Message from the CEO

Maneuvering through a major corporate transformation was a proven challenge for us. Despite some impediments experienced in the first half of the year, we rebounded strongly in the latter part and finished the full year with a set of healthy results. Through those hurdles, we also managed to establish some crucial partnerships in which we believe to be underpinning for NVD’s future growth.

Overcoming Transformation Impacts

Subsequent to the merger in early 2017, NVD opted to capitalize on DAII’s capability and transform our project construction method from conventional to prefabrication. Applying prefabrication method on sophisticatedly-designed Nirvana houses took slightly longer than anticipated. New project was not being launched in time to sustain growth during the first half. Thanks to our business model of multiple revenue streams, the trend was reversed by the year end.

The first few units of our ultra-luxury condominium, Banyan Tree Residences Riverside Bangkok, were ready for ownership transfers in the fourth quarter, labelling it the highest quarterly earnings in our history. Besides, a part of our high-potential landbank was put into a promising joint venture partnership with Japan’s largest home builder.

Partnerships for Growth

After recapitalization through the merger, we pledge to reinstate returns for our shareholders. To speed up that process, one approach is to partner with strong and eminent player. In the third quarter of 2018, a joint venture company was set up in partnership with Daiwa House Industry of Japan. Sharing similar philosophy in creating values for individuals, communities, and people's lifestyles, we collaborate in a development of a single-detached housing project with all-new design of our legendary Nirvana BEYOND series. We intend to incubate this relationship into a long-term partnership for more opportunities together in the future.

Another type of essential partnerships believed to provide solid growth platform is through what we call “Turnkey Solution” approach. Landbanks in prime locations are becoming increasingly difficult to acquire. Instead of competing and driving up land acquisition costs, we choose to partner with land owners. Through Turnkey Solution, NVD provides our full-range, end-to-end expertise in project development under Nirvana brands portfolio, creating higher values for the land owners, delivering quality, high-end products to customers at a more affordable price point, and lastly containing development risks for NVD. With this approach, NVD poises, not only to be able to expand in Bangkok’s central business districts, but to capture pockets of attractive demands in less competitive markets countrywide.

On behalf of Management of NVD, I would like to take this opportunity to express sincere gratitude to Shareholders, the Board of Directors, Joint-venture Partners, Business Partners, Customers, Employees, Financial Institutions, and other relevant parties for their trusts and continued supports for NVD. I pledge to lead and put in all our efforts to achieve our goals in maximizing shareholders’ value in the forthcoming years.

Mr. Sornsak Somwattana

Chief Executive Officer