"We've set aside a Bt900-million budget for real-estate development, which could be carried out through a joint venture or the acquisition of financially troubled projects," chief executive officer Pattanapong Tanumathaya said yesterday.

Diversifying into property should ensure smooth revenue growth, he

said.

Nusasiri Grand Condominium, a Bt3-billion twin-tower project on Sukhumvit Road in the Soi Ekamai area with 306 units, has Ascon as the contractor.

"We are wide open to new business partners and have been in negotiations with several parties, including Ascon," said Nusasiri CEO Visanu Thepcharoen.

Nusasiri earlier unveiled the Bangkok Medical Complex, a joint investment

with Phat Shahwat of the Wanachai Group.

Pattanapong said Ascon had taken over Inspire, a 19-storey condo on Rama IX Road, for about Bt400 million.

The project features two 18-floor towers, and 60 per cent of the 700 units have been sold. It has also bought a resort-spa project in Hua Hin.

Real estate should contribute 30 per cent of Ascon's revenues by next year, with conventional construction operations contributing the rest, he said.

Last year, Ascon earned a net profit of Bt106.64 million - up from Bt72.15 million the previous year - on revenues of Bt1.46 billion.

The company plans to build up its contract backlog to Bt5 billion this year, up from Bt3.2 billion last year.

"Our revenues should also rise, to Bt2.5 billion," he said.