Monday, August 26, 2019

AP launches six residential projects worth Bt18.5 bn

Aug 01. 2019
AP (Thailand) Plc ‘s chief corporate strategy and creation  officer, Vittakarn Chandavimol(left) at press conference/photo by The Nation
AP (Thailand) Plc ‘s chief corporate strategy and creation officer, Vittakarn Chandavimol(left) at press conference/photo by The Nation
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By Somluck Srimalee
The Nation

1,471 Viewed

Listed property firm AP (Thailand) Plc on Thursday (August 1) launched six new residential projects worth Bt18.47 billion, which will enable the company to achieve its presale target of Bt41.8 billion at the end of this year.

The six projects are a part of its 23 new residential projects worth Bt27.26 billion in the second half of this year, the company’s chief corporate strategy and creation Vittakarn Chandavimol, said at a press conference on Thursday.

The projects are: four single detached houses and townhome such as Sonne Srinakarin-Bangna worth Bt630 million, The City Ekkamai-Laprao worth Bt1.02 billion, Cetro Maha Chesadabodin Bridge worth Bt370 million, and Grande Pleno Ratchapruek worth Bt1.35 billion, as well as two condominium projects, Life Sathorn Sierra worth Bt6.3 billion and The Address Siam-Ratchathewi worth Bt8.8 billion.

They will be launched at the AP World event at Parq Paragon from August 1-7 by expects    presale up to Bt800 million from seven days event.

 

“The six new projects will boost our presales to achieve our target for this year,” he said.

AP (Thailand) Plc announced that total presale for the first six months of 2019 represented a 20-per-cent growth over the same period last year.

Of the 23 projects launched in the rest of this year, 12 are townhomes worth Bt9.25 billion, 10 are single detached houses worth Bt11.715 billion and one is a condominium project worth B 6.3 billion. 

“Despite the many factors that shaped the real estate industry in the first half of the year such as the slowdown in the world economy or the domestic control measures that affected the business atmosphere, we believe there is still a demand from customers looking for a residence. It is just that the demand is more specific. This means that the location, the house model and the price package must be absolutely right to warrant a buying decision,” he said.

“In the second half of the year, we believe that every developer will be alert and watch the situation closely. The main factor that will stimulate public confidence and buying and selling is clarity in the political situation. In particular, we will see a clearer future after the new government and its economic team are formed. The industry is expected to benefit from the new government’s economic stimulus plan, which should help get national economic growth back on track again,” Vittakarn said.

As of June 30, the company had a backlog valued at Bt57.31 billion, of which low-rise developments account for Bt10.13 billion. All are expected to be realised within this year. Condominiums (joint ventures included) account for Bt47.18 billion, Bt5.65 billion of them wholly owned by AP and Bt2.604 billion of them will be realised this year. Of the Bt42.53 billion worth of joint venture projects, Bt5.505 billion will be realised this year and the remainder through to 2023.

In summary, the company has 40 new projects worth around Bt58.05 billion.

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