes and condos from CHEWA, offering a golden opportunity for those looking for their dream home or condo at special prices across all CHEWA projects. Customers can enjoy discounts of up to 500,000 baht*, free transfer fees, furniture, appliances, and a chance to win an iPhone 16 Pro Max* when booking and signing contracts, along with an additional 10,000 baht* fuel voucher for online bookings from now until December 31, 2024.

The company also plans to expand its high-rise projects by 1-2 more developments this year, accelerating land acquisition for immediate development, starting with the “CHEWA Hallmark Ekkamai-Ramintra” condominium project valued at 1,014 million baht, in collaboration with Nippon Steel Kowa Real Estate Co., Ltd. (NSKRE), a leading real estate developer from Japan. The project has already opened for viewing and booking, receiving positive feedback from local customers. This project stands out for its design tailored to the lifestyle of the new generation, with the concept “GOOD VIBES, MORE LIFE,” offering a versatile living experience. It features extensive common areas and convenient transportation access, located on Nuan Chan Road, connecting to Ratchada-Ramintra Road, near Kaset-Nawamin Road, Nuan Chan Road, Ekkamai-Ramintra Expressway, Chalong Ratch Expressway, and the Outer Ring Road, close to the Pink Line BTS station at Khubon and future stations on the Brown Line at Nuan Chan and the Gray Line at Khlong Lamjiak.

“The company continues to focus on cost and expense management policies to ensure efficiency, as well as policies emphasizing sustainability principles (ESG) in environmental, social, and governance aspects to integrate into the company's management. Additionally, we have launched CHEWA AI, a team focused on learning and applying artificial intelligence (AI) technology to drive the organization towards sustainability under the vision of 'Enhancing Sustainability through Artificial Intelligence' to improve product quality and organizational growth for maximum efficiency, ensuring stable and sustainable business operations,” Mr. Boon Chunkiat stated.