News
PROPERTY PERFECT PLANS BT2-3 BN DEBENTURE ISSUES IN SECOND HALF
Funds to boost presales, transfer to clients
SOMLUCK SRIMALEE
THE NATION
Property Perfect aims to issue debentures worth Bt2 billion to Bt3 billion in the second half of this year after shareholders' approval in April for up to Bt4 billion worth of debentures.
The new funds would help the residential developer boost its presales to Bt16 billion and transfers to customers to at least Bt12 billion this year, Tongchai Peyasantiwong, assistant chief business development officer, said yesterday at the opening of Moff Design condominiums.
If the company issues the debentures, it may also raise capital to keep its debt-to-equity ratio below 2 times in the second half of this year.
As of March 31, its leverage was 1.88.
The company also plans to launch a Bt1-billion property fund when its dormitory in Chiang Mai is completed in the last quarter.
"Most of them are ways to raise funds to support our business growth this year," he said.
The firm recorded presales of Bt6 billion in the first five months, with 54 per cent or Bt3.25 billion for low-rise residences and 46 per cent or Bt2.75 billion for condominiums.
The company believes that its presales will reach Bt7.5 billion this month based on a special marketing campaign for the grand opening of Moff Design at Siam Paragon from June 21-24. The company has set aside Bt70 million for marketing to generate Bt1.5 billion in pre-sales from this event.
The event will showcase four new condo projects worth Bt10.8 billion with a new design called Moff for maximum flexibility of function.
It features high ceilings of up to 4 metres in a one-bedroom type that can be separated as a mezzanine.
The Sky Sukhumvit on Sukhumvit Soi 103/4 worth Bt2.3 billion will have 362 Moff units out of a total of 732 for sale. The Sky Ratchada worth Bt3.5 billion will have a combined 1,028 units, of which 125 will have the Moff Design.
MOFF UNITS
Metro Sky Phahonyothin worth Bt3.5 billion will have 378 Moff units out of a total of 1,382. The Metro Sky Kaset worth Bt1.54 billion will have 730 units but only 115 will be Moffs.
Moff Design units will be priced about 15 per cent higher than standard sizes.
The company also has plans for five new residential projects worth Bt10 billion in the second half. Three will consist of detached houses and two of condos. They will help push presales up to Bt16 billion this year.
"Demand for condos started to recover last year, while demand for low-rise residences also returned to the market in the second quarter of this year. That's why we believe that our presales will achieve the target," he said.
THE NATION
8 June 2012
Attachments