SC targets B17bn presales on 19 projects
SET-listed developer SC Asset Corporation Plc, a property arm owned by the Shinawatra family, will launch 19 residential projects worth a combined 19 billion baht, aiming to have 17 billion in presales and revenue by the end of the year.
Chief executive Nuttaphong Kunakornwong said the majority of the new projects will remain single houses, townhouses and duplex houses, with 17 sites worth a combined 15 billion baht expected to record 10.8 billion in presales this year.
Last year more than two-thirds of presales were from single houses, townhouses and duplex houses, some 10.5 billion baht out of a total of 15.3 billion. Presales last year notched a company record, growing 32% from 2016.
SC also plans to develop two township projects worth a combined 9.5 billion baht in Bangkok’s northern and eastern zones, to be completed in 6-8 years.
One will be located on a 240-rai plot in Bang Kradi, Pathum Thani, where SC plans to develop seven low-rise projects worth a total of 4.5 billion baht. Two of them will be launched this year with unit prices starting from 2 million baht.
“We will pilot the first two projects this year and estimate purchasing power in the locations,” he said. “The township projects will be flexible and we are studying what homebuyers want.”
The other project is on a 115-rai site in the Krungthep Kritha area, where SC will develop five projects worth a combined 4 billion baht, with unit prices starting from 3 million.
Mr Nuttaphong said two condominium projects being launched this year: Centric Ratchayothin, worth 1.5 billion baht, opposite Major Cineplex Ratchayothin, and The Crest Sukhumvit 23, worth 2.5 billion.
SC is scheduled to launch next year a super-luxury residential project on a 880-square-wah plot on Lang Suan Road, purchased at a record price of 3.17 million baht per sq w.
The project will be developed under SC subsidiary Scope Co, which it set up last July. Scope is 90% held by SC and the remaining 10% by Mayuree Chaipromprasith, wife of property veteran Yongyutt, who is Scope’s chief executive.
“At this cost, sales prices for residential units will be higher than 500,000 baht per sq metre, and we believe there is demand,” said Mr Nuttaphong.
This year SC plans to spend 10 billion baht to buy new plots for future development, up from 8-9 billion last year.
From 2018-20 SC aims to have total presales of 62 billion baht, comprising 17 billion in 2018, 21 billion in 2019 and 24 billion in 2020. It projects revenue of 17 billion baht in 2018, 20 billion in 2019 and 22 billion in 2020.
SC shares closed unchanged yesterday on the SET at 3.98 baht in trade worth 26.0 million baht.