Affordable Condos Remain Focus for AssetWise Amidst Market Challenges

WEDNESDAY, FEBRUARY 05, 2025
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Developer unveils 10 new projects and diversification strategy, reinforcing commitment to affordable housing.

 

Amidst a Thai property market facing steady growth and challenges, AssetWise (ASW) is marking its 20th anniversary with an ambitious expansion plan, focusing on its core expertise in affordable condominiums while diversifying into new sectors.  

 

Despite industry headwinds, ASW CEO Kromchet Vipanpong expressed confidence in the company’s strategy, citing a recovering economy, increased foreign investment, and a thriving tourism sector as key drivers for growth in 2025.

 

“This year marks our 20th anniversary in the real estate business,” Kromchet said at a press conference on Wednesday. “Our steady growth is a result of our consistent focus on affordable condominium products. We will continue to do what we do best: developing affordable condominiums in convenient locations with good facilities and security. I believe that my customers are people who will live in my condos until they grow old.”

 

While acknowledging reliance on bank loans for funding, Kromchet emphasised ASW’s commitment to launching new projects in line with its strategic plan. 

 

Kromchet Vipanpong

 

“We build homes for people to live in, with affordable prices, good locations, and comprehensive facilities. Therefore, we remain the best choice for our target group. We aim to expand our foreign customer base to 15% this year, driven by the growth of projects in Phuket,” he stated.
 

 


Despite over 30 developers vying for a share of the Phuket market, Kromchet remains optimistic, citing the island’s appeal to international buyers seeking value for money, natural beauty, and a desirable lifestyle.  

 

He also sees potential in locations outside Bangkok, particularly Pattaya in the Eastern Economic Corridor (EEC), catering to a different segment of foreign buyers, including those working in industrial estates, retirees, and those drawn to Pattaya’s nightlife. 

 

He also voiced support for the government’s proposed 20 baht flat fare train scheme, believing it will encourage demand for larger, more affordable housing outside of Bangkok.

 

The average price of AssetWise properties is around 2 million baht, but this can vary depending on factors such as location, size, and project value.

 

Affordable Condos Remain Focus for AssetWise Amidst Market Challenges

Diversification and Sustainable Growth

Celebrating its 20th anniversary under the banner of “Growing Success, Growing Happiness,” ASW is focusing on sustainable growth.  

 

The company plans to launch 10 new projects – a mix of condominiums and housing – with a total value of 22 billion baht. This includes its first luxury villa development in Phuket.  ASW has set presales and revenue targets of 19.5 billion baht and 10.5 billion baht, respectively.
 

 

Affordable Condos Remain Focus for AssetWise Amidst Market Challenges

 

Beyond its core property business, ASW is diversifying into high-potential sectors, including entertainment, community malls, and health & wellness.  This diversification aims to build recurring income streams and capitalise on lifestyle trends.

 

Kromchet highlighted the company’s strong performance in 2024, achieving sales of 19.33 billion baht, exceeding targets and demonstrating 17% year-on-year growth.

 

Affordable Condos Remain Focus for AssetWise Amidst Market Challenges

 

Looking ahead, he acknowledged global economic uncertainties but pointed to positive factors such as potential interest rate cuts, the growing health & wellness sector, and Thailand’s recovering exports, increased foreign investment, and thriving tourism industry. 

 

“The global economic outlook in 2025 faces challenges from geopolitical issues and climate change but there are still positive factors. Thailand benefits from a recovering export sector and increased data centre investments by global companies. The tourism sector continues to show a growing number of tourists. As a result, AssetWise continues its business under the strategy of ‘Growing Success, Growing Happiness,’ alongside sustainable and stable growth,” Kromchet conceded. 

 

Affordable Condos Remain Focus for AssetWise Amidst Market Challenges

 

Project Pipeline and Strategic Focus

ASW’s 2025 project pipeline includes eight condominium projects (20.50 billion baht) under the KAVE, ATMOZ, and MODIZ brands, and two low-rise housing projects (1.5 billion baht), including the new luxury villas in Phuket.  

 

The company expects to complete and transfer ownership of seven condominium projects valued at 14.05 billion baht. ASW currently boasts a strong backlog of over 25.2 billion baht, spread across Bangkok, the EEC, and Phuket, which is expected to generate revenue through 2027.