With activity returning to its sales galleries and a belief the situation is improving, Property Perfect announced it intends to launch 14 projects worth nearly THB20 billion next year. The developer notes it has set a THB15 billion target for presales and revenue for 2022.
This is up from the six developments it launched in 2021. According to the homebuilder, the recent relaxation of loan-to-value limits has stimulated activity with improving economy and buyer confidence also helping.
“Sales and the number of customers visiting project sites in October improved after hitting rock bottom in June,” Property Perfect Managing Director Wongsakorn Prasitvipat told the Bangkok Post. “But we may still miss the target this year as sentiment has just started coming back in the fourth quarter.”
Property Perfect also revealed that two of its launches in 2022 will be joint venture projects with Hongkong Land. The pair has previously worked together on a couple of detached housing developments in suburban Bangkok.
Hongkong Land active around Southeast Asia
Hongkong Land has been active around Bangkok during the past few years. In addition to the aforementioned partnership with Property Perfect, the firm also tied up joint venture agreements with two notable homebuilders.
It is teaming up with Noble Development on The Embassy at Wireless, a THB10.7 billion superluxury condominium on Wireless Road. That was among 11 new developments to be launched by Noble in 2021.
One of Hongkong Land’s first forays into the Thai capital was The ESSE Sukhumvit 36 which was a joint venture with Singha Estate. That condominium was completed in December 2020. However, the firm is active elsewhere in Southeast Asia.
In the Philippines, Hongkong Land’s most high-profile development is The Velaris Residences, a joint venture project with Robinsons Land Corporation that launched in 2020. It has also partnered with Taft Properties on a 20-hectare, mixed-use waterfront development in the Cebu region.
Related: Hongkong Land optimistic about Philippine property market outlook