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.

SA currently has in hand a total of 13 projects altogether worth more than 32,000 million baht, over 80 percent of which are located in CBDs and New CBDs, as well as 9,000 million baht's worth of backlog awaiting deed transfers which started to be realized as from the fourth quarter of 2020 onward. In addition, the Company has the policy to pay out dividends to shareholders at not less than 40 percent of net profit of the financial statements after deducting various reserves of the Company.

Company's performance in the first nine months of 2020 (January-September) showed a total revenue of THB 2,060.6 million with the biggest proportion of the revenue being realized from real estate sales, grown continuously over the years in step with the increase in real estate projects that have been completed and have started the deed transfer process to the customers. The net profit for the period was THB 283.9 million, supported by the increase in prices at some projects and the efficient cost management at new projects.

Mr. Lec Sicoravit, President of Asia Plus Advisory Company Ltd, as financial advisor, said SA is a Company with efficient business management through the application of experience and knowledge developed from its construction contracting business both for cost management and construction technique while offering real estate business-related services such as condominium management as juristic person, real estate project development for sale in the form of branded residences, and food and beverage business, etc.

SA clearly has the advantageous strength when compared to competitors and has managed to grow its business operation continuously despite the ongoing Coronavirus pandemic that has affected the overall economic conditions. Therefore, the Company's IPO was tremendously well received by the investors due to the strength of its real estate business foundation and the strong sustainable growth potential.

Released by Public Relations Dept., MT Multimedia Co., Ltd. for Siamese Asset Plc.Orn-anong (Fah) Pattaravejkul, +66 86 884 4458, +66 2 612 2081 ext. 129, ornanong.p@mtmultimedia.com.

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