Sena Development, a SET-listed property developer, remains committed to its ambition of hitting a 10 billion baht transferral target for the year, even though the first half of 2025 yielded only about 22% of that goal. The company is counting on a rebound in transfers in the second half, supported by a robust slate of ready-to-transfer condos and low-rise houses with a combined value of around 11.4 billion baht, of which condos are planned to contribute about 84%. A flagship condo project, valued at roughly 2.5 billion baht and 96% sold, is scheduled for completion and transfer in the third quarter, underscoring the confidence behind the second-half ramp-up. While the 78% remaining portion of the annual target poses a challenge, Sena emphasizes a determined push to reach it.
Overview of Sena Development’s Year-End Target and Early-Year Performance
Sena Development has laid out a clear, forward-looking plan to convert its healthy backlog and incoming demand into tangible transfers by year-end. The first half of 2025 saw activity that underscored a cautious but resilient market environment: demand persisted, yet buyers remained hesitant to close deals or finalize transfers. This hesitation aligns with ongoing macroeconomic headwinds and financing hurdles that have kept the sales cycle lengthening in certain segments and locations. In this context, the company is banking on several levers to bolster performance in the latter half of the year.
A central pillar of Sena’s strategy is prioritizing the sale and transfer of ready-to-transfer inventory. This approach is designed to reduce selling risk and accelerate cash flow by focusing on units that can be quickly handed over to buyers once approvals or funding align. The plan calls for converting a combined value of 11.4 billion baht in ready-to-transfer condos and low-rise houses in the second half of the year, with condo properties expected to contribute the lion’s share—84% of that total. This emphasis on inventory that is already near completion or fully completed is a classic tactic in real estate markets where buyers seek certainty and speed in the closing process, particularly when financing obstacles or market volatility create longer decision windows.
The company highlights a specific condo project valued at about 2.5 billion baht that is already 96% sold, which is slated for completion and transfer in the third quarter. This milestone demonstrates that at least some segments of Sena’s portfolio can convert quickly once product-market fit is achieved and financing conditions cooperate. The note about the remaining 78% of the annual target being challenging conveys the reality that not all projects will move at the same pace; nevertheless, Sena remains optimistic about achieving the overall annual objective through execution discipline, mix shift toward faster-to-close properties, and ongoing demand resilience in select submarkets.
Two core strategies introduced in the previous year remain in place as levers to stimulate sales and transfers. The rent-to-own scheme is designed to reach buyers who are not yet prepared to commit to a mortgage or whose loan applications have been rejected. Since its inception in mid-2024, the program has covered 1,000 units worth around 2 billion baht. In the first half of 2025, approximately 60 units were transferred to buyers after they secured mortgage approvals, illustrating that the program can deliver pipeline conversion when financing is accessible. The company notes that demand persists, but a portion of buyers are not ready to purchase or transfer, and the sluggish economy has driven higher loan rejection rates of 40–60%, varying by location and segment. This context helps explain why the rent-to-own pathway remains essential as a bridge to final ownership for buyers who face financing constraints.
A second key strategy involves renting Sena’s units to prospective customers who are undecided about location, who prefer renting to buying, or who want to experience living in a unit before committing to purchase. This approach aims to convert uncertainty into eventual ownership by affording a trial experience and location exploration that might tip the balance toward a future sale. In tandem with these strategies, Sena also references potential macro-support measures that could indirectly bolster condo sales. In particular, a projected 20-baht mass transit fare for certain lines could enhance affordability and accessibility for buyers in outer suburban areas, which may translate into higher demand for condo living in those locations during the fourth quarter. Additionally, a downward trend in interest rates would ease borrowing costs for both developers and homebuyers, supporting transaction activity across the board.
The first half of 2025 produced a solid presales performance, with 8.84 billion baht in presales across 3,733 units. A notable feature of this mix is that 68% of presales came from joint ventures with Hankyu Hanshin Properties Corp., the Japanese developer. Looking ahead, Sena expects full-year presales to reach about 17.5 billion baht, implying a substantial ramp-up in activity as the year progresses. In terms of transfers, the company reported 2.24 billion baht in transfers from 1,058 units in the first half, and the management reiterates its full-year target of 10 billion baht in transfers. This set of numbers reflects a pattern where presales momentum supports subsequent transfer activity, but the timing and pace of closures depend on financing approvals, project completion schedules, and buyer decision cycles.
