SET-listed developer Supalai Plc (SPALI) plans to launch seven condominium projects worth a combined 13 billion baht in Greater Bangkok from June-December.
Expressing confidence in an economic uptrend in the second half of this year, deputy managing director Tritecha Tangmatitham yesterday said the Thai economy bottomed out in the first four months.
The economy is picking up, with expected full-year economic growth of 3% driving the property market to expand by 5-10%, he said.
"Condo speculation in the first half has gone in line with economic conditions," he said.
"The Bangkok condo market remains healthy, but only in locations where supply is not too high."
Upcountry, condo prospects remain poor, while demand for townhouses and single houses has not recovered as quickly as expected.
Provinces with the best performance are Chiang Mai, Phuket and Udon Thani, while the worst is Surat Thani, dampened by shrinking rubber prices.
With only one condominium project launched so far this year, Supalai will introduce seven more by year-end, all of them in locations where the company feels confident of strong demand.
Next month will see two new projects worth a combined 5 billion baht.
One will be the 2.2-billion-baht Supalai Elite Surawong on Naret Road, with 277 units sized 49 to 144.5 square metres and priced from 5-19 million baht a unit.
The other will be the 2.8-billion-baht Supalai Loft Talat Phlu, comprising 879 units sized 33 to 120.5 sq m and priced at 72,000 baht per sq m on average.
It expects 50% sales on the launch dates for both projects.
From January to mid-May, the company recorded 5.5 billion baht in presales, 5% below target due to sluggish sales upcountry, but it still expects the full-year presales target of 23 billion baht will be met.
As of March 31, Supalai had a sales backlog of 34 billion baht, of which 14 billion will be realised by year-end.
The company has paid 2 billion baht for land this year and plans to spend another 4 billion to acquire 30 more plots in the second half.
"We're aggressively buying plots this year while many other developers have slowed their land acquisitions," Mr Tritecha said.
Supalai's land-purchase budget of 6 billion baht is an increase from 5.7 billion last year, 4.8 billion in 2013 and 3.3 billion in 2012.
The company's investment in a joint-venture housing project in Melbourne has turned out better than expected, with the improving Australian economy driving demand in the middle segment, Mr Tritecha added.
SPALI shares closed yesterday on the SET at 18 baht, down 30 satang, in trade worth 240 million baht.