Supalai Plc is seeing an uptick in condo sales in Thailand’s provincial areas. According to the company, condo unit buying outside of the Thai capital is up 35 percent year-over-year. The developer also saw record highs in revenue, net profit, and pre-sales last year, surpassing its target of THB24 billion.
The company recorded a net profit of THB5.8 billion, a 19 percent increase from the previous year, on revenue of THB25.8 billion, a year-on-year rise of 10 percent. Condo sales in both Bangkok and the provinces were strong, increasing by more than 30 percent in total.
Supalai also earned THB30.8 billion in pre-sales last year, which was a jump of 27 percent from the previous year. Nearly half of the company’s pre-sales came from condos in Bangkok with single houses and townhouses in both Bangkok and other parts of the country accounting for the rest.
“Condo sales in the provinces picked up because there was no new supply added in the market. As a result, sales rates at existing condo projects improved,” says Supalai Managing Director Tritecha Tangmatitham to the Bangkok Post.
Residential sales in Chon Buri are expected to pick up this year with the developer believing the area will surpass Phuket as its top non-Bangkok market. This is due to the Eastern Economic Corridor project. Supalai has developed over 10 residential projects in Chon Buri and Rayong since entering the region in the early 2000s.
There are plans in place for the company to launch 35 residential projects in Thailand this year. These developments are worth THB40 billion combined and Supalai hopes to bring in THB33 billion in pre-sales by the end of this year. This would be a 10 per cent increase on 2017’s total. The company is targeting single houses and townhouses to help it reached its 2018 estimates.
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