The SET-listed contractor Pre-Built Plc plans to launch two low-rise condominium projects worth a combined 500 million baht in the fourth quarter to maintain revenue from its condo business, to be realised next year.
Chief executive Chairat Thamphira said in general, eight-storey condo projects generate revenue quickly, taking less than one year, while high-rise projects take a few years to complete and transfer units to buyers.
Pre-Built's two new low-rise projects are in the Rama IX-Ramkhamhaeng area and on Phahon Yothin Road near Kasetsart University.
Its subsidiary Built Land Co handles all development projects. As of Thursday, Built Land had a sales backlog of 200 million baht to be realised in the next six months.
The company will next month launch the Tempo Grand Sathon-Wutthakat comprising two high-rise buildings of 41 and 24 storeys with 1,068 units.
Revenue from this 2.5-billion-baht project will be booked in 2016.
Pre-Built's core construction business had a backlog worth 10 billion baht, of which 20% will be realised this year and 80% in 2014-15.
They are from seven condo projects and three office buildings and factories with construction value of around 1 billion baht each.
It expects to record 5 billion baht in revenue this year, up by 20% from last year.
Its average growth rate is estimated at 18-20% through 2016.
Pre-Built reported consolidated revenue of 2.77 billion baht in the first half of this year, up by 45% year-on-year, for a net profit of 183 million, up by 80%.
Of the total revenue, 2.14 billion baht was from construction, 436 million from property development and 320 million from its precast materials maker subsidiary PCM Construction Materials Co.
For the first time since the establishment of Built Land in 2009, Pre-Built made more net profit from property development than from construction.
Shares of PREB closed yesterday on the SET at 9.10 baht, down 55 satang, in trade worth 47.9 million baht.