This section also touches on Sena’s broader customer service and after-sales strategy. In response to the bankruptcy filing of Zhejiang Hozon New Energy Automobile, the parent company of NETA, Sena’s subsidiary Sena Green Automotive is exploring after-sales support for customers who purchased NETA electric vehicles under Sena’s umbrella. While Sena has ceased selling NETA vehicles, there are still 30 cars under existing deals that need to be fulfilled. The handling of these remaining deals will influence the company’s revenue recognition and customer satisfaction in the near term, even as it winds down new vehicle sales. The company’s approach underscores a careful balance between honoring existing commitments and managing exposure to a supplier with a disrupted business model.
In summary, Sena Development’s year-end target remains a central strategic anchor, with a clear emphasis on converting ready-to-transfer inventory, leveraging rent-to-own and rental models to expand reach, and exploiting favorable financing and policy dynamics to unlock a higher pace of transfers in the second half of the year. The company’s near-term roadmap is built around converting backlog into revenue and cash flow while managing a complex macro environment that includes financing constraints, market volatility, and evolving consumer preferences.
The Second-Half Pipeline: Ready-to-Transfer Condos and Low-Rise Homes
A defining element of Sena Development’s plan for the remainder of 2025 is a robust pipeline of ready-to-transfer products designed to shorten closing timelines and reduce the typical delays that can drag a real estate project into next year. The emphasis on ready-to-transfer assets reflects a strategic pivot to products that do not require lengthy construction periods or long approval cycles before they can be handed over to buyers. This approach is particularly critical in a market where buyers may face financing frictions or where interest-rate environments can influence the timing of loan approvals and closings.
The combined value of ready-to-transfer condos and low-rise houses targeted for sale in the second half stands at about 11.4 billion baht, with condos accounting for 84% of this total. The corporate rationale behind this split is to leverage the higher turnover speed of condo units, which are typically easier to finance due to their often-lower price points per unit, shorter closing cycles, and greater liquidity in urban and suburban markets. By prioritizing condos in the immediate pipeline, Sena aims to maximize the number of units that can be transferred in a shorter timeframe, contributing directly to the annual transfer target.
Within this pipeline, a specific condo project valued at around 2.5 billion baht has achieved a high degree of market traction, with 96% of units sold. Management projects this project to be completed and transferred in the third quarter, reinforcing the expectation that sales momentum can translate into timely closings when product-market fit is strong and financing processes align. While this performance is encouraging, Sena remains mindful that the overall challenge remains the remaining 78% of the annual transfer target. The company’s leadership emphasizes an execution-focused mindset, aiming to close as many deals as possible through a combination of faster-to-close inventories, enhanced buyer support services, and efficient internal operations.
In addition to the active project mentioned above, Sena’s second-half plan involves maintaining flexibility to adapt to market conditions. The company’s experience with rent-to-own and rental strategies provides a means to convert potential buyers who encounter barriers to outright purchases into eventual homeowners. The second-half push also includes a careful consideration of pricing strategies, unit mix, and location targeting to optimize conversion rates. The goal is not only to close as many deals as possible but also to secure sustainable margins that can support ongoing development activity and capital discipline in the face of price fluctuations and financing volatility.
The broader market context for these efforts includes considerations around affordability, supply dynamics, and consumer sentiment. In suburban and peri-urban areas where Sena operates, the affordability calculus is affected by mortgage rates, down payment requirements, and streamlining of loan approvals by financial institutions. The company’s rent-to-own program appears to be a direct response to such conditions, offering an alternative path to ownership for buyers who require more time or who are navigating temporary credit constraints. The availability of ready-to-transfer inventory also helps mitigate risk, as sellers can avoid protracted construction delays and the uncertainties that can accompany pre-sales in late-stage development cycles.
