SET-listed developer Ananda Development Plc will launch only two new projects worth 14.6 billion baht this year, in order to focus on unsold, ready-to-move-in condos worth a total of 29 billion baht which could capitalise on the resumption of Chinese buyers.
Chanond Ruangkritya, Ananda president and chief executive, said international markets would be a key driver for the firm's performance and the overall condo market this year, as there were a lot of buyers in mainland China looking for second-hand homes overseas.
"The big wave [of overseas buyers] is coming," he said. "An influx of businessmen and investors from China is huge. Agencies told us such demand would flood in for only five or six months and could be either joint ventures or retail buyers."
Last month the company recorded a total of 2.47 billion baht in presales, with two-thirds, or 1.65 billion baht, coming from international buyers.
It aims to have 3.1 billion baht in transfers from international markets by the end of this year, up 29% from 2022.
Ananda currently has unsold, completed condo units worth a combined 29 billion baht at 17 projects, and 5.25 billion baht of unsold, completed low-rise houses at 11 projects.
Its inventory, which is expected to generate revenue in 2023, will also include three projects which will be completed this year.
Prasert Taedullayasatit, the company's chief executive for property, said Ananda expected to transfer residential units worth a total of 14.5 billion baht in 2023, up 20% from 12 billion baht last year, which was lower than a target of 13 billion baht.
The two new projects it plans to launch this year comprise an 8.1-billion-baht condo building in Saphan Khwai which was put on hold during the pandemic, and a branded residential project in Thong Lor worth 6.5 billion baht.
Ananda launched no new projects in 2020 and 2021 due to the pandemic.
It aims to have 18 billion baht in presales by the end of 2023, and plans to invest 7.1 billion baht to buy three plots of land to develop 10 new projects worth a combined 21.2 billion baht from 2024 onwards.
