AssetWise Co., Ltd. (ASW) is expanding its portfolio in 2024 with the latest strategy, "THE NEW FRONTIERS," introducing 12 new residential projects in EEC and Phuket, valued at 25.9 billion Baht, along with new businesses targeting 17.8 billion Baht.
Mr. Kromchet Vipanpong, CEO, revealed that 2023 brought auspicious opportunities for ASW with the launch of various residential projects, including condominiums, detached houses, semi-detached houses, and luxury properties, catering to all customer segments in prime locations in both Bangkok and other provinces. Phuket, recognised as a world-class destination, witnessed significant popularity among foreigners seeking ideal homes. Last year, the company introduced 15 projects, comprising freehold properties and condominiums valued at 30.2 billion Baht, exceeding initial predictions of 12 projects. This resulted in sales figures of around 16.5 billion Baht, surpassing initial targets and reflecting a growth rate of 16% compared to 2022.
"The overall trend in 2024 aligns with the country’s GDP, presenting both opportunities and risks. Stimulating factors such as the one-year extension of reduced ownership transfer fees and a visa-free policy for Chinese tourists from March 1, 2024, are expected to enhance purchasing power and positively impact Thailand’s real estate industry. In light of this, AssetWise intends to expand in 2024 with 9 freehold projects and 3 condominiums, valued at over 25.9 billion Baht. The sales target is set at 17.8 billion Baht, representing an 8% growth rate compared to 2023, with a revenue target of 8.7 billion Baht. The new concept, "THE NEW FRONTIERS," is pivotal for this expansion, incorporating three strategies:
Execute: Demonstrates our commitment to offering high-quality housing and condominiums while strengthening our core business portfolios—Kave, Atmoz, and Modiz. These are our three iconic condominium brands covering Bangkok, its vicinity, and EEC. This year, we aim to expand our portfolio further in Bangkok and EEC by introducing six more condominium projects worth over 10.8 billion Baht, strategically located to maximise convenience for daily commutes and access to leading educational institutions. Additionally, two boutique condominium projects, Maroon on Ratchada 32 and Aquarous in Jomtian-Pattaya, will be launched this year, catering to discerning clients.
Expand: Focuses on expanding in various aspects, including location, product, and price range. The company plans to introduce several new residential projects in prime and emerging locations with future economic potential. This includes the development of freehold properties to meet diverse resident needs. Our portfolio includes brands such as ESTA, THE ARBOR, THE HONOR, and CHANN The Riverside, a community of boutique detached houses situated along the Tha Chin River on Baromratchachonanee Road. Furthermore, we are committed to expanding our presence in EEC, Bangsan, Sriracha, and Rayong, driven by increased demand resulting from Chinese-based offices and factories producing electric cars.
In Phuket, AssetWise introduced THE TITLE condominium under Rhom Bho Property Co., Ltd or "TITLE," in partnership with AssetWise. Following the successful launch of THE TITLE LEGENDARY BANG-TAO at the end of 2023, which saw approximately 80% of properties sold, we plan to launch three additional projects this year: THE TITLE HERITAGE BANG-TAO, THE TITLE SERENITY NAIYANG, and THE TITLE RA WAI, collectively valued at over 11 billion Baht. Additionally, we hold a 30% stake in the partial development of BOTANICA Grand Avenue, featuring luxury pool villas valued at 12 billion Baht, complementing our property portfolio from condominiums to luxury villas.
Explore: Reflects our continuous pursuit of new business opportunities and investments to ensure recurring income. One notable project is Mingle Mall, a community mall in the heart of Ratchada offering a variety of services, including independent stores, restaurants, and spaces for rent, particularly in healthcare, beauty, and wellness. Additionally, properties such as Mingle Sport Village in Rangsit, an indoor sports centre, Rocket Fitness managed by "Treasure M Company Limited," and ZAAP World, an organiser for entertainment events, contribute to diversifying our portfolio, solidifying our position in the land development industry.
In 2024, AssetWise launched nine residential projects, comprising seven condominiums valued at over 9.5 billion Baht and two freehold property projects. Currently, the company holds a backlog valued at approximately 19.5 billion Baht, distributed across Bangkok, its vicinity, EEC, and Phuket, serving as a stable revenue stream from 2024 to 2026.
Alongside continuous expansion, the company underwent significant restructuring by appointing executives to oversee each development project, enhancing efficiency, and enabling the introduction of more projects to meet diverse customer needs. This new internal structure provides management flexibility to accommodate expected growth in the future.
"I firmly believe that 2024 will witness massive growth for AssetWise, driven by continuous expansion into new locations and developments tailored to the diverse needs of our clients. Our new strategies will undoubtedly enable us to achieve all our goals this year," remarked Mr. Kromchet.
