Contractor rides on condo boom
Contractor and property developer Pre-Built Plc is targeting revenue growth of 23 per cent to Bt3.7 billion this year, thanks to growing condominium projects around Bangkok.
Managing director Wirot Charoentra said contractors are engaged in more condominium projects in the first quarter of this year than in the same period last year. Both listed and non-listed developers are expanding investment in such projects. Due to the limited number of contractors, it has created business opportunities for Pre-Built to get new contracts.
The company is engaged in construction valued at Bt5 billion, of which Bt2.4 billion comes from existing projects clinched last year. The remaining Bt2.6 billion is from new projects won in bidding this year. The company will also bid for new contracts worth Bt5 billion in the next eight months. They include condominium, office building, and manufacturing facilities located in Bangkok and provinces such as Hua Hin and Pattaya.
Due to the increase in the number of new projects for construction, the company has to boost its skilled labour from 3,000 to 4,000 to serve the new construction projects this year, he said. With the number of new projects on hand, the company is targeting total revenue of Bt3.7 billion at the end of this year, up 23 per cent from its total revenue of Bt3 billion last year. The company is also targeting total revenue of Bt10 billion in the next three to five years.
