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SET-listed developer Supalai Plc plans to launch a record 34 new projects worth a combined 40 billion baht in Greater Bangkok and the provinces, aiming for sales to grow by 17% to 28 billion baht by the end of the year.

Chairman Prateep Tangmatitham said most of the projects will be low-rise houses, with 13 projects in Greater Bangkok and 18 projects in the provinces, as it wants to avoid oversupply in the condo market.

“We will launch more projects in the provinces, mainly low-rise houses, as people tend to choose their hometowns over Bangkok as the sources of jobs are now bigger in major provinces,” he said.

This year Supalai will expand to five new provinces including Lamphun, Nakhon Sawan, Chachoengsao, Prachuap Khiri Khan and Nakhon Pathom.

At present, its projects cover 24 provinces.

“Housing project development in the provinces is not easy. It requires expertise and experience,” Mr Prateep said. “Many listed firms launched projects but got a low sales rate and eventually had to suspend them.”

Managing director Tritecha Tangmatitham said housing demand in provinces that relied heavily on foreign tourist arrivals had slowed, except for Chon Buri and Rayong, where their sales saw huge growth driven by demand from the industrial sector.

To capitalise on the Eastern Economic Corridor, Supalai will enter Chachoengsao this year to launch at least two low-rise housing projects.

One of the new projects being launched this year will be in the resort home category, which will be in Mae Rim district, Chiang Mai.

Supalai expects to have 28 billion baht in presales and 29 billion baht in revenue by the end of 2022, up from 24 billion baht and a target of 28 billion baht in 2021, respectively.

Last year the company launched 23 projects worth 24.8 billion baht, less than its earlier plan to launch 30 projects worth 34 billion baht as it postponed some condos and low-rise projects.

The company also plans to spend 8 billion baht to buy plots of land for new housing projects to be launched from 2023 onwards.

Mr Prateep said the company will continue launching housing projects in Australia as the unemployment rate there was the lowest in a decade.

“Last year we had 8 billion baht in sales from 11 joint venture projects in Australia and we plan to launch two more in 2022,” said Mr Prateep.

Source Bangkok Post