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Tuesday, March 20, 2007

Everland has announced low-cost condo plans in Central Bangkok

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Everland announces low-cost condo plans

Kanana Katharangsiporn

The residential developer Everland Plc is looking at high-rise development in the middle-to low-end market with plans to launch a one-million-baht condominium on Asoke Road by the third quarter of the year.
Swechak Lochaya, managing director of property Planner Co Ltd, the rehabilitation plan administrator of SET-listed Everland, said the company had acquired Oasis, a half-completed building owned by Srinakorn Land Co, a property arm of the Techapaibul family.
It will continue the condominium development, building 400 units that will be priced at 50,000baht per square meter or starting from none million baht a unit. The finance, study and design of the project have been completed.
Everland also plans to spend op to one billion baht on plots of 20-50 rai land to develop three detached-housing projects this year.
It is looking at sites n Don Muang, Phutthamonthon-Pin Klao and Rama II and plans to set unit prices at between three of five million baht.
Currently, it has three housing projects in hand. The Theparak project, of 200 units worth 550 million baht, has 170 units left to be sold; the Bang Na estate with 600 million baht worth of housing stock; and the Pracha Chuen estate with 12 units worth 90 million baht.
In addition, it plans to open two housing projects in Chiang Mai, consisting of 150 units worth 500 million baht, by the second quarter of the year.
Also in the pipeline on Suvintawong Road in Bangkok is a development of 150 units worth 600 million baht.
Mr Swechak said Suvintawong Road was Everland’s largest plot of land at 600 rai. It is sufficient for a six-year development of 1,300 to 1,400 housing units worth five billion to six billion baht.
The company plans to establish a bilingual school on the site to support its residents.
Everland last year recorded 410 million baht in revenue with 170 million baht in net profit, of which 107 million baht came from debt restructuring and 63 million from housing sales.
The company aims to earn one billion baht in revenue this year, he said.
It expects its debt-to-equity ratio to decrease from two times to less than one by the end of the year, as its existing and new projects generate more revenue.
Everland, formerly known as Country (Thailand), resumed trading in the property sector on Jan 18 of this year after completing debt restructuring. It had been in the Rehabco sector since 1998 when Country became a victim of the financial crisis. Share of Everland (EVER) closed yesterday on the SET at 4.20 baht, up to 10 satang, in trade worth 1.93 million baht.