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Sansiri ups land purchase budget

The Nation September 5, 2009 Apichart Chutrakul, CEO of property firm Sansiri, yesterday told a press conference the company had increased its budget for buying undeveloped land. The purchase of eight or nine plots is now targeted for this year, up from a previous goal of four or five. This is in addition to launching at least 19 new residential projects worth more than Bt17 billion over the next year. "We're expanding this investment in the final four months of this year because we've see the country's economy recovering since the second quarter, when our sales were higher quarter on quarter," Apichart said. Sansiri achieved first-half revenue of Bt6.5 billion, up 10.75 per cent year on year, for a net profit of Bt505 million, against a net loss Bt79.61 million in the same period last year. Sansiri is studying expanding into Malaysia, Vietnam and the US after having invested Bt600 million abroad in the second quarter. "Investing abroad is a challenge but vital to our business expansion," he said, but adding that the company had to think carefully before deciding on further international expansion. Sansiri has had a strong interest in developing its service management through its Plus Property and Touch Property subsidiaries since restructuring both early this year. Apichart said the company restructured Plus Property into a property agency only. Plus Property now sells Sansiri projects and focuses on the resale market for both Sansiri customers and others. It also manages rental businesses for both Sansiri customers and others. The company has 20,000 units in residential projects for sale at an average price of Bt5 million. Eighty per cent are Sansiri projects and customers who bought Sansiri projects and plan to resell. The rest are from others customers. Eighty per cent are condominium projects and the rest low-rise residences. Touch Property will focus on property management and serve as an agency for other property developers. Managing director Monthian Soisuwan said the company now managed 157 projects in the greater Bangkok area: 127 residential projects and 37 office buildings. As a property agency, the company now manages nine property projects for sale, three of them in Bangkok, three in Hua Hin, two in Pattaya and one in Phuket. Its asset-management director, Anukul Ratpitaksanti, said that the company estimates total revenue of Bt250 million at the end of this year. Apichart said the group had tried to develop its service through both of its subsidiaries by launching the latest service, Touch Direct, which buys home appliances for its customers. This makes it easier for owners to purchase such items and decorate their residences. "We believe we offers the best after-sales service to customers," he said.

 

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