Despite a struggling condo market in Bangkok, Ananda Development told local media that it does not believe demand for project near mass-transit stations in the city will be affected. The company added that it will keep the presales and revenue targets it set for this year.
Presales in July and August for Ananda stood at an impressive THB4.9 billion, according to John Millar, head of financial strategy and investor relations, who added that sum surpassed the target of THB4.45 billion the company had set for the third quarter.
Those two months saw Ananda launch three new condo projects in Bangkok worth a combined THB10.5 billion. These projects were Q Chidlom-Phetchaburi, Ideo O2 and Ideo S115. All three projects are located near a current or future skytrain station, the newspaper added. For the full year, Ananda hopes to reach THB26.3 billion in presales and THB10.5 billion in revenue.
“The overall residential market is weak, but it’s more robust near mass transit,” Millar noted. Ananda recorded presales of THB17 billion between start of the year and August which surpassed the target of THB15.8 billion it had set for the nine-month period. Ananda estimates it will reach THB9.3 billion in presales during the last quarter of this year.
In order to boost those fourth-quarter sales and reach its estimate, Ananda will launch four condominium projects worth a combined THB9.8 billion baht. The projects will be situated at a current or planned mass-transit station. The company believes this is the most success strategy for sales at the moment.
Ananda will need to sell a housing inventory of at least THB1.85 billion ready to transfer in the second half if the company is to reach its revenue target of THB10.5 billion baht.
