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Published on April 22, 2008

Somluck Srimalee

The Nation

CEO Mayta Chanchamcharat said the company's original target was 11 projects worth Bt10 billion. The additional projects will drive up sales to Bt7.2 billion, or 2.8 per cent above its existing target of Bt7 billion.

The new two projects will be townhouses under the brand Town Plus and the company is now searching for appropriate sites for them.

"We adjusted our business plan after our parent, Sansiri, set a new sales target that went from Bt20 billion to Bt26 billion after seeing the potential for growth in the first quarter of this year, thanks to the government's tax stimulation package for the property sector, which has reduced the transfer tax from 2 per cent to 0.01 per cent and the special business tax from 3.3 per cent to 0.01 per cent and increase tax reduction from Bt50,000 to Bt100,000," he said.

Mayta said the company had to launch new townhouse projects to restore its sales momentum to compensate for the Bt400-million loss from the restriction on its 11 existing condominium projects under the brand Condo One.

The Building Control Act says buildings higher than 23 metres need high-rise construction permits.

"Townhouse construction can be expedited more quickly than condominium projects and will be easier to sell, thereby generating more revenue than condominiums to meet our new target," he said.

Mayta said Plus Property would launch five new condominium projects in the second half of this year after it succeeded in completing 11 condominium projects under the Condo One brand. That should restore customer confidence in its condominium projects after problems in the first quarter of this year.

Meanwhile, the company is investigating joining up with a foreign brokerage to expand its brokering operations this year.

The joint venture will be located in tourist locations such as Pattaya and Hua Hin.