Primo is moving forward to address business risks as it enters a new cost base due to economic volatility and rising oil prices. CEO Suphin Meechuachip views crises as opportunities for professionals and emphasizes that the company will continue to implement its plans while collaborating with partners to develop services under the "Living Partner" concept that encompasses all aspects of living.

Ms. Suphin Meechuachip, CEO of Primo Service Solution Public Company Limited (PRI), a leader in comprehensive modern real estate services, assesses the real estate market situation for the remaining eight months of 2023. She believes that the real estate market will continue to face ongoing pressures from negative factors both domestically and internationally, particularly global economic volatility and conflicts that drive energy prices higher. According to the National Economic and Social Development Council (NESDC), Thailand's GDP is expected to grow only 2.5 – 3.0% in 2023, with inflation at 2 – 3%, reflecting high living costs. Additionally, household debt is over 90% of GDP, further weakening purchasing power and causing consumers to delay spending, especially in housing decisions due to concerns about income and future expenses.

The property management and real estate service sector, valued at over 40 billion baht annually, has been clearly impacted, particularly by rising management costs such as transportation, materials, and maintenance equipment. This situation also affects contractors and may impact contracts, prompting operators to urgently manage costs amid a new cost environment that is likely to rise. Primo has prepared a proactive plan to address these challenges as follows:

1. Effective Cost Management (Cost Optimization) Primo prioritizes reviewing cost structures across all dimensions and closely managing relationships with partners to keep costs at appropriate levels for the current situation.

2. Enhancing Efficiency with Technology (Technology Integration) Primo is advancing the integration of technology and digital platforms to elevate management efficiency, reduce work processes, and increase operational accuracy, including building system inspections and the smart gate system, Gate Go, which is not only fast but also safe.

3. Diversifying Supply Chain Risks (Supply Chain Diversification) Expanding the base of partners and sourcing to accommodate cost fluctuations and ensure continuity of service in the long term.

4. Developing Value-Added Services (Value-Added Services) Focusing on new services that meet the needs of both building management and lifestyle to generate revenue and enhance competitive capabilities.

5. Strengthening Financial Discipline (Financial Discipline) Managing cash flow tightly while proactively planning finances to accommodate uncertainties and maintain long-term business stability.

6. Elevating Service Standards and Customer Satisfaction (Customer Retention) Aiming to retain existing customers with consistent service quality while enhancing the service experience to build trust and long-term relationships, reducing the risk of contract cancellations.

Ms. Suphin believes that addressing risk factors will enhance service efficiency and views “crisis” as an opportunity for prepared organizations. Primo continues to follow its business plan, partnering to expand services under the “Living Partner” concept and entering new markets such as Khon Kaen and Phuket while developing the organization sustainably and creating a New Growth Engine for long-term strength. “We are ready to take care of every aspect, including legal affairs, utilities, safety, and emergency response plans, as well as building a good community to enhance quality and maintain property value in the long term. We aim to continuously develop based on understanding diverse needs to elevate quality of life in terms of convenience, community relationships, and sustainable growth,” Ms. Suphin reiterated.

In 2023, Primo has set a business strategy under the framework of “2026 STRATEGY PRIMO TRANSFORMATION ERA: Entering a New Era of Sustainable Transition,” enhancing services and expanding the customer base across all platforms to meet the needs of every generation throughout their life stages through the concept of Happy Maker for All. The strategy highlights five key approaches to support the transformation of the real estate business: (1) Upgrading service standards to premium levels, (2) Expanding the customer base to high-value segments, (3) Developing a comprehensive living ecosystem, (4) Driving the organization with technology and data, and (5) Growing sustainably with ESG power, targeting total revenue of 2 billion baht in 2023.

For Primo Service Solution Public Company Limited (PRI), it is a leading provider of comprehensive real estate-related services in the country with over 15 years of experience. Currently, it operates under three main business groups:

1. Upstream Business Group – Pre-Living Services including consulting and construction management services for real estate projects, engineering services, and technical consulting.

2. Midstream Business Group – Living Services including management services for condominium juristic persons, housing estates, shopping malls, buildings, and offices, luxury condominium juristic person management, management of Residential Property and Service Apartments, comprehensive real estate buying-selling-leasing services, acting as agents for buying-selling-leasing, and providing technology development services for both service and living technologies, as well as insurance agents for both Life and Non-Life.

3. Downstream Business Group – Post-Sale Living Services including interior design and decoration services, complete contracting services, cleaning services, building management, and distribution of lifestyle home and living decoration products.