SET-listed developer Siamese Asset plans to diversify to asset management, technology and health and wellness businesses to increase non-property income from 5% to 20% of total revenue by 2026.
Chief financial officer Suphon Chongchintaraksa said the new ventures will help stabilise the company's revenue, preventing dependence solely on property development.
"Asset management is attractive as there are many non-performing assets available in the market," he said. "We can continue development without waiting for an environmental impact assessment and construction permit."
On Nov 1 the company set up a new subsidiary, Siamese Asset and Wealth Management Co Ltd, with registered capital of 100 million baht.
In the second quarter of 2022, it plans to apply for a licence to operate an asset management business, then bid for a few projects including hotels and suspended projects in the third quarter. Revenue is expected by the fourth quarter, said Mr Suphon.
"The new businesses will complement our existing business," he said. "We aim to provide 500 electric vehicle chargers at our condo projects and 10,000 energy recovery ventilators for both condos and low-rise houses by 2026."
These equipment services will be operated by the company's new subsidiary, Siamese Technology, which was set up in September, said Mr Suphon. The subsidiary also plans to provide solar private power purchase agreement solutions and targets a 10-megawatt peak in 2026.
Siamese Asset wants to collaborate with partners in the health and wellness business and launch spa and wellness centres and telemedicine services at all of its hotels.
The company has four businesses, comprising property for sale, commercial property or hotel and retail, food and beverage and related services.
