Kree Dejchai, managing director of CPN Residence Co Ltd.
Kree Dejchai, managing director of CPN Residence Co Ltd.

CPN Residence sets sight on reaching Bt10 billion in total revenue by 2022

Real Estate November 11, 2017 01:00

By SOMLUCK SRIMALEE
THE NATION
CHIANG RAI

2,927 Viewed

CPN Residence Co Ltd, a residential developer under listed company Central Pattana Plc, aims to achieve total revenue of Bt10 billion in 2022 with plans to launch up to 25 new residential projects from 2018-22, the company’s managing director, Kree Dejchai, said at a press conference yesterday.



Three new projects worth Bt2 billion were launched this year in Nakhon Ratchasima province worth Bt800 million, under the Escent brand. They were completely sold out last week. One project, worth Bt580 million, under the Escent Ville brand will be launched next week in Chiang Rai province, while another, worth Bt900 million, will be launched in Chiang Mai on December 2-3, he said.

The company plans to launch up to four projects worth Bt2 billion next year. This will drive up its estimated total revenue in 2019 to Bt3.5 billion, up from the estimated Bt3 billion in 2018. The four new projects will be located close to Central Shopping Centre in Bangkok. One of the projects will offer single detached houses, while the other three will be condominium projects, he said.

Kree said the company will start the transfer of its three condominium projects launched last year in Rayong, the first project in Chiang Mai, and in Khon Kaen to its customers within the first half of next year. 

This is the first time CPN Residence Co Ltd will be booking revenue after being established in 2015.

“Our business strategy is to launch new projects located close to Central Shopping Centre nationwide and that is the key to our success in the three condo projects worth Bt3 billion that were sold out last year,” he said. 

“When we launched our three projects last year in Chiang Mai, Khon Kaen and Rayong, we had to answer serious questions such as how to sell our condominium projects at a time when there was an oversupply of in the provinces. 

But we were successful in selling all of them within five months of their launch, thanks to most of them being located close to a shopping mall. This created value for the condominium projects,” Kree said. 

He added that the demand to buy residences in the provinces is still seeing strong growth, depending on the location and product design. 

“Most of our customers are people who stay around the Muang district. It will serve people who send their family members to study and work in Muang district. We also allow customers to buy only two units per person. This is one way of ensuring real demand and avoid speculative purchases. 

As a result we are confident that we can transfer all of our residences worth Bt3 billion in Rayong, Chiang Mai, and Khon Kaen province,” he said.