AP lays out B16bn growth plan for 2013

The SET-listed Asian Property Development Plc (AP) will spend 16 billion baht this year on new projects and land, with an eye towards 15% revenue growth and 25 billion baht in presales.

Some 10 billion baht will be used for construction of 23 new projects to be launched this year including a 1-billion-baht condominium project in Udon Thani.

"We will go to three provinces this year, starting with Udon Thani, as that market is becoming more urbanised," said CEO Anuphong Assavabhokhin.

"Upcountry markets will not yet become our main revenue source in the next two years, but we still need to go there, as the provinces are enjoying strong economic growth. If we wait until they suddenly boom to enter them, then it may be too late."

Another 6 billion baht will be spent on buying land, up by 50% from last year's budget.

AP will also try to maintain its lead in the city townhouse segment this year.

As well, it will launch the super-high-priced Galerie Rue de 39 condo project worth 3.2 billion baht.

Located on Soi Sukhumvit 39, it will comprise 88 large units from 100 square metres priced from 20 million baht a unit.

By year-end, AP will have 65 projects worth a combined 52.8 billion baht ready for sale.

The company expects of 15% growth in both presales and revenue.

Shares of AP closed yesterday on the SET at 9.85 baht, up five satang, in trade worth 411 million baht.

About the author

Writer: Kanana Katharangsiporn
Position: Business Reporter