AP lifts sales target by 34%

BackJul 13, 2007

The listed developer Asian Property Development Plc (AP) has revised up its sales target by 34% to 12 billion baht for 2007 as its condominium sales jumped in the first half of the year, according to executive vice-president Visanu Suchatlumpong. He said the company had total sales of nine billion baht during the first half. About six billion baht of that was from condominium sales and three billion baht from sales of single homes and townhouses.

''Lifestyles have changed,'' he said. ''It's the urbanisation trend. People want to live near mass transit to reduce transport costs as oil prices are high.''

The company expected to realise 2.8 billion baht in revenue in the first half of the year and around seven billion baht for the whole year.

In the second half of the year, the company plans to launch five new projects worth a combined 3.55 billion baht. They will be two townhouse projects in Krungthep Kreeta with 113 units and Lat Phrao 55 with 79 units.

Another three projects will be Life condominiums located in Phahon Yothin 18 with 183 units; Sukhumvit 65 with 544 units; and Huai Khwang with 460 units.

To date, Asian Property has sold out units in its three mid-priced condominiums, including Life, launched in the first half of the year worth a combined 3.25 billion baht. Another three-billion-baht high-end condominium, The Address Chidlom, has 60% sales.

AP shares closed yesterday on the Stock Exchange of Thailand at 6.80 baht, down 10 satang, in trade worth 29.58 million baht.

 

Source: Bangkok Post by Kanana Katharangsiporn
Friday July 13, 2007