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Thailand: Economic slowdown hits housing development market.
(From Thai Press Reports)
Section: Business News - As the home-building market contracts in the wake of tighter economic conditions, many builders are seeing a drop in sales, missing their targets for the first nine months of this year by an average of 20 per cent, The Nation reports.
Sutee Ketsiri, managing director of Built to Build Co Ltd, announced on Wednesday that the company, in the first nine months, had missed its sales target for houses ordered by individual customers by 18.18 per cent, posting only Bt180 million instead of its expected Bt220 million.
He said the company had targeted total sales of Bt400 million for the year: Bt100 million from housing projects for housing developers and Bt300 million for detached houses for individual customers. The company is on track to meet its target for housing projects, but not for detached houses for individual customers.
Sutee hopes that next month's home fair will help the company boost its sales during this final quarter, bringing it close to meeting its target.
Sitiporn Suwanasut, chief executive officer of Patum Design and Development, said recently the company's sales for the first nine months totalled Bt190 million, down 26 per cent from the same period last year.
He said, however, that in the last quarter, the company expected to speed up sales for the year to between Bt180 million and ...
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