Thai Property Firm's Six Projects to Fuel Sales Increase.

Byline: Krissana Parnsoonthorn

Dec. 3--Property Perfect Plc forecasts sales of five billion baht next year, more than double the two billion baht estimated this year, with six new housing estates to be launched in Bangkok.

Improving sales have also led company executives to predict that it would exit its business rehabilitation plan ahead of schedule by the first quarter of 2003.

Managing director Chainid Sirimanee said that of next year's sales, 3.5 billion baht would come from Property Perfect and another 1.5 billion from Krungthep Land Co, an affiliate in which Property Perfect holds a 30 percent stake.

"We are confident in the housing market, which has been recovering based on strong demand, and that we will ride the upward trend. Housing demand in Bangkok will be between 80,000 and 100,000 units next year," he said.

He said positive factors driving the market would be low interest rates, an extension of property tax incentives and competition among developers to produce quality products to attract buyers.

Property Perfect will focus on developing large-scale housing estates on at least 200 rai of land each in Bangkok's suburbs. Krungthep Land, headed by chairman Bhichit Rattakul, a former Bangkok governor, will develop smaller projects, of no more than 50 rai, in more central locations.