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Bangkok Post – Post-rejig, Sen X targets 40% growth

Mrs Suphin says Sen X aims to earn 1.4 billion baht in revenue by the end of this year, a 40% increase from around 900 million baht last year.
Mrs Suphin says Sen X aims to earn 1.4 billion baht in revenue by the end of this year, a 40% increase from around 900 million baht last year.

SET-listed property firm Sen X plans to restructure by merging subsidiaries related to property services, expanding to manage non-residential properties, adding new businesses and shifting to high-priced housing segments to secure 40% growth by year-end.

Suphin Mechuchep, chief executive of Sen X, said dissolving and consolidating the three subsidiary companies into business units under the company’s umbrella would help reduce redundancy in back office operations and save on costs.

“Some jobs such as human resources, legal, payroll and accounting can be shared within the group,” she said. “After dissolving and consolidating, the number of staff at each subsidiary can be reduced by 20%.”

The three subsidiaries the company plans to dissolve are: Acute Realty, a property agent; Victory Management Service, which manages residential projects developed by its parent firm Sena Development Plc; and ACR Management, which manages other (non-Sena) residential projects.

After the restructuring, the company’s property management business will expand to non-residential projects, focusing on commercial properties such as office buildings, retail spaces, hotels, serviced apartments, warehouses, logistics facilities, industrial estates and factories.

At present, it manages a warehouse covering 800 square metres on Sukhumvit Soi 50 and another measuring 27,000 sq m on Bang Na-Trat KM 23, both owned by Metrobox, a warehouse and self-storage developer and a subsidiary of Sena Development.

“The housing development business operates in cycles,” said Mrs Suphin. “It becomes particularly challenging when demand growth fails to match the increasing supply. To mitigate risks, we must diversify into new ventures.”

One of the two new business areas is retail products, catering to customers seeking furniture, decorative items and built-in services.

The other is digital business, in which the firm has invested around 30 million baht to develop applications.

Smartify Home offers an app that combines products and services related to residences, including bill payment, maintenance requests, an EV shuttle service and facilities reservations for both its own and Sena’s customers.

Mrs Suphin said Sen X set a budget of 900 million baht to buy new plots of land for the future development of residential projects. One of them will be a project of single detached houses with units priced from 30 million baht.

Sen X aims to earn 1.4 billion baht in revenue by the end of this year, a 40% rise from around 900 million baht last year.

The key driver will be from the residential development business, generating around 1.1 billion baht while the other 300 million would come from property services.

SOURCE: Bangkokpost.com : Property (go to source)
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