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Baht/$ 33.40/47
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PROPERTY
KANANA KATHARANGSIPORN
Amid unfavourable market sentiment, Asian Property Development Plc (AP) posted 60% growth in revenue during the first half of the year. AP plans to launch 14 new projects worth 19 billion baht with two new brands tapping the market in the second half, said executive vice-president Visanu Suchatlumpong.
It expected 2.5 to 2.7 billion baht in revenue in the second quarter, almost double the same period last year. As a result, its first-half revenue would be around 4.2 billion baht, up from 2.8 billion baht from the same period last year, and revenue in 2008 would be nine billion baht as targeted.
''For us, the market in the first quarter was good but it was better in the second as our products were in good locations and pricing responded to the demand,'' he said. Most of the units being transferred would be condominium units launched in the past few years.
However, the company had presales of 4.5 billion baht in the first half of the year, a drop from last year as those sales were condominium units that got a good response from homebuyers.
Of the 4.5 billion baht, more than one billion was condominium sales and more than three billion low-rise units, up 20% from last year, he said.
In the middle of this month, the company plans to launch a condominium under the new brand Rhythm worth 3.2 billion baht located on a seven-rai site near the Ratchadaphisek MRT station with 800 units sized between 35 and 65 square metres with priced starting at 82,000 baht per square metre.
''As construction costs for condominiums have risen by 20% since early this year, prices for the project need to rise. So AP named a new brand instead of the earlier planned Life, which was priced below 80,000 baht per sq m,'' Mr Visanu said.
AP is considering a new brand for higher-end condominiums for two projects: one in Sathon 12, a joint project with Pacific Star, and Sukhumvit 28, where it plans a launch in the second half of the year with an average price of 140,000 baht per sq m.
By the end of the year, it also expects to launch the Centro brand for single houses priced between 3.5 million and five million baht a unit, which was a segment AP never before touched. The first projects under the new brand would be located on Rarm Intra near Fashion Island and Rattanathibet near the Bang Plu junction. ''Centro will be located near the extension lines and new mass transit routes while our current The City brand [priced above five million baht] will be located nearer,'' he said.
AP and Siam Commercial Bank yesterday introduced a loan campaign offering zero interest for customers buying a unit from today until Aug 31 and a payment of up to 1,500 baht for electricity and water bills in the first month for any transferred unit.
AP shares closed yesterday on the SET at 5.05 baht, down 0.20 baht, in trade worth 65.66 million baht.
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