thailands third largest property firm looking to increase revenues in 2010
News Posted On: 23 December 2009
In September Thailand's leading hotelier Central Plaza Hotel said it expected revenue growth of 10 - 15 percent in 2010 compared with 2 - 3 percent growth in 2009. Now we are hearing expectations of double that maximum percentage growth estimate from another company, Quality Houses (QH), Thailand's third largest housing firm.
On Wednesday QH reported that it was looking for 2010 revenues to jump 30 percent to 15 billion baht ($450.7 million), citing rising condominium sales as a major reason.
QH senior executive vice president Suwanna Buddhaprasart told reporters that her company planned to launch 13 or more projects next year worth 15 billion baht.
"Next year we expect to book revenues from condominium projects of about 3 billion baht," Buddhaprasart said.
Also on Wednesday the South Korean government released new data showing apartment prices in the country's capital city Seoul leapt by 23.7 percent during the first three quarters of 2009.
Previously the Kookmin bank had estimated a rise of only one tenth of this figure for the same period.
However the Ministry of Land, Transport and Maritime Affairs offered a explanation for the massive gulf between the estimated and actual figures, saying the difference could be attributed to the fact that while the bank's data came from realtor surveys, the government based its numbers on actual prices realised in the marketplace. Of course real sales trump analysts estimates in terms of identifying the true state of a market.
Earlier this year a UK Sunday newspaper listed Thailand as having the world’s third highest home price rise in the first quarter, recording a 2.7% increase while most markets were still contracting. At the time this figure was questioned by independent analysts as being overly optimistic.
However with hindsight the positive tone of that UK report seems to have been vindicated, for as 2009 ends we are seeing significant upward revisions of property growth numbers in Asian economies like Thailand and South Korea.
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