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Published on July 24, 2007

CEO Anuphong Assavabhokhin yesterday said the company's revenues were expected to reach Bt7 billion this year. Its income is forecast to grow 10 per cent to Bt7.7 billion next year, and it is aiming at 15-per-cent sales growth to about Bt8 billion in 2009, assuming that the Kingdom's gross domestic product grows 3-4 per cent.

Sixty per cent of its income next year and in 2009 will come from general housing projects and 40 per cent from condominiums. The company's current backlog amounts to Bt14 billion.

Anuphong said Asia Property had already recorded revenues of between Bt6.2 billion and Bt6.3 billion this year and was confident of reaching Bt7 billion for the entire year.

The company will start five new projects in the second half of this year worth Bt3.5 billion combined. These will include condominium projects on Sukhumvit and Ratchadaphisek Roads worth a total of Bt2.4 billion and two town-house projects worth about Bt810 million. Earlier, it launched a Bt340-million condominium project on Phaholyothin Road.

By the end of this year, Asian Property is expected to realise income from earlier condominium projects totalling Bt2.9 billion.

Meanwhile, the company has successfully sold out a Bt2.5-billion debenture issue with TMB Bank and Siam Commercial Bank as arrangers.

The proceeds will help reduce the company's funding costs about 1 per cent and be used to refinance debts and for cash flow. Asia Property plans to keep its debt-to-equity ratio to 1 or lower this year.

Company officials travel to Hong Kong today to stage a two-day road show with Phatra Securities in a bid to attract foreign investors.

Siriporn Chanjindamanee

The Nation