AP bumps up sales goal

BackJul 13, 2007

Condo boom drives 2007 forecast up to Bt12 billion

Asian Property Development (AP) has adjusted its sales target from Bt8 billion to Bt12 billion this year after recording sales of Bt9 billion in the first half, thanks to city condominium projects under The Life and The Address brands.

Of the Bt9 billion in sales, Bt6 billion came from condominium projects and the remaining Bt3 billion from detached houses and town houses.

With the new Bt12-billion target, Bt7 billion will be booked to the company's revenue at the end of this year - higher than its existing target of Bt6 billion.

AP announced revenue of Bt1.42 billion and net profit of Bt158.3 million in the first quarter.

The company plans to introduce five new projects worth up Bt3 billion to increase sales in the second half of this year, according to senior executive vice president Visanu Suchatlumpong.

Three of the five projects will be condominiums, with the launch of one project worth Bt340 million in the third quarter and the next two projects worth Bt2.4 billion in the fourth quarter.

The remaining two projects will be town houses worth Bt810 million, to be launched in the third quarter.

"Although purchasing power has dropped, home-buyers have continued to buy city condominiums because they serve their lifestyle. When we offer the best option for a customer, they will be ready to make a decision to buy," he said.

In the past nine months, the firm has launched five city condominiums worth Bt5.3 billion under the brand The Life, which targets the middle-income market, and three projects under the brand The Address worth Bt4.8 billion, which focuses on the upper-income market.

Yesterday, the company also launched a marketing campaign with the offer of three new decor concepts - modern, contemporary and oriental - worth Bt400,000 for customers who buy at The Address Sukhumvit 42. The campaign runs until the end of the project's sales.

 

Source: The Nation
Friday July 13, 2007