The SET-listed property developer Eastern Star Real Estate (ESTAR) is preparing to launch two new projects worth a combined 1.5 billion baht this month.
CEO Ratanachai Phatinavin said the company planned to launch four or five projects worth 4-5 billion baht per year.
“We expect to clear our accumulated loss within the next two years,” he said yesterday. “Our performance is improving. We have reduced the cumulative loss from 300 million baht two years ago to 50-60 million currently.”
The company expects 2.5 billion baht in sales revenue this year, up from 1.68 billion last year. It has a sales backlog of around 2 billion baht to be realised over the next few years.
Developments in hand include Vantage, a 1.1-billion-baht condominium in the Ratchavipha area, and the 1.4- billion-baht Breeze condominium. Both are 70% sold.
The company is also scheduled to launch a townhouse estate worth 1 billion baht on a 22-rai site in the On Nut area by September, with unit prices of three million baht each.
Last month, Eastern Star introduced the 3.5-billion-baht StarView condominium on Rama III Road with 556 units, now 35% sold. Unit prices average 79,000 baht a square metre.
“Condominiums are not in an oversupply situation. It was just a feeling,” he said, adding that condominium demand in the riverside area remained strong.
According to market research, 15 condominiums along the riverside or nearby, stretching from Klong San to Rama III, opened for sale during the past 15 years.
The survey showed the 15 projects had a combined 15,639 units with 3,512 still remaining for sale. The sold-out projects included SV City, Lumpini Narathiwas-Chaophraya, River Heaven, Baan Sathorn Chaophraya and Supalai River Place.
ESTAR shares closed yesterday on the Stock Exchange of Thailand at 50 satang, unchanged, in trade worth 1.72 million baht.