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Thailand Developer Faces Loss As Assets Depreciate.
Byline: Krissana Parnsoonthorn
Dec. 4--Listed developer Sansiri Plc says it will post a loss this year mainly due to the depreciation of assets transferred to repay debts at BankThai.
Wanchak Buranasiri, Sansiri's director for business development, said the value of the assets had plunged by between 40 million and 50 million baht.
BankThai lowered the value of some of the assets in the third quarter of this year because of the gloomy economy.
"We expect the situation will be better next year and we will able to see some profits," Mr Wanchak said.
This year, about 70 percent of Sansiri's revenue would be from sales of detached houses at the Narasiri housing estate in Soi Watcharapol, off Rarm Intra Road, in Bangkok. The balance would be derived from rental apartments, property management and fees from marketing and sales activities for outside projects.
Sansiri had sold about 80 percent of the 131 detached houses in the first phase of the Narasiri estate and expected to sell the balance in three months, he said. The proceeds would be invested in new developments next year, he said.
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