SC Asset Corp, the real-estate arm of the Shinawatra family, has budgeted Bt2 billion for building up its land bank next year to meet recovering residential demand in 2011.
Kree Dejchai, chief operating officer, said yesterday that this was up from the Bt1.5 billion spent to acquire undeveloped land this year. Next year will see six residential projects kicked off worth Bt4 billion to drive growth of at least 10 per cent.
This year, presales are expected to reach nearly Bt5 billion and revenue to grow 10 per cent to Bt4.6 billion. The company earned Bt282 million on sales of Bt1.7 billion in the first half.
"Our sales have been strong since the third quarter, so we revised our growth target from 5 per cent to 10 per cent this year," he said.
Demand for residences has picked up nicely since last quarter, he said. The developer's sales have exploded from Bt600 million in the first quarter to Bt1.2 billion in the second and Bt1.5 billion in the third.
As sales have been running about Bt200 million a week this quarter, SC Asset believes its presales will beat the 2009 target of Bt4.2 billion to reach nearly Bt5 billion, up nearly 10 per cent from last year.
To drive its sales over estimates, the company has launched three residential projects worth Bt1.3 billion.
Two projects under the Bangkok Boulevard brand are located in the Kaset-Navamintra area. One consists of luxury three-storey single-family homes and the other - Life Bangkok Boulevard Ratchavipha - features stylish two-storey single-family homes. The last project called Work Place Ratchada-Ramindra is a specially designed home-office development.
The company will hold the "SC Parade" privilege marketing campaign on Sunday, which is expected to generate sales of more than Bt300 million.
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