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Condo sales up for Plus Property in first half

Plus Property Partners Co Ltd revised its revenue target for the year upwards to Bt3.1 billion, from Bt3 billion previously, thanks to the first-half success of its new condominium projects offering units priced from Bt1 million to Bt3 million.

Of the Bt3.1-billion revenue target, Bt2.7 billion is expected to come from property projects, including condominiums and detached houses, and Bt400 million from management and brokerage fees.

The company provides property-management services for 106 projects, including condominiums, office buildings and residences.

It expects to manage 125 projects by the end of the year, which would push its revenues from management fees to Bt158 million for the year.

A further Bt242 million in revenues will come from fees earned from acting as a sales agent for property projects owned by the company's major shareholder, Sansiri Plc, and other developers.

Maytha Chanchamcharat, managing director for Plus Property Partners, said the company recorded presales of Bt4.5 billion in the first seven months of the year.

"Presales of our projects are successful because most of them are located near the mass-transit system - the Skytrain and the subway.

"We also offer lower prices than our competitors do; our units run from Bt1 million to Bt3 million apiece.

"There is a stronger demand for this segment than for the high-end market," he said.

He said that with this market trend in mind, Plus Property Partners planned to spend as much as Bt4 billion to launch four projects in the last quarter of this year, with expected presales of Bt8 billion.

Somluck Srimalee
The Nation