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LPN Development Raised Presale Target in 2013 Featured

 Lumpini Park Beach Jomtien project developed by LPN Development Lumpini Park Beach Jomtien project developed by LPN Development

LPN Development has raised its 2013 presale target from Bt20 billion to Bt24 billion. After witnessing strong demand for the condominium projects it launched during the first eight months of 2013.

The company also rescheduled to 2014 the launch of five new projects originally planned for the second half of this year when its presales exceeded the target early on, managing director Opas Sripayak said.

The company plans to launch a large condo project, Lumpini Township Rangsit-Klong 1 worth Bt7 billion, on October 12, and targets presales of at least Bt4 billion from it.

Another Bt2 billion will come from its new luxury condominium project The Lumpini on Sukhumvit 24 that will launch in November. The two projects will likely boost presales over the early estimate of Bt20 billion.

The five other projects originally planned for the current half will now be launched in the first quarter of 2014, he said.

However, the company is maintaining its 2013 revenue target of Bt15 billion. It recorded revenue of Bt6.79 billion and net profit of Bt1.16 billion in the first half.

Demand growing

Opas said demand in the second half was still growing, especially for homes costing no more than Bt2 million. As a result, LPN decided on a starting price of Bt639,000 per unit for Lumpini Township Rangsit-Klong 1. The project has 10,154 units. The first phase of 4,000 units will go on sale on October 12.

Construction will begin before the end of this year and the first phase will be transferred to customers in 2014. All 10,154 units will be completed by the end of 2015.

The project also has a community mall jointly developed with Siam Future Development. It will have retail space of 6,000 square metres to support at least 20,000 people who will stay in its township.

"After this project we plan to launch other township concepts elsewhere in Bangkok," LPN chief executive officer Tikhamporn Plengsrisuk said.

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