Two of MK's four new projects this year to be condos

MK Real Estate targets revenue of Bt3 billion, up 60 per cent from last year, by launching four new residential projects.

The company will invest Bt2 billion to buy land and Bt1 billion on the infrastructure for the projects, chief executive officer Chun Tangmatithum said.

Two of the projects will be condominiums, August Charoenkrung-Rama III worth Bt1.7 billion and Leon Sukhumvit 62 worth Bt430 million. The other two will be a detached-housing project on Rama VII and a duplex project on Vibhavadi Road.

The company plans to issue a debenture and bills of exchange worth Bt1.5 billion in the second half of this year, Chun said.

He added that the company had confidence in the demand for homes, especially condominiums, and it had decided to increase its condo portfolio. It has a backlog worth Bt1.3 billion that will transfer to customers this year, Bt800 million of which will come from its first condominium project, Den Vibhavadi, which now is complete.

Meanwhile, the company has 15 projects with an inventory for sale worth Bt3.8 billion. This will boost revenue to the targeted Bt3 billion, he said.

"We target condominiums to account for about 50 per cent of our revenue in the next three to five years," he added.