The listed developer SC Asset Corporation Plc plans to launch nine new projects this year worth a total of six billion baht in prime Bangkok locations, according to Yingluck Shinawatra, chairwoman of the executive committee
The company achieved its projected sales as well as revenue targets last year by recording four billion baht in sales, up 50% from 2007. It aims to achieve the same level of sales and revenue as last year, with 80% of its revenue derived from property development and the rest from office rentals.
SC acquired five plots last year worth a total of one billion baht in Ratchada-Rarm Intra, Lat Plakhow, Sathon-Ratchapruek and Phahon Yothin Soi 11.
She said these new plots would be added to the company’s land bank of more than 250 rai worth around two billion baht. The company has set aside a budget of approximately one billion baht to buy more land for project development in 2010 and 2011.
Among the new projects, five will be single house developments with starting prices of five million baht each and a total project value of five billion baht. Three developments worth 300 million baht will be townhomes at a starting price of 3.5 million baht per unit. Another project is a 600-million-baht condominium where unit prices will start from four million baht.
In the first quarter of this year, SC plans to launch two projects: the 550- million-baht Grand Bangkok Boulevard Ratchada-Rarm Intra, a luxury three-story single house development, and the 50-million-baht Office Place Pracha Chuen. The company now has eight ongoing projects.
Ms Yingluck said that although it was expected that the property market would slow down by 5-10% this year, the company was positive that there was still real demand and purchasing power in the market.
“We have to be very cautious in our approach as well as keep ourselves abreast of the changing situations,” Ms Yingluck said.
SC shares closed on Friday on the Stock Exchange of Thailand at 6.05 baht, up 10 satang, in trade worth 2.93 million baht.
Bangkok Post Jan 19, 2009
