SC confirms its revenue projection of 19 billion baht, up over 20 percent.

SC confirms its revenue projection of 19 billion baht, up over 20 percent.

With an expansion of every segment of detached home, SC plans to launch 10 projects worth 13.3 billion baht in the second half of 2019 and increase recurring income by developing 7 hotels in 3 years.

Mr. Nuttaphong Kunakornwong, Chief Executive Officer of SC Asset Corporation PCL (SC), a top-notch real estate developer based on “Living Solutions Provider” concept, revealed, “SC is confident that the company will achieve 19 billion baht of sales as targeted in 2019, up more than 20 percent. SC will unveil 10 projects – both low-rise and high-rise projects – worth a combined 13.3 billion baht in the second half of this year.

They include eight low-rise projects worth 7.3 billion baht:

-   Detached home under Pave, Venue Flow, Bangkok Boulevard and Bangkok Boulevard Signature brands, starting from 4 million baht to 30 million baht.

-   Twin home and townhome under V Compound and Verve brands, starting from 2 million baht to 6 million baht.

These eight projects are located in diverse locations, namely, Rama V, Rangsit, Seri Thai and Bangna to cater to the consumer demand for low-rise projects which remains strong in every location and every price level.

In addition, SC plans to launch two high-rise projects worth a combined 6 billion baht:

1.  THE CREST PARK RESIDENCES: Only 250 meters from Lat Phrao Intersection BTS Station, THE CREST PARK RESIDENCES is located at the primest location of Lat Phrao. Valued at 3.5 billion baht, it is developed by SC NNR1 Co., Ltd., a joint venture between SC and Nishitetsu Group, a Kyushu-based multi-industry giant with strong expertise in real estate and transportation business from Japan.

2.  SCOPE THONGLOR: The premium condo is adjacent to Thong Lo BTS station. The 2.5 billion baht property is developed by Scope Tower Co., Ltd.

Moreover, SC has 46 ongoing projects for sales worth 41.9 billion baht, 60 percent of which are low-rise projects and the other 40 percent are high-rise projects.

Backlog projects waiting for transfer amounted to 10.6 billion baht, 57 percent of which will realize income this year. They include both low-rises and high-rises.  Two condo projects of which the construction will finish and ownership transfer will begin in the second half are:

1. 28 CHIDLOM project is only 250 meters from Chit Lom BTS Station. Ownership transfer will start from the third quarter.

2. CENTRIC RATCHAYOTHIN project is only 150 meters from Ratchayothin BTS Station, Ownership transfer will begin in the latter part of the fourth quarter this year.”

Mr.  Nuttaphong added, “SC has planned to increase the portion of recurring income in our portfolio to ensure sustainable growth in the future. SC has set the budget of 3 billion baht for new business, namely, the development of mid-to-upscale hotels in Bangkok and seven tourist destination cities in three years (2019-2021) to raise the portion of net profit from recurring income to over one-fourth or 25 percent of the total.”

For SC performance in the first half of 2019, its gross revenue totaled 6,698 million baht, 93 percent of which came from sales of property projects and the other 6 percent from renting and service income. SC’s income from sales of property projects totaled 6,236 million baht, including 5,202 million baht from low-rises, up 16 percent year-on-year, and 1,034 million baht from high-rises. SC’s net profit amounted to 598 million baht with total sales of 7,023 million baht.

As of June 30, 2019, SC and its subsidiaries reported total assets of 45,150 million baht and liabilities of 28,984 million baht.

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