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Baht/$ 34.40/45 (Bid/Ask)
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13,100
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KANANA KATHARANGSIPORN
The current political turmoil will have little impact on sales of industrial estates due to the long-term nature of investments in the industrial sector, according to David Nardone, president and chief executive of the SET-listed developer Hemaraj Land and Development Plc. ''The current political problem will be for a short period and will have less impact on industrial investors, especially petrochemicals and automobiles, which have long-term investments,'' he said.
The company will keep investing in the property segment for the rest of the year after spending around 3.5 billion baht during the first eight months.
In the first half, Hemaraj posted sales of 1.8 billion baht from 31 clients buying plots totalling 914 rai in its industrial estates. The buyers included current customers expanding businesses and new customers in the automobile and petrochemical sectors.
One of the largest customers was Suzuki Motor which invested in eco-car manufacturing after receiving Board of Investment (BoI) approval.
Hemaraj revised up its sales target from 1,500 to 1,700 rai and about 60 contracts by the end of the year, Mr Nardone said.
It also expects to close sales of its first residential project, The Park Chidlom, with 218 units by the first quarter of next year. The six-billion-baht condominium has 15% of its units left for sale.
''The high-end segment has high purchasing power and more savings. More than 90% of our customers paid in cash,'' he said.
It plans to open sales of the remaining units after construction is completed by the end of the year. Prices would start at 160,000 baht per square metre, equal to current market and resale prices.
The company expects a gross margin of more than 35% from the project, as the selling prices have continued to increase from the launch price of 110,000 baht per sq m.
Shares of Hemaraj (HEMRAJ) closed yesterday at 1.17 baht, up two satang, in trade worth 15.32 million baht.
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