As Sena advances into the second half of 2025, the company’s project management discipline will be put to the test by a mix of product types, geographies, and financing environments. The readiness of units, the speed of transfer processing, and the efficiency of after-sales support will all contribute to the strength of the company’s reported results. While the broader market conditions will inevitably shape these outcomes, Sena’s emphasis on ready-to-transfer inventory and strategic use of rental-based pathways positions it to capitalize on improved demand when conditions permit and to maintain a steady cash flow through the year’s latter months.
Contingencies and Execution in a Dynamic Market
In any plan predicated on quarter-to-quarter shifts in demand and financing approvals, Sena Development acknowledges the importance of contingency planning. The company’s strategy to rely on two established approaches—rent-to-own and a rental channel for undecided buyers—reflects a forward-looking attempt to diversify the conversion funnel and reduce the risk of unsold inventory at period end. As market conditions evolve, Sena will need to monitor indicators such as mortgage approval rates, consumer sentiment indices, and infrastructure developments (including mass transit pricing changes) that have the potential to influence buyer behavior and location desirability.
Moreover, the company’s focus on ready-to-transfer assets in combination with a strong condo component aligns with observed market patterns where buyers seek speed, certainty, and lower friction in the purchase journey. The ability to close transfers quickly on a significant share of the pipeline could be a differentiator relative to competitors with longer build cycles or limited inventory liquidity. Sena’s operational readiness—ranging from staging of units for immediate transfer to efficient handover processes—will be essential to achieving the targeted transfer volumes in the second half.
Overall, the second-half pipeline presents a balanced mix of completed or near-completed projects designed to maximize transfer velocity, while the broader strategy preserves flexibility through rent-to-own and rental arrangements. The combination of inventory quality, timely completions, and supportive financing conditions will determine how effectively Sena can translate its ambitious target into realized results as the year progresses.
The 2.5 Billion Baht Condo Project: A Case Study in Quick Turnover
Among Sena’s notable second-half initiatives is a condo project valued at approximately 2.5 billion baht. Management reports that this project is 96% sold and is scheduled for completion and transfer in the third quarter. This project serves as a concrete example of the company’s ability to convert high-demand inventory into timely revenue under favorable market conditions. The high sale rate prior to completion demonstrates strong market appetite for Sena’s condo products and validates the effectiveness of its pricing, product mix, and sales execution in capturing demand.
The implications of this project extend beyond its immediate financial contribution. By achieving a swift conversion to transfer, Sena can strengthen its cash flow profile, reduce carrying costs associated with unsold inventory, and free up capital for reinvestment in additional units or new developments. The project also signals to investors and lenders that Sena possesses a proven capability to execute on near-completion inventory with a high likelihood of timely transfer. The success of this project may influence financing terms, project selection criteria, and risk assessment for future projects, as lenders often weigh the speed of turnover and the reliability of transfers when evaluating credit risk and liquidity.
From a strategic perspective, the project reinforces Sena’s reliance on a blend of near-completion inventory and flexible sales channels to optimize turnaround. It demonstrates that the company’s pricing strategy, unit mix, and marketing approach are aligned with buyer demand in certain submarkets, enabling a fast-paced closing process when the conditions are right. The ongoing challenge remains in achieving the remaining proportion of the annual transfer target, which will depend on additional completed and marketable units, as well as the continued effectiveness of rental and rent-to-own programs in converting market interest into ownership transactions.
As the year progresses, Sena will likely monitor the performance of the 2.5 billion baht project and other near-completion stock to gauge the pace of transfers, adjust pricing or incentive programs if necessary, and ensure that the overall backlog and pipeline remain sufficiently robust to hit the annual goal. The experience from the third quarter transfers on this project could inform best practices for other near-completion assets and help shape the company’s strategy for the remainder of the year and into the next.
