PROPERTY
The SET-listed developer Asian Property Development Plc (AP) is looking to spur its condominium sales by offering 13 new and completed projects at a fair, expecting sales of 600 million baht over four days.
Vittakarn Chandavimol, the deputy chief strategic marketing officer, said the company had confidence in the condominium market even though its prospects are clouded by an oversupply.
In the second quarter, condominium sales grew year-on-year, particularly in the price segment of 500,000 to 2 million baht a unit.
“There was a large number of condominiums launched outside the central business district, and it’s a very competitive market,” he said yesterday.
The company is holding a fair until Sunday at Siam Paragon in Bangkok, where it is offering discounts for the remaining units at 13 condominiums worth a total of 11 billion baht as well as on 88 units at six completed projects.
AP recently launched two condominium projects. The Rhythm Sukhumvit 44/1, with 486 units worth 2.6 billion baht, has been 33% sold.
The other was the Aspire Srinakarin with 330 units worth 500 million baht which has been 20% sold.
The company expects 20 billion baht in presales and 16 billion baht in revenue by the end of 2011.
It plans to launch a total of 18 new projects worth over 20 billion baht this year. In the first half, it launched nine projects worth 11 billion baht and will launch another nine projects worth 10 billion baht in the second half.
The company expects sales to improve in the second half. It posted 7 billion baht in sales during the first five months of the year, accounting for 30% of the annual target of 20 billion baht.
As of the end of May, AP had a sales backlog of 27.61 billion baht, comprising 23.24 billion baht from condominium units and 4.37 billion baht from single houses and townhouses. Of the total, it targets to realise 7.42 billion baht this year.
AP shares closed yesterday on the Stock Exchange of Thailand at 5 baht, down 10 satang, in trade worth 114 million baht.
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About the author
Writer: Kanana Katharangsiporn
Position: Business Reporter