CPN Residence aims for double digit growth

This year, the company has proposed six new residential projects worth Bt5 billion to its board of directors. Three of them worth Bt1.97 billion have already got approval while the other three are awaiting a decision to considering, the company’s managing director Kree Dejchai said at press conference recently. 
The three new projects to be launched this year will be located in Chiang Mai, Chiang Rai, and Nakhon Ratchasima province. All of them will be located close to Central Shopping Centre in all provinces. 
“Our business strategy is to launch our new projects located close to Central Shopping Centre nationwide and that is the key to our success in the three condo projects worth Bt3 billion being sold out last year,” he said. 
“When we launched our three projects last year at Chiang Mai, Khon Kaen and Rayong, we had to answer serious questions such as how to sell our condominium projects at a time when condo units in provinces had oversupply. But we were successful in selling all of them within five months of their launch, thanks to most of them being located close to a shopping mall. This created value for the condominium projects,” Kree said. 
With the initial success in selling three condominium projects last year, Kree added that the company was confident about launching new residential projects in provinces by focusing on land located close to its parent company’s shopping centre. The company also plans to launch new residential projects in Bangkok this year. 
The company also plans to launch new residential projects worth at least Bt5 billion a year to boost its total revenue growth to double digits a year to achieve Bt5 billion total revenue in 2021, up from the estimated total revenue of Bt3 billion in 2018, when it transfers its three condominium projects under the brands Escent in Chiang Mai, Khon Kaen and Rayong. 
Kree added that its new residential projects would combine both condominium, single-detached houses and townhouses. They also will focus on location, design, and function to serve different demands in different markets. 
“We believe that we will be a part of the business unit that will generate significant income to Central Group in the next five years from now,” Kree said. 
CPN Residence Co Ltd started operating the business three years ago. It launched three condominium projects last year after studying the provincial market for two years and decided to have its projects located close to Central Group’s shopping centres. After successfully selling their businesses within five months, they are working on business expansion over the next two years.