AP to launch five projects in second half

BackSep 11, 2007

The listed residential developer Asian Property Development Plc (AP) plans to launch five new projects worth a combined 4.1 billion baht during the last four months of the year, says chief executive Anuphong Asavabhokhin.

He said the overall housing market since early this year had been quiet due to the uncertain political situation. Many developers who had delayed launching new projects plan to get them off the ground during the second half.

By the fourth quarter of the year, AP will launch two townhouse projects under the Baan Klang Muang brand worth a combined 1.3 billion baht. They will be located in the Krungthep-Kreeta area, with 160 units priced at about four million baht, and in the Chok Chai 4 area, with 200 units starting at three million baht.

Yesterday it launched three condominiums worth a combined 2.8 billion baht. They will be located in Sukhumvit 65 with 540 units worth 1.3 billion baht starting at 1.93 million baht apiece.

Another two locations will be in the Ratchada-Huai Khwang area with 480 units starting at 1.89 million baht worth a combined 1.2 billion baht, and Phahon Yothin 18 with 189 units worth a total of 340 million baht.

The company also plans to develop at least seven projects next year, including two condominium projects, four townhouse projects and a single house project.

Two sites for the seven projects were acquired this year. They include a 22-rai plot in the Lat Pla Khao area where AP will develop townhouses in 2009, and a 20-rai site near the BTS Saphan Taksin station where it plans to develop 170 townhouses priced at about four million baht each.

By the end of the year, it plans to spend one billion baht to acquire five plots of land for development in 2008.

During the first eight months of the year, it had 3.6 billion baht in sales of 3,600 units from Life Condo projects launched in 2006-07.

Currently, AP has a sales backlog of 14 billion baht on which revenue will be realised through 2010. It aims to generate seven billion baht in revenue realisation by the end this year.

AP shares closed yesterday on the Stock Exchange of Thailand at 5.70 baht, down 10 satang, in trade worth 22 million baht.

 

Source: Bangkok Post by Kanana Katharangsiporn
Tuesday September 11, 2007