After freezing new project launches last year, SET-listed developer Ananda Development Plc will open five condo projects in Bangkok worth a combined 24.4 billion baht in 2021.
Mr Chanond thinks living in a condo near a mass transit station will continue to be a trend despite the pandemic.
President and chief executive Chanond Ruangkritya said urbanisation and living in a condo near a mass transit station would remain a trend despite the Covid-19 outbreak shifting consumer behaviour to low-rise houses.
"We don't know when the pandemic will end and whether it affects our belief in urbanisation and our business model focusing on condos," he said. "Despite too much supply in the market, condos are not as poor as many think."
As of the end of 2020, the amount of unsold residential inventory in Bangkok and 26 major provinces totalled 319,527 units worth a combined 1 trillion baht, up from 301,098 units at the end of 2019, according to the Real Estate Information Center.
Of the 2020 amount, 131,006 units were condos, up from 110,537 units, which will rise to 152,682 by the end of 2021.
In Greater Bangkok, the unsold condo inventory stood at 100,055 units worth a combined 382.66 billion baht which will take 3.6 years to be absorbed, up from 2.3 years in the pre-pandemic period, Mr Chanond said.
Without new projects launched last year, Ananda recorded 17.5 billion baht in presales which comprised 15.1 billion baht from condos, accounting for 86%, and 2.4 billion baht from low-rise houses.
The 2020 presales were higher than the target of 16.8 billion baht but down from 26.65 billion baht in 2019.
The five new condo projects will be located in Saphan Khwai, Sam Yan, Thong Lor, Sukhumvit Soi 38 and Lam Salee areas.
It expected to have 18.57 billion baht in presales by the end of 2021.
Ananda aimed to have residential transfers worth a total of 16 billion baht this year, down from 18.3 billion baht last year, which was lower than the target and that in 2019 of 20 billion baht each.
As of the end of last year, the company had completed unsold units worth a combined 32.9 billion baht which comprised 24.3 billion baht from condos and 8.6 billion baht from low-rise houses.
"We will focus on selling ready-to-transfer units this year since 7.7 billion baht from the target transfer was backlog," according to Prasert Taedullayasatit, chief executive for property business.