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Supalai plans 10 projects in second half

source: Bkk Post Aug 19 2008

The listed developer Supalai Plc plans to launch 10 projects worth 7.6 billion baht in the second half of this year, according to deputy managing director Atip Bijanonda.

The 10 projects are seven low-rise residential units worth 3.93 billion baht and three high-rise projects worth 3.67 billion baht.

Next week, Mr Atip said, the company would launch a condominium on a five-rai plot on Ramkhamhaeng Road, its first phase consisting of 500 units sized from 29 square metres and up and priced from 1.2 million baht.

A 1.88-billion-baht condominium in the Tiwanon area will offer units at prices starting from 1.3 million baht. The third high-rise is the new phase of Casa Riva, worth 610 million baht and offering units starting from 2.4 million baht.

Supalai's seven low-rise projects will be outside Bangkok at locations including Phuket, Pathum Thani, Rattanathibet in Nonthaburi and Prakasa in Samut Prakan.

As of June 30 the company had a sales backlog of 13.4 billion baht, of which 2.16 billion baht will be transferred in the second half of this year, 4.48 billion next year, 5.2 billion in 2010 and 1.55 billion in 2011.

The company now has 23 ongoing projects with units worth 13.39 billion baht _ 1.81 billion baht worth of townhouses, 4.62 billion baht worth of single houses and 6.95 billion baht worth of condominium units.

Mr Atip said that this year the company also was earning revenue from renting its office building on Rama III Road, but could not achieve the target occupancy rate due to the unfavourable sentiment.

Supalai reported a first-half net profit of 649.3 million baht, an increase of 68% from 386.8 million in the same period last year, on sales up 36% to 3.26 billion baht. Second-quarter net profit rose 160% year-on-year to 476.3 million baht, on sales up 96% to 2.21 billion baht.

Supalai shares (SPALI) closed yesterday on the Stock Exchange of Thailand at 2.88 baht, down six satang, in trade worth 7.57 million baht.