L.P.N. postpones condo launches after sales boom
The SET-listed condominium developer L.P.N. Development Plc has increased its presales target by 20% to 24 billion baht but postponed the launch of five projects after soaring presales.
Managing director Opas Sripayak said the postponement is mainly because the company will launch two projects worth a combined 5.8 billion baht in the fourth quarter and expects to have strong presales.
The other five projects will be launched next year.
‘‘We have postponed the launches in order to have steady and regular presales,’’ Mr Opas said.
L.P.N.’s revenue and net profit jumped sharply in the second quarter by 287% and 440% year-on-year respectively.
In the first eight months, it recorded 18 billion baht in presales, just short of its previous full-year target of 20 billion.
Its revenue target remains at 15 billion baht after posting 6.2 billion in the first half.
‘‘The property market this year will not be as bright as last year because there are no economic stimulus programmes. The market is back to normal,’’ Mr Opas said.
‘‘The number of visitors to our project sites and rejection rates remain as usual.’’
The projects soon to be launched will be at opposite ends of the price spectrum.
Designed by renowned architecture firm A49, the high-end project worth 3 billion baht will be a 44-storey building with 350 units sized from 26 to 100 square metres and priced at 150,000 baht per sq m. It will be on a 4-rai site on Sukhumvit Soi 24.
L.P.N. will also launch phase one of Lumpini Township Rangsit-Khlong 1 on Oct 12 with 4,000 units worth 2.8 billion baht. Unit sizes will start from 21 sq m and be priced from 639,000 baht or about 35,000 baht per sq m.
With a total sales value of 7 billion baht, the project will be located on a 100-rai site in Rangsit and will eventually comprise 50 eight-storey condo buildings with a combined 10,154 units.
Chief executive Tikhamporn Plengsrisuk said the company has been looking to develop a project in Rangsit for a long time.
The project is close to more than 60 buildings developed by the National Housing Authority.
Four condo projects with about 7,000 units have been launched in Rangsit in recent months, excluding 8,000 units being launched in phases by Pruksa Real Estate Plc.
‘‘This is not the first time we have developed thousands of units at one project,’’ said Mr Tikhamporn.
Its largest project was developed in Chon Buri last year with 4,500 units.
L.P.N. wants to develop more township projects on the fringes of Bangkok as soaring land prices have forced lowincome earners to move from the centre.
Shares of LPN closed yesterday on the SET at 21 baht, down 80 satang, in trade worth 99.08 million baht.