Most property developers expecting higher revenue and profit in 2024
Despite negative sentiment in the Thai property market, developers expect revenue and profits to surpass the previous year, Property DNA said on Thursday.
The company’s managing director, Surachet Kongcheep, said Sansiri had generated the highest revenue in the first nine months of this year with 28.87 billion baht in sales of luxury houses and condominiums.
Following Sansiri were AP (Thailand) (27.67 billion baht), Supalai (22.79 billion baht), SC Asset (14.45 billion baht) and Frasers Property Thailand (13.53 billion baht), he explained.
Supalai reported profit of 4.20 billion baht in the first nine months, Sansiri had 4 billion baht, and AP (Thailand) 3.72 billion baht, respectively.
Though profits of the top three property developers dropped year on year, he noted that profits of other developers exceeded 1 billion baht despite negative sentiment in the Thai property market.
Surachet did not expect the sentiment in the property market to change in the fourth quarter, saying that customers were looking forward to mortgage approvals rather than a lower interest rate.
Financial institutions have been strict in approving mortgage applications. Meanwhile, property developers have tried to maintain or reduce property prices, as well as launch measures to attract customers, he explained.
Though property developers may not report outstanding performance this year, their revenue and profits would be higher than the previous year, he said.
