Property firm cuts revenue, presale targets

Property Perfect has cut its targets for this year’s presales and revenue to Bt14 billion and Bt12.5 billion respectively from the early estimate of Bt15 billion after real-estate demand in the first nine months were lower than predicted.

"We hope the [government] stimulus package for the property sector will boost our presales and revenue in the final quarter to achieve the new target," chief business development officer Wongsakorn Prasitvipat told a press conference held to launch its latest marketing campaign and new detached-house design yesterday.

Currently, the company has an inventory worth Bt10 billion of homes ready to move into and those under construction and that will be completed within six months. The stimulus package, which becomes effective on Monday and will stay in force until the end of April, will help move those homes, he said.

The company targets presales worth Bt6 billion this quarter after recording presales worth Bt8 billion in the first nine months of the year.

Property Perfect also targets fourth-quarter revenue of Bt6 billion after successfully transferring Bt6.5 billion worth of homes to customers in the first nine months.

The company has a backlog worth Bt6.7 billion. Of that total, Bt1 billion worth are detached houses and townhouses, and the rest condominium projects. Up to Bt600 million of the backlog will booked as revenue this quarter. About Bt3.5 billion will booked as revenue next year, and the rest in 2017, he said.

In an effort to achieve its presale and revenue target, Property Perfect has launched a promotional campaign. People who buy a home in one of its projects between now and November 1 will get a special interest rate of 3 per cent per annum for the first 30 months of the mortgage. The company will also hold a special event for condominium sales from October 30 to November 1 at Siam Paragon.

At yesterday’s news conference, the company also introduced its latest design for detached houses, "Active Airflow", joining with Siam Cement Group to develop innovative homes.

"This design will boost the price of a home by 3 per cent, but it is a better system for the home of the future. We believed this will match customers’ demand [for homes priced] between Bt3.39 million and Bt60 million at all of our detached-housing projects," Wongsakorn said.