Four more condominium projects in the pipeline for L.P.N.

The SET-listed condominium specialist L.P.N. Development Plc is launching four new projects worth 4.5 billion baht in the second half of 2007, aiming to achieve 6.6 billion baht in revenue for the full year.

Managing director Opas Sripayak said the company would launch Lumpini Ville Pracha Chuen Pongpetch on 7.5 rai near the Pongpetch junction, comprising 1,600 units worth two billion baht.

Unit prices would start at 900,000 baht for a one-bedroom unit of 32 square metres or 36,000 baht per sq m on average. The unit would have new a design with a sliding partition, instead of a wall, which would create more open space.

Target buyers would be current apartment residents in the area and young couples moving out from family homes in the area.

Kasikornbank and TMB Bank would pre-approve financing for buyers.

"We will launch them over the next two months with a one-price promotion for a wing of the project where some units might be in non-prime locations," Mr Opas said.

The company also plans to open Lumpini Place Pin Klao 3 near the Pata department store with 650 units worth 1.2 billion baht; Lumpini Condotown Ramkhamhaeng 26 with 1,200 units worth 800 million baht; and a condominium for elderly people with 150 units worth 500 million baht in the fourth quarter of the year.

Existing projects in hand include Ratchada-Tha Phra with 57% of the units remaining, Ramkhamhaeng 44 with 10% remaining, and phase two of the Rarm Intra condo with 40% remaining.

"We will use up to ten campaigns to speed up sales of the Tha Phra project that has more than half [of the units] remaining as competition in the area is very fierce and construction is nearly complete," said Mr Opas.

In the first half of the year, the overall property market grew slightly. The single-house segment declined but condo growth rose. The latter's market share was around 40%, up from 30% last year and 25% in 2005, he said.

L.P.N. reported first-half net profit of 492.89 million baht, up from 372.68 million in the same period last year. Consolidated revenues rose to three billion baht from 2.36 billion in the first half of 2006.

For the second half, L.P.N. expects to realise revenues of 3.6 billion baht from three existing projects: 2.2 billion baht from Lumpini Place Phahon Saphan Kwai, one billion from Lumpini Place Pin Klao 2 and 400 million baht from Lumpini Place Narathiwat-Chao Phraya.

L.P.N. shares closed on Friday at 7.15 baht, up 15 satang, in trade worth 80.59 million baht.

Source: Bangkok Post by Kanana Katharangsiporn
Monday August 20, 2007