AssetWise posts 57% first-half growth as backlog reaches THB38bn

AssetWise Plc (ASW) reported strong growth in the first half of 2026, with total revenue rising 57% year on year to 5.691 billion baht and net profit almost doubling to 792 million baht.

The property developer expects the momentum to continue in the second half as it transfers more condominiums near mass-transit routes and completes major residential projects in Phuket during the high season.

ASW also had a backlog worth more than 38.181 billion baht at the end of the second quarter, providing revenue visibility through 2028.

Kromchet Vipanpong, chief executive officer of ASW, reported that the company generated total revenue of 3.529 billion baht in the second quarter of 2026, from April to June, an increase of 63% from the previous quarter.

Net profit reached 563 million baht, up 145% quarter on quarter.

For the first six months of the year, from January to June, total revenue increased 57% year on year to 5.691 billion baht. Effective cost management helped ASW achieve a gross profit margin of 43%, while net profit climbed about 98% to 792 million baht.

The performance was supported by strong ownership transfers at the company’s campus condominium projects, particularly around the start of the new academic term. These included the 2.55-billion baht KAVE Wonderland and the 1.2-billion baht KAVE Luminous Bangmod.

Transfers also continued at university-area condominium developments, including the 2.2-billion baht Modiz Vault Kaset-Sripatum and the 1.1-billion baht Atmoz Season Ladkrabang.

In Phuket, THE TITLE Serenity Naiyang, a 4-billion baht leisure residence project developed by the affiliated company Rhom Bho Property Plc, was a key contributor to revenue recognition in the second quarter.

“ASW has maintained strong positive momentum in both revenue and net profit despite challenging conditions across the industry,” Kromchet said.

“Our corporate credit rating was recently upgraded to ‘BBB/Stable’ by TRIS Rating, reflecting our strong financial position and continued growth potential. This has been supported by our diversified business portfolio, including expansion into high-potential locations in the Eastern Economic Corridor and Phuket, as well as a gradual increase in the proportion of recurring-income businesses.

“These strategies have made ASW’s business structure more flexible and placed us in a stronger position to cope with changing market conditions.”

Kromchet added that ASW plans to complete and hand over 11 new projects this year with a combined value of 26.76 billion baht, the highest annual value in the company’s history. Revenue from the developments is expected to be recognised progressively throughout the year.

In the third quarter, transfers will continue at THE TITLE Serenity Naiyang, while three newly completed projects are due to begin handovers.

They comprise the 6-billion baht THE TITLE Heritage Bang-Tao, the 1.2-billion baht THE TITLE Cielo Rawai and the 2.6-billion baht Modiz Voyage Srinakarin, a condominium development near a mass-transit line.

ASW expects these projects to help sustain strong growth during the second half of the year.

At the end of the second quarter, the company had a backlog worth more than 38.181 billion baht, with revenue scheduled to be recognised progressively through 2028.

Looking at Thailand’s property market in the second half of 2026, ASW expects underlying residential demand to remain despite tighter lending conditions at financial institutions, which are limiting access to mortgages for some buyers.

Locations with clearly established demand nevertheless continue to attract financially capable purchasers, particularly in major tourism destinations catering to both Thai and overseas buyers seeking second homes. These markets are expected to benefit from the year-end high season.

Areas close to educational institutions and mass-transit routes also continue to draw interest from parents, pupils, university students and working professionals buying homes for their own use, as well as property investors.

ASW also expects supportive government measures, including the low-interest-rate environment, the relaxation of loan-to-value requirements and reductions in property transfer and mortgage registration fees, to help financially qualified consumers gain easier access to housing.

“In an uncertain market, careful planning and risk diversification become even more important in maintaining balance,” Kromchet said.

“ASW has demonstrated that our decision to expand investment into Phuket, a high-potential market where the cancellation rate has been virtually zero, which began three years ago, was an important strategy that has helped us maintain growth.

“However, we are not becoming complacent. We will continue to monitor market conditions closely while maintaining financial discipline, managing inventory efficiently and building a flexible organisation that can continually adapt, enabling ASW to move forward on a stable footing,” he concluded.