Real estate developer Ananda Development PCL recently announced 3rd quarter revenues up 80% from the same quarter last year and profits of 225 million baht for the quarter, up from a loss of 96 million in Q3 2013. It also announced that its recent launches had proved to be very successful with two projects completely sold out.
Revenue for the 3rd quarter was 2,024 million, which prompted the company to raise its full year revenue target to 10,032 million baht, an increase of 11% from its previous guidance of 9,070 million due to better than expected transfers of existing projects and improved visibility that two projects will finish on time and begin transfer in the 4th quarter.
Chanond Ruangkritya, CEO of Ananda Development PCL.
During the third quarter the company launched four new condominiums close to mass transit stations: Ashton Asoke, Ideo Q Siam-Ratchathewi, IdeoMobi Sukhumvit Eastgate, and IdeoMobiWongsawang Interchange, with a combined project value of almost 15 billion baht. Both the 6.7B baht Ashton Asoke project and the 3.8B baht Ideo Q Siam – Ratchathewi were 100% sold out at launch with demand exceeding three times the available units for the Ashton Asoke project in particular.
The suburban IdeoMobiWongsawang Interchange and IdeoMobi Sukhumvit Eastgate also saw very strong demand with take up rates at launch of 63% and 40% respectively
Commenting on the success of the recent launches, Ted Thirapatana, Chief Business Development Officer for Ananda, stated, “The strong sales rate for our recent launches and our ability to raise prices shows that well-located projects are in demand from Thai consumers. We will be able to offer more of these kinds of projects to the public next year and expect our sales rates to remain strong.”
Chanond Ruangkritya, CEO of Ananda, added, “We are delighted to have achieved such strong results in the quarter and in particular that our new projects were so well received. Ananda is the current leader in Bangkok mass transit living and we believe we will end the year the second biggest seller of condominiums in the country and next year we hope to achieve market leadership.”
An artist’s rendering shows Ananda Development’s Ashton Asoke project (left) in Bangkok.