SET-listed developer AssetWise plans to launch 12 new residential projects worth a combined 25.9 billion baht in Bangkok, eastern provinces and Phuket, aiming to achieve 17.8 billion baht in presales by year-end, representing an 8% increase.
Kromchet Vipanpong, chief executive of AssetWise, said the growth of the property market this year would align with economic conditions, which continue to face both opportunities and risks.
"Geopolitical conflicts remain uncertain, carrying over from last year. It is a negative factor, yet it presents opportunities for the country's property market as Thailand has become a safe haven for those affected by such issues," he said.
In July 2023, AssetWise spent roughly 1.04 billion baht to acquire a 57.8% stake in MAI-listed Rhom Bho Property Plc, a property developer based in Phuket with condo projects under the Title brand. AssetWise holds a 67.6% stake in the company at present.
"Through this acquisition, we can promptly enter the Phuket property market, as Rhom Bho owns land plots for the future development of new projects, which will be valued at over 40 billion baht," said Mr Kromchet.
With Phuket now included in the portfolio, AssetWise launched a total of 15 residential projects last year, valued at a combined 30.2 billion baht, surpassing the initial plan of 12 projects worth 22.5 billion baht.
Boosted by condo projects in Phuket, presales in 2023 also exceeded the target of 15 billion baht, reaching 16.4 billion baht which grew by 16% from 2022.
"Residential units in Phuket achieved a very high sales rate, with buyers from Russia being key drivers," he added. "We anticipate that this momentum will continue this year."
Of the total new projects it will launch in 2024, the majority, or nine projects worth 21.8 billion baht, will be condos, while the three other projects will be low-rise houses worth 4.1 billion baht.
Three condo projects worth a combined 11 billion baht will be in Phuket, located on Nai Yang Beach, Rawai Beach and Bang Tao Beach, where its three earlier projects sold out last year.