New developer Mana Patanakarn to bank on parent firm's expertise
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CONSTRUCTION company Nawarat Patanakarn has established a property firm, Mana Patanakarn Co, with registered capital of Bt600 million. Its first three residential projects, worth Bt2.3 billion, will be developed this year.
Nawarat Patanakarn president Polpat Karnasuta said his company held 99.99 per cent of Mana Patanakarn, which will develop residential, office and warehouse projects.
“We decided to expand into the property business when saw that market demand had the potential to generate high returns, as we have the construction technology to be competitive with other property developers,” said Polpat, who is also vice chairman of Mana Patanakarn.
The company targets revenue from its new property arm of Bt300 million this year and hopes for annual revenue of Bt2 billion by 2019. It plans between one and three residential projects a year, worth about Bt800 million each.
Two of this year’s projects will be for detached houses and will be worth a total of Bt1.6 billion, and the third project worth Bt700 million will be a condominium.
Mana Patanakarn chief executive officer Pasan Swasdiburi said that for the first three years, the company would focus on homes, office buildings and warehouses, and then expand into the such projects as serviced apartments, hotels and community malls.
The company targets total presales from its three projects this year of Bt900 million, generating revenue of Bt300 million. It also targets revenue of Bt650 million next year and Bt1.2 billion in 2017, rising to Bt2 billion by 2019.
Baranee Park Romklao is the first detached-housing project to be launched by Mana Patanakarn, worth Bt900 million and with starting prices of Bt8.89 million per unit, managing director Apichart Rakchang said.
The other two projects will launch in the second half of this year, he said.
“We believe that the demand for detached houses is still strong, especially in the middle to upper market,” he said.
