Buyers preferred ready-to-transfer condo units to new launches during the first quarter, as many were concerned about their borrowing capability, says the SET-listed developer Supalai Plc (SPALI).
Supalai Cute Ratchayothin- Phaholyothin 34, pictured here in an artist’s rendition, will comprise five eight-storey buildings with a total of 888 units worth a combined 1.89 billion baht.
Deputy managing director Tritecha Tangmatitham said it was the first time in four years the company's ready-to-transfer condo units remaining for sale dried up.
They dropped to only 1 billion baht or about 400 units from 1.5 billion baht in the same period last year.
"Surprisingly, many customers in recent weeks bought a complete unit and wanted to get a unit transfer if their housing loan application was approved," he said yesterday. "They were uneasy about the economy in the near future."
The smallest stock of ready-to-transfer condo the company used to carry was 1.5 billion baht, while the highest was 2.7 billion baht, Mr Tritecha said.
In the first quarter, 70% of revenue derived from condo transfers, some of which were new sales.
Though the 4 billion baht in sales during the quarter was 10% lower year-on-year, it was better than expected and above the overall market average, helped by the March figures.
"Market sentiment and housing demand have improved since last month but are not as good as last year,'' said Mr Tritecha.
In the second quarter, the company will launch five projects including condos and houses in Greater Bangkok and upcountry, with 5 billion baht in presales expected.
Shares of SPALI closed yesterday on the Stock Exchange of Thailand at 18.20 baht, unchanged, in trade worth 53.1 million baht.