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Property Perfect Plans 12 New Projects Before Year-End Featured

Thailand leading property developer property perfect plans to launch 12 new residential projects worth Bt10 billion after the company recorded presales worth Bt6.6 billion in the first half of 2013.

Chief executive officer Chainid Ngowsirimanee said six of the new projects would be for detached houses and the others condominiums, including one in Hua Hin.

"We target presales of Bt10 billion in the second half of 2013 from both existing and new projects launched this half," he said.

This is expected to drive full-year presales to Bt18 billion and total revenue to the targeted Bt15 billion.

Property Perfect recorded revenue of Bt4.83 billion in the first half, up 13.93% from the same period last year. However, net profit was Bt94.47 million, down 47% year on year. This was because of higher management costs after the launch of condominium projects in the first six months, Chainid said.

Still, he believes that the company will meet its presale and revenue target in the current half as it has a backlog worth Bt3.5 billion that will generate revenue from four condominium projects that will transfer to its customers in this period.

The firm plans to set up a property fund worth Bt515 million in the current half after selling its Uniloft Salaya dormitory to the fund. It also plans to sell part of its land on Chang Wattana Road and in Bang Bua Thong worth Bt600 million.

Property Perfect is planning a marketing campaign called "Perfect Big Day" from August 17-25, offering discounts, zero interest for the first nine months of mortgages on detached houses and townhouses, and zero interest for the first year for condos. The campaign covers 30 projects nationwide.

"We believe that this campaign will boost our sales in the second half of this year," he said.

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