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Wednesday, March 21, 2007

Five new housing projects Planned by Lalin Property

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Five new housing projects Planned by Lalin Property


The listed developer Lalin Property Plc plans to launch five housing projects worth a combined four billion baht to help generate 3.2 billion baht in revenue by the end of the year.

Three pf the sites are scheduled to open for sale in the current quarter: a townhouse development worth 400 million baht in the Vacharapol area, and two detached housing estates worth 450 million baht and 1.15 billion baht in eastern Bangkok.

Another two developments worth two billion baht in total will be introduced in the third quarter of the year, chief executive Chaiyan Chakarakul said, but declined to disclose their locations.

“We have a wait-and –see approach with regard to the overall economy and politics. We will develop the projects, but there may be some change in size and product,” he said yesterday.

Mr Chaiyan expressed concern about the worsening political climate, saying he hoped the next rally planned by media mogul Sondhi’s Limthongkul on Sunday would remain peaceful and not degenerate into a riot.

“It [instability] will not affect real demand in the housing market, which includes townhouses priced from 700,000to 800,000 baht and single houses priced lower than five million baht,” he said.

Competitive developers should concentrate on strengthening their financial status while producing the right products at the right prices to serve real demand.

He said that economic figures for 2005 showed positive signs. The number of housing registrations in 2005 has been estimated at 68,000 units, growing by 11% from the previous year. This is in line with the country’s economies and is a normal growth rate for the property market.

Meanwhile, housing loans last year grew by 7.6% higher than the usual rate of 2%. Deposits also rose by 8% while the unemployment rate went down to 1.4%.

“It is a good sign that the Thai economy will grow sustain ably,” he said.

Lalin has a housing backlog of 200 units, worth a combined 720 million baht in sales that it expects to realize this year. It also plans to spend between 700 million and one billion baht to acquire land of new developments in 2007.

It yesterday reported a net profit for 2005 of 692 million baht, up by 19% from 2004, on revenue of 2.76 billion baht.

Currently, its total assets are worth 4.55 billion baht, while its liabilities stand at just 1.36 billion baht.