Thursday, December 05, 2019

Riding condo success, Ananda sees profits restored in Q3

Nov 13. 2019
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By THE NATION

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Property firm Ananda Development has bounced back from a decline in profits in the second quarter with a Bt234-million take in the third, a 95-per-cent jump from one quarter to the next, chief financial officer Chaiyuth Chunnahacha said on Wednesday (November 13).

“The profit came mainly from joint venture projects’ shared profits,” he said. “The company has promoted joint ventures continuously with our main ally, Mitsui Fudosan, a Japanese real-estate company.”

Ananda also expects condominium sales in the fourth quarter to be the highest of the year with construction wrapping up on several projects. 

“Meanwhile, the government’s decision to lower the interest rate and its stimulus measures for the property sector will help push the market in a good direction,” Chaiyuth said.

The firm’s backlog revenue in the third quarter was Bt29.3 billion, enough to support an increase in condo sales over the next three years. Cash flow was also strong. 

Ananda could secure more than Bt8 million in the final quarter, he said.

Upcoming are announcements about Bt13 billion worth of “Q” and “Ideo” projects under the concept “Ananda Urban Wellness”, to be built in hot locations Phrom Phong, Pra Khanong, Chula-Samyan and Charansanitwong.

There is also a new deal with real estate investment and development company U City to investigate the viability of developing a “smart city” and “technological and innovation hub” on 100 rai at Thana City, a village owned by the BTS Group.

Chaiyuth said the company’s strategy also includes building condos along railway lines as they continue extending. 

“The planned expansion from 109 stations today to 319 in the next 11 years is advantageous to us,” he said.

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