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EKARIN PETSIRI
BUSINESS DAY
MK Real Estate, a middle-end residential developer, revised its sales target to 2.5 billion baht with a total growth at 10-12 percent this year due to high oil prices and increasing interest rates.
A source said around 19 percent of the total sales worth 820 million baht were cancelled in the first half of this year.
However, the company expected to reach the sales target from four new middle-end single detached housing projects worth around 3.5 million baht.
MK expected to realise around 2.5 billion baht this year, up from 2.2 billion baht last year, while the company generated about 850 million baht in the first five months.
Moreover, the company planned to launch a new marketing campaign in July to stimulate high-season sales to reach the target by year-end.
In the second quarter, backlog should be around 1.1 billion baht, which is close to the backlog value in the first quarter.
The company confirmed the launch of a condominium project, located near Suvarnabhumi Airport, at the beginning of 2007, to coincide with the opening of the airport.
MK also expected to launch the residential park phase 5 in the third quarter of this year, which was postponed from June due to the delay of land transfer.
Currently, the company has about 200 million baht to purchase a new land bank from the total budget at 500 million baht. However, the company may not purchase more plots for the rest of this year.
An analyst cut its sales estimate around 33-37 percent due to slow business expansion.
The sales in the second quarter ending mid-June were 360 million baht, down from 513 million baht in the same period last year and 610 million baht in the first quarter of this year.
Low consumer confidence and restrictions to mortgage offering by commercial banks slowed the sales.
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