Nirvana Daii Plc (NVD), the MAI-listed residential developer and homebuilding firm, plans to launch two upper-end residential projects worth a combined 8 billion baht in the second half, aiming to have at least 3 billion baht in presales by the end of the year.
Chief executive Sornsak Somwattana said the two new projects that will be launched in November will boost presales in the final two months after it recorded 1.9 billion baht in the first six months.
One of the upcoming projects is the Banyan Tree Residences Riverside Bangkok, a super-luxury condominium worth 6 billion baht. They will be located on a 5-rai plot in the Khlong San area by the Chao Phraya River.
"We will launch the condo project in Bangkok after Singapore, where we will launch it this weekend," he said. "Launching super-luxury condos overseas, before Thailand, can help establish prices and prove how foreign buyers perceive the project."
Last month the company launched a luxury condo project in Hong Kong, where it found buyers for 10% of the 133 units. It comprises a 45-storey building with units ranging from 70-900 square metres and prices as divergent as 20 million to 300 million baht.
For the Thailand launch, the company will set up a sales office and continue construction -- now at the seventh floor -- as Thai buyers in the super-luxury segment usually want to see what they are getting before committing, the company said. Construction is due to end by late 2018.
The other undertaking is Nirvana Define Srinakarin-Rama 9, a townhome project worth 1.9 billion baht. It will offer 175 units priced between 7.5 million and 15 million baht on a 273-rai plot on new Srinakarin-Rom Klao Road. Nirvana Daii purchased it from Bangkok Land Plc last year.
Referring to another upper-end townhome project under the Define brand on the Rama 9 site, Mr Sornsak said presales have been robust with 52 units sold in just four days worth 500 million baht in the first half of this year.
"The high-priced housing market in Bangkok's eastern zone is healthy as the location is enjoying a windfall from the Eastern Economic Corridor," he said.
Nirvana Daii is the result of a merger between Nirvana Development Ltd and MAI-listed homebuilder and construction materials producer Daii Plc this year.
In the first half it recorded a net profit of 112 million baht on revenue of 1.31 billion baht. This compares favourably with a net loss of 1.1 million baht and 404 million baht in revenue one year earlier.
Of the total revenue, 997 million baht came from the property development business, up from 276 million baht a year earlier.
NVD shares closed yesterday on the Market for Alternative Investment at 4.76 baht, down two satang, in trade worth 3.49 million baht.