Golden Land to help buyers

SET-listed Golden Land Property Development Plc is committed to helping buyers of its housing units whose mortgage requests have been rejected by financial institutions in a move that would help raise revenue.

Senior executive vice-president Somboon Wasinchutchawal said that while the company’s mortgage rejection rate is 25%, considered normal, Golden Land will try its best to speed up the reselling of units for homebuyers whose mortgage applications have been rejected.

He said 90% of revenue this year will come from residential development business and the rest from commercial properties, whose contribution fell as the company sold Sathorn Square to a real estate investment trust in the second quarter.

The company’s residential development continues to grow with a rise of 80% in revenue from townhouses and 244% from single houses, boosting revenue in the first nine months from 3 billion baht last year to 7.22 billion baht this year.

Meanwhile, revenue from rental and services fell by 12% in the first nine months to 783 million baht. The segment is still expected to grow in the future after a new project, Samyan Mitrtown, a mixed-use project worth 8.55 billion baht, is completed and launched in 2020.

The project will stand on a nearly 14-rai leasehold plot owned by Chulalongkorn University in the Sam Yan area. It will comprise office space of 63,788 sq m, residential space and serviced apartment totalling 36,394 sq m and retail space of 64,590 sq m.

Golden Land has two office buildings for rent. One is the new FYI Center on Ratchadaphisek Road with 48,000 sq m, now 80% occupied at a rental rate of 850 baht per sq m.

The other is the Golden Land Building on Ratchadamri Road with a lettable area of 11,231 sq m at a monthly rent of 620 baht per sq m, 97% occupied.

In the first nine months, Golden Land posted a net profit of 937 million baht on revenue of 8.14 billion baht, up 153% and 43% respectively from the prior-year period.

GOLD shares closed yesterday at 6.25 baht, up 10 satang, in trade worth 4.05 million baht.