Property / AP

Editorial staff

SET-listed AP Thailand Plc (AP) plans to develop 48 new real estate project projects worth 58 billion baht this year, putting focus on condominium and super luxury.

Of the total, 15 are single detached home projects worth 23 billion, 23 are townhome and twin home projects worth 19.3 billion baht, 6 are condominium projects valued at 12.5 billion baht and 4 development projects in the provinces in Suphanburi, Rayong and Songkhla worth 3.2 billion baht

In addition to these new projects, there are also 164 ongoing projects, which will make sure the company to enjoy continuous cash inflow. In 2024, the company will offer a diversified product portfolio of 212 readily available for sale across Thailand.

Vittakarn Chandavimol

“2023 is a difficult time for us but it is another successful year because we can reach the new high record for four consecutive years," Vittakarn Chandavimol, AP's chief corporate strategy and creation, said.

However, he added there are still many challenges for the Thai economy in 2024. Like the previous year, he believes that there will be no walk in the park, due to several unavoidable factors from last year in the global economy brought on by geo-political conflicts, as well as the overall confidence in the Thai economy. But, the company is ready to move on and run on the rough road, in any market situation with faster speed.

Under the unclear policy on interest rate and economic situation, the company will continue to operate its business cautiously this year and the most important thing to make the organisation operate smoothly amid the economic fallout is the maintenance of a strong financial footing through stringent financial discipline to ensure a healthy cash flow needed to support the company’s long-term operations.

“We can keep going forward only by being fully prepared in five aspects, “ he said.

First is cash flow management which can affect corporate stability and trustworthiness.The company believe the company holds a strong and stable financial position with sufficient liquidity for the operations.

Second is product portfolio diversification for variation and market segment coverage. Third is people – structure – process that are on point to enable up-to-the-minute response.

Four is business partners who share the same vision to ensure the company moves forward to be No. 1 and the last is strong supply chain management that supports continuous business growth according to the development and project plans.

THE PALAZZO

He adds that in 2024 the company will increase its market share in super luxury, targeting a price level of 100 million baht through the development of THE PALAZZO brand of luxury mansion in a new context that is more than a residence, but an empire of your choice spanning over 1,000 square metres in two locations of Krungthep Kreetha and Pinklao, as well as the Baan Klang Krung brand of urban single detached home in the Suthu Pradit location, all will be ready to launch in the second half of the year. Priority will also be given to the development of THE CITY, CENTRO and MODEN, two of the company’s longtime successful brands.

“We will increase new condominium projects, developing 6 projects under the brands LIFE and ASPIRE. The main highlight of the year will be LIFE Charoennakhon-Sathorn and ASPIRE Huai Khwang to balance our portfolio and cater to the better recovery of condo since last year to early of this year from investors and foreigners. AP condo grows continuously as the market rebounds,” he said

LIFE Phahon-Ladprao

As of 11 February 2024, the company had 37,191 million baht worth of backlog.

Presales for the year are projected at 57,000 million baht and total revenues, including ones from 100% JV, at 53,700 million baht.

Last year, the company recorded 51.39 billion baht in presales, while total revenue from low-rise products, condominiums (100% JV) and other businesses reached 48.75 billion baht and net profit stood at 6.05 billion baht.