LPN plans 10 new condo projects next year, eyeing 10% revenue growth

This year’s target is Bt13 billion, though the company only saw revenue of Bt3.3 billion and net profit Bt441.4 million in the first half.
Managing director Opas Sripayak said LPN would have five condo projects worth Bt10 billion ready to transfer to customers in the current second half. Up to Bt3 billion worth will transfer in the current quarter, and the rest in the final quarter. This will take the company to its full-year revenue target of Bt13 billion, up 5 per cent from last year’s Bt12.44 billion.
Currently the company has a backlog – projects ready to transfer to buyers – worth Bt20 billion, half of which will be delivered in the current half of this year, and the rest next year.
It also plans to launch two new condominium projects worth Bt6 billion in the second half to boost 2012 presales to Bt26 billion, Opas said.
He added that the company had set aside an investment budget to acquire Bt3 billion worth of land next year to support annual business growth averaging 10 per cent. One or two land plots will be in cities outside Greater Bangkok, such as Chon Buri, Pattaya, Cha-am or Hua Hin.
Meanwhile, the company is pursuing a “Liveable Community” concept, and yesterday signed a contract with CP All to open 7-Eleven convenience stores at its condominium projects. The first 15 stores in LPN condo complexes will open this year.
LPN has developed 86 condominium projects in metropolitan Bangkok since it established its business 20 years ago. CP All managing director Piyawat Titasattavorakul said the company planned to open 7-Eleven branches at all LPN condo projects, including new ones, because it sees strong demand from people who live in them.