Thailand’s Asian Property Development (AP) is eyeing revenue growth of 25 per cent to THB17 billion (US$559 million) this year, with plans to launch 20 new projects focusing on both condominiums and low-rise developments.
Chief executive officer Anuphong Assavabhokhin said that the company expects that 40 per cent of its revenue will come from condominiums, another 40 per cent from townhouses and the rest from single detached housing.
Last year, half of its revenue came from condominium projects, 40 per cent from townhouses and 10 per cent from detached homes.
AP currently has a backlog worth over THB25 billion (US$823 million) of units waiting for transfer to customers, THB11 billion (US$362 million) of which will be booked to revenue this year from five completed condo projects.
Among the 20 new residential projects to be launched this year, 13 which will be townhouse projects worth THB9.64 billion (US$317 million), six condominiums worth THB12.13 billion (US$399 million), and one detached-housing project worth THB1.75 billion (US$58 million).
Six of the 13 townhouse projects will be under the new brand, The Pleno, which targets middle- to lower-end market at prices from THB1.89 million (US$62,000).
Anuphong believed that all new projects would drive presales of around THB20 billion (US$658 million) during the year.
“It will be another tough year for property market in Thailand where we can foresee intense competitions among big and small developers. The rise of oil prices, which will drive up construction costs, as well as the increased interest rates, which will also affect the market. However these factors should not have a major negative impact on the our ready-for-sale projects because most home-buyers have saved enough to buy.” (Asia Property Development Website)
