Ananda Development Public Company Limited (ANAN), leading condominium developer for urban lives and number one in condominium close to mass transit, announces 3Q/2019 results with a net profit of 234 Million Baht, increasing 95% from a previous quarter, due mainly to a strong share profit from joint venture projects. 3Q/2019 transfer was 4,717 Million Baht, rising 10% QoQ, while presales stood at 4,319 Million Baht. The Company also announced to launch 4 new highlight projects closed to mass transit stations and targeted its transfers in 4Q/2019 to hit the highest level for the year.

Dr. Chaiyuth Chunnahacha, Chief Financial Officer of Ananda, stated that “We saw a pick-up sign from our third quarter results. This implied that we have already passed the lowest point in the second quarter. 3Q/2019 net profit was at 234 Million Baht, rising 95% from the second quarter, mainly from share of profit from investment in joint ventures as the company efforts on the business growth in the form of joint venture projects with our strategic partners, Mitsui Fudosan. Ananda targeted the forth quarter transfers to hit the highest level for the year, due to many projects will be finished and start to transfer in Q4, together with the recent interest rate cuts and government stimulus programs help to support markets in a positive way”.

As of September 2019, Ananda’s Backlog remained strong at 29,300 Million Baht, and will be recognized over the next 3 years. In addition, the Company’s cash position remained ample at 8,000 Million Baht.

Ananda has launched 4 new projects under “IDEO Q” and “IDEO” brands with affordable prices on the best locations closed to mass transit stations with well designs and functions for every life style. With “ANANDA URBAN WELLNESS” concept which focuses on every detail to enhance urban lives and towards sustainable living. The 4 projects are on the best locations, Prompong, Pra Kanong, Chalu-Samyan, and Charansanitwong. Total projects value accounted for 13,000 Million Baht with starting prices of 1.59-5.73 Million Baht*.

In addition, Ananda has joined hands with U City to develop Smart City projects, and Technology & Innovation hub in the areas of Thana City, Bangna-Trad road, which has more than 100 Rais owned by BTS Group Holdings PCL. The companies aim to reinvent property development to serve with the new lifestyle for every urban live.

Dr.Chaiyuth mentioned that “We still believed in our strategy to focus on condominium closed to mass transit stations which we are the first one in the market who discovered this value. The expansion of mass transit systems from 109 stations to 221 stations in 5 years and will be 319 stations in the next 11 years, bring benefits to the leading condominium developer close to mass transit like Ananda. Next year, our first two serviced apartment projects, SOMERSET RAMA9 and LYF SUKHUMVIT 8, will start to operate which will enhance our portfolio from recurring income”.

Dr.Chaiyuth also said that “As we always mention that we continue to emphasize on financial discipline with keeping net interest-bearing debt to equity at 1 time. We need to ensure that we achieved the company’s growth without adding harmful risks which may affect the stability of the company in the long term.