Supalai expects year-end presales to exceed B28bn

Supalai expects year-end presales to exceed B28bn

SET-listed developer Supalai Plc is expecting year-end presales to exceed the 28-billion-baht target after recording 18.2 billion baht in the first half, as several negative factors subsided in the second half.

Tritecha Tangmatitham, managing director at Supalai, said the interest rate was not worrying as expected because an increase was not greatly different and being enforced immediately, so it might just slightly affect homebuyers.

"We don't think the impact of the rising interest rate will be much," he said. "When the interest rate declined in the past, residential sales at the time did not soar and vice versa at the moment now."

He said there were concerns in the first half as the situation was unpredictable, particularly the impact from inflation. Now the baht remains still, so inflation would hopefully not be high.

In the first half of 2022, Supalai recorded a net profit of 3.2 billion baht from revenue of 14.1 billion baht, an increase of 32% and 28%, respectively, while presales soared 40% to 18.2 billion baht.

There are 21 new projects worth a combined 19.3 billion baht planned for the second half of the year, comprising 20 low-rise housing projects and a condo site.

Two low-rise housing projects will be in new provinces including Chachoengsao and Nakhon Sawan.

By year-end it expected to have 28 billion baht in presales and 29 billion baht in revenue.

It had a sales backlog of around 28 billion baht, of which 13.7 billion baht would be booked in the second half.

"Presales and revenue will outperform targets as we had completed units remaining unsold worth 20 billion baht which will be realised once sold," he added.

Of the unsold, completed amount, condo units accounted for around 15 billion baht with low-rise houses representing the remainder.

In Australia, the company in June invested A$154 million or 3.82 billion baht in Smiths Lane, a 260-hectare community project with more than 2,170 plots in eastern Melbourne, through a 50-50 joint venture with Australian developer Mirvac.

"This will be our 12th project in Australia and the largest one since 2014," said Prasas Tangmatitam, Supalai's diretor.

The project, which will be completed in 2029, will boost Supalai's revenue proportion from Australia to 25% of the total.

Yesterday Supalai joined Kasikornbank, the Electricity Generating Authority of Thailand, PEA ENCOM Smart Solution and Innopower to launch the SolarPlus initiative, targeting installing solar rooftops for 500,000 households free of charge within five years with one of Supalai's single detached house projects in Rangsit as a pilot project.

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