Major Development has reported revenue of 3.836 billion baht in 1H/63, marking a growth of 43%.

In the second half of the year, three new projects will be completed and ready for transfer.

Major Development has showcased its performance in 1H/63, achieving revenue of 3.836 billion baht, which is a 43% increase compared to the previous year. This growth follows a successful campaign in the second quarter that stimulated sales and project transfers, generating cash flow back to the company. The second half of the year is expected to benefit from the overall economic recovery and the gradual transfer of three new completed projects, including München Sukhumvit 23, Maru Ekkamai 2, and Maru Ladprao, supporting the overall goal of surpassing the revenue of 2562.

Ms. Petchlada Poovoralak, Executive Director of Major Development Public Company Limited (MJD), revealed that the company's total revenue for all business types in the first half of 2563 (January-June 63) reached 3.836 billion baht, a 43% increase from the same period last year, with 92% of this revenue coming from the transfer of ownership in residential projects, including newly completed projects this year such as Metris Rama 9-Ramkhamhaeng and Metris Ladprao. The company also reported a net profit of 118 million baht during this period.

“The second quarter was a challenging time for all companies facing the impacts of the COVID-19 situation, such as consumers being unable to visit projects in person. Competitors were fiercely trying to clear their inventory. Our company, Major Development, was among the first to adapt quickly, focusing on consumer access to residential projects and maintaining the company's cash flow to handle any situation. We increased our online outreach and launched the Secret Deal campaign, allowing us to continuously clear inventory, generate sales, and maintain excellent cash flow,” said Ms. Petchlada.

Ms. Petchlada further stated that for the second half of the year, the overall Thai economy shows positive signs of recovery, as lockdown measures have been eased since the end of the second quarter. Consumer spending is returning to normal, especially in major business cities and key tourist destinations such as Bangkok, Pattaya, and Hua Hin. Various businesses are gradually reopening, including hotels in the Major Development group, such as Centra by Centara Maris Resort Jomtien, Marrakech Hua Hin Resort and Spa, Maven Stylist Hotel Bangkok, and Maven Stylist Hotel Hua Hin, which are now operating normally and generating continuous revenue for the group throughout the second half of the year.

In the second half of 2563, the company will have three new condominium projects ready for transfer, with a total value exceeding 7 billion baht, including München Sukhumvit 23, Maru Ekkamai 2, and Maru Ladprao. Additionally, in the second quarter of 2563, the company successfully launched the Mark Sukhumvit project and expects to recognize all revenue in the second half. Meanwhile, projects completed in the first half, such as Metris Rama 9-Ramkhamhaeng and Metris Ladprao, will continue to transfer ownership and recognize revenue throughout the second half as well.

“The target consumer group for the Major Development group is the luxury market, which is less sensitive to economic conditions and recovers faster than other segments. Coupled with our ability to deliver quality residential projects on schedule, we are confident that we can continuously generate both sales and transfers in the second half of the year and achieve total revenue exceeding that of 2562 as planned,” said Ms. Petchlada.

Major Development Public Company Limited is a luxury real estate developer with three main business groups: 1. Residential development for sale, 2. Commercial real estate projects, and 3. Real estate-related services. The company has a vision for continuous growth to create luxury projects that meet consumer needs.