AP (Thailand) Public Company Limited recently announced plans to launch nine residential projects, worth a total of THB 13.1 billion, this quarter. Three condo projects were unveiled this week, including Rhythm Asoke II, worth THB 1.5 billion; Rhythm Sukhumvit 36-38, worth THB 2.85 billion; and Aspire Ratchada-Wongsawang, worth THB 2.78 billion. All are located in Bangkok.
Following political troubles since late last year, potential homebuyers have delayed purchasing decisions. The market has since picked up, reflecting the fact that consumer demand remains, “especially the real demand for homes priced from THB 2 million to 3 million per unit,” said Vitakarn Chanvimol, AP’s chief marketing officer, to The Nation.
At present, AP targets 40 percent growth in its presales — to THB 21 billion in 2014, with a total of 19 new residential developments. Two projects were launched last quarter and an additional eight projects will be launched during the second half of the year. Last month, the company booked presales of THB 900 million, taking its 2014 presales figure to THB 3.1 billion.
Adapting to the adverse effect of Thailand’s political woes on real estate market activity, AP revised its marketing strategy for price setting, and focused on developing residential projects that better align with customers’ preferences. Also, the company worked closely with banks to pre-approve customers, which helps keep mortgage rejection rates low.