IR Press Release

Siamese Asset Plc. (SA) delivered a signal of performance in the second half of the year 2022 that was brighter than the first half after the home reservation for low-rise project had risen and the new development business had continuously improved due to having foreign customers from opening the country. The big boss “Kachonsit Singsansern” continues to go forward according to the plan to open the 3 new projects, consisting of low-rise projects namely Siamese Holm Phahol-Viphavadi and Monsane Ratchapruek-Cheangwattana and high-rise project namely Siamese Talingchan, which is the new Wellness project of Siamese that emphasizes the proportional adjustment of low-rise and high-rise to be 50:50 within the year 2024 in order to push the revenue to grow exponentially.

Mr. Kajonsit Singsansern, Chief Executive Officer of Siamese Asset Public Company Limited or SA, a full-service real estate developer under the concept ‘Asset of Life that Generate Profit for Every Lifestyle’, revealed that the overall business performance in the second half of the year 2022 would grow more than the first half due to more reservations on home and condominium and the new development business of the Company, such as Siamese Technology and Food & Beverage, that had the outstanding growth, including the relief measure and opening the country of the government as the additional supportive factor.

“We strongly believe that we can build a strong growth in the second half of the year. Previously, the Company had more than 20 reservations for Monsane’ Exclusive Villa Ratchapruek-Pinklao. The new development businesses are progressing. Moreover, the Siamese Technology and Food & Beverage is obtaining higher revenue. At the same time, the Spa & Wellness business is anticipated to be opened for service within this year. With the relief measure and opening the country of the government, there are more leisure travels and business travels in the country, resulting in the additional positive factors on revenue from hotel and rental fee because the condominium project has received a bustling interest from foreign travelers. There is also Branded Residences service with outstanding location, such as Rama 9 or Sukhumvit.”

Towards the end of the year, the Company has planned to launch 3 more projects, which are 2 low-rise projects namely Siamese Holm Phahol-Viphavadi and Monsane Ratchapruek-Cheangwattana and 1 high-rise project namely Siamese Talingchan, which is the new Wellness project of Siamese. In the beginning of the year 2022, the Company had launched 2 new projects, which were Landmark@Kasetsart TSH Station and Monsane’ Exclusive Villa Ratchapruek-Pinklao.

Moreover, the Company has the project in progress for sales in the value of 19,143 million baht with the Backlog from Presale in the value of 5,000 million baht and the completed project for sales in the value of 15,432 million baht with the inventory in the value of 4,000 million baht.

The Chief Executive Officer also mentioned that the Company still maintains the proportional adjustment of low-rise project to obtain the proportional value of 50 percent of the total revenue within 3 years (Quarter 1/2022-Quarter 4/2024) with the forecast that within the year 2023, the Company will obtain the revenue from low-rise about 3,000-4,000 million baht per year. Therefore, when combining with the revenue of high-rise project that can recognize the revenue of 3,000-4,000 million baht, the Company’s revenue will grow exponentially to 6,000-8,000 million baht within 2 years.

For the Cloud Kitchen, after the Company had signed in the service contract with the famous food and beverages business, consisting of the pizza shop under the trade name DOMINO’S PIZZA in Thailand and the world’s 2nd fast-food network restaurant like Subway. Currently, the Company has already opened 16 branches and another 10 branches are in the process of opening within Quarter 3.

For the progress of asset management business that SA has established the subsidiary namely “Siamese Asset and Wealth Management” or SWAM with the forming of professional executives team experiencing in the asset management business of more than 30 years, the Company has already received the license for asset management business and is in the process of making the tender offer for NPA-NPL with the investment budget of 200 million baht in approximate in which the clarification will be made within Quarter 4.