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Residential presales exceed forecasts

By on Apr 10, 2012 in Property News

The top 10 listed property firms saw presales worth more than Bt40 billion in the first quarter of the year thanks to the return of demand for homes that was suspended during the fourth quarter of last year because of the floods.

This is about 60 per cent of total market value in metropolitan Bangkok of about Bt70 billion in the first quarter. Property-market observers said they had expected demand to return in the second half, but it had recovered faster than estimated.

According to a survey by The Nation, Sansiri saw the highest presale value, Bt12 bil-|lion, 20 per cent above its first-quarter target of about Bt10 billion. The company targets total presales worth Bt32 billion for all of 2012.

Pruksa Real Estate saw presales worth Bt6 billion in the same period thanks to demand for The Tree Interchange condominiums in Bangkok.

Asian Property Development recorded presales worth Bt5.73 billion, nearly 47 per cent above its early estimate of Bt3.9 billion.

SC Asset Corporation’s presales were worth Bt2.5 billion, approximately equalling its estimate based on its full-year presale target of Bt10 billion. Supalai saw presales worth Bt6 billion; its full-year target is Bt19 billion.

LPN Development reported presales worth Bt4.8 billion in the quarter, thanks to strong demand for condominium projects.

Property Perfect recorded presales worth Bt3.3 billion, about 10 per cent above target.

Sansiri president Srettha Thavisin said the high presales it enjoyed in the first quarter were due to strong demand not only in Bangkok but in the provinces, especially its new projects in Phuket and Hua Hin.

Prasert Taedullayasatit, Pruksa Real Estate director and chief business officer, said demand for condominiums was continuing to grow, which helped drive the property market beyond expectations in the first three months.

Demand for low-rise homes such as townhouses and detached houses is also growing, but those customers are selecting locations that have not been flooded, he said.

Attapol Sariddipuntawat, chief financial officer of SC Asset Corp, said demand to purchase homes returned in a big way last month, which allowed the firm to hit its presale target of Bt2.5 billion for the quarter.

Vittakarn Chandavimol, deputy chief marketing officer of Asian Property Development, said its presales exceeded its estimations because of consumer confidence in its products.

Source : The Nation 10 April 2012

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