Ananda upbeat on target after reopening
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Ananda upbeat on target after reopening

SET-listed developer Ananda Development Plc expects the country's reopening will help the company to achieve its revenue target of 10 billion baht by the end of 2021 and a 20% growth next year as sentiment improves.

Chief executive Chanond Ruangkritya said property market sentiment has resumed after the Nov 1 reopening, proven by the big lot of condo sales worth 100 million baht it recorded last week.

"The property market bottomed out at the end of the third quarter," he said. "But our sales a week ago were the highest this year and we expect this momentum will carry on."

During the first nine months of 2021, Ananda posted 7.44 billion baht in revenue and aimed to earn 10 billion baht by the end of the year.

In the third quarter of the year, it posted a net loss of 234 million baht, compared with a net profit of 349 million baht year-on-year, on revenue of 773 million baht, down by 37% from the same period last year.

However, presales in the third quarter improved after a decrease from 1 billion baht in June to 689 million baht in July, rising to 772 million baht in August, 942 million baht in September and 1.22 billion baht in October.

Next year, the firm plans to launch seven new projects worth a combined 28.22 billion baht, comprising five condo projects and two low-rise housing projects, aiming to have 12 billion baht in revenue in 2022.

One of the new low-rise housing projects will be in the high-priced segment with units priced at 30-40 million baht as demand in this segment was robust.

Mr Chanond said the company would raise an additional 1.3 billion baht in registered capital next week and will issue bonds worth 5 billion baht in January 2022.

At present, its net interest bearing debt was 1.2 times.

"At the end of August, we appealed against a verdict of the Central Administrative Court that revoked the construction permit of Ashton Asoke, one of our condo projects. We hope this case will end in a positive way as it is about the interpretation of law," he said.

On July 30, the Central Administrative Court issued a ruling that the construction permit of Ashton Asoke must be revoked.

The project was one of the joint ventures with Japanese real estate developer Mitsui Fudosan.

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