Property and hospitality company Ital-Thai Group has cut its full-year revenue forecasts by THB1 billion due to the effects of the country’s ongoing political and economic situations.
Chief Executive Officer Yuthachai Charanachitta told The Nation his company is expecting revenues of THB12 billion this year – down from previously expected THB13 billion. He mentioned how tourists have kept away from Bangkok and the provinces as a result of the political crisis, and this has hurt its hotel business.
He also reported that demand for luxury homes in Phuket has declined, so residential sales on the resort island are about 30 percent short of estimates. As a result the company has lowered its sights for property revenue by 20 percent from THB1.2 billion last year to THB1 billion for 2014.
Amari Estate Co is the property division of Ital-Thai and the developer of residential projects in Phuket and Hua Hin with a focus on luxury residences priced at more than THB9 million per unit.
He added that his company will delay further property investments until next year, especially those in the property sector.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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