Richy Place eyes unit sales in 12 projects
Ekamai condo put off for royal cremation
SET-listed developer Richy Place 2002 Plc will focus on selling the remaining units in 12 existing residential projects, worth a combined 9 billion baht, in the second half, aiming for 1.8 billion baht in presales in 2017.
Richy president Apa Ataboonwongse said the company will have no new projects launched in the second half as the country prepares for the late King Bhumibol Adulyadej’s royal cremation in October.
“We launched all new projects for this year in the first half,” she said. “We will boost sales from the existing projects in the third quarter and plan to have marketing activities until late September.”
She expects no big sales in the fourth quarter as fewer marketing activities in all sectors across the country were likely in October. Unfavourable sentiment may be seen in November while people usually go on holiday in December.
Of the 12 existing projects on hand with a total of 2,400 units, five are completed condominiums with a total of around 850 units worth a combined 2.5 billion baht.
The largest number was at Rich Park @ Chaophraya on Rattanathibet road with 300-400 units worth around 1 billion baht, followed by The Rich Sathorn-Taksin near BTS Wongwian Yai station with 250 units worth 1 billion baht.
“We also decided to postpone the launch of a new condo project on Ekamai road from December this year to early next year,” she added.
The Ekamai project site will be on a tworai plot on Ekamai Soi 8, which the company spent around 800-900 million baht buying early this year. With a sales value of 3.5 billion baht, the 40-storey building will have a total of 400 units.
Unit size will range from 34-70 square metres and will be priced at 200,000 baht per sq m on average or between 8-16 million baht. Japanese expats will be a target customer group.
Mrs Apa said the company had strong connections with Japanese expats as one of its affiliates, 42-year-old Ataboon Co, Ltd, is an importer, distributor, manufacturer and exporter of automotive friction products such as disc brakes under the Aimco Rotex brand.
The Ekamai condominium will be the second project in the central business district area for the company since its establishment in 2002. The first was the 32-storey The Rich @Nana near Sukhumvit Soi 3, comprising 427 units worth 3.7 billion baht launched in mid-2016 with 30% sold at present. The foreign quota was also nearly full as the location was popular among international buyers.
“We use foreign agencies to help boost sales of the Nana project. Active buyers are now Singaporean and Chinese,” she added.
During the first half, Richy recorded 800 million baht in presales and aims to have 1.8 billion baht by the end of the year.
As of July 15, it had a sales backlog of almost 4 billion baht and expects to have 1.2 billion baht in revenue by the end of 2017, an increase of more than double from the 568.24 million baht last year. “Overall the Thai economy in the second half will recover, following world trends such as an increase in US interest rates and a decline in unemployment in Europe,” she said. “We expect this momentum will drive property demand.”
RICHY shares closed unchanged yesterday on the Stock Exchange of Thailand at 1.46 baht, unchanged, in trade worth 2.46 million baht.