“Chewathai” has set its revenue target for 2020 at 2 billion Baht with a backlog of 1,572 million Baht, aimed at recognizing this year’s revenue of 796 million Baht, and planned to launch 4 new projects worth 3,602 million Baht, comprising 3 horizontal projects and 1 vertical project.  

Mr. Boon Choon Kiat, Managing Director of Chewathai Public Company Limited or CHEWA discloses that the Company has set the sales target for 2020 at 2 billion Baht, up from last year’s 1,154 million Baht, as the Company currently has a backlog of 1,572 million Baht and expects to recognize revenue of 796 million Baht in 2020 while the rest will be continuously recognized.

In addition, the Company has started recognizing revenue of other 3 condominium projects including 1. Chewathai Hallmark Charan 13 with project value of 430 million Baht, of which revenue is expected to be recognized in Q1/20; 2. Chewathai Kaset-Nawamin with project value of 1,700 million Baht, of which revenue is expected to be recognized in Q3/20; and    3. Chewathai Residence Thonglor with project value of 1 billion Baht, of which revenue is expected to be recognized in Q4/20.

Meanwhile, in 2020, the Company will launch 4 new projects worth 3,602 million Baht in total, consisting of 3 horizontal projects worth 2,266 million Baht: 1. Chewa Home Krungthep-Pathum with project value of 903 million Baht to be launched in Q1/20; 2. Chewa Home Rangsit-Pathum with project value of 1,093 million baht to be launched in Q2/20; and 3. Heart Sukhumvit 36 with project value of 270 million baht to be launched in Q1/20 in which CHEWA holds a 70% stake.

At the same time, the Company will launch 1 more vertical project, namely Chewathai Interchange Lam Sali with project value of 1,336 million Baht in Q4/20. The Company has also set an investment budget of 858 million Baht to buy land for this year’s project development.

The Company’s initial prospects for this year’s overall real estate market are considered not bright enough due to a tendency towards lower gross domestic product and higher household debt as in accordance with stricter loan-to-value (LTV) or bank’s credit approval measures. However, the Company has still noticed the customer group with real demand and expected to gain benefits from such factors.

“This year is another challenging year for the Company to be more cautious when doing business. In light of those factors, the Company views that this is still an opportunity to implement strategies for strengthening its internal work process, for example, study and exploration of land and locations for new projects, product design and quality control as well as differentiation of a wide variety of functions to respond to the needs of customers. Given that customer needs are currently changing over time, the Company has then placed priority on this matter in order to create its stable and sustainable growth in the future”, says Mr. Boon Choon Kiat.