All Inspire moving forward with launches
MAI-listed All Inspire Development is confident that measures in Thailand to cope with the coronavirus are sufficient, and it plans to launch four projects worth a combined 4 billion baht in the fourth quarter.
Chief executive Thanakorn Thanawarith said the property market is recovering as restrictions are phased out.
Even if a second wave of infections emerges, the company has faith in the containment measures.
"Demand received a shock from the virus early on, resulting in a freeze on purchases and site visits," Mr Thanakorn said. "But everyone has adjusted."
After the initial outbreak, customers visiting project sites have been high-quality buyers. They make certain of their financial health and prepare their financial qualifications to be ready to accept transferred units, Mr Thanakorn said.
"Interest rates are super low and campaigns are very attractive, drawing those ready to buy to the project sites," he said.
In the fourth quarter, All Inspire plans to launch two condo projects at Charoen Nakhon Road and LaSalle Soi 83, worth 1.5 billion and 2 billion baht respectively.
Regarding the dispute between Impression Ekkamai, one of the company's high-rise condo projects, and neighbours over an environmental impact assessment (EIA) report, going forward the company will wait for EIA approval before launching a new project or starting sales activity to avoid project delays, Mr Thanakorn said.
The two other projects expected to launch in the fourth quarter are the third phase of the Vision Ladprao-Nawamin townhouse project, worth 400 million baht, and the New Forum Plaza mall in Chon Buri, which is 70% booked by tenants.
All Inspire is maintaining presales and revenue targets of 5 billion and 4 billion baht respectively, with revenue growing from 2.9 billion baht last year.
In the first quarter, the company recorded 679 million baht in revenue, down from 852 million baht in the year-earlier period, with a net profit of 113 million baht, up from 97 million baht.