Bangkok (August 14, 2019) – AP (Thailand) Public Company Limited, a leader in innovative urban housing development, reaffirms its position as a leader in quality real estate project development. It announced its success for the first half of 2019, achieving a record total revenue (including joint venture projects) of over 16.16 billion baht and a net profit of 1.565 billion baht. The company is pleased to report sales of over 24 billion baht in the first seven months. Confident in the market, the demand for mid to high-end real estate remains strong, with plans to launch RHYTHM Charoenkrung-Pavilion, valued at 4.7 billion baht, adding another new condominium project to its portfolio. The company is set to continue its real estate market expansion with 19 new projects valued at over 26.8 billion baht, including two highlight condominiums, LIFE Sukhumvit 62 and LIFE One Wireless, which are preparing for ownership transfers to drive revenue growth as planned.

          Mr. Anupong Asavaphokin, CEO of AP (Thailand) Public Company Limited, shared his views on the real estate market trend, stating, “The overall real estate market in the second half is expected to see purchasing power concentrated in the mid to upper mid-range segment. For condominiums, the average price should not exceed 200,000-250,000 baht per square meter. Horizontal products are likely to receive a good response, particularly single houses and townhomes priced between 3-10 million baht. In the first half of the year, AP generated total revenue from horizontal products and condominiums (100% JV) of up to 16.16 billion baht, with a net profit of 1.565 billion baht. One of the key drivers for revenue recognition in the second half will come from the gradual transfer of ownership for units in the LIFE Sukhumvit 62 and LIFE One Wireless projects, which are expected to start transferring ownership in October and November this year. Additionally, the company has adjusted its plans for new condominium launches, increasing the launch of RHYTHM Charoenkrung-Pavilion, a joint venture project valued at 4.7 billion baht, resulting in a total of 19 new projects valued at approximately 26.8 billion baht.

          For the performance in the first seven months, the company has achieved total sales of 24.06 billion baht, an increase of 14.7% compared to the same period last year. This includes sales from horizontal products valued at 14 billion baht, averaging about 451 million baht in sales per week, which significantly exceeds the set target. The condominium sales amounted to 10.06 billion baht, primarily from four new projects that have already been launched: 1) Aspire Sukhumvit-On Nut, 2) Aspire Asoke-Ratchada, 3) RHYTHM Ekkamai-Estate, and 4) The Address Siam-Ratchawithi, all of which continue to receive a positive market response. Furthermore, the company has new projects awaiting launch, totaling 19 projects valued at approximately 26.8 billion baht, including two condominium projects: RHYTHM Charoenkrung-Pavilion (joint venture) valued at 4.7 billion baht, set to launch in Q4, and LIFE Sathorn Sierra (joint venture) valued at 6.3 billion baht, preparing to launch in early September, along with 17 horizontal projects valued at a total of 15.8 billion baht, comprising 8 single-house projects valued at 8.69 billion baht and 9 townhome projects valued at 7.11 billion baht.

          “The overall market is currently undergoing significant changes, with the age of buyers decreasing and more specific demands emerging, which presents another challenge for real estate developers to create products that stand out and appeal to consumers. The company remains focused on its larger goal of becoming one of Thailand's top real estate development companies that meets the needs of residents at every stage of life comprehensively and holistically. Under our important mission, we aim to enhance the quality of life for people in society and strengthen Thailand's real estate business by elevating operational models to create new living experiences in real estate with quality, convenience, and safety, truly accessing the meaning of quality of life that customers genuinely desire and ensuring sustainability,” Mr. Anupong concluded.

          With the adjusted plans for new project launches, in 2019, AP has introduced a total of 35 new projects valued at 57 billion baht, including 17 townhome projects valued at 14.84 billion baht, 12 single-house projects valued at 15.06 billion baht, and 6 condominium projects valued at 27.1 billion baht.

          As of July 31, 2019, the company has a backlog of projects awaiting revenue recognition (Backlog) from joint ventures valued at 54.898 billion baht, comprising horizontal projects valued at 9.543 billion baht, which are expected to be fully recognized within this year, and condominiums from joint ventures valued at 45.355 billion baht, including AP condominiums valued at 4.899 billion baht, which will gradually be recognized this year at approximately 1.873 billion baht, and joint venture condominiums valued at 40.456 billion baht, expected to be recognized this year at approximately 4.111 billion baht. One of the key drivers for revenue recognition in the second half will come from the gradual transfer of ownership for units in the LIFE Sukhumvit 62 and LIFE One Wireless projects, which are expected to start transferring ownership in October and November this year.

“AP Thailand, the leader in innovative urban housing development”

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