Asset Wise Reports Q1 Sales Surge in Phuket’s Luxury Real Estate
Following a decline in interest rates and a rebound in tourism, sales of luxury condos and villas reach 8.32 billion baht.
Asset Wise Public Company Limited (ASW) announced a significant increase in sales for the first quarter of 2023, reaching 8.32 billion baht (approximately 234 million USD) from its condominium and housing projects, marking a 75% increase compared to the previous quarter and a 33% increase year-on-year.
This figure accounts for 43% of the company’s annual sales target of 19.5 billion baht.
The surge in sales is attributed to reduced interest rates and the ongoing recovery of Thailand’s tourism industry.
ASW's condominium projects in Phuket, particularly within the Leisure Residences segment developed by its subsidiary, Title Property Public Company Limited, have been particularly successful during the high season starting late last year.
Notable projects contributing to this success include The Katabello in the Kata area, valued at 5.5 billion baht, and the Adora Rawai project, valued at 1.4 billion baht, both of which have achieved over 50% pre-sale bookings.
Additionally, The Title Villa Estella Naiyang, a luxury villa project priced at 500 million baht, reportedly reached 70% sales within just one week of its launch.
New condominium projects launched in Bangkok and its vicinity, such as Kave Playground, with a value of 1.6 billion baht, and Atmoz De Sol near the Yellow Line train station, worth 1.7 billion baht, have also received positive market responses and contributed to overall sales growth.
Chief Executive Officer Khetset Wisuthpanpong noted that the recent 0.25% reduction in the policy interest rate has prompted financial institutions to lower housing loan rates, facilitating home-buying decisions for potential customers.
He indicated that the recovering tourism sector has also positively impacted the Phuket market, allowing the company to launch new projects during the favorable high season.
ASW anticipates minimal impact from the earthquake that occurred on March 28, predicting that the event would predominantly affect high-rise condominium markets in the short term.
The company reported that more than 90% of its portfolio consists of housing and low-rise condominium projects, all constructed to rigorous safety standards that remain unaffected by the earthquake.
The company's backlog of sales, primarily from Phuket-based residential projects, accounts for over 40% of expected revenues, with all new condominium projects slated for completion in 2023 being low-rise buildings.
ASW is also preparing to transfer ownership for two newly completed projects in Q2 2023: Atmoz Palacio Ladprao-Wanghin, valued at 1.75 billion baht, and Atmoz Canvas Rayong, worth 1.25 billion baht.
The firm intends to continue developing projects that cater to the clear demand from students and investors in Phuket, thereby maintaining sales momentum in order to achieve its sales target of 19.5 billion baht.
This figure accounts for 43% of the company’s annual sales target of 19.5 billion baht.
The surge in sales is attributed to reduced interest rates and the ongoing recovery of Thailand’s tourism industry.
ASW's condominium projects in Phuket, particularly within the Leisure Residences segment developed by its subsidiary, Title Property Public Company Limited, have been particularly successful during the high season starting late last year.
Notable projects contributing to this success include The Katabello in the Kata area, valued at 5.5 billion baht, and the Adora Rawai project, valued at 1.4 billion baht, both of which have achieved over 50% pre-sale bookings.
Additionally, The Title Villa Estella Naiyang, a luxury villa project priced at 500 million baht, reportedly reached 70% sales within just one week of its launch.
New condominium projects launched in Bangkok and its vicinity, such as Kave Playground, with a value of 1.6 billion baht, and Atmoz De Sol near the Yellow Line train station, worth 1.7 billion baht, have also received positive market responses and contributed to overall sales growth.
Chief Executive Officer Khetset Wisuthpanpong noted that the recent 0.25% reduction in the policy interest rate has prompted financial institutions to lower housing loan rates, facilitating home-buying decisions for potential customers.
He indicated that the recovering tourism sector has also positively impacted the Phuket market, allowing the company to launch new projects during the favorable high season.
ASW anticipates minimal impact from the earthquake that occurred on March 28, predicting that the event would predominantly affect high-rise condominium markets in the short term.
The company reported that more than 90% of its portfolio consists of housing and low-rise condominium projects, all constructed to rigorous safety standards that remain unaffected by the earthquake.
The company's backlog of sales, primarily from Phuket-based residential projects, accounts for over 40% of expected revenues, with all new condominium projects slated for completion in 2023 being low-rise buildings.
ASW is also preparing to transfer ownership for two newly completed projects in Q2 2023: Atmoz Palacio Ladprao-Wanghin, valued at 1.75 billion baht, and Atmoz Canvas Rayong, worth 1.25 billion baht.
The firm intends to continue developing projects that cater to the clear demand from students and investors in Phuket, thereby maintaining sales momentum in order to achieve its sales target of 19.5 billion baht.
