Thailand’s developer Property Perfect preps 14 projects for 2022

Construction News
Hor Karn Kha Thai Road, a new 4-kilometre-long road with a green concept in Nonthaburi.

Thailand’s developer Property Perfect preps 14 projects for 2022

SET-listed developer Property Perfect Plc (PF) plans to launch 14 residential projects worth a combined 19.4 billion baht next year, with the aim of achieving 15 billion baht in presales and revenue by year-end.

Managing director Wongsakorn Prasitvipat said the residential market has resumed after the loan-to-value limits were relaxed last month, while the economy and buyers’ confidence have improved.

“Sales and the number of customers visiting project sites in October improved after hitting rock bottom in June,” he said. “But we may still miss the target this year as sentiment has just started coming back in the fourth quarter.”

In the third quarter, PF reported a drop of 28% in revenue from housing sales to 1.95 billion baht. Revenue from hotel business declined 68% to 94 million baht with a loss of 168 million baht.

The company expects to have 12-13 billion baht in presales and revenue by the end of the year, before increasing to 15 billion baht for both in 2022.

At present, it has a sales backlog of 2.7 billion baht to be realised by next year, comprising 1.5 billion baht from low-rise houses, 500 million baht from condos and 700 million baht from joint ventures with Hongkong Land.

Mr Wongsakorn said there are 14 new projects slated for next year, up from six projects worth 9.9 billion baht in 2021. All of them are low-rise houses as the condo sector might not come back soon.

Among those new projects, two projects worth 4.5 billion baht will be joint ventures with Hong Kong-based investment group Hongkong Land.

There are also two projects worth a combined 3 billion baht that will be located on Hor Karn Kha Thai Road, a new four-kilometre-long road linking Chaiyaphruk Road and Saphan Nonthaburi-Bang Bua Thong Road.

The firm spent 400 million baht to cut the road passing through its land plot covering over 1,000 rai.

It has joined PTT Group, Lotus, SISB International School and EVLOMO, a Florida-based firm working on EVs, to develop the road as a green road.

Property Perfect has 13 residential projects and other three developers have five projects on the road.

“Every unit and every single detached house on this road will have an EV charger home box installed,” he added.