Tri Property to launch THB1Bln new projects in 2015; Targets SET listing in 3-5 Years
Tri Property, a developer of stylish residential projects for younger generation, plans to launch two new condominium projects worth THB1 billion and realize THB500 million revenues in 2015 while aiming to boost combined project value to THB10 billion and prepare to list on the Stock Exchange of Thailand in the next 3-5 years.
From overwhelming success in establishing “Proud” condominium brand in Chaengwattana, with Proud Chaengwattana and Proud X2 projects, Tri Property has spread its wing to lucrative resort island of Phuket, introducing three condominium projects under the brand “ZCAPE” in major tourism area and the island’s CBD. The five projects in Bangkok and Phuket worth a combine of THB2,370 million.
“Last year, we realized THB220 million revenues while we target to realize THB500 million this year as we plan to launch two new projects worth a combine of THB900-1,000 million. We estimate backlog of around THB800-1,000 million to be recognized as revenues in 2016,” Tri Property’s Chief Executive Officer Adisorn Vivakanond said Tuesday.
Tri Property plans to continue launching at least 1-2 new projects each year and will soon unveil details of a new low-rise condominium project in Chaengwattana, he said and added that the company has already accumulated 2-3 plots of raw land while it is also eyeing several location for future projects.
Over the long run, Tri Property aims to develop more various styles of residential projects to serve real demand of home buyers and target to boost combined project value to THB10 billion and list on the Stock Exchange of Thailand within the next 3-5 years, said Mr. Adisorn.
Mr. Chaiwat Tantiwiwat, Chief Financial Officer and Managing Director, said data from property research houses reflected slower market condition in the first half of this year. However, more positive signals for the property sector are in sight such as interest rate cuts by the Bank of Thailand and clearer progress in the government’s megaprojects, especially on key infrastructure and mass transit projects in Bangkok.
The property market along the mass transit routes tends to be livelier in the latter half of this year while banks are standing ready to finance quality projects of developers with solid track record, he said.
“Tri Property has revamped internal strategies, especially in brand building and organizational direction to facilitate future expansion, which will cover both high-rise and low-rise residential projects. The company also boosted competencies of its staffs through effective organization administration and training,” Mr. Chaiwat said.
He added that Tri Property’s slogan “In Style Inspired” is meant to reflect the company’s character as a developer that designs and develops its products with creativity and eyes for details that will create well-balanced products that allow residents to live happily in simple and pleasurable environment. Such simplicity yet full of inspiration character will become unique identity that distinguishes products of Tri Property from the rest in the market.