The SET-listed Lalin Property Plc still managed to post strong presales of 1.5 billion baht in the first half of this year despite no new launches in the period.
Director Churat Chakarakul said all sales were from remaining units at its projects, with 80% generated from 25 low-rise projects in Greater Bangkok and Chon Buri's Si Racha district. Another 20% stemmed from three condo projects in Bangkok launched last year.
Lalin did not launch any projects in the first half because it found it difficult to fill up land required for low-rise development. Typically a low-rise project requires more preparation, as it takes up more land than a condo project.
The company has earmarked 1 billion baht for land purchases this year.
Lalin is confident it can launch 8-10 projects worth a combined 4 billion baht in the second half. These include three low-rise projects in Greater Bangkok, four low-rise projects in northeastern provinces and two condos near existing mass transit lines in the capital.
"We will consider provinces with healthy employment, purchasing power, market competition and balance of supply and demand as well as locations where the timing is appropriate," said Mr Churat.
Mortgage rejection rates are only 5% in the provinces, compared with 15% in Bangkok.
Lalin has no construction delays or labour problems since it can manage and maintain its subcontractor partners by paying them more quickly, either every week or by easing the payment process.
Lalin also applies prefabrication techniques to its 1-billion-baht Si Racha project, the company's first project upcountry, launched last year.
It targets 2.6 billion baht in presales and 2.25 billion in revenue this year, up from 2.2 billion and 1.7 billion, respectively, last year.
Shares of LALIN closed unchanged Friday on the SET at 4.26 baht, in trade worth 149,000 baht.