Asian Property Development (AP) – 9MFY17 presales already above full-year target October 9, 2017

Overwhelming presales:

AP achieved 9MFