Thailand Business News –
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Thailand’s second biggest property developer, Sansiri PLC, has set itself ambitious targets over the next 3 years in order to capture more of the low end property market. Affordable condos are in demand The company’s chief operating officer, Khun Wanchak Buranasiri recently announced new targets that will see revenue increase by 10% this year to eventually reach THB29 billion (US$947 m) in 2012 and then THB35 billion (US$1.1bn) by 2013 | |
| Thailand Business News |
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Thailand’s developer Sansiri switches to low end property market
Recognising that sales would slow, forward-thinking companies took the opportunity to focus on their fundamentals and improve their balance sheets. This was the strategy of Hubert Viriot, CEO of the luxury developer Raimon Land, who was appointed in the midst of the crisis.
Like Raimon Land, Prinsiri did not lower its prices : it was not all bad news, however, as the recovery soon took hold in the second half and by the fourth quarter GDP posted 5.8% growth and many developers reached their annual sales targets.
The tax breaks was initially introduced on March 2008, when the special business tax was reduced from 3% to 0.1%, and the transfer and mortgage fees cut from 2% and 1% respectively to 0.01%. These incentives were due to end on December 2, 2008, but have effectively been extended until the current May 30 deadline.
