"Our revenue target of Bt3 billion will not be achieved, but we are still waiting to see how the situation develops over the remaining three months. We will launch only three projects this year and the remainder will be launched early next year," said Chaiyan Chakarakul, chief executive.

The company posted revenue of Bt2.76 billion last year.

Chaiyan forecast that 40 out of the 213 units at its Lalin Green Ville Executive Onnuj-Ring Road-Suvarnabhumi would be sold this month.

The project is worth Bt1.1 billion and each unit is priced between Bt3.99 million and Bt7 million.

Property developers have had a tough year, but those with debt-to equity ratios of less than 1-to-1 should be able to manage, he said.

The property industry is expected to grow 3-5 per cent, in line with gross-domestic-product growth, he said, adding that likely reductions in domestic interest rates and more stabile oil prices will give the property market a much-needed boost. A clearer picture of the country's political situation and the new government's promise to accelerate construction of its mega-infrastructure projects will improve economic sentiment, said Chaiyan.

Even though the company might miss its revenue target this year, its gross margin and net margin of 40 per cent and 20-23 per cent respectively will be maintained thanks to suppliers' support, said assistant managing director Paiboon Udomkarnkit.

Kim Eng Securities (Thailand) has recommended that investors accumulate Lalin's stock.

The brokerage has lowered Lalin's 2006 revenue forecast by 11 per cent to Bt2.57 billion to reflect its weaker revenue stream in the first half this year.

Kim Eng revised Lalin's net profit estimate downward 17 per cent to Bt578 million.

Presales performance weakened to around Bt450 million in the second quarter following the slowdown in the property market.

The company has a presales backlog of Bt540 million, which should be recognised this quarter.

The brokerage said that Lalin aimed to launch one big project worth Bt1 billion this quarter, targeting the middle-income segment with an average price of Bt3 million to Bt4 million per house, which should stimulate presales.