Although it has only been “4 years” since AssetWise Public Company Limited (ASW) was listed on the Stock Exchange of Thailand (SET), the company has managed to withstand market volatility in 2023, maintaining a position in the Top 10 of the industry and achieving a New High with record revenues of 9.987 billion baht and a net profit of 1.457 billion baht. This success is attributed to financial discipline, expansion into Phuket, and the implementation of a Lifestyle Marketing strategy, which has made ASW widely recognized. This marks a strong foundation for the company as it prepares to move forward into 2024, another challenging year for the Thai real estate market.

The main strategy announced by “Khetchat Wiphanpong,” CEO of AssetWise Public Company Limited, for 2024 is “Growing Success, Growing Happiness.” The focus is on sustainable and stable growth, with sales targets set at 19.5 billion baht and revenue goals of 10.5 billion baht. The company has a backlog of 25.413 billion baht, expected to recognize approximately 11.699 billion baht in revenue this year, with continued revenue recognition until 2027.

“Maintaining liquidity” remains a crucial aspect of business operations this year. ASW plans to gradually transfer ownership and recognize revenue from 7 newly completed condominium projects valued at a total of 14.05 billion baht, including Kave Coco Bangsaen valued at 2 billion baht, Kave Wonderland opposite Thammasat University Rangsit valued at 2.55 billion baht, and THE TITLE Legendary Bang-Tao valued at 4.5 billion baht in Phuket. These projects will be the main drivers for revenue recognition in 2024.

“Growing Success” means developing the company by launching residential projects in locations where we excel and have high demand. This year, ASW plans to open 10 new projects with a total value of 22 billion baht. Meanwhile, Growing Happiness focuses on creating happiness for customers, employees, partners, and society through ASW's new business initiatives that connect with the lifestyle of our customer base and various activities we support or organize throughout the year. Both approaches reflect ASW's identity as a leading lifestyle real estate developer,” Khetchat explained.

Delving into ASW's plan reveals that the condominium portfolio remains a key engine driving the company's sales and revenue. The company will launch new projects under all three main brands: Kave, Atmoz, and Modiz in Bangkok and its vicinity, totaling 5 projects valued at 9.8 billion baht. Notably, the “familiar locations” near universities or campus condos have received positive responses in various launched areas, such as the Rangsit area near Bangkok University and Thammasat University. This year, ASW is also expanding into “pre-campus” locations in front of renowned schools like Bodindecha (Sing Singhaseni) to meet the needs of parents with high school students.

Another important strategic location is “Phuket,” where the Leisure Residences developed by Rompho Property Public Company Limited or TITLE, a subsidiary, serves as a flagship project. This year, three new condominium projects are being launched with a total value of 10.7 billion baht. The impressive “swimming pool and common areas” are featured in the first project of THE TITLE in Kata, valued at 5.5 billion baht, and the ADORA RAWAI project valued at 1.4 billion baht. Both projects have already garnered over 50% in bookings. The THE TITLE Balcony Naiyang project, valued at 3.8 billion baht, is set to launch in the next high season.

In addition to expanding locations, THE TITLE is leveraging its expertise in Phuket and insights gained over 12 years to develop “Luxury Villas” for the first time, starting with THE TITLE Villa Estella Naiyang, featuring 26 units with private pools and over 1 rai of common area and green space, located just 600 meters from Naiyang Beach, valued at 500 million baht. Currently, over 70% of sales have been achieved within just one week of opening. Another project, THE TITLE Villa Cherngtalay, located in a prime area of Phuket, is valued at 1 billion baht and will also launch in the next high season, bringing the total number of new projects in Phuket this year to 5, with a total value of 12.2 billion baht, accounting for about 55% of the total value of new projects in the portfolio this year.

“The DNA of ASW is large common areas that accommodate various functions, which is a key feature that attracts consumers to choose our projects. Combined with TITLE's already established reputation for location and quality, we incorporate this DNA into THE TITLE projects because we believe that customers in the Leisure Residences segment are not just purchasing a residence but investing in quality of life and lifestyle. The positive response from both Thai and foreign customers last year gives us confidence to continue pursuing the Phuket market as another Key Engine that will strengthen ASW in the long term,” Khetchat stated.

In terms of credibility, ASW has been ranked among sustainable stocks in the SET ESG Ratings for 2023 at the level of “AA” by the Stock Exchange of Thailand (SET), along with a corporate governance assessment score of 5 stars (Excellent) for three consecutive years. The company also holds a credit rating of “BBB-” with a “Positive” outlook from Tris Rating as of July 31, 2023. Recently, the company issued its first bond offering of 2024, consisting of non-subordinated, unsecured bonds with two series: a 2-year bond with a fixed interest rate of 5.30-5.40% per annum and a 3-year bond with a fixed interest rate of 5.90-6.00% per annum, with interest paid every three months. The minimum subscription is 100,000 baht and multiples of 100,000 baht thereafter, intended for asset purchases, investments, or operational expenses related to current business activities, as well as short-term working capital. The subscription period for the bonds will be from April 1-3, 2024, through 14 securities firms managing the bond distribution.

AssetWise Public Company Limited (ASW) is engaged in real estate development, focusing on 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 75 condominium and housing projects under various brands designed to create happiness suitable for every lifestyle, including KAVE, ATMOZ, MODIZ, ESTA, THE ARBOR, THE HONOR, and the TITLE brand under Rompho Property Public Company Limited, a subsidiary, with a total project value exceeding 121.731 billion baht. This includes 22 completed and ready-to-move-in projects and 19 projects currently open for sale and under development. As of the end of 2023, the company has a backlog valued at over 25.413 billion baht.