Rent-to-Own and Rental Strategies: Core Tools for Buyer Conversion
Sena Development’s two-pronged strategy remains central to its efforts to sustain momentum and bridge financing gaps for buyers. The rent-to-own program is designed to support buyers who are not ready to take out a mortgage or whose loan applications have been rejected. By enabling a path to eventual ownership while the buyer builds credit, improves financial readiness, or secures a loan, the company expands its potential buyer pool beyond those who can immediately secure financing. Since its mid-2024 launch, the rent-to-own program has covered 1,000 units valued at 2 billion baht, illustrating notable scale and effectiveness in expanding the reachable market. In the first half of 2025, roughly 60 units transferred to buyers after mortgage approvals, indicating that the program can transition from rental to ownership when buyers secure financing. The program’s contribution to the sales pipeline is particularly meaningful in a climate where high rejection rates—reported at 40–60% across sectors and locations—pose a hurdle for outright purchases. This program helps maintain transaction velocity even when traditional financing terms are tight, aligning with Sena’s objective of sustaining transfers across the year.
The second pillar—the rental channel for undecided buyers—offers another route to engagement, allowing potential purchasers to experience living in Sena’s units before committing to purchase. This approach can help reduce the perceived risk of ownership for buyers who are weighing location choices, evaluating the suitability of a property for their lifestyle, or testing the day-to-day living experience in a particular community. By enabling trial living, Sena aims to shorten the decision window, increase buyer confidence, and ultimately convert rentals into traditional ownership transactions as buyers become more comfortable with the property and the surrounding area. The rental strategy operates synergistically with the rent-to-own program by creating a continuum from rental exposure to ownership, offering flexibility for buyers and diversification of the company’s revenue streams.
The broader market dynamics reinforce the rationale for these strategies. With economic headwinds and the potential for higher financing costs, buyers may delay or defer upfront purchases, creating a longer purchase cycle. Rent-to-own and rental options help maintain demand continuity by supplying flexible routes to ownership, which can be especially valuable in markets with varying affordability and where infrastructure investments influence property desirability. Sena’s approach also aligns with consumer preferences that prioritize flexibility, trial experiences, and location exploration before making long-term commitments. As such, these strategies are not only tactical responses to current constraints but also strategic differentiators that enable Sena to capture a larger share of the buyers’ journey.
In addition to the direct impact on sales and transfers, these programs have implications for the company’s operating model, financing, and risk management. Rent-to-own arrangements require careful risk assessment of buyer credit profiles, potential defaults, and the terms of lease agreements that transition to ownership. They also necessitate robust property management and escrow arrangements to ensure smooth handovers when ownership transfers occur. The rental channel requires clear terms regarding rental rates, duration, and conversion rights, as well as diligent tenant screening and maintenance standards to preserve asset value. Sena’s capabilities in these areas will be tested as the second half unfolds, with performance dependent on both market conditions and the effectiveness of the company’s execution in sales, leasing, and after-sales support.
From a marketing perspective, the rent-to-own and rental programs can be leveraged to differentiate Sena in competitive markets by offering buyers practical pathways to ownership and flexibility beyond traditional mortgage-based purchases. The ability to present a clear, sequenced path from rental or rent-to-own to ownership can be a persuasive proposition for buyers who value control, predictability, and the opportunity to build equity while mitigating risk. In practice, success with these programs depends on effective customer education, transparent contracts, and a track record of reliable delivery and service throughout the ownership lifecycle.
Overall, the rent-to-own and rental strategies are foundational aspects of Sena Development’s plan to sustain demand, reduce the risk of prolonged inventory holding, and push closer to the yearly transfer target. As the second half progresses, the company will seek to optimize these programs by refining eligibility criteria, enhancing customer support services, and aligning incentives to maximize conversion rates. The effectiveness of these strategies will be closely watched by investors and industry observers as a key indicator of Sena’s capacity to navigate financing constraints, adapt to changing market conditions, and deliver consistent performance across its portfolio.
Market Demand Dynamics: Rejections, Transit, and Interest Rates as Levers
An important macroeconomic backdrop informs Sena Development’s near-term outlook: the rate at which buyers can secure mortgages and the overall ease of financing within the real estate market. The company notes that the demand for its properties persists, but a portion of buyers remains hesitant to purchase or transfer, reflecting broader concerns tied to the economy and credit conditions. The reported loan rejection rates—ranging from 40% to 60% depending on location and segment—underscore a challenging financing environment that can slow transaction velocity even when buyer interest remains robust. This reality reinforces the importance of the rent-to-own and rental strategies as practical mechanisms to navigate the financing bottlenecks that can otherwise hinder sales performance.
