In 2024, the Thai economy is expected to grow in line with the economic cycle, though the recovery remains uneven and fraught with significant uncertainties. The economy is projected to expand by 2.5%, primarily driven by domestic factors, including the continued recovery of the tourism sector, sustained growth in private consumption supported by tourism and increased employment, heightened government spending playing a more prominent role in driving the economy, and private sector investment expected to grow in tandem with the expansion of the service sector and industries related to infrastructure development.

However, domestic factors that may pressure Thailand’s economic growth include high household debt levels amidst rising borrowing costs, potential severe drought impacts, and structural issues such as an aging population, labor shortages, and declining competitiveness in several industries. External risks include the impact of historically high interest rates in major global economies, which could pressure the global economy and financial sector, the slowdown of the Chinese economy amidst vulnerabilities in its real estate sector, economic polarization between the United States and China, and the potential escalation of geopolitical conflicts. Despite these challenges, demand for residential properties from foreign buyers continues to rise, particularly among Chinese and Taiwanese buyers, who are increasingly focusing on real estate in major tourist destinations and the Eastern Economic Corridor (EEC) areas such as Phuket, Chonburi, Chiang Mai, and Surat Thani, shifting from their previous focus on Bangkok and its metropolitan areas. Additionally, purchasing power from Russian, Ukrainian, and Myanmar nationals fleeing conflict has contributed to condominium purchases, particularly in Phuket, Chonburi, and Bangkok, for use as secondary residences.

Over the past year, the company has continued its operations under a strategic focus on developing condominium projects near mass transit systems to provide “solutions for urban living.” This approach aims to address urban challenges while enhancing the quality of life for city dwellers. The company achieved pre-sales of THB 16,129 million, representing a 17% increase, transfers of THB 11,972 million, representing a 9% increase, and international market transfers of THB 4,671 million, representing a 41% increase from the previous year. These achievements reflect growth across all metrics. The company remains committed to delivering the best living experiences to its customers while continuously improving product standards and after-sales services to meet the satisfaction and lifestyle needs of urban residents, in line with the ANANDA SURE standards. Regarding the progress of the Ashton Asoke project case, the management and the subsidiary owning the project are currently exploring solutions in collaboration with relevant government agencies. Various approaches are being considered to identify the most appropriate resolution. The subsidiary owning the project remains confident in its ability to address the issue within the legal framework and estimates that clarity on the resolution timeline will emerge by the first quarter of 2025. However, as the resolution process involves multiple stakeholders, the timeline may be subject to change depending on evolving circumstances.

In 2025, the company has three bond series maturing: ANAN251A and ANAN251B, amounting to THB 1,811.70 million and THB 1,176.60 million, respectively. The company has already fully repaid these two bond series as of January 15, 2025. Currently, one remaining bond series, ANAN256A, amounting to THB 2,275.80 million, is due for repayment on June 9, 2025. The company has prepared a repayment plan for this bond series, which includes issuing new bonds and utilizing credit facilities from financial institutions. The company has consistently recognized the importance of its bond repayment plans and has proactively prepared to ensure that it can execute the plans communicated to bondholders and investors.

As a representative of the company, I would like to extend my gratitude to our customers, investors, shareholders, bondholders, partners, and financial institutions for their trust and confidence in the company’s management. Additionally, I would like to thank all employees and executives of the company for their dedication and hard work. It is through the support, knowledge, expertise, professionalism, and creativity of everyone involved that we have become a leading real estate developer addressing urban lifestyles and a pioneer in developing condominiums near mass transit systems, as we are today.