Dr. Vichian Pathayanan, Chief Executive Officer of Chao Phraya Mahakarn Public Company Limited (CMC), a real estate developer in high-potential locations, announced that for the first nine months of 2021, the company achieved a profit of 56.50 million baht, a remarkable increase of 577.5%, up by 48.16 million baht compared to the same period last year. The main revenue came from real estate, totaling 813.45 million baht, an increase of 133.65 million baht or 19.66% year-on-year, driven by completed projects ready for transfer worth over 3 billion baht, including:

  • Bangkok Horizon Light Condominium @ Phetkasem 48 Station
  • The Q Vibhavadi, along with townhome projects such as Casa Diva Sathorn-Ring Road Phase 2 and Phase 3, which saw continuous property transfers in the first half of the year. Additionally, there are projects for sale and under construction valued at over 6 billion baht, expected to be completed between 2021 and 2023.

In the third quarter of 2021, total revenue was 189.43 million baht, with a loss of 22.43 million baht compared to the same period last year. This was due to CMC's new investments aimed at diversifying risks into future business sectors, including healthcare and hotel businesses, to create recurring income. It is anticipated that revenue will gradually be recognized next year, alongside increased joint ventures with international partners to foster sustainable, strong, and stable growth.

During the third quarter of 2021, the real estate sector faced a slowdown due to the third wave of COVID-19 and strict lockdown measures imposed by the government, which impacted construction and marketing activities. However, there is confidence that the fourth quarter of 2021 will see continued growth as the government relaxes lockdown measures and opens the country to tourists. It is expected that the recovery of the tourism sector will benefit the industry, and the Bank of Thailand has temporarily relaxed LTV measures and other financial institution measures to stimulate a quicker recovery in real estate.