SENA turns the tide during the crisis by acquiring condos to boost sales and revenue quickly, while launching a new top brand 'FLEXI' to captivate Gen Y & Z, starting with three locations: 'Charoen Nakhon, Rattanathibet, and Tao Pun'. The company emphasizes that in the COVID-19 era, businesses must adapt to purchasing power, identifying new targets, opportunities, and the future.

            Associate Professor Dr. Kesara Thanyalakphak, Managing Director of SENA Development Public Company Limited, revealed that the Thai economy is still showing signs of slowdown, affecting citizens' income and maintaining high household debt levels, which has led to an increase in loan rejection rates. The overall economic downturn has resulted in a lack of consumer confidence, while real estate developers are hesitant to launch new projects due to the uncertainties of COVID-19.

            However, for buyers who are ready, this is a good opportunity to purchase housing as prices have dropped significantly, and interest rates are low. The overall Thai real estate sector is expected to recover in 2022 if the COVID-19 situation improves by the end of this year and more vaccines are available, with over 70% of the population vaccinated. As people's lives return to normal and society reaches a certain level of safety, an overall economic improvement will positively impact other businesses, especially the real estate market. Nevertheless, this year is crucial for rapid adaptation to the daily changing circumstances.

 

          Meanwhile, SENA continues to follow its mission set at the beginning of the year under the initiative 'SENA Strong', adapting strategies to fit the current situation and purchasing power, and creating new opportunities for the business. Previously, the focus was on acquiring land for development from the ground up, but the current economic situation has led to several projects facing financial liquidity issues. This has allowed SENA to see opportunities to expand its business by taking over projects that are under construction, which saves both time and costs, enabling quicker revenue recognition. Importantly, these projects are located in prime areas with potential, and some come with existing customers ready for transfer, although they may have previously faced issues with working capital.

                           

                Currently, SENA has acquired projects in three locations: 1. Rattanathibet area 2. Charoen Nakhon area 3. Bang Sue - Tao Pun area. All three projects will be developed under the new brand 'FLEXI', which reflects the identity of the new generation, Gen Y & Z, who lead diverse lifestyles and can adapt and remain flexible at all times. 'FLEXI' is being introduced with the first project 'FLEXI Rattanathibet', incorporating the 'Made From Her' concept, focusing on creating residences with attention to detail to develop products and services that provide SENA customers with the best products and services, including adjustable furniture functions according to needs, and after-sales services through the SENA 360 application, the only app that facilitates repairs, buying, selling, and renting for residents.

Regarding sales targets for this year, the company has adjusted its target down to 7,111 million baht, while the transfer revenue target has been reduced to 6,943 million baht. In the past eight months (January-August 2021), the company has achieved sales of 3,200 million baht. Currently, the recognized revenue from the backlog amounts to 7,052 million baht (as of the end of June 2021), with 3,689 million baht expected to be recognized this year.