Mr. Ongart Suwannakul, Assistant Senior Managing Director of Condominium Project Development Division at Sansiri Public Company Limited (SET: SIRI), stated that in the past eight months, the company has generated revenue from condominium sales of about THB 14 billion, an increase of 40% YoY. As a result, the company had accomplished about 70% of this year’s condominium sales target of THB 19 billion.
The essential factor for this success is the projects that are located on strategic locations, such as PTY Residence Sai 1, a flagship condominium project located near Pattaya Beach Road. Its sales were closed within three hours of the presentation day, generating a revenue of THB 3.3 billion. There are also THE BASE Cherngtalay, THE BASE Rise Phuket, THE BASE Bukit Phuket, and the CANVAS Cherngtalay that generate positive feedback. SIRI also completed the transfer of three more projects, including NIA by Sansiri, PYNN Soonvijai, and dcondo Reef Phuket.
SIRI plans to continue to deliver newly constructed condominiums before the end of the year to support its revenue and revenue recognition. So far, the company generated property transfer revenues of THB 7 billion and will continually recognize revenue following the delivery of five condominiums, worth at total about THB 6.6 billion, led by the FLO by Sansiri that generated about 70% of the project’s total revenue. There are also projects that the company is about to deliver, such as dcondo calm Ramkhamhaeng 40 and THE MUVE Paw Bangkhae.
Furthermore, in the fourth quarter, the company plans to transfer two highlight projects, located on strategic locations. First is the CANVAS Cherngtalay, a brand new luxury condominium in Phuket that has already generated about 60% of the project’ total revenue. The second is the Mekin HAUS (Chiang Mai), the first project under the brand HAUS that is located in Chiang Mai and other provinces. So far, the project has generated about 70% of its total revenue.
Mr. Ongart stated that SIRI plans to launch a pre-sales for four more condominium projects, worth about THB 12.12 billion to boost its revenue and backlog to support its long-term income. Each of these projects has its own uniqueness and characteristic, but three of them are highlight projects. These projects are THE BASE Urban Rama 9 (a newly constructed condominium ready to transfer), WIDEN by Sansiri, and XELF by Sansiri. Additionally, the company also plans to launch a new project in Kathu district, Phuket province.
The Assistant Senior Managing Director stated that the current condominium market reflects the stability outlook of demand and supply. He also added that there are various factors that affect the market, such as the uncertainty in the current domestic situation, both in politics and the economic stagnation, the higher costs of land and labor, and the strict lending regulations of the financial institutes, which delay the launching of small enterprises’ new projects.
