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Politics 'dampening home sales'

The Nation June 9, 2008 Political uncertainty was the main reason for TCC Land Development to postpone a number of projects this year, CEO Soammaphat Traisorat said at the weekend. He said concerns over political troubles had dented sales of its residential projects. While bookings for its homes fell, TCC's hotel division had managed to maintain a positive level of bookings. "Our operations had been performing well under our previous plan. But we are now concerned renewed political uncertainty could affect our businesses in the second half," he said. Soammaphat said the troubles, if unchecked, could have a negative impact on future projects. The company had earlier earmarked 4-5 projects, including condominiums and hotels, for approval by its board of directors. The size of the condominium projects vary between Bt700 million and Bt2.5 billion each, while that of hotel projects was expected to cost Bt1.5 billion. "Politics may affect the returns from these projects. We may reduce the number of new projects from 5 to 2 or 3," he said. TCC Land Development has three ongoing projects worth Bt5 billion with construction set to start this year. Soammaphat said the company was now considering launching a number of property funds.

 

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