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Bangkok Condominium Developer Sticks to 2014 targets despite slow sales so far

By on Feb 15, 2014 in Property News, Residential

The Bangkok condominium developer, LPN DEVELOPMENT, is maintaining its presale target of at least 10 per cent growth this year despite signs that the property market will drop this quarter, managing director Opas Sripayak said.  To achieve its targets, the company plans to launch 12 new condominium projects, worth Bt20.73 billion, two more than last year. It targets total presales worth Bt26.4 billion, up 10 per cent from last year’s Bt24 billion, and revenue of Bt15.6 billion, up 8.25 per cent from the Bt14.41 billion estimated for 2013.

Last Saturday, the company launched two new condominium projects, Lumpini Ville On-Nut 46, worth Bt1.4 billion, and Lumpini Ville On-Nut-Pattanakarn, worth Bt2 billion.  Opas believes the current political turmoil has directly affected people’s decisions to purchase a home at this time even though its condominium projects are far from the anti-government protests. However, the chaos has not affected transfer of completed condos to home-buyers. LPN has a backlog worth Bt21 billion of condos awaiting transfer to customers when construction is complete, and about 30 per cent of that total will be delivered to buyers this year.

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