In addition to financing dynamics, Sena points to the potential impact of public policy changes on buyer behavior. The anticipated 20-baht fare for mass transit lines is viewed as a policy tool that could improve accessibility and reduce commuting costs for residents in suburban areas. By improving mobility and reducing daily living costs, such a measure could indirectly boost demand for housing in remote or suburban markets, particularly for condo developments that offer proximity to transit hubs. The fourth-quarter timing aligns with a period in which buyers may re-enter the market as affordability improves and financing conditions become more favorable.
Interest-rate trajectories also factor into Sena’s assessment. A downward trend in interest rates would lower the cost of capital for both developers and homebuyers, potentially stimulating more activity in the housing market. For buyers, lower borrowing costs can translate into lower monthly payments or higher purchasing power, making higher-value units and premium locations more accessible. For developers, lower financing costs can improve project economics, reduce discounting pressure, and support more aggressive sales incentives when needed. Sena’s commentary suggests that any easing in rates could be a meaningful tailwind for both presales and transfers in the latter part of 2025.
The company’s first-half results reflect a market where demand exists but buyers require flexibility and timing alignment to convert interest into formal ownership. The rent-to-own program, which provides a bridge to ownership for buyers facing financing constraints, complements the broader demand picture by enabling more buyers to participate in Sena’s portfolio even as conventional mortgage access remains imperfect. The rental option adds another channel by enabling buyers to experience living in a Sena property and to build affinity with a community before committing to purchase. Taken together, these dynamics suggest Sena’s second-half performance will depend on a combination of product availability, financing accessibility, policy developments, and the effectiveness of its customer-facing programs in converting interest into ownership.
From an investor-relations perspective, the interplay between demand dynamics and Sena’s programmatic flexibility is a focal point for evaluating the company’s risk-adjusted return potential. While the risk of continued financing headwinds remains, the company’s strategic emphasis on ready-to-transfer inventory, rent-to-own, and rental pathways provides a diversified approach to generating near-term revenue and cash flow. The ability to monetize completed inventory quickly, coupled with a flexible, customer-centric approach to ownership transition, could position Sena to weather fluctuations in the broader real estate market and sustain momentum into the next year.
Presales, Transfers, and Full-Year Outlook: Decoding the H1 2025 Performance
Sena Development released a set of compelling indicators from the first half of 2025 that help frame its expectations for the full year. On the presales front, the company reported 8.84 billion baht in presales across 3,733 units, with a sizable 68% of these presales attributable to joint ventures with Hankyu Hanshin Properties Corp., a major player in the Japanese real estate market. This concentration of presales within a JV framework underscores the importance of strategic alliances in expanding Sena’s reach, accelerating project development timelines, and leveraging international partners’ capital and market access. The emphasis on joint venture contributions can also provide financial and operational synergies, including shared risk, knowledge transfer, and access to additional project pipelines.
For the full year, Sena projects presales to reach 17.5 billion baht, suggesting a more than doubling of the year-over-year pace if the second-half performance aligns with the stated expectation. This presales trajectory points to a pipeline built on both existing projects and newly marketed assets designed to attract buyers seeking a combination of location advantages, product quality, and favorable financing terms. The 17.5 billion target implies that the company is aiming to convert a majority of its presales into actual transfers to sustain revenue generation and debt service obligations.
In terms of actual transfers, Sena posted 2.24 billion baht from 1,058 units in the first half of 2025, reinforcing the correlation between presales momentum and transfer velocity. The company’s annual target remains 10 billion baht in transfers, underscoring the scale of the challenge but also the potential for a strong second-half performance given the ready-to-transfer inventory and acceleration strategies described earlier. The transfer pace in the second half will be a critical determinant of whether the company can close the gap left by the slower first half, and it will also influence perceptions of the company’s operational execution and market positioning.
