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Thailand Property – Sena Trims Sails Over Political Chaos

By on Feb 04, 2014 in Property News, Residential, Resorts

Fewer launches planned, targets cut as home-buyers’ confidence takes a tumble

The combination of domestic political turmoil and an economic slowdown has forced Sena Development to cut the number of new residential projects to be launched this year, and to scale down its presales and revenue targets.

“We have had to revise down our new project launches from at least 10 projects worth between Bt6 billion and Bt7 billion this year, to just seven projects worth Bt5 billion, as the political turmoil is impacting directly on home-buyers’ confidence in the current quarter, while spending on the Bt2-trillion government mega-projects has also been delayed,” director Kessara Thanyalakpark said during an interview with The Nation early this week.

Three of the listed developer’s seven launches will be low-rise projects for detaching housing and town-houses, while the others are condominiums.

The company has revised down its presales target from Bt3 billion to Bt2.8 billion, and its overall revenue target from Bt2.8 billion to Bt2.5 billion for the year. This follows presales of Bt2.5 billion last year, while revenue hit the annual target of Bt2 billion.

Despite the downward revisions, Sena still expects to see growth this year as it has a backlog worth Bt2 billion, some Bt1.7 billion of which will be booked as revenue this year.

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