Golden Land eyes Bt10 bn sales by 2015

Golden Land Property Development aims to see revenue of Bt10 billion in 2015 after Univentures took a 50.64-per-cent stake in the company last year.

The revenue target this year is Bt1.6 billion, nearly the same as last year, chief executive officer Thanapol Sirithanachai said yesterday.

The development focus will be on both low-rise and high-rise residential projects that will start to recover in 2015.

This year, the company does not have any new investment plan. Instead, management will work on restructuring its operations, such as information technology and accounting. Then the it will start to launch projects and renovate existing projects next year. The following year, 2015, should see the take-off of its business. Of at least Bt10 billion in revenue, half or Bt5 billion will come from developing residential projects and half from selling its assets, he said.

The company will spend Bt20 million to Bt30 million on strengthening its business structure this year. It has also set aside Bt1 billion to buy land in the last quarter of this year for developing residential projects in 2014.

"We will launch one or two projects at the end of this year after completing revising our business structure and system," Thanapol said.

The company will start construction on a Bt4.7-billion office building occupying 8 rai (1.3 hectares in the Ratchada-Rama IV area. It has a 30-year lease on the site. It will renovate its office buildings, including Sathorn Square and Golden Land, to increase its rental customers. Occupancy is only 60 per cent.

"We believe that our projects will generate a net profit in 2015 after the company showed a net loss of Bt613 million last year," he said.