N.C. Housing readies new projects for rest of the year
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N.C. Housing readies new projects for rest of the year

SET-listed developer N.C. Housing is confident in the Thai economy for the remainder of the year and plans to launch new projects as scheduled following the selection of a new prime minister.

Managing director Somnuek Tanthathoedtham said a clearer political landscape would lead to government investments, which would boost private sector confidence.

"After awaiting the new government for a while, we now have upside expectations and are prepared to invest at full throttle," he said.

Mr Somnuek said the consistent usage of the country's budget will have an impact. He said that even foreign investors were eagerly waiting to invest.

Banking on confidence in the politics, the company's investment and rollout plan for this year's new projects would proceed as intended.

After launching just one project worth 300 million baht in the first half of the year, N.C. is planning to launch five projects worth a combined 5.1 billion baht in the second half.

It expects to have 5.5 billion baht in presales and 3.2 billion baht in housing revenue this year.

In the first half, it recorded 2.81 billion baht in presales, growing 21% from the corresponding period in 2022, with 1.3 billion baht in revenue from housing sales, slightly increasing from 1.29 billion baht.

Amid investor concerns regarding certain mid-sized listed developers defaulting on bond payments, N.C. Housing would not issue new bonds to replace those set to expire next year.

"The amount is small and our financial status remains robust with a low debt-to-equity ratio of only 0.73 times as of June 2023," he said. "We don't need to issue new bonds in an unfavourable investment environment."

Mr Somnuek said the company would monitor the new government policy regarding a minimum daily wage of 600 baht, as it would have an impact on development costs.

He said that even though the new prime minister Srettha Thavisin came from the property sector, the government should have measures to boost the economy through various sectors, not only real estate.

"The property sector has been a significant driver of economic growth and creates ripple effects on other industries," he said. "It is an industry the new government can rely on to boost the economy."

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