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The listed developer Prinsiri Plc is still confident in the condominium market with a plan to launch at least three new projects worth a combined five billion baht next year, according to assistant managing director Numchai Wanaphanubeth.

Three high-rise projects will be in the Taksin area, about 200 metres from the new BTS station; Pin Klao opposite Central Pin Klao; and in the Chatuchak area near the BTS station.

It also plans low-rise condominiums in the Pattaya and Rama II areas. The 553-million-baht Pulse Pattaya Sai 2 will have eight floors with 209 units at an average price of 2.64 million baht. It will be launched in the first quarter next year.

Mr Numchai said the company had not yet finalised the plan for its Rama II site. However, if the company decides to develop a condominium, it would have budget units priced from 700,000 baht each. The company also plans about six detached-house and townhouse projects next year.

Prinsiri plans another two projects worth a combined 900 million baht this year. They are the 497-million-baht Prinyada Samakkee estate comprising 119 single houses at an average price of 4.17 million baht a unit, and the 400- million-baht Prinyaluck Samakkee with 207 townhouses averaging 1.93 million baht a unit.

Last week, the company opened pre-sales of two projects worth 1.42 billion baht in the Rama V area: the 504-million baht Prinyada Rama V with 156 duplex units and the 918-million-baht Prinyaluck Rama V with 414 townhouses. The company sold only two units during its launch event despite having hundreds of visitors.

Chath Kovitchindachai, vice-president for finance, said it was the first time that the company had used a pre-sales approach so its marketing team would adjust the strategy to turn visitors into buyers.

Altogether, Prinsiri has 3,582 units worth a combined 11.2 billion baht at an average price of 3.12 million baht for sale this year. During the first half, it recorded 3.376 billion baht in sales, up 41.7% from 2.86 billion in the same period last year. Prinsiri targets six billion baht in sales for the full year.

The company realised 1.125 billion baht on revenue in the first half, about 12% short of its projection. However, Mr Chath was confident that Prinsiri would be able to reach the target of four billion baht through aggressive marketing of single houses and townhouses on which revenue would be realised within this year.

Prinsiri has a sales backlog of 3.4 billion baht, of which about 1.2 billion baht would be realised this year and the rest next year. About half of its projected revenue of six billion baht next year would come from the transfers of three condominium projects.

Prinsiri also wants to increase its capital by offering 335 million shares, at one-baht par value, to the public. However, the plan has delayed due to volatile market conditions.

Mr Chath said Prinsiri still had sufficient cash flow to operate the planned projects but the capital increase would expand its capacity to accumulate land for future developments. It has set aside two billion baht this year to buy land plots.

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