Sansiri Plc (SIRI), the SET-listed property developer, plans to launch only nine new condominiums worth a combined 17.6 billion baht this year, blaming the low number largely on the country's political instability.
Senior executive vice-president Uthai Uthaisangsuk said prolonged political protests have hit the property sector hard, as indicated by a significant drop in site visits by prospective condo buyers.
Last year, Sansiri launched 29 condo projects worth a combined 42 billion baht.
"Last year, the company was able to produce sales at a satisfactory level thanks to extensive condominium development both in Bangkok and provincial areas," Mr Uthai said.
"More importantly, the company also succeeded in expanding its customer base to foreigners, particularly for The Deck-Patong Phuket where foreigners make up 75% of buyers."
Part of that change was attributed to the launch of a "Rental for the Holidays" programme by subsidiary Plus Property that offers long-term rental services to foreigners.
Mr Uthai said the company's condo development plan will this year focus on the "urban slow living" concept under the Haus brand while expanding the popular The Base and dcondo brands.
Next month, Sansiri will introduce its first condo project of the year, Nyx, worth 3 billion baht. The project, near Wong Wian Yai skytrain station, offers 853 units with a starting price of 2.49 million baht.
Mr Uthai said the company also plans to expand its condo development into new locations such as Phitsanulok and Chon Buri's Si Racha district.
This year, Sansiri has set a target for its condo presales at 15.6 billion baht, down by 47.1% from 2013 presales.
Overall, Sansiri plans to develop 19 new projects worth a combined 33.3 billion baht this year, about half of last year's number, with a 29% decrease in presales, citing rising concern over political instability.
President Srettha Thavisin said earlier that the conservative business plan was based on the political crisis ending within six months.
If it lasts longer than that, the company will stall some of the planned projects.
Shares of SIRI closed yesterday on the SET at 1.89 baht, down three satang, in trade worth 42.9 million baht.