This is despite a gloomy outlook for the property market of growth of less than 5 per cent this year, due mainly to the country's economic slow-down and its effects on consumers' purchasing power.

However, the company has received positive feedback after launching three new city condominiums with a combined value of Bt3 billion, called The Life project. More than 50 per cent of the space in the condominiums has already been booked.

"We believe that when we offer quality products in the best locations and at reasonable prices, we can continue to expand our investments, even though most developers have suspended their investment plans," Anuphong said.

In the first four months of this year, Asian Property Development invested Bt1.2 billion to buy land for the three condominium projects at Ratchada-Suthisarn, Phaholyothin and Sathorn Soi 10.

The projects open for sale on Friday.

Construction is expected to begin next month and be completed in the first quarter of 2009.

Anuphong said the rest of the company's total investment for this year, amounting to Bt800 million, would be spent on land plots for both condominium and town-house projects. The money will come from both the company's cash flow and borrowing from banks.

Although Asian Property Development recorded a fall in sales of 8.3 per cent in the first quarter of this year, it believes it can achieve its revenue target of 16-per-cent growth to reach Bt7 billion this year, Anuphong said.

Some condominium presales will be booked into the company's revenues in the second half of the year.

Anuphong said 100 per cent of its revenues in the first half of the year came from town-house projects that are now feeling a drop in demand.

The company has presales amounting to Bt4.2 billion that will be ready to transfer to  customers later this year.

Presales of a further Bt7.8 billion will be ready to transfer to customers next year.

At the same time, it has existing projects worth Bt10 billion ready for sale and plans to offer properties worth another Bt2 billion in the second half of the year.

Asian Property Development recorded total revenues of Bt1.42 billion and a net profit of Bt158.29 million in the first quarter of this year. The figures were down by 8.3 per cent and 32.19 per cent respectively from the corresponding period of last year.

To drive its sales over the rest of this year, it will increase its marketing budget from Bt600 million to Bt700 million, to be spent on television and print advertising as well as event marketing, lucky draws for customers and sales promotions.

Somluck Srimalee

The Nation