Property / SC Asset

Editorial staff

SC Asset Corporation Plc (SC), Thailand's leading property developer, announces it will allocate 25 billion baht to continuously expand a diverse range of businesses from residential, warehouses, hotels and offices buildings this year.

Natthaphong Kunakornwong, the companpy’s CEO, said that 2024 is a year that the speed of property project sales will be slower while the debt and operation cost will be higher than last year. Investors, partners and customers are also quite cautious to invest in property projects.

Bangkok Boulevard Singnature Banghae

Though all factors would result into a hiccup investment this year, SC Asset will continue to invest with eight business strategies , aiming at reaching a new high in sales of 28 billion baht, divided into landed property at 65%, condominium at 35%, and a portfolio revenue of 26.5 billion baht.

The company will allocate 25 billion baht in investment this year. Of the total, 10 billion baht will be used for plot land and the remaining 15 billion baht will be used for construction of its projects. About 90% of the total investment this year will gear toward the expansion of its property projects while the remaining 10% will gear toward diverse projects.

Grand Bangkok Boulevard BangNa

He said the company will develop 17 projects in total, costing 30 billion baht in 2024. For 15 new property development worth 25 billion baht, it will highlight the new brand “Connoisseur,” starting at 80 million baht, and specialized lifestyle homes #SCIntrovertHome and #SCExtrovertHome.

While two new condominium projects, which are worth 5 billion baht and under the 'Reference' brand, will be opened in the Ekkamai-Thonglor by the middle of this year and nearby campus area will be at the end of this year.

He adds that the company will open Kromo hotel, located on Sukhumvit 29, by the end of this year. The hotel has 306 keys and managed by Curio Collection by Hilton. Another hotel with 161 key hotels will be opened in Pattaya. With the opening of two new hotels, it will have a total of 545 keys including Yanh Ratchawat with 78 keys which is already operational.

"SC is ready and committed to growth in our 3rd decade according to the vision of SC the Evolution, growing by adapting to context, growing by creating value for people and the planet,’’ Mr Natthaphong said.

Grand Bangkok Boulevard BangNa

Apart from its diverse expansion, the company has a goal of reducing greenhouse gas emissions by 25% in 2030. The organization has installed solar roofs on office buildings and residential projects, installed EV chargers at office buildings and condominiums, switched to LED lighting, and changed the cooling systems in office buildings, which helped reduce GHG emissions by more than 1,500 tCO2eq in 2022-2023. The goal is set to reduce greenhouse gas emissions by 15% from regular operations by 2024.

Mr Natthaphong adds that SC expects to generate sales over 150 billion baht in portfolio revenue for 5 years (2024-2028) from a diverse range of businesses. It will achieve its goal by investing appropriately for continuous growth by maintaining a debt-to-equity ratio (D/E) below 1.5 and achieve a profit mix from a diverse range of businesses, expecting the profit contribution from recurring income businesses will exceed 25% over the next five years from current 15%.