AssetWise Targets 19% Revenue Growth with ฿17.6bn Project Pipeline Under 'Empowering the Future' Vision

 

 

A Thai developer sets a 12.5 billion baht revenue target for 2026, launching 11 projects across Bangkok and Phuket amid market stabilisation.

 

AssetWise Public Company Limited (ASW) has unveiled an ambitious expansion strategy for 2026, targeting 12.5 billion baht (approximately $350 million) in revenue—a 19% increase from its previous target—as the Thai property developer positions itself to capitalise on market stabilisation following a turbulent period marked by natural disasters and geopolitical uncertainty.

 

Speaking at a press conference on Wednesday, Chief Executive Officer Kromchet Vipanpong announced plans to launch 11 new projects worth 17.6 billion baht, split between five developments in Bangkok valued at 7.5 billion baht and six leisure residence projects in Phuket totalling 10.1 billion baht. 

 

The company has set a sales target of 18.5 billion baht for the year, supported by a substantial backlog of 32.9 billion baht.

 

 

 

 

Strong 2025 Performance Drives Confidence

The developer's optimistic outlook follows exceptional performance in 2025, when it achieved sales of 23.4 billion baht—exceeding its 19.5 billion baht target by 20% and representing 21% year-on-year growth. 

 

This success was largely driven by its Phuket operations, where sales surged 69% to 13 billion baht, primarily through its majority-owned subsidiary Rhom Bho Property Public Company Limited (TITLE), which holds a 68.9% stake.

 

 

"We entered the market in 2021 during COVID, so we are familiar with abnormal events and have adapted," Kromchet noted, referencing the company's resilience through last year's challenges, including earthquakes in March and flooding in Hat Yai. "Each developer has different solutions; we have grown well in this situation."

 

 

 

 

 

Market Dynamics and Strategic Positioning

The CEO presented a measured assessment of market conditions for 2026, acknowledging both persistent challenges and emerging opportunities. 

 

While household debt remains a significant constraint—cited by Kromchet as "a main problem"—he identified several positive indicators, including declining global oil prices that should reduce construction material and transport costs, and the prospect of further interest rate cuts that could enhance purchasing power.

 

"The market is stabilising," Kromchet stated. "Developers are focusing on stock management, reducing price competition. Lower global oil prices and decreasing interest rates are positive signs for purchasing power."

 

He noted that developers have become more cautious about new launches, conducting thorough market research before proceeding—a shift that has reduced aggressive price competition.

 

Meanwhile, the Bank of Thailand's modest 2% growth forecast underscores the challenging macroeconomic environment that developers must navigate.

 

On geopolitical risks, Kromchet adopted a pragmatic stance regarding the US-China trade war, suggesting that while tensions create uncertainty, they might redirect investment flows towards Thailand. 

 

"We are a small country; AssetWise must stay alert," he said. "In crisis, there is opportunity."

 

 

 

 

Bangkok: Betting on Mixed-Use and Student Housing

In the capital, AssetWise is doubling down on its successful 'Kave' student housing brand, which now comprises 19 projects across 10 university campuses. 
 

The centrepiece of its Bangkok strategy is Wise Park Rangsit, a 60-rai (24-acre) mixed-use development near Rangsit University and the Red Line train station.

 

 

The complex will feature three distinct components: Kave Carnival Rangsit (a condominium), Blessini Rangsit (two-storey single houses)—marking the debut of a new horizontal development brand—and Wise House Rangsit (shophouses). 

 

The development will integrate a community mall accessible to both residents and the surrounding community, designed to serve multiple generations with varied lifestyle requirements.

 

This integrated approach reflects AssetWise's strategy of creating self-sustaining communities that combine residential, retail, and leisure functions—a model that reduces vacancy risk while enhancing long-term asset value.

 

 

 

Phuket: Capturing the 'World Destination' Premium

AssetWise's most aggressive expansion plans centre on Phuket, which Kromchet characterised as a "world destination" with 14 international schools and over 10 million annual tourists. 

 

The company is diversifying its beach exposure beyond established locations such as Nai Yang, Bang Tao, Kata, Kamala, and Rawai to include Surin and Karon.

 

Key upcoming launches include Biancana Surin, Casa de Monte (luxury pool villas on Koh Kaew), and THE TITLE Vivana Kamala, all targeting both domestic and international buyers seeking second homes or investment properties.

 

The financial logic behind the Phuket focus is compelling. 

 

"Foreigners pay in installments: 25% at contract, another 25%, totalling 75% before the condo is finished," Kromchet explained. "This is different from Bangkok where we get only 10%. We prioritise Phuket because of this financial efficiency."
 

 

 

 

 

He argued that even at 7 million baht (approximately $200,000), TITLE's condominiums remain competitively priced by global standards, particularly for buyers fleeing geopolitical instability. 

 

"People flee war to stay in Phuket," he observed, anticipating spillover growth into neighbouring provinces including Phang Nga, Krabi, and Samui as airport expansions increase capacity.

 

TITLE's recent graduation from the Market for Alternative Investment (mai) to the Stock Exchange of Thailand's main board in January 2026 provides enhanced access to institutional capital and improved share price stability, supporting sustained development in the resort market.

 

 

 

 

 

Recurring Income Strategy and Diversification

Beyond property sales, AssetWise is systematically building recurring revenue streams through its subsidiary ecosystem. 

 

This includes Asset A Plus (property brokerage for AssetWise developments), health and wellness ventures (Rocket Fitness and Vitala physiotherapy clinics), entertainment (ZAAP World event management), community malls (Mingle Mall), and hospitality—notably The Salute beach restaurant in Nai Yang and the forthcoming VOCO Phuket Bangtao hotel, scheduled to open in 2026.

 

"We won't just look for a 'New S-Curve' yet because The Title is still in its growth phase," Kromchet said. "We have land for 4-5 more years of development."
 

 

 

 

 

Financial Strength and Delivery Pipeline

AssetWise's expansion is underpinned by robust financial positioning. The company has 11 projects valued at 26.8 billion baht ready for transfer in 2026—representing its largest inventory since founding—and maintains a project backlog of 32.9 billion baht that will generate revenue through 2027.

 

Of the company's 86 total projects, 36 have been fully completed and transferred, while 50 remain under construction or available for sale.

 

The portfolio spans student housing (Kave brand), mid-market offerings (The Honor), and luxury leisure residences (The Title).

 

 

 

 

 

Policy Recommendations and Long-Term Vision

Kromchet used the press conference to advocate for government stimulus measures, including reduced property transfer fees. 

 

More controversially, he proposed introducing 90-year leaseholds to attract international buyers while keeping land ownership Thai—a model he argued would reduce urban condominium prices, enabling Thai buyers to live near mass transit infrastructure rather than being priced out to peripheral locations.

 

Operating under the vision of "Empowering the Future," AssetWise has structured its 2026 strategy around four pillars: Product Excellence (elevating design and functionality); Business Transformation (leveraging technology and enhancing operational efficiency); Exceeding Stakeholders' Expectations (creating value for customers, investors, employees, and communities); and Diversification & Partnership (expanding the portfolio and forging strategic alliances).

 

 

"2026 will be a foundation for strong, sustainable growth for our customers, investors, and partners," Kromchet concluded, striking a tone of cautious optimism as the company navigates what he described as "the most inventory ready for transfer since our founding."

 

The developer's strategy reflects a calculated bet that market stabilisation, improved financial fundamentals, and strategic geographic diversification will enable growth even amid persistent macroeconomic headwinds—a thesis that will be tested as Thailand's property sector seeks to emerge from a challenging period.