Apsorn Holding Launches 4 Projects Worth 3.16 Billion Baht

Apsorn Holding expects the real estate market to face ongoing headwinds in the second half of the year, with secondhand homes now commanding 67% of market share compared to just 33% for new properties. The company is launching four new projects worth 3.158 billion baht and expanding into international schools, community malls, and secondhand home operations, targeting 400 million baht in annual recurring revenue. Akkadate Udomsirithammrong, COO of Apsorn Holding, noted that overall residential transfers nationwide in Q1 2025 reached approximately 72,000 units, showing year-on-year growth but still trailing 2023 levels by about 20%.

Secondhand homes have overtaken new properties as market dynamics shift. Gross profit margins for listed property firms have compressed from 35-36% to just 28%, forcing companies to tighten operational expenses. Chiang Mai's recovery lags the national average, though new-home sales represent only 25% of that market, indicating fiercer competition. Foreign buyer demographics in Chiang Mai have shifted significantly, with Chinese buyers declining from 70-90% to roughly 50%, while American and Myanmar buyers increase due to new embassy expansion and direct flight routes.

In Phuket, Apsorn is developing condominiums starting at 70,000-80,000 baht per square meter under the "Arise Vibe Phuket" project valued at 1.115 billion baht, with 78% already sold; 40% of buyers are foreigners paying 50% downpayments. Koh Samui remains an emerging market with strong condo transfer growth of roughly 80% over two years, prompting the company to develop the "D Astra Samui" project on land opposite Anantara Bophut. The company plans to launch four new projects totaling 3.158 billion baht in the second half, including three condominium projects and one horizontal development.