Property Developers Upbeat in Second Half of Year
On the back of Thailand’s improving economic prospects and the return of confidence among homebuyers, listed and non-listed property developers are vigorously unveiling plans for residential project launches; many of which were delayed from the first half of 2014. The projects are expected to be worth more than THB 177.6 billion.
Large scale industry incumbents have weighed in on the matter as well. Thongma Vijitpongpun, president and CEO of Pruksa Real Estate said: “Since the coup this May, homebuyers’ confidence has returned to the market, causing us to revise our business plan from launching 50 projects worth THB 50 billion to 70 projects worth about THB 70 billion over the course of this year.”
Thirty-seven projects were launched in the first half, especially in the last week of May and during June, reflecting high confidence in the efforts of the National Council for Peace and Order; Pruksa’s remaining 33 projects will launch during the second half of the year.
Meanwhile, Sansiri president Srettha Thavisin said that the company had maintained its plan to launch 13 projects worth THB 23.6 billion during the second half, while Supalai deputy managing director Tritecha Tangmatitham commented that demand is currently recovering strongly. The latter was evidenced by the success of Supalai’s latest condominium project, the THB 790-million Supalai City Resort Baring, which sold over 90 per cent of its value during the first week of its pre-sale phase.