MAI-listed developer Chewathai Plc (CHEWA) plans to develop five new residential projects this year worth 8.55 billion baht.
According to managing director Boon Choon Kiat, four new projects worth 4.65 billion baht will be in Bangkok. They are scheduled for development by the fourth quarter of this year.
Chewathai has already acquired two land plots in southwestern and northern Bangkok for development of single detached houses.
The two remaining projects are in the process of land purchases in eastern Bangkok and will include home offices and townhouses.
"The company provides around 2 billion baht for land purchases," Mr Boon said.
Chewathai will enter a provincial property market for the first time since its establishment in March 2008, with a condominium project in Phuket worth 3.9 billion baht.
The Phuket project will be a joint venture in which Chewathai holds a 33% stake. Mr Boon did not give any details about Chewathai's partners.
"The joint-venture project is a retirement village, focused on high-end customers," he said. "We will officially announce this partnership around May."
All five new projects will be recognised in Chewathai's revenue from 2017.
Mr Boon said the company will host the grand opening for three new residential projects in Bangkok around the first quarter, having postponing launches from last year in mourning for the late King Bhumibol Adulyadej.
These three projects made up 50% of Chewathai's presales as of last year, Mr Boon said.
For 2017, Mr Boon expects Chewathai's presales to increase by 34.6% to 3.23 billion baht, with revenue up 66.7% to 2 billion baht.
Chewathai reported its presales totalled 2.4 billion baht last year, up sharply from 53.8%, but its revenue in the same year fell by 16% to 1.2 billion baht.
Net profit last year also dropped by 24.2% to 63.08 million baht.
CHEWA shares closed yesterday on the Market for Alternative Investment at 1.44 baht, unchanged, in trade worth 2.51 million baht.