Mr. Prasert Taedullayasatit, Chief Executive Officer of Property Business at Ananda Development Public Company Limited (SET: ANAN), told ‘Kaohoon Turakij’ that the Ashton Asoke project case is currently undergoing the process of applying for a new construction permit.
This follows a suggestion from the Council of State, which stated that the Ashton Asoke project does not need to be demolished, while the Supreme Administrative Court has annulled the previous building permit.
ANAN has been directed to apply for a new permit, which can be backdated, and the company expects to receive the new permit within 2025. Once obtained, the entire legal process will be complete.
ANAN has focused on preserving liquidity and maintaining its credit reputation by repaying both debentures and debts to financial institutions. Over the past 1-2 years, the company has repaid approximately 20 billion baht in debentures and about 5 billion baht in loans to financial institutions, totaling around 25 billion baht, all made on time with no delays in principal or interest payments.
Amid current market challenges, Prasert highlighted the company’s backlog, which is being managed through portfolio adjustments. ANAN expects to transfer ownership of backlog sales worth about 12 billion baht in 2025, mainly from three newly completed condominium projects: Culture Chula, Culture Thonglor, and Ideo Ramkhamhaeng – Lam Sali Station, all situated in prime locations.
For Ideo Ramkhamhaeng – Lam Sali Station, a 1.7 billion baht project, ownership transfers commenced in late May. Within the first 30 days, 30–40% of the project value had already been transferred, reflecting strong demand and the benefits of the project’s strategic location.
The other two projects, Culture Chula and Culture Thonglor, are also in highly desirable areas. Both are expected to recognize revenue from a combined backlog of approximately 7–8 billion baht. Additionally, ANAN holds inventory valued at 18 billion baht, supporting continued sales and income during the challenging market conditions expected over the next 1–2 years.
Looking at the broader property sector, Prasert described the current environment as a “perfect storm” due to negative domestic and international factors and natural disasters affecting the Thai economy and industry over the past six months. Despite various stimulus or support measures, these challenges remain overwhelmingly negative.
Prasert noted that real estate enterprises must be cautious with business expansion and focus on maintaining stability. He anticipates that the company’s financial results in 2Q25 will enter a recessionary phase, followed by a “hard landing”.
However, he emphasized that, in the current environment, business resilience and liquidity management are essential. By preserving robust liquidity, ANAN is well-positioned to weather the ongoing period of uncertainty.