Beyond these core numbers, Sena is actively pursuing after-sales enhancements, particularly in relation to NETA electric vehicles. Sena Green Automotive, one of Sena’s subsidiaries, had previously served as a dealer for NETA. Following the official bankruptcy filing of Zhejiang Hozon New Energy Automobile, NETA’s parent company, in June 2025, Sena stated that it is no longer selling NETA vehicles. However, there are 30 cars under existing deals that still require fulfillment, presenting a near-term opportunity and a potential risk factor. The company’s approach—balancing responsibility toward existing customers with the need to discontinue direct sales—will influence customer satisfaction, brand perception, and revenue recognition related to these deals. The NETA situation highlights how corporate partnerships and supplier solvency can impact aftermarket revenue and service requirements.
In summary, Sena Development’s first-half performance established a foundation for an ambitious full-year plan, anchored by a robust presales pipeline (notably with a significant JV contribution), a sizable ready-to-transfer inventory, and two flexible buyer pathways designed to manage financing constraints. The second half’s performance will hinge on how effectively the company can translate presales into transfers amid market headwinds and how well its sales channels, rental constructs, and after-sales commitments are executed. The closing months of the year will be decisive in determining whether Sena can achieve its 10 billion baht transfer target and sustain momentum into 2026.
After-Sales and Strategic Partnerships: NETA Vehicle After-Sales and Corporate Resilience
An additional strand of Sena Development’s strategic considerations for 2025 relates to after-sales support for customers who purchased NETA electric vehicles through Sena Green Automotive, a subsidiary that previously acted as a dealer for the Chinese EV brand. This follows the bankruptcy filing of Zhejiang Hozon New Energy Automobile, the parent company of NETA, in June 2025. Sena clarified that it is no longer selling NETA vehicles, yet there remain 30 cars under existing purchase deals that must be fulfilled. This situation places a special emphasis on after-sales service, warranty administration, and parts supply—areas where Sena must maintain a high level of customer support to protect its reputation and avoid potential remediation costs.
From a strategic standpoint, after-sales support for customers with existing NETA deals can help preserve trust in Sena’s brand and its ability to fulfill commitments even when a supplier’s corporate risk changes. It also raises considerations about how the company can leverage service networks, spare parts availability, and customer communications to minimize dissatisfaction and ensure a smooth transition for customers who remain under existing contracts. The decision to discontinue new NETA vehicle sales while honoring existing commitments indicates a precautionary response to broader supplier risk while preserving a channel for revenue from active deals.
This dimension of Sena’s business strategy illustrates how the company manages complex relationships with suppliers and aligns its portfolio with changing market dynamics. It underscores the importance of robust after-sales capabilities as a cornerstone of customer satisfaction and long-term loyalty, particularly in the electric-vehicle segment where servicing, software updates, and supply chain continuity play important roles in customer experience. The NETA situation also has potential implications for Sena’s broader corporate governance and risk management practices, as management must balance strategic partnerships, product diversification, and customer obligations in the face of external disruptions.
Operational Outlook, Risks, and Strategic Takeaways
Looking ahead, Sena Development’s plan for the remainder of 2025 rests on several critical operational pillars. First, the execution of the ready-to-transfer inventory strategy will be pivotal. By focusing on units that are near completion or fully completed, Sena attempts to shorten closing cycles, improve cash conversion, and realize revenue faster. The ability to deliver on a high proportion of the 11.4 billion baht second-half pipeline will be a primary determinant of whether the company can reach its 10 billion baht transfer target. Second, the rent-to-own and rental channels will continue to serve as flexible pathways to ownership, expanding the pool of potential buyers and cushioning the impact of financing constraints. The success of these programs will depend on careful risk management, clear contract terms, effective customer support, and disciplined pricing strategies.
Second, macroeconomic and policy developments—most notably interest rate trajectories and public transit policy—will influence housing affordability and buyer behavior. The anticipated 20-baht transit fare could lift demand in outer suburban areas where Sena has projects and could improve accessibility for potential buyers. Lower interest rates would ease financing costs for both developers and buyers, potentially accelerating presales and transfers. Sena will need to monitor these policy shifts and adapt its marketing and pricing to capitalize on any favorable conditions.
