JV to launch eight residential projects
Krungthep Land, a joint venture between Property Perfect and Singapore-based Fraser and Neave (F&N), plans to launch eight new residential projects worth Bt11.8 billion to boost its total revenue to Bt5.3 billion this year, up 130 per cent over last year's total revenue of Bt2.3 billion.
More than 60 per cent of its total revenue target, or Bt4.1 billion, will be from low-rise residences, both detached houses and townhouses, nd Bt1.2 billion from its condominium project, The Pano.
The company's deputy director for business development, Chawintorn Kunakornporamut, said five of the eight projects would in its existing locations such as the Grand Rama 2, the Grand Prachauthid and the Urban Sathorn.
The other three will be in new locations such as Udomsuk, Rattanathibet and Pinklao, Chawintorn said.
The five existing projects are: Courtyard at the Grand Rama 2 worth Bt1.4 billion; Infenia at the Grand Rama 2 worth Bt1.1 billion; 9 at the Grand Rama 2 worth Bt200 million, the Grand Prachauthid worth Bt500 million, and the upcoming Urban Resident worth Bt300 million.
The next three projects will be The Grand Udomsuk, The Grand Pinklao, and a new brand of townhouse at Rama V-Rattanathibet, he said.
"All of them are low-rise residences, both single detached houses and townhouses, priced at more than Bt5 million per unit. The company sees strong demand in the middle to upper-income segment," Chawintorn said.
The company has also set aside an investment budget of between Bt1 billion and Bt2 billion to buy land for developing residential projects next year.
The company's investment budget will come from the company's cash flow, he said.
He added that after beverage tycoon Charoen Siriwattanabhakdi took over F&N, the company was not making any changes yet.
"We have continued to follow our business plan to boost growth 20 per cent a year; we will show aggressive growth of 130 per cent this year thanks to the country's economic growth and the demand for market growth in the middle and upper-income market," he said.
The company's plan to be a listed company in the Stock Exchange of Thailand is on course. It plans to raise at least Bt1.5 billion capital of its total registered capital of Bt1.78 billion.
The plan will be completed at the end of 2013 and the listing achieved in 2014.