There will be no more retail projects from Property Perfect Plc after the firm decided to sell its shares in Dara Harbour Co, a subsidiary with plans to develop a shopping centre in Sri Racha. Central Pattana picked up the shares in the company and will carry on with the plans to build the mall, local media reports.
Property Perfect has no experience in developing retail projects and will now focus solely on its residential developments. The company has held a 65 per cent stake Dara Harbour that was sold to CPN for THB291.75 million. Faima RBDS International and Ascend Development Co control the remaining shares.
“Proceeds from the share sales will help increase our liquidity and also be used as working capital for the investment and development of our residential projects,” says Property Perfect Managing Director Wongsakorn Prasitvipat to the Bangkok Post.
There are plans for the company to launch 5 new condo projects worth a combined THB8 billion during the rest of 2017. These include Metroluxe Rosegold Phahol-Sutthisan, a low-rise development on Sutthisan Road. There will be a pair of 8-storey towers and 317 units in the development that has a sales value of THB1 billion.
The company will also launch residential projects on Charan Sanitwong 13, Wuttakart, Sukhumvit Soi 77, and Seri Thai this year. Property Perfect looks to make THB14.5 billion in presales in 2017, less than the company’s original target of THB18 billion. It won’t be able to meet its initial target due to low condo presales.
“The higher bank mortgage loan rejection rate was a key factor that made our condo presales miss the target as we did not have new condo launches in the first half and focused instead on completed units. But we will work harder in the 2nd half,” says Wongsakorn.
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