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 focuses on low-end growth, target achievable
The listed developer Prinsiri Plc plans to maintain its focus on the lower end of the market with four new housing projects worth a combined 3.1 billion baht and another four new budget condominiums.
The company will shift to townhouses priced at around one million baht, instead of between two and four million baht, and detached houses at two million baht, instead of four million baht. Its condominiums will be priced slightly above one million baht.
Locations include the outskirts of Bangkok such as Rangsit, Phetkasem, Suvarnabhumi Airport, Onnuj, Phahon Yothin 35 and Amata Industrial Estate, as well as Narathiwas Ratchanakarin.
''The company is considering using pre-fabrication technology in construction to reduce costs,'' said Siriluck Kovitchindachai, Prinsiri's managing director.
Some of its new projects, including European Town in the Suvarnabhumi area and detached houses in Rangsit, are joint ventures with Univenture Plc. The two firms established Prinventure Co last year to handle the projects.
European Town will target upper- to middle-end buyers with detached houses priced between 4.29 million and seven million baht and cluster homes priced from 2.79 million to five million baht.
A condominium in the Onnuj area will also be developed under Prinventure. Another condominium at the Amata Industrial Estate will also be constructed in a joint venture with the industrial estate developer Amata Corporation Plc.
Ornruedi Na Ranong, Univenture's president, said the outlook for the overall market was poor. He said Prinventure's revenue would be the same as last year, instead of an earlier projection of 10%growth. He declined to disclose figures.
Meanwhile, Prinsiri maintains it will achieve its revenue target of three billion baht this year on total sales of four billion baht. It aims to achieve 3.3-3.6 billion baht in revenue next year, half of which will come from condominiums.
Ms Siriluck said the company would focus on condominium developments due to the quick revenue realisation. The company would build 60% of the units before launching a project for sale. It has 10 ongoing projects worth a combined 5.36 billion baht.
During the first six months of this year,Prinsiri's revenue stood at 1.08 billion baht. First-half net profit was 151.56 million baht, compared with 71.58 million in the same period last year.
Ms Siriluck said Prinsiri had delayed plans to work with foreign investors because it still had good cash flow of up to two billion baht. It plans to pay 40% of its profit as a dividend at the end of the year.
Shares of Prinsiri (PRIN) closed yesterday on the Stock Exchange of Thailand at 2.74 baht, up six satang, in trade worth 11.79 million baht. UV shares rose seven satang to 1.70 baht, in trade worth 12.85 million baht.
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The listed developer Prinsiri Plc is still confident it will grow this year despite the gloomy political and economic situation before it realises revenue from three new condominium projects in 2008.
The company this year has set a target of four billion baht in revenue from single houses and townhouses, but next year it forecasts six billion baht in revenue. Of the total, three billion will come from transferring condominium units.
This year, it plans to launch 14 new projects with 3,169 units worth a combined 8.79 billion baht, or 2.77 million baht on average per unit. Three fully furnished condominium projects worth three billion baht will be launched on March 30.
They are the 1.55-billion-baht Ratchaprarop project with 547 units at prices from 1.79 million baht; the 693-million-baht Phahon Yothin project with 308 units at prices from 1.49 million baht; and the 800-million-baht Narathiwas project with 187 units priced from 2.4 million baht.
Most of the projects will be launched by Prinsiri, but Prinventure Co, a 51%- owned subsidiary, will launch one single house and two townhouse projects.
Numchai Wanaphanubeth, Prinsiri's assistant managing director, said Prinventure would contribute about one billion baht to Prinsiri's revenue this year. The company also has a sales backlog of 1.17 billion baht to realise revenue this year; therefore, it is confident it can reach its revenue realisation target.
Thitiwat Chaitanawat, the company's director, said Prinsiri would have sell 3,513 units worth a combined 10.76 billion baht this year. The company expects to have a sales value of 5.5 billion baht this year.
Prinsiri believes its strategy of developing small projects and offering single houses and townhouses in the same location would allow it to speed up its sales.
As a small company, he said, Prinsiri had the advantage of flexibility in adjusting its products, prices and services to suit buyer demand.
Mr Thitiwat said Prinsiri would maintain its gross margin at about 32%, but it would not climb as high as 40% because it wanted to maximise turnover, not profit.
Prinsiri shares (PRIN) closed yesterday on the Stock Exchange of Thailand at 3.44 baht, up six satang, in trade worth 3.86 million baht.
Does anyone think this company is spread out a little too much at the moment? Considering they are a "smaller" company.
Im also perplexed as to why they offer no advertisements in English, even their contracts are only available in Thai. Great way to attract some foreign investment.
Also, what is taking them so long to start building? I've been to the site recently by Victory Monument and it looks like a lot of nothing going on.
They changed the elevations of the buildings from last years and it really cheapened the look in my opinion.
Fully furnished is nice, very attractive incentive! However, what will the quality of the building be? Does anyone know of this company's construction quality?
Another thing that is bugging me about this Project is that the color tone options are very confusing, when you go to the construction site there is a huge poster advertising your option of Nature (being dark brown) or Metro (being a light brown), which is advertised in their one bedroom at the showroom. However, the small poster at the one bedroom showroom shows the Metro tone as being a very light beech color and the Nature tone as being the color tone advertised in the one bedroom showroom.
Well, if anyone have something else to contribute to this thread, please do!
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