The company will also conclude the deal with its new strategic partner by the first quarter next year, having established Metro Avenue Co Ltd last month with registered capital of Bt100,000.

The company is negotiating with two developers from Singapore, one from Japan and one from Germany that have shown interest in investing in residential projects, office buildings and serviced apartments.

"We need a strategic partner for our expansion the next year," Veera said.

The company also has to change focus from the high end to the middle market.

Its gross margin averages 40 per cent now, but if it continues to construct high-end condo projects the margin will suffer. It has to shift its customer target to maintain its margin at 40 per cent this year.

Metrostar yesterday introduced its first middle-market condo, called Metro Avenue Ratchayothin. The Bt4.5-billion project will offer units priced between Bt1.6 million and Bt4 million.

The firm is keeping its sales forecast for this year at Bt1.5 billion. In the first nine months, it made a net profit of Bt26.8 million on sales of Bt404.08 million.

Somluck Srimalee

The Nation