Pruksa sees presales at nearly B53bn

Pruksa Real Estate Plc, a property development subsidiary of SET-listed Pruksa Holding Plc (PSH), expects presales this year to exceed its target of 52.9 billion baht, after recording 27 billion baht in the first half.

Chief executive Piya Prayong said condominiums were key driver of first-half presales growth as the segment’s performance doubled to 10 billion baht from 4.8 billion baht in the first half of last year.

“Good presales were seen of condominium units priced between two to five million baht,” he said. “The overall condominium market in the first half was better than expected and better than other segments.”

According to Pruksa’s marketing insight, strategy and new business development department, overall presales in the residential market in Greater Bangkok totalled around 200 billion baht in the first half of this year, up 16% from the same period last year.

Pruksa early this year forecast annual growth of only 5% in all market segments, a rise of 3% in the total condominium segment, 5% for the total single house segment and 10% in the total townhouse segment.

Mr Piya said the key driver for actual growth in total market presales in the first half were condominiums which increased by 35%, followed by townhouse presales which rose 11%, but single house presales fell by 5%.

Pruksa recorded 27 billion baht in presales in the first half of 2017, up from 21.6 billion baht in the same period of last year. The presales target in 2017 was 52.9 billion baht, rising from 44.4 billion baht last year.

Despite the first-half presales growth, the company maintains its target but expects presales to reach 55 billion baht by the end of the year, said Mr Piya.

In the second half, Pruksa plans to launch a total of 35 new residential projects worth a combined 30 billion baht. It launched 31 projects worth a total of around 30 billion baht in the first half.

Of the new projects due to be launched in the rest of the year, three will be condominiums under The Privacy brand in three locations on Charan Sanit Wong Road, on Sirindhorn Road and in the Rama 9 area.

PSH shares closed yesterday on the Stock Exchange of Thailand at 23.10 baht, up 40 satang, in trade worth 95.3 million baht.