Thailand-listed property developer Asian Property Development (AP) has announced the launch of its new business unit that is dedicated to the development of new projects for the mass market segment.
The new unit is part of AP’s new business model, which divides its business operations into four segments – townhouses, condominiums, single detached houses and low-priced residential developments, which will focus on townhouse projects priced below THB3 million per unit and single-detached house projects priced lower than THB4 million per unit.
The new low-range residential sector will improve the company’s capacity to develop new products that they have not released before, said Anupong Assavabhokin, chief executive of AP.
“We have also launched a contractor subsidiary to support all the construction works for projects in the new segment. It will focus on using pre-fabrication construction technology,” he said.
The developer currently has 51 residential developments, with a combined value of THB58.095 billion. Its 35 ongoing projects include 14 townhouses, 13 condominiums and eight single detached houses, while the 16 future developments will consist of five condos, four townhouses, five single detached houses, as well as two townhouses priced approximately THB2 million. The two townhouses will be developed by the new unit in the first quarter of 2011.
AP expects to yield THB14 billion to THB15 billion of revenue and more than THB20 billion in presales by the end of 2010, up from THB12 billion and THB18 billion last year, respectively.