The SET-listed Eastern Star Real Estate Plc (ESTAR) expects 3.2 billion baht in presales this year after recording 3.12 billion last year, beating its target of 2.5 billion.
Chief executive Ratanachai Phatinavin said 2013 presales will come from remaining units at existing projects and two new condominium projects worth a combined 4 billion baht to be launched in the second half.
Last year, presales rose by 85% from 2011, mostly from its six projects in Bangkok _ five condominiums and a single house project.
"Last year, we realised less than 1 billion baht in revenue, as our past project launches were not continuous," said Mr Ratanachai.
Eastern Star will spend 1.2 billion baht on new land this year.
Next month, it will take a roadshow to Singapore to introduce its Nara 9 condo project on Narathiwat Road. The roadshow is expected to net 80 million baht in sales.
Launched in last year's fourth quarter, the project comprises 316 units worth a combined 2.4 billion baht, now about 70% sold.
The average selling price has risen to 132,000 baht per square metre from 125,000 baht during the launch period.
Eastern Star also has StarView, a 3.8-billion-baht condominium project on Rama III Road and with fewer than 40% of units left for sale.
Its single-house project is The Star Estate @ Pattanakarn with units priced above 15 million baht and 30% left.
Eastern Star expects revenue of 2.8 billion baht this year, mainly from unit transfers at two condo projects _ The Breeze, worth 1.6 billion baht, and The Vantage, worth 1.3 billion, both now 90% sold.
Established in 1980, Eastern Star is 43.65% owned by Bangkok Broadcasting and Television (BBTV), the operator of Channel 7.
Shares of ESTAR closed yesterday on the SET at 1.11 baht, down one satang, in trade worth 13 million baht.
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter