Golden Land raises target

Golden Land raises target

Townhouse presales exceed Q1 goal by far

Townhouse in Italian style is among projects developed by Golden Land Property Development Plc. The company plans to offer such projects at its new site in Si Racha district in Chon Buri province in the second quarter this year.
Townhouse in Italian style is among projects developed by Golden Land Property Development Plc. The company plans to offer such projects at its new site in Si Racha district in Chon Buri province in the second quarter this year.

SET-listed Golden Land Property Development Plc (GOLD) is revising its revenue target for townhouses after presales outperformed in the first quarter.

Pawarun Udomsiri, managing director for townhome and semi-detached house development, said Golden Land's presales from townhouses from Jan 1 until yesterday totalled 3.96 billion baht, 81% higher than the target of 2.19 billion in the first quarter.

"The outperformance was attributed to two of three new sites we launched in the period that sold out in only one or two days, with sales of over 700 million baht at each site," Mr Pawarun said. "Market sentiment in the first quarter also improved from the fourth quarter."

In the second quarter the company plans to launch two new townhouse projects worth a combined 2.3 billion baht. One will be located on a 26-rai site in the Suksawad area worth 1 billion baht with 273 units, priced from 2 million baht. The other is located on a 45-rai plot on Kao Kilo Road in Sri Racha where it will develop 476 units priced from 1 million baht to tap demand from industrial estate workers.

Golden Land aims for 3 billion baht in presales in the second quarter, up from 2.2 billion year-on-year. It projects 7 billion baht in presales in the first half this year, up from 5.4 billion year-on-year.

In the second half, the company plans launch 12 new townhome projects worth 14.8 billion baht. It targets 13 billion baht in townhouse presales in 2017, up from 9 billion in 2016. Revenue from townhouses is forecast at 10 billion baht this year, up from an earlier target of 7 billion and rising from 5.2 billion last year.

Golden Land expects to spend 7.85 billion baht this year to acquire new plots of land for low-rise development of townhouses, semi-detached houses and single houses. It has used half this amount already.

The company had townhouses remaining for sale worth 2.64 billion baht at 14 projects in Greater Bangkok.

GOLD shares closed yesterday on the Stock Exchange of Thailand at 6.65 baht, down five satang, in trade worth 6.54 million baht.

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