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Thailand’s Property Perfect Cuts 2015 Forecast

By on Jun 03, 2015 in Property News

thailand-property-2015-01-27_105305Thailand’s SET-listed developer Property Perfect Plc (PF) has cut their 2015 presales forecast to 15.5 billion baht from 18 billion. Assistant chief executive TheerathatSingnarongthon said people’s purchasing power remained low due to the inactive economy. Moreover, financial institutions have been tightening their lending approval for fear of high household debt.

Theerathat said homes priced below 4 million baht were expected to be hit hard by the weak economy, while those priced above 5 million could be stable since high-income buyers are not affected much by economic conditions.

Property Perfect is delaying 2 of their housing projects to 2016 – a 1.5-billion-baht project in KhaoYai in NakhonRatchasima province and a 1.5-billion-baht project on Chaeng Watthana Road in Bangkok. Property Perfect has a backlog worth 6.41 billion baht, of which 3.3 billion will be recognised as revenue this year.

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