CHEWA demonstrates robust growth in Q1/67 for both houses and condominiums, gearing up to unveil the new JV project 'Chiwa Thai Hallmark Ekkamai-Ramintra', with the first booking opening on June 15-16.

Mr. Boon Chun Kiat, Managing Director of Chiwa Thai Public Company Limited (CHEWA), revealed that the company's performance in the first three months of 2024 recorded total revenue of 545.95 million baht, an increase of 161.74 million baht or 42.10% compared to the same quarter last year. This includes revenue from condominium projects amounting to 326.28 million baht, up 50.65% from the previous year, while revenue from horizontal projects reached 154.30 million baht, a 6.80% increase from the same period last year. Additionally, other income totaled 65.37 million baht, accounting for 11.97% of total revenue, resulting in a net profit of 16.26 million baht, a 97.93% increase from the same quarter last year.


Mr. Boon Chun Kiat, Managing Director of Chiwa Thai Public Company Limited (CHEWA)

The main sales growth came from the Chiwa Thai Hallmark Ladprao – Chokchai 4 project in both phases, the Chiwa Thai Pinklao project, and the Chiwa Thai Kaset – Nawamin project. For horizontal projects, growth was driven by the Chiwa Home Bangkok – Pathum and Chiwa Home Rangsit – Pathum projects. Additionally, the company received positive feedback from customers in the single-house project, with sales increasing by 91.26% from the Chiwa Wan Pinklao-Sathorn project, which saw higher sales, and the Chiwa Rom Ratchaphruek project that opened for booking and ownership transfer at the end of 2023.

Regarding the company's outlook on the real estate market in the first quarter of 2024, there is a positive recovery trend, attributed to government stimulus measures that reduced transfer fees and mortgage fees from 3% to 0.01%, with an increased price ceiling from 3 million baht to 7 million baht until the end of 2024. However, there are still several negative factors, such as the stable policy interest rate since late last year, which may slow the market's recovery despite government push policies. This affects project development costs, leading to higher prices and impacting the decision-making and loan applications of middle and lower-income customers. Additionally, rising costs from minimum wage increases and material prices, as well as uncontrollable factors like conflicts and wars, may affect the purchasing power of foreign customers.

The company plans to expand high-rise projects with 1-2 new projects this year, starting with the condominium project “Chiwa Thai Hallmark Ekkamai-Ramintra” valued at 1,014 million baht, in collaboration with Nippon Steel Kowa Real Estate Co., Ltd. (NSKRE), a leading real estate developer from Japan. The project will open for viewing and booking for customers for the first time on June 15-16, 2024, and is expected to receive a positive response from local customers. This project stands out with its design tailored to meet the living needs of the new generation, featuring the concept “GOOD VIBES, MORE LIFE” – a life that is not just lived but fully experienced, with extensive common areas for a superior lifestyle. It also boasts convenient transportation access, located on Nuanchan Road, connecting to Ratchada-Ramintra Road, near Kaset-Nawamin Road, Nawamin Road, Ekkamai-Ramintra Expressway, Chalong Ratch Expressway, and Kanchanaphisek Outer Ring Expressway, close to the Pink Line BTS station at Khu Bon, and future stations on the Brown Line at Nuanchan and the Gray Line at Khlong Lamjeak, with prices starting from just 1.89 million baht.

“The company remains focused on cost and expense management policies to ensure efficiency, along with a commitment to sustainability principles (ESG) encompassing Environmental, Social, and Governance aspects to integrate into the company's management practices.

Through the CHEWA Goes Green initiative, we aim to raise awareness and instill a sense of responsibility towards energy conservation, resource management, proper waste segregation, and enhancing waste value through upcycling processes to create further benefits. We also prioritize employee welfare, fostering good relationships, and providing opportunities for employees to communicate their opinions and suggestions to senior management through the 'Boon Rao Fang' project.

This initiative also serves as a channel for reporting tips that can help reduce the risk of corruption, alongside continuous employee development to enhance product quality and organizational growth for maximum efficiency, ensuring stable and sustainable business operations,” Mr. Boon Chun Kiat stated.