Name : Prinsiri Rajprarop Condominium (Tentative) Developer : Prinsiri Development Limited Architect : ISO Group+Triple Nine Architects Location : Rajprarop-Rangnam Road (Near Shell Gas Station) Project Description : 34 and 25 Storey Condominium Towers
Tower A comprising 344 units with total height of 108.70 M
Tower B Comprising 203 units with total height of 82.70 M Expected Launch : June 2006 Construction Starts : July 2006 Construction Finishes : May 2009
Prinsiri puts JV on hold to focus on finance promotions
The listed residential developer Prinsiri Plc has delayed a planned joint venture and is now preparing to concentrate on financing packages to boost sales amid the slowing economic environment. Construction director Chaiwat Kovitchindachai said the political and economic outlook was not a good background for the previously planned joint venture, which involved foreign partners with construction technology and expertise in order to help the company expand.
Mr Chaiwat said the housing market was also slowing, in line with the economy, so the company would instead join with Siam Commercial Bank, Kasikornbank, UOB and Krung Thai Bank to offer financial packages to spur buyer interest.
He said the company was in the process of designing special low-interest packages with attractive payment terms, and other financial promotions to drive home purchasing, to be launched in August 2006.
Currently, it has a housing backlog worth 2.5 billion baht, with sales to be realised in the third quarter of the year.
''Although we performed lower than target in the first quarter, we are still confident to realise our revenue target of three billion baht by the end of 2006, up 30% from 2.3 billion baht last year,'' he said.
By the second half of the year, the company will launch six housing projects. They will be located in the Outer Ring Road, Kanchanaphisek, Phetkasem 69 and Onnuj areas. Unit prices will range from three million to six million baht for a detached house, two million to three million for a townhouse and around one million for a condominium unit.
The company will also have two condominium projects located in the Ratchaprarop area, with 500 units worth a total of 1.5 billion baht, and Chan Road, with 300 units worth one billion baht, to be launched by the end of the year and early 2007, respectively.
Mr Chaiwat added that Prinsiri had no plan to acquire land plots during the second half of the year as it had already spent 300-400 million baht buying three to four plots for low-rise housing development in 2007.
Its debt-per-equity ratio currently stands at one times, while it has available cash flow of one billion baht.
PRIN shares closed yesterday on the Stock Exchange of Thailand at 2.26 baht, unchanged, in trade worth 1.4 million baht.
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