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AP plans 11 projects by end of next year

Bangkok Post Sept 15, 2009 Listed developer Asian Property Development Plc (AP) plans to launch at least 11 projects worth a total of 19 billion baht by the end of 2010, said chief executive Anuphong Assavabhokhin. The Address Asoke, worth 3.3 billion baht, will be on a four-rai site will contain 574 units priced from 3.95 to 9.3 million baht, an average of 110,000 baht a square metre. After a soft launch last week, the project has already been 60% sold. This year, three condominium projects under The Address brand worth a total of 9.5 billion baht and a 370-unit single-house project in Ekamai-Ram Intra worth 1.8 billion baht will be launched. "So far, we have planned seven new projects next year, but there will be more as we will buy many land plots by early next year," said Mr Anuphong. The company will generate at least 7 billion baht from condominium unit transfers by the fourth quarter and the first quarter next year, he said. During the first eight months, AP recorded sales of 9.5 billion baht. It had a total sales backlog of 14 billion baht and inventory of 8 billion. It has targeted 13 billion baht in sales and 10 billion in revenue this year, an increase of 10-15% on 2008. Three condominium projects being launched in October will include The Address Asoke, worth 3.3 billion baht. Its four-rai site will contain 574 units priced from 3.95 to 9.3 million baht, an average of 110,000 baht a square metre. After a soft launch last week, the project has already been 60% sold. On Soi Sukhumvit 28 a 2.2-billion-baht project on a two-rai site will contain 246 units priced from 7 to 17 million baht, or 140,000 baht a sq m. On Soi Sathorn a 4-billion-baht project on a three-rai site will have 562 units priced from 4.95 to 16.5 million baht, or 120,000 baht a sq m. "Some of the new launches were postponed from late last year as the sentiment was unfavourable," he said. "But this gave us more time to work out the details of the projects." Consumer confidence improved in the second quarter, when AP launched two condominium projects which are now 80-90% sold, he said. Strong sales have been restricted to large developers due to their strong finances and good support from financial institutions, he added. "Housing prices are set by competition. They depend on location and type as well. If competition is high, the prices cannot be raised," said Mr Anuphong. Condominiums remain popular, seeing more movement than low-rise units, he said. Since early in the year, 9,442 new condominium units have been launched in the market - accounting for 39.6% of the market, while townhouses made up 29.9% and single houses 24.6%. Some condominiums have also seen increases in value.

 

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