ESTAR is pleased to announce a net profit of 240 million baht for the year 2020. The company is set to continue generating revenue by launching 2-3 new projects.

ESTAR reported a total revenue of 2,663 million baht and a net profit of 240 million baht for the year 2020. As the company prepares for a strong year ahead, it aims to launch 2-3 new projects valued at approximately 4 billion baht.

Dr. Torsak Lertsrisakoolrat, Managing Director of Eastern Star Real Estate Public Company Limited (ESTAR), revealed that due to the COVID-19 pandemic in 2020, the company adjusted its strategies for generating revenue through sales and marketing via comprehensive online channels. With a 24-hour online sales system, customers can view virtual 360-degree showrooms while also recognizing revenue from completed projects. The company has been actively developing residential projects in both Bangkok and Rayong to strengthen its revenue base. Last year, the company sold undeveloped land, resulting in total sales of approximately 2,000 million baht and total revenue of 2,663 million baht, with a net profit of 240 million baht.

In the past year, the company launched 3 new projects valued at approximately 2,300 million baht, including 1 project in Bangkok, the Quintara Phume Sukhumvit 39, located in the Phrom Phong area, priced between 3-7 million baht, and 2 low-rise projects in Ban Chang District, Rayong, namely Breeze at Eastern Star Foresto priced at 3 million baht and Grand Velana priced at 8-10 million baht, which is the highest-end residence in Ban Chang, receiving positive feedback from consumers.

For 2021, the company plans to launch 2-3 new projects, including 2 condominium projects in Bangkok along major BTS lines and 1 low-rise project in Ban Chang, Rayong, with a total value of approximately 4,000 million baht. The sales target is set at approximately 1,200 million baht, with revenue recognition expected to reach around 1,500 million baht. Additionally, the company has a backlog of over 2,000 million baht to be recognized as revenue this year and next.

Dr. Torsak further stated that the company's expansion into low-rise projects in both Bangkok and Ban Chang over the past 3-4 years, combined with the government's Eastern Economic Corridor initiative, has made Ban Chang a location with potential and readiness in infrastructure, promoting growth in both economic and investment sectors from both Thai and foreign investors. This has strengthened the company's diverse business foundation. Therefore, in 2021, the company will continue its strategy of developing residential projects across all price levels to meet customer demand in every segment and will expand its services to include hotels, serviced apartments, sports clubs, and after-sales services for clients looking to sell or rent.

Regarding the real estate market situation amid the new wave of COVID-19, Thailand is gradually rolling out vaccinations and managing to keep infection numbers from rising significantly, which is a positive sign. It is believed that the economy will gradually recover in the second half of the year, but it may take at least 2 years for the economy to return to its previous state. Various operators are launching campaigns to help customers buy homes more easily and are adjusting housing formats to align with market demands. Additionally, the current low-interest rates and decreasing housing prices present a great opportunity for consumers to acquire quality homes for living, Dr. Torsak concluded.