Despite a sluggish real estate market, Pruksa Real Estate plans to be aggressive during the remainder of the year. The developer has plans to launch a number of new projects in the fourth quarter worth more than THB20 billion combined. Local media reported.
Chief operating officer Lersuk Chuladesa explained that the company is confident in the low-rise segment where demand is still strong and the company has seen a recovery with sales rebounding since September.
“Sales at new sites swung back in the late third quarter after homebuyers in the first four months focused mostly on ready-to-transfer units at existing projects to capitalize on property tax incentives which expired on April 28,” said Lersuk.
Pruska will be launching 11 townhouse projects as well as five single house developments. There are also plans to launch between 2-4 for condo projects during this quarter. All of the new projects will be in the middle- to lower-end segment.
“The majority of new products being launched in the last quarter will be low-rise as such projects don’t need much advertising like condos, which is not appropriate during the mourning period,” he told media.
The developer will launch 70-72 new projects this year with the total value of these estimated to be THB60.1-67.3 billion. This will surpass the numbers estimated by Pruska earlier in the year. The company first estimated that it would launch 60-65 new projects worth a total THB50-55 billion.
Pruska’s pre-sales this year will be likely be higher than the target of THB51 billion it set at the start of 2016. During the first three quarters, Pruksa launched a total of 52 new projects valued at almost THB43 billion. The developer brought in more than THB34 billion in pre-sales, a total that is roughly the same as it earned during the same period in 2015.
