SET-listed developer AP (Thailand) is maintaining this year's revenue and presales growth targets at 10% and 25%, respectively, despite lingering concerns over economic outlook and higher competition in the second half.
Chief marketing officer Vittakarn Chandavimol said the current economic situation had taken a toll on consumers' mood to visit project sites or make decisions.
"Our only hope is government spending as other economic drivers have contracted," he said.
Mr Vittakarn said competition in the property sector during the second half would rise, as all large developers planned to launch a slew of residential projects in the period, both condos and low-rises.
AP plans to hold a major marketing event each quarter in the second half to boost sales that can turn into revenue immediately.
It currently has a housing inventory of 2.9 billion baht consisting entirely of condo units.
The sales backlog totalled 34 billion baht at the end of the first quarter.
Of the amount, 11.1 billion baht will be realised this year — 4.5 billion from single houses and townhouses and 6.6 billion from condominiums.
AP is maintaining presales and revenue targets of 28.3 billion and 25.3 billion baht, respectively.
In the first half, presales achieved 61% of the target or 17.3 billion baht, nearly double the 9.2 billion in the same period last year.
Of the first-half presales, 11.4 billion baht was from condos and 5.88 billion from single houses and townhouses.
In the second half, AP plans to launch 15 projects worth a combined 24 billion baht comprising four condo projects, five single-house sites and six townhouse projects.
Mr Vittakarn said AP allotted 1% of revenue each year for housing maintenance and continued improving existing construction quality control and after-sales and customer services.
AP recently set up a maintenance unit called Fix It to repair housing defects such as water leakage within six days and wall cracks within 12 days.
Currently, AP has a quality control unit called Quality Assurance to set construction standards and carry out surveys to inspect all working processes.
It carries out site preparation before land development, construction control including facilities and landscape inspection, construction inspection and housing inspection before delivering to customer.
AP shares closed yesterday on the SET at 6.40 baht, down 10 satang, in trade worth 21.5 million baht.