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Sena looks to mall, golf

By on May 24, 2012 in Property News

Listed developer Sena Development Plc is aiming to raise its annual recurring income to 5% of its revenue over the the next three years from almost zero now, mainly from a community mall on Charoen Nakorn Road and a golf course in Pattaya worth 1 billion baht each.

Company director Kessara Thanyalakpark said the community mall would contribute revenue of 200 million baht a year, mainly from rents, from next year onwards. Golf course revenue remains marginal but is projected to significantly rise in the future.

The community mall, Sena Fest, will be located on a four-rai site leased for 50 years. With a lettable area of 9,000 square metres, rental rates will range between 1,000-3,000 baht per sq m a month.

Sena Fest will be launched by the end of the year. It has 70% booking and 40% construction progress. The target group for the mall is ages 25-45 within five kilometres of the location.

“There are many planned retail projects on Charoen Nakorn Road, including a megaproject from Siam Piwat and CP Group. We expect the area to become more popular with more shopping areas,” she said.

Pattaya Country Club is an 18-hole golf course on a 400-rai site. The company plans to develop a 300-room hotel and a clubhouse costing 500 million baht and 100 million baht respectively on an 80-rai site close to the golf course.

The company also plans to acquire land plots sized around 100 rai near the Pattaya golf course to develop single house projects in the future.

This year, Sena expects to launch six new projects worth a combined 4.5 billion baht. Only one will be a low-rise project while the rest will be condominiums.

To ease labour shortage problems, the company will work closely with its contractor Porn Pranakorn.

Sena targets 1.5 billion baht in revenue this year, 70% from condos, and 1.8 billion baht in sales in 2012.

SENA shares closed yesterday on the SET at 2.30 baht, down two satang, in total trade of 6.9 million baht.

Source : Bangkok Post 24 May 2012

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