Mid-sized property developer Asset Wise Co plans to launch seven new projects worth 6 billion baht next year, aiming for growth of 45% in 2018 presales.
The company wants to raise funds worth 1.5-2 billion baht via the Stock Exchange of Thailand by 2019.
Managing director Kromchet Viphanphong said the company plans to have an initial public offering in the third quarter of 2019 and chose Asia Plus Securities as its financial adviser.
"We missed many opportunities to grab prime plots as their prices were higher than our financial resources," he said. "Some good pieces were offered at more than 4 billion baht, but our capability is limited to a maximum of 500 million per plot."
The company has registered capital of 100 million baht and will possibly raise it to either 333 or 555 million baht when listing, said Mr Kromchet.
It targets growth of over 20% per year after listing.
He said next year the company plans to launch five new condominiums and two new town house projects worth a combined 6 billion baht, aiming for 5 billion in presales and 4 billion in revenue.
It has a sales backlog of 5.2 billion baht from eight condo sites and a town house project. Of this amount, 4 billion baht will be realised next year, said Mr Kromchet.
In the first 11 months of this year, Asset Wise recorded 3.4 billion baht in presales and 835 million in revenue. It expects to have 3.5 billion baht and 1 billion, respectively, from presales and revenue for the full year.
Last year it posted 2.14 billion baht in presales and 2 billion in revenue as there were more condominium projects completed and transferred in 2016 than in 2017, he said.
Mr Kromchet said the new condo projects will comprise Brown Ratchada-Huay Kwang worth 500 million baht, which will be located near Huay Khwang District Office. The project will have 190 units sized from 23 square metres and priced 90,000 baht per sq m.
There will also be two condominiums under the Atmoz brand. One will be located on a five-rai plot on Phahon Yothin Soi 52, which will comprise three eight-storey buildings with a total of 800 units worth one billion baht. The other will be located on a four-rai plot on Lat Phrao Soi 15, comprising three eight-storey buildings and 500 units worth 1.3 billion baht.
One of the town house projects will be Glam, worth 220 million baht, which will be located on a 2.5-rai site on Satriwitthaya 2 Road in Lat Phrao with 18 units priced from 12 million baht each.
He said new condominium projects being launched from next year onwards will come with LED light sensors at the head of each bed.
"As a smaller developer, we should offer products different from others to be able to compete with large developers," said Mr Kromchet.