“Nirvana thrives despite challenges, launching Nirvana PORCH and achieving strong sales. In 2025, we expand with township, Basement Concept, and a Sukhumvit 23 condo.”

The year 2024 has been a challenging year for the Thai economy and real estate sector. The economy grew slower than expected due to both domestic and international negative factors, such as the global economic slowdown, the Russia-Ukraine war, inflation, high interest rates, and rising household debt. These factors have caused the real estate market to face challenges, and developers must adapt to the situation. This includes developing projects that meet the changing needs of consumers and managing costs efficiently.

Despite the overall challenges in the real estate market, Nirvana has maintained strong performance by focusing on high-end customers and developing projects in prime locations. This has helped build a strong customer base and garnered positive feedback, especially in areas such as the eastern side of Bangkok, including the new Krungthep-Kreetha Road and Srinakarin-Romklao areas. Nirvana has developed township projects based on the concept of Nirvana Living Revolution, which focuses not just on housing but also on designing an integrated living experience. A key part of this concept is Nirvana PORCH, which aims to enhance the lives of residents. The Nirvana PORCH project was officially launched in the third quarter of 2024.

This community development approach allows target customers to see the convenience of living in the area and the potential for growth, which will increase the value of these locations in the future. Projects in these prime areas have been well received. For example, the Nirvana @WORK Krungthep Kreetha project sold out within hours, with sales exceeding 200 million Baht, despite being an off-plan sale without show homes. Additionally, the ultra-luxury detached house project Nirvana Collection Krungthep Kreetha, which is the company’s flagship project, achieved over 500 million Baht in sales before its official launch.

Looking ahead to 2025, the company will focus on implementing strategic actions aligned with the momentum of the economic situation and the overall market. The goal is to pursue steady growth while capitalizing on high-potential assets. Nirvana will continue to develop real estate projects targeted at upper-middle-class customers and focus on township projects. Plans are also in place for new housing projects with a unique Basement Concept on prime land near Nirvana PORCH. Additionally, the company is planning to launch a condominium project in a high-potential location on Sukhumvit 23.

On behalf of the management team, I would like to express our sincere thanks to our shareholders, partners, customers, employees, financial institutions, and all stakeholders for their ongoing trust and support.

Mr. Sornsak Somwattana

Chief Executive Officer