LH residential projects surge to B29.5bn this year

LH residential projects surge to B29.5bn this year

Mr Naporn says LH had 74 existing projects at the end of last year.
Mr Naporn says LH had 74 existing projects at the end of last year.

SET-listed developer Land & Houses (LH) plans to launch 15 new residential projects worth a combined 29.5 billion baht in 2022, a 50% leap in launches from last year.

Naporn Sunthornchitcharoen, chairman of the board of directors, said 12 projects are in Greater Bangkok and three in the provinces, comprising one in Nakhon Ratchasima and two in Ayutthaya.

Only one project is condominiums, located on Rama II Road, while three projects are duplex houses and another eight projects are planned as single detached houses.

The rest are a mix of single detached houses and townhouses or duplex houses, he said.

As of the end of 2021, LH had a total of 74 existing projects with remaining units worth 53 billion baht, comprising 44 projects in Greater Bangkok and 30 projects in the provinces.

LH expects to have 31 billion baht in bookings and 33 billion in revenue from housing transfers by the end of 2022.

The company plans to sell some apartments in the US and seek new investment opportunities, said Mr Naporn. LH expects to issue bonds worth 14 billion baht and slash its debt-to-equity ratio to no higher than one.

The company set an investment budget of 10 billion baht, of which 6 billion is for new land plots and 4 billion for investment in rental property projects.

Last year LH spent 9 billion baht, comprising 5.1 billion for land purchases, 1.28 billion to construct the Terminal Rama 3 shopping mall and 2.62 billion to build and buy hotels and apartments.

The company has six rental property projects, including those under construction. A plot where the former Peninsula Plaza was located is waiting for a land transfer to develop Grande Centre Point Ratchadamri 2.

In December last year, LH USA, a subsidiary that operates apartments in the US, bought the 120-room SpringHill Suites by Marriott, a hotel in Anaheim, California for US$31 million, or around 1 billion baht.

In addition to the hotel, it owns two apartment buildings in California and one in Oregon with a total investment of $381 million.

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