Aquarous Jomtien Pattaya, a luxury condo worth 4.5 billion baht, is AssetWise's first project in Pattaya.

SET-listed developer AssetWise set a record for revenue in the second quarter, driven by a strong performance from its campus condo and Phuket projects as the company expects to maintain momentum in the second half.

Chief executive Kromchet Vipanpong said the company registered revenue of 2.88 billion baht in the second quarter, marking year-on-year growth of 127% and boosting first-half revenue to 4.6 billion baht, a 54% uptick year-on-year.

"The key driver was Kave Town Island, a condo project near Bangkok University, Rangsit campus, which contributed 1.1 billion baht in revenue in the second quarter," he said.

He said campus condos had a very low mortgage rejection rate from banks at under 20%, as most buyers are investors who prefer a quick transfer to rent out the units as soon as possible. In contrast, other condo projects had rejection rates of up to 50%.

Presales in the first half tallied 10.7 billion baht, a 35% increase from the same period last year, achieving 60% of the annual target of 17.8 billion baht.

The key driver was two newly launched condo projects in Phuket, valued at a combined 10 billion baht, which contributed 46% of the total presales in the first half, securing the largest portion.

The company has four condo projects in Phuket worth a combined 16 billion baht, of which 50% have been sold on average and would be recognised in 2024-26, with the majority of buyers from Russia.

The company plans to launch at least three new condo projects in Phuket in the fourth quarter of 2024 and the first quarter of 2025.

In the second half, it plans to launch six new projects with a combined value of 12 billion baht.

The largest of these will be Aquarous Jomtien Pattaya, a luxury condo worth 4.5 billion baht, which would be the company's debut project in Pattaya, targeting Russians, Europeans and Chinese.

The company will also offer a leasehold purchase option for the foreign quota that exceeds 49%, similar to the offers made for Phuket projects.

"Overseas buyer markets not only boost our revenue and presales during weak domestic demand but also help improve our financial status," said Mr Kromchet. "Our cash flow has improved and our interest-bearing debt is reduced, thanks to substantial advance deposits from foreign buyers. Payment terms are structured as 25% each on the booking date, upon completion of the first floor, at the progress of interior decoration, and the remaining amount on the transfer date."