The SET-listed Pruksa Real Estate Plc (PS) has revised up this year's presales target to 40 billion baht from 34 billion and expects the figure will then grow by 20% annually thanks to its management restructuring.
Thongma Vijitpongpun, the executive committee chairman and chief executive, yesterday said the company recorded first-half presales of 22 billion baht, 46.7% above the target of 15 billion.
"The good trend in the property market will continue in the second half of this year, with Greater Bangkok seeing a change in its economic and residential structure, driven by mass transit construction," he said.
Pruksa last Friday embarked on an organisational restructuring by appointing Lersuk Chuladesa, a former president and chief executive of the Government Savings Bank, as vice-chairman of the executive committee and chief operating officer, effective this past Monday.
Mr Thongma said Mr Lersuk will play a vital role in helping the company to strengthen its business focus.
"We intend to be the No.1 real estate brand domestically and a top-10 housing developer in Asia," said Mr Thongma, one of 10 Thais on Forbes magazine's super-rich list.
"Our international business generates 1.5% of our revenue now, and we expect it will reach 5-7% within four years. But we'll still focus on the domestic market."
Under the new business structure, Pruksa has a managing director for each of five business segments _ townhouses, condominiums, single houses, international home construction and specific projects as assigned by the company's board.
Prasert Taedullayasatit, the managing director for condominiums, said the company expects to be No.1 in the condo market within four years, with a market share of 10%.
"Condos account for more than 60% of the total residential market," he said.
Sansiri is now the condo leader with a 7% share, followed by L.P.N. Development, AP (Thailand) and Supalai, each with 5-6%, while Pruksa is fifth.
This year's condominium segment will be worth 160 billion baht, expected to increase to 200 billion baht in the next four years.
Pruksa also raised its condo presales target to 11 billion baht this year from 7 billion previously after posting 8 billion in the first half.
Shares of PS closed yesterday on the Stock Exchange of Thailand at 20.70 baht, up 30 satang, in trade worth 149 million baht.
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter