SET-listed developer SC Asset Corporation is maintaining its 2025 targets for presales, revenue and new project launches, as large players are expected to capture market share amid unfavourable market sentiment.
Mongkut Techolarn, chief operating officer of property development for low rise, said potential homebuyers in this struggling market are likely to shift their interest towards large, reliable developers.
"There are only five residential developers remaining who continue to attract homebuyers and generate sales," he said. "The rest have seen declines, while banks providing mortgages now focus solely on the large players."
Despite the unfavourable sentiment, SC still plans to launch 15 residential projects worth a combined 28 billion baht in 2025, projecting 26 billion baht in presales and 25 billion in revenue, in line with its targets set early this year.
Mr Mongkut said the low-rise housing market slowed in January, then picked up in February and March. However, sentiment was affected by the US tariff hike, resulting in a 10% year-on-year drop in site visits.
To boost walk-in traffic, SC will run a six-day campaign at Siam Paragon next week, targeting 1.5 billion baht in sales, with unit transfers required by June to record revenue in the second quarter.
Mr Mongkut said the earthquake in late March, which was strongly felt in Bangkok, had less impact on the low-rise housing market than economic sentiment.
"Last month, some condo residents bought a high-end low-rise house at our project as a backup home, after having to flee down several flights of stairs during the earthquake for safety," he said.
Kanokon Limkumnerd, chief operating officer of property development for high rise, said condo sales declined in the first two weeks after the earthquake but rebounded after the Songkran holidays.
"The earthquake affected Thai buyers, as such an incident is unprecedented here. However, foreign buyers were unaffected, as they are more familiar with earthquakes," she said.
Strong demand from foreign buyers, particularly those from Taiwan and Myanmar, focused on locations such as Rama IX and Ekamai roads, said Ms Kanokon.
After the eased loan-to-value limits took effect this month, SC expects to clear its remaining condo inventory worth a combined 2 billion baht within the year.