BANGKOK, Dec 28, 2020 - (ACN Newswire) - Siamese Asset PCL (SET: SA) is moving ahead to expand investment following its listing on the Stock Exchange of Thailand (SET), in a bid to become a leading integrated real estate developer in Thailand, fulfilling customer demand for residences and for long-term investment, and promoting continuous growth, despite the national economy in a slowdown mode. The current 9,446 million baht worth of backlog is being realized from 4Q2020 onward.Mr. Kajonsit Singsansern, Chief Executive Officer of Siamese Asset PCL, listed as an "Asset of Life" when the Company had its debut on the Stock Exchange of Thailand on December 25, under the SET designation "SA" in the Real Estate Development Category. This was the last Thai stock to be listed on the SET in 2020. The Company's high and leveraged superior strength compared to competitors will help to ensure interest in SA shares among investors.
The Company aspires to become the real estate developer that can satisfy the demand of customers in every target segment with the best locations and at prices that are affordable to all Thai consumers. Through its vast experience as being construction contractor for a large variety of projects, the Company can efficiently manage all relevant costs, such as land cost, management cost and construction cost. These are the main factors that enable the Company to set prices lower than competitors' and maintain international standards in construction management.
At present, SA is developing both horizontal and vertical real estate projects to cover every consumer segment, such as condominiums, single-detached and townhouses, with the concentration being on condominium projects in Bangkok on choice high-potential locations, with the business divided into three categories: Real estate development for sale; Real estate development for rent; and Real estate development for services. In addition, there are other services available, such as condominium management as juristic person and broker for unit rentals, thus the Company can fulfill the customers' demand for both own residences and for long-term investment.
Following the successful listing on the SET, the funds made available will firstly be used to repay loans to financial institutions to reduce the debt burden and cut IBD/E (interest bearing debt/EBITDA) to approximately 1.5-1.7 times from the current 2.1 times (as of Sept 30, 2020), and the remainders will be utilized to develop real estate projects, expand investment to develop projects, including the 4,000-million-baht mixed-use Blossom Condo @ Fashion 3; the 1,900-million-baht Above 39 project which will be remodeled as a hotel or apartment for rent under professional hotel-standard management, and approximately 2,000-million-baht Blossom Condo @ TSH Station. In addition, there are plans to expand investment opportunities in real estate developments both domestically and abroad, while the remainders will be retained as working capital for the operations.
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