Golden Land downsizes

Following this programme, the company has been able to cut its management costs by about 20 per cent ahead of a challenging 2010, vice president development Pattariya Srethburt said yesterday.

Golden Land recorded revenue of Bt837.46 million and net loss Bt60.65 million in the first half of the year.

The company has also revised its investment plan by downsizing the value of new projects to lower than Bt1 billion apiece next year, she said. It will launch small residential projects in order to meet this criterion.

Before embarking on new projects, the company plans to launch an aggressive marketing campaign to sell existing projects worth Bt1.5 billion.

"We plan to sell out our existing projects within three years," Pattariya said.

The company's current low-rise projects are Golden Legend, Golden Heritage, Grand Monaco and Golden Nakara.

The company also has four high-rise residential projects, two of them condominiums for sale and the other two serviced apartments.

The condominium projects are the Infinity, which is now sold out, and Sky Villas, which has sold all but 10 of its 132 units. The serviced apartments are The Ascott Sathorn Bangkok and the Mayfair Marriott.

Meanwhile, the company has two commercial buildings - Goldenland Building and Sathorn Square - under construction. The latter is a mixed-used project combining offices, hotel and retail.

The company has a marketing budget of 3 per cent of its sales to promote the Golden Land brand in the high-end market next year.

"We have suspended the launch of new low-rise residential projects since last year. When we plan to launch our new projects again, we have to communicate with our customers that we are a leading firm for high-end residential development," she said.