Angpao maps out many new projects

Bangkok houses

Angpao Assets Plc plans two new condominiums worth a combined 3 billion baht and will resume development of five projects worth a total of 5.8 billion this year, said CEO Visanu Thepcharoen.

In addition to condominiums, Angpao is developing single houses worth more than B10 million.

The new condominiums would be located on Soi Ekamai where the company is negotiating for a one-rai plot to develop a mid-priced project with units priced from 60,000 baht a square metre.

Another project will be located on Kaset-Navamin Road where it will buy a 20-rai plot for a low-rise condominium with units of 35 sq m priced around 35,000 baht per sq m.

The company will spend 500-600 million baht to buy the two plots. The Kaset-Navamin project will be developed under a new brand, Park Exo, while Ekamai project will be branded Nusasiri Grand Condo.

Mr Visanu, formerly CEO of the developer Nusasiri Group, said the company acquired Thai Durable Group Plc (TDT) last year under a back-door listing.

“We made a shortcut to be listed on the stock market for tax benefits in the long term,” he said.

“TDT had a cumulative loss of 300 million baht so the company would get a tax shield of 30% for this year. The listing also helps the company reduce financing pressure with only dividend payment to shareholders once a year instead of a repayment schedule to service loans from financial institutions.

“We outperformed in the first quarter with more than double the profit required by the Stock Exchange of Thailand. We expect to have 10 billion baht in revenue in 2012 and this will place us in the top five of the development industry.”

Mr Visanu said the company aimed to achieve at least 3 billion baht in presales by the end of 2010 and about 1 billion baht in revenue.

The company has transferred five projects owned and developed by Nusasiri Group to Angpao’s portfolio. They include seven plots in Nusasiri Sathorn-Wong Waen, to be developed for single houses priced above 10 million baht each.

There are also 19 plots in the Nusasiri Sathorn-Pin Klao project for single houses priced 17.5 million baht, and 120 plots on Rama V Road in the Krissana project for single houses priced from 5-9 million baht.

Retail space in the Nusasiri Grand Condo in Ekamai will also be booked in the portfolio and should generate recurring income of about 3-4 million baht a month, he said.

The company also has a 350-rai plot on Rama II Road where it has launched the first phase of a development comprising 57 luxury single houses worth 500 million baht with 20 units sold. Phase two with 80 units and phase three with 100 units will be launched later this year and next year.

Mr Visanu said the company expected to resume trading on the SET in June under the symbol A-PAO. Its financial adviser is Seamico Securities.

To avoid conflict of interest, Mr Visanu plans to sell his Furama Jomtien Beach Pattaya, formerly the Nusa Playa Hotel, into a property fund worth around 3 billion baht. The three-year-old hotel with 600 rooms was financed by Kiatnakin Bank with a debt obligation of 600-700 million baht.

SOURCE: Bangkok Post