Thanapat sets Bt3 bn budget for 2016-19 home projects

Real Estate November 14, 2015 01:00

By SOMLUCK SRIMALEE
THE NATION

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THANAPAT PROPERTY Develop-ment has set aside an investment budget of Bt3 billion to develop residential projects worth Bt10 billion from 2016-2019, the company's executive director Donpiwat Preedawiphat said.



“We plan to launch on average three or four residential projects worth between Bt2 billion and Bt3 billion every year from 2016 through 2019. This will drive our [annual] revenue to Bt5 billion by 2019,” he said.

Thanapat has been developing residential projects since 2003.

At present, the company has only one project under development, Jade Rama 3-Sathorn, worth Bt1.2 billion. Jade has sold about 70 per cent of its project value.

The company will transfer Bt600 million worth of homes in the project to customers this year and the rest in 2016, he said.

Donpiwat said Thanapat targeted revenue of Bt900 million for this year, up to Bt700 million of which will be from home sales and the rest from rental income from the company’s Lao Peng Nguan Tower on Vibhavadi Road.

The company has also set aside an investment budget worth Bt200 million for next year to renovate its Lao Peng Nguan office building and will increase its rental fees from an average of Bt450 per square metre to Bt550-Bt600 per square metre.

“Our office building is in a prime location, and now has an occupancy rate of 99 per cent, which leads us to boost our rental fees to match market demand,” he said.

He added if the company meets its revenue target of Bt5 billion in 2019, it will apply for listing on the Stock Exchange of Thailand, possibly in 2020 or 2021.

“We will restructure our business and also expand our investment until we have financial results strong enough to be a listed company,” he said.