Developer Sena budgets Bt1 billion for land purchases
Sena Development Plc has set aside a two-year investment budget of Bt1 billion to buy undeveloped land for residential projects.
The company plans to launch 11 residential projects worth Bt10 billion this year, targeting Bt4.5 billion in total pre-sales and Bt3 billion in revenue, company director Kessara Thanyalakpark said at a press conference yesterday.
In the first nine months of last year, the company recorded total revenue of Bt1.7 billion with net profit of Bt253 million.
The investment budget will come from the company’s cash flow and it will issue Bt1.2 billion worth of debentures in the first half of this year, she said.
Six of the 11 new projects to be launched this year will be single detached houses and townhouses, with condominiums making up the rest.
"We are confident that the property market will recover this year given the country’s stable political situation and the government's plans to invest in infrastructure projects. These will boost growth of the property market," she said.
However, she expressed concern over the country’s rising household debt as it would impact on the purchasing power of potential home-buyers of residential units costing less than Bt5 million each. Hence, the company’s residential projects this year will target buyers in the middle to upper-income market who have retained their purchasing power, she said.
