• 
• 
• 

Asian Property Development will launch 10 residential projects worth a combined Bt15.6 billion this year.

CEO Anuphong Assavabhokhin yesterday said the move was aimed at boosting presales to Bt10 billion, up 16.28 per cent from Bt8.6 billion last year.

The company has also established a new position: chief customer officer, to be filled by Marote Vananan.

"We set up the new position to support our business growth and address the stiff competition in the market," said Anuphong. "Previously, we had only 200 employees and sales of less than Bt5 billion. But now the company has increased the staff level to 500, and that will ensure we reach our sales target of Bt10 billion."

He said although the property market was projected to show flat growth or even drop significantly this year, the company believed demand would still grow, especially genuine demand and not speculation. As a result, the company will proceed with its launch of the 10 new residential projects this year.

In the first nine months of last year, Asian Property Development recorded revenue of Bt6.6 billion for a net profit of Bt1 billion. It now has a backlog, thanks to the success of its presales, and nearly Bt8 billion worth of units will be delivered to customers this year, half of those condominium projects and half low-rise residences like single-detached homes and townhouses. As a result, the company believes its revenue will meet this year's target, Anuphong said.

"We postponed new projects from last year's fourth quarter, because most home-buyers were delaying their decisions to buy. But the number of customers visiting our projects rose from 100 in the last quarter to 300-400 visitors in the first week of this month. We also recorded sales of Bt90 million to Bt100 million in the first week. This is why we've decided to go ahead and launch our 10 new projects this year. Some of these have been delayed from the last quarter," he said.

Asian Property Development will also buy Bt4 billion worth of land this year for new residential projects to be launched next year.

To support its business expansion this year, the company will issue Bt1 billion worth of debentures next month with interest of 5-5.5 per cent and a maturity of three years.

The company is now negotiating with two commercial banks to serve as its financial adviser: Siam Commercial Bank and Bangkok Bank.