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Condo developer Ananda exceeds Q2 presales, transfers targets

Aug 11. 2020
Chaiyuth ChunnahachaAnanda CFO,
Chaiyuth ChunnahachaAnanda CFO,
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By The Nation

Ananda Development (ANAN), which specialises in condominium projects close to mass transit systems, said it had exceeded targets for presales and transfers by 28 per cent and 15 per cent in 2020 second quarter results released today.

Ananda faced a challenging second quarter due to the Covid-19 lockdown, which hit the property sector and wider economy, said the firm’s chief financial officer Chaiyuth Chunnahacha.

However, the company is satisfied with second quarter results with presales of Bt4.918 billion, 28 per cent above its target and up 13 per cent from the previous quarter.

The value of transfers is Bt3.767 billion, 15 per cent above target and up 7 per cent from the previous quarter.

Ananda’s backlog as of the second quarter is Bt28.5 billion, to be recognised over three years. Meanwhile, the company’s Q2 backlog to be recognised in the second half of 2020 stands at more than Bt10 billion, equivalent to 78 per cent of the transfer target.

The third quarter will see the company complete and start to transfer five new condominium projects worth a total Bt21 billion. They are Ashton Asoke-Rama9, Ideo Q Sukhumvit 36, Ideo Mobi Sukhumvit Eastpoint, Ideo Ratchada-Suthisan, and Elio Sathorn-Wutthakat. The latter will be finished in the third quarter, ahead of schedule.

The company also has serviced apartment projects to generate recurring income for long-term growth. Somerset Rama-9 and Lyf Sukhumvit 8 will open their doors in the third quarter this year, in line with government measures on tourism and improving market sentiment.

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