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Thursday, March 22, 2007

Prinsiri Development plc delays new partner plan

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Prinsiri Development plc delays new partner plan

Ploy Chitsomboon

The listed developer Prinsiri Plc has shelved its plan to seek a foreign strategic partner, which had been due to be finalized next month, citing unfavorable conditions.

However, the company is confident a delay will not affect 2006 revenue growth, thanks to sufficient cash in hand of one billion baht, which will be used to finance business expansion, said assistant managing director Chaiwat Kovitchindachai.

“We’d rather look for someone who can help us in terms of know-how and construction knowledge. But right now, we can’t meet some conditions,” he said.

This year, Prinsiri expects to realize pre-sales of four to five billion baht and total revenue of three billion, despite political turmoil. It plans to launch six new housing projects worth 4.9 billion baht in the second and third quarters of this year.

About 60-70% of the total sales will come from mid-priced detached houses, 10% from premium houses and 20% from townhouses and condominiums.

In the first quarter, it launched three projects worth one billion baht in total.

Prinsiri has shifted its focus to medium-income earners from high-end customers as the latter market was saturated.

“Our policy over the next two to three years is to develop property for sale by placing emphasis on condominiums, as consumers prefer to live in the city to reduce transport expenses,” he said.

To accommodate high growth, the company may have to increase its capital from the current 670 million baht.

With cost management, Prinsiri projects to maintain its gross profit margin at 30% this year. It has also set aside a two-billion-baht budget for land acquisition.

Prinsiri will additionally co-develop five projects with Univentures Plc worth 2.46 billion baht in all. They are detached houses, townhouses and a home-office project in the Onnuj and Rangsit areas.

The Kovitchindachai family is the biggest shareholder with a 76.01% stake.

Mr Chaiwat said rising interest rates were unlikely to affect operations as homebuyers understood that rates would not jump as they had done in 2005.

Shares of Prinsiri closed yesterday on the SET at 3.22 baht, down eight satang, in trade worth 7.25 million baht.