Third, the NETA-related after-sales arrangement highlights the importance of risk management and customer service in a portfolio that includes automotive-related activity. Sena’s ability to fulfill outstanding NETA deals, sustain customer satisfaction, and manage supplier risks will have downstream effects on brand value and revenue streams beyond housing sales. The company’s stance of no longer selling NETA vehicles while honoring existing commitments indicates a measured approach to portfolio risk and customer rights, but it also requires ongoing operational diligence to avoid reputational risk.
Fourth, the company must continue to manage potential inventory risk, geographical concentration, and project-specific variables that can influence transfer timing. With 1,058 transfers in the first half from a total of 1,058 units, and a year-end target of 10 billion baht in transfers, Sena has clearly set a high bar. The question going into the second half is whether the combination of ready-to-transfer inventory, rent-to-own, rental channels, and policy tailwinds will deliver the lift needed to meet or exceed that goal. Execution discipline, pricing adaptability, and a focus on high-demand submarkets will be crucial as the year progresses.
Fifth, reflecting on the financial performance indicators, the company’s presales and transfers illustrate a pipeline transformation from early-stage demand to realized revenue. The high proportion of presales from JV arrangements underlines the importance of strategic partnerships in expanding Sena’s distribution network and project portfolio. As the year advances, the company will need to maintain a delicate balance between aggressive sales targets and prudent risk management to ensure sustainable profitability and liquidity.
In sum, Sena Development’s strategic posture for the latter part of 2025 emphasizes inventory readiness, buyer-friendly financing solutions, flexible ownership pathways, and proactive risk management across its diversified portfolio. The company’s ability to adapt to market dynamics, capitalize on policy changes, and deliver timely transfers will be central to achieving the 10 billion baht annual transfer milestone while maintaining investor confidence and long-term growth trajectory.
Conclusion
Sena Development remains committed to achieving its 2025 transfer target of 10 billion baht, even as the first half produced only 22% of that goal. The company is betting on a robust second-half pipeline worth 11.4 billion baht in ready-to-transfer condos and low-rise homes, with condos comprising about 84% of the total. A 2.5 billion baht condo project that is 96% sold and slated for Q3 transfer epitomizes the momentum Sena seeks to translate into full-year outcomes. The two key strategies—rent-to-own for buyers facing mortgage challenges and a rental pathway to win over undecided buyers—have been retained and expanded as essential tools to navigate financing headwinds, which have driven loan rejection rates to about 40–60% across segments and locations.
The company’s willingness to leverage policy signals, such as the potential 20-baht transit fare, and to benefit from a downward trend in interest rates, reflects a broader strategy that blends product readiness, financing flexibility, and macroeconomic timing. The first-half presales results, at 8.84 billion baht across 3,733 units and led in large part by a joint venture with Hankyu Hanshin Properties Corp. (68% of presales), set a foundation for the year’s growth trajectory, with full-year presales projected at 17.5 billion baht. Transfers in H1 reached 2.24 billion baht from 1,058 units, reinforcing the link between presales momentum and transfer activity while underscoring the challenge of translating demand into ownership amid ongoing financing constraints.
Beyond housing, Sena is also addressing after-sales considerations for NETA electric vehicles through Sena Green Automotive, following the parent company’s bankruptcy filing. While Sena has ceased NETA vehicle sales, 30 cars remain under existing deals requiring fulfillment, illustrating how supplier risk and contractual commitments can shape near-term revenue and customer service strategies. These developments demonstrate Sena’s ability to manage a diversified portfolio with a clear focus on delivering outcomes to buyers, preserving brand integrity, and maintaining financial resilience in an evolving market environment.
As Sena moves into the second half of 2025, execution excellence, disciplined risk management, and customer-centric programs will be put to the test. The company’s ability to convert ready-to-transfer inventory, sustain entrepreneur-like flexibility through rent-to-own and rental models, and navigate external pressures will determine whether the 10 billion baht transfer target can be achieved and whether Sena can sustain momentum into 2026 and beyond. The ongoing emphasis on synergy between presales, transfers, and after-sales commitments will shape Sena’s long-term performance and investor confidence in a dynamic real estate landscape.
