Asset Wise Public Company Limited, or ASW has announced that its earnings for the first 9 months of 2023 reached a total revenue of 4.799 billion baht, an increase of 22%, with a net profit of 608 million baht. The company recorded sales of 11.784 billion baht over the 9-month period. In Q4, it plans to transfer ownership of 4 new projects valued at 6.4 billion baht and will launch 5 new condominium and single-house projects worth a total of 15.1 billion baht, supporting strong growth in revenue and sales for the entire year.

Mr. Kramchat Wiphanpong, Chief Executive Officer of Asset Wise Public Company Limited (ASW), a leading real estate development company focused on lifestyle under the concept of "Happiness Designed for You" or "We Build Happiness," revealed that for the first 9 months of 2023 (January-September), the company achieved total revenue of 4.799 billion baht, growing 22% year-on-year, with a net profit of 608 million baht.

The main revenue source comes from the delivery of newly completed condominium units, including the Atmoz Portrait Srisaman project valued at over 1.15 billion baht, Atmoz Serene Sriracha valued at over 1 billion baht, Modiz Rhyme Ramkhamhaeng valued at over 1.8 billion baht, and Kave AVA valued at 2.7 billion baht. The total presale for the first 9 months of the year was approximately 11.784 billion baht, accounting for 79% of the annual target set at 15 billion baht.

The main project driving satisfactory sales growth this quarter is the Modiz Avantgarde project, a new campus condo near Thammasat University, comprising a total of 751 units with a project value of 1.8 billion baht, which was sold out quickly.

For Q4/2023, the company is preparing to transfer ownership of 4 new projects valued at a total of 6.4 billion baht, including Kave Colony valued at 1.8 billion baht, Atmoz Oasis Onnut valued at 2.2 billion baht, Atmoz Flow Minburi valued at 1.35 billion baht, and The Arbor Donmueng-Changwattana valued at 1.05 billion baht.

Additionally, the company plans to launch 5 new projects with a total value of 15.1 billion baht, including 1. Kave Wonderland with 1,424 units valued at 2.55 billion baht, 2. Atmoz Canvas Rayong with 674 units valued at 1.25 billion baht, 3. Modiz Voyage Srinakarin with 813 units valued at 2.6 billion baht, 4. The Title Legendary Bang-Tao with 637 units valued at 4.5 billion baht, and 5. The Honor Yothinpattana with 106 single houses valued at a total of 4.2 billion baht. This plan will ensure the company continues to experience strong growth in revenue and sales.

Overall, the real estate market in 2023 is gradually growing in line with the economic recovery, although there are still risk factors. In the condominium market, purchasing power is concentrated in certain segments, such as condominiums around universities, as there are groups looking to diversify their investment risks and manage their finances by purchasing condos for returns, as well as for personal residence. This is evident from the rapid sales closure of the Modiz Avantgarde project, a new condominium near Thammasat University, which sold out shortly after its launch.

"The direction of the real estate market in 2024 is expected to be positive, as the economy shows positive signs starting from Q4 onwards, driven by the expansion of private consumption and the service sector in line with the number of both Thai and foreign tourists. From January to September, there were already 20 million foreign tourists visiting Thailand, with an estimate of 28.5 million. Additionally, the government has added visa exemptions for two more countries: India and Taiwan, along with the Thai policy interest rate, which is expected to have peaked at 2.50%, positively impacting housing purchase decisions," Mr. Kramchat stated.

ASW is engaged in real estate development, focusing on high-rise and low-rise residential projects in prime locations under the concept of "Happiness Designed for You" or "We Build Happiness." Currently, it has developed over 57 condominium and housing projects under various brands designed to create happiness suitable for every lifestyle, including KAVE, ATMOZ, MODIZ, ESTA, THE ARBOR, and THE HONOR, with a total project value exceeding 67 billion baht, comprising 41 completed and ready-to-move-in projects and 16 projects currently open for sale and under development. The company currently has a backlog of sales awaiting revenue recognition valued at over 16.337 billion baht.