SENA targets Bt200m from first mall

Sena Fest is on Charoenkrung Road in Bangkok’s Thon Buri district. Investment in the project has been Bt600 million since late last year. Up to 60 per cent of its investment budget is from a project loan from CIMB Thai Bank, company director Kessara Thanyalakpark said.

The project has bookings for 70 per cent of its retail space of 9,000 square metres at monthly rentals ranging from Bt1,000 to Bt2,000 per square metre. She added that the company aimed for rental revenue to account for at least 5 per cent of the total within five years.

To achieve this target, the company plans to develop its next retail business next year, a community mall, and is looking for a suitable location.

Sena also is renovating the golf operation in Pattaya that it took over last year, a project worth more than Bt400 million. This is one of its businesses that will generate rental and fee income as part of its plan to balance its portfolio for sustainable growth in the long term, Kessara said.

However, 90 per cent of the company’s income still comes from residential projects.

This year, the company targets revenue of Bt1.5 billion from its residential projects, both from its existing ones and from new ones being launched this year. Up to 70 per cent of its revenue this year will come from condominium projects.

Sena Development reported revenue of Bt347.95 million and net profit of Bt49.38 million in the first quarter of this year.

Kessara said the company planned to launch six new residential projects worth a total of Bt4.5 billion this year. They include detached houses, townhouses and condominiums.

Meanwhile, the company recorded presales worth Bt700 million in the first four months of this year towards its presale target of Bt1.8 billion for the full year.

"We believe that our presales will achieve the target this year when we see demand to buy homes recovering strongly after last year’s floods," she said.