As the integrated property developer, SA demonstrated its potential different from the rivals. It will continue on fundraising to further develop the business and become the leading property developer at the national level.
After the listing on the SET, Siamese Asset Public Company Limited or SA will expand the investment to be the leading integrated property developer of the country. SA continually responds to the customers’ demands who buy the units for the residential and long-term investment purposes. It creates the advantages different from its rivals. The performance continually grows despite the recession. The backlog amounts to 9,446 million baht and the sale revenue will subsequently be earned as of the 4th quarter of 2020.
Mr. Kajonsit Singsansern, Chief Executive Officer of Siamese Asset Public Company Limited or SA, the integrated property developer under the concept “Asset of life: Profit for all livings” said that the stock of SA was traded in the SET for the first day on 25 December in the property development business category under the abbreviation “SA.” It was the last stock listing on the SET in 2020. He is confident that with the Company’s potential different from its rivals, SA will gain wide attention from the investors.
The Company aims to be the property developer which can respond to the demands of all customer groups, offering the property in the best locations at the affordable prices. Thanks to the long experiences as a construction contractor of many projects, the Company can manage the costs such as land prices, management cost and construction cost which is a main reason that the Company can offer the lower prices than other entrepreneurs and maintain the international construction standard.
At present, SA has developed the horizontal and vertical property projects, such as condominium, detached house, townhome, etc. for all customer groups, with the emphasis on the condominium projects in the high-potential zones. The Company’s businesses are categorized into 3 parts; 1. Property development business for sale, 2. Property development business for rent, and 3. Property development business for services. The Company also offers the related services, such as condominium juristic person management and condominium lessee agency, to respond to the customers’ demands for the residential and long-term investment purposes.
After the listing on the SET, the Company will repay the loan to lessen the financial cost, by which the interest bearing debt to equity (IBD/E ratio) will reduce to 1.5-1.7 times from the current rate at 2.1 times (as at 30 September 2020). The rest amount will be used for the investment expansion and the development of the following property projects; 1)Blossom Condo @ Fashion 3 project: SA plans to develop the mixed-use real estate with the approximate value of 4,000 million baht
2) Above 39 project with the approximate value of 1,900 million baht: SA plans to renovate the project to be a hotel or units for rent of hotel standard, and 3) Blossom Condo @ TSH Station project on Vibhavadi Rangsit Road with the approximate value of 2,000 million baht. In addition, the Company plans to expand the property investment in and outside the country. The rest fund will be the revolving fund for the business operations. At present, SA has 13 property projects with the total value of 32,000 million baht. 80% of the projects are located in CBD and new CBD zones. The backlog amounts to 9,000 million baht which will be subsequently earned as of the 4th quarter of 2020. According to the Company’s dividend payment policy, no less than 40% of the net profit of the separate financial statement after deduction of reserves will be paid as dividend. As for the performance of the first 9 months (January-September) of 2020, SA generated the revenue of 2,060.6 million baht. The main revenue source was the property sale which continually grew every year in accordance with the number of the property projects which were transferred to the customers after the construction was complete. SA generated the net profit of 283.9 million baht, as it raised the price of units of some projects and efficiently managed the construction cost of new projects.
Mr. Lek Sikarawitthaya, Executive Director of Asia Plus Securities Co. Ltd., as the financial advisor, said that SA is a Company which potentially operates the business. It uses the knowledge and capacity from the construction business to improve the cost management, construction technique and other services in relation to the property business, such as condominium juristic person management, property development business for sale in the form of branded residence, F&B business, etc.
SA’s advantage is different from its rivals. Its performance continually grows even during the COVID-19 pandemic which generally affects the economy. SA’s IPO subscription received the good response from the investors thanks to its strong business basis and the prospective sustainable growth in the future.
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