LPN Development to launch five more condo projects worth Bt10 bn by year's end

"We are confident our presales will achieve the target after the company recorded presales worth Bt10 billion in the first seven months of this year," managing director Opas Sripayak said yesterday.

The company is also confident of reaching its revenue target of Bt16 billion after transferring Bt3 billion worth of condominium units to customers last month. This put the total value of its transfers at Bt10.39 billion for the first seven months of this year.

In the first half of this year, LPN Development recorded revenue of Bt7.39 billion and net profit of Bt1.11 billion, up 47.2 and 56.33 per cent respectively from the same period last year.

Opas said the company also had a backlog of homes awaiting transfer to customers worth Bt18.7 billion. Of that, Bt8.7 billion worth will be transferred before the end of this year, and the rest in 2016. As a result, the company is confident of meeting or exceeding this year’s revenue target.

He said LPN expected an economic recovery during the current second half of the year. The company has observed a rise in demand since June as people who had put off purchasing a home early in the year finally decided to buy.

"We believe that the five new projects we are launching during the rest of this year will get positive feedback from customers because they are in prime locations," Opas said.