Three of the five projects are condominiums. The rest are detached houses in Rangsit, invested through Prin Venture, a joint venture between Prinsiri and Univentures.

Chaiwat said that demand for condominiums had shown strong growth.

As a result, the company decided to open three new condominium projects in the first half of this year instead of in the second half as previously planned.

The new three condominium projects will be on Rajprarop and Narathiwat-Ratchanakarin roads and in Phaholyothin Soi 37.

The company is currently developing eight property projects worth up to Bt3.6 billion.

Combining these existing projects with the five new ones, the company will have projects worth Bt8.7 billion.

Yesterday, the company announced total revenues of Bt2.96 billion and a net profit Bt447.8 million last year - up 26 per cent and 47 per cent, respectively, in 2005.

Chaiwat said that the company expected to achieve Bt4 billion in sales at the end of this year from both its existing property projects and its new ones.

"Interest rates look likely to be reduced 0.5-1 per cent this year, which will have positive feedback for the property sector, although political uncertainty remains," he said.

Meanwhile, the company has set a marketing budget of Bt120 million for this year. That figure includes planned events that will offer special prices.

"We believe that our new marketing policy and new projects at prime locations will boost our sales to meet the target," Chaiwat said.

Somluck Srimalee

The Nation