Asian Property Development will revise upward its presales target for the second half of the year on anticipation of strong residential demand, an executive said yesterday.
The company earlier set a pre¬sales target of Bt18 billion and predicted revenue of Bt14 billion for the year, deputy chief marketing officer for strategic marketing Vittakarn Chandavimol told a press conference.
It still estimates presales of Bt8 billion for the first half, even though the property market faced a tough period in April and May during a period of great political uncertainty.
Demand for residential proper¬ty has, however, recovered strong¬ly this month and this will boost presales to the targeted level for the first six months, he said.
To support the goal for higherthanestimated presales for the full year, the company has revised its business plan for the launch of res¬idential projects during 2010.
The original plan for 17 new projects worth Bt26 billion has been amended to 23 projects, with 17 of them worth between Bt12 bil¬lion and Bt13 billion in total being launched in the second half, Vittakarn said.
Five of the 17 projects will be townhouse projects under the Baan Klang Muang brand, with the first two located in the SathornTaksin and Suksawad area. Nine will be detachedhousing projects, and the remaining three will be condo¬miniums.
If Asian Property's presales end up above the estimate for the year, revenue may also be higher than targeted.
Bt12bn backlog
The company has a Bt12billion backlog of projects that are sold and waiting to be transferred to customers, and nearly 80 per cent of this will be booked as this year's revenue.
One of the backlog projects, the Bt900million Baan Klang Krung Sathorn, only opened for presales on June 12 but 83 of the 90 units have already been sold. They will start to be transferred to customers in August.
Asian Property recorded revenue Bt6.2 billion and net profit of Bt1.23 billion in the first quarter of the year.