PF Accelerates Asset Sales to Service Bond Interest Payments and Employee Salaries, Plans Workforce Reduction of Over 100 Staff Amid 40-Year Sales Low
Property Perfect is accelerating asset sales worth over 2 billion baht, including Silom office buildings and riverfront land, to cover bond payments and salaries as it faces 40-year low sales and plans to cut over 100 jobs.
Property Perfect (PF) is advancing its liquidity management following the completion of all scheduled bond interest payments in May, while accelerating the sale of assets including Silom-area office buildings and Chao Phraya riverfront land valued at over 2 billion baht to strengthen cash flow. The company is also reorganizing its structure and reducing its workforce by over 100 employees after posting first-quarter sales representing a 40-year low.
Sanit Artanasksul, CEO of Property Perfect Public Company Limited, revealed that the company has successfully paid the PF263A bond interest due on May 25, 2025, following completion of nine other bond interest payments due in May 2025. These include five bonds maturing between May 7-11 (PF264A, PF265B, PF268A, PF25NA, and PF258B) and four bonds maturing on May 18-19 (PF258A, PF265A, PF268B, and PF26NA).
Following the bond interest payments, Sanit stated that the company plans to enhance liquidity to ensure full payment of employee salaries, with asset sales progressing as scheduled. The company has agreed to sell a six-story office building on Silom Road worth 150 million baht and 8 rai of riverside land near IconSiam valued at 2 billion baht, from which the company holds a 9% stake in the joint venture and expects to receive funds within three months.
Some asset sales have been delayed due to global economic uncertainty and Middle East conflicts affecting the investment climate. However, the company believes the situation is becoming clearer and anticipates improved momentum for other business transactions.
The company will continue implementing cost-control measures and operational efficiency improvements through organizational downsizing and reduction of over 100 employees in the second half of the year, with human resource management aligned to current business directions.
"In Q1 2025, our sales hit a 40-year low, requiring us to accelerate new strategies to boost sales for both housing and condominium projects," Sanit said, adding that the company plans to implement a new standard housing construction strategy emphasizing environmental conservation and reduced household expenses, while improving quality of life through upgraded club facilities converted into health centers. The company will also integrate AI systems into real estate business management.
