SET-listed developer Property Perfect Plc (PF) and its SET-listed subsidiary Grande Asset Hotels and Property Plc (GRAND) plan to launch a total of 27 new residential projects worth a combined over 44 billion baht in 2018.
PF chief executive Chainid Adhayanaskul said two of the new projects will be joint venture developments, including a luxury condominium and a medium-end single housing project with Japanese partner Sumitomo Forestry Ltd.
"Sumitomo is also looking at doing a joint venture in our villa project Kiroro Ski Resort in Japan, where we have around 300 rai remaining for a future development worth around 20 billion baht," he said. "The deal will be finalised next year."
By early 2018, PF will sign a joint venture with Sumitomo in a 51-49 ratio in developing detached housing projects worth a combined 20 billion baht. Following US and Australia, it will be the first time in Asia for the Japanese partner to co-invest in a single housing development.
Mr Chainid said PF will develop detached houses in price segment of 5-10 million baht a unit, which will be partly built or decorated with real wood, which Sumitomo specialises in.
The wood will be imported from Surabaya, Indonesia where Sumitomo has invested and planted trees. Housing design will be in a tropical style, which appeals to Thai homebuyers.
The two new joint ventures between PF and Sumitomo, to start next year, will be the second following a joint venture to develop four condo projects worth a combined 20 billion baht in four years. The agreement was signed by the Japanese partner, Grande and PF last month.
Target locations for high-rise and low-rise joint venture development will be different, with the condos being focused on the central business district locations and single houses in the outskirts of Bangkok.
Next year, PF will launch 25 new projects worth more than 32 billion baht in total, while Grande will launch two new projects worth a combined 12 billion baht.
Apart from the 6-billion-baht Hyde Heritage Thonglor, a joint venture condominium project with Sumitomo, Grande will launch a mixed-use project worth 6 billion baht in Rayong. It will comprise villas and condos worth 2 billion baht each and a hotel worth 1.7 billion located on a 90-rai plot.
Mr Chainid said Grande targets to have 4 billion baht in presales next year, up from 1 billion baht this year, while PF aims to have 20 billion baht in presales in 2018, up from 14.5 billion baht this year.
PF shares closed yesterday on the SET at 0.93 baht, up one satang, in trade worth 4.41 million baht. GRAND shares closed at 1.18 baht, down two satang, in trade worth 6.08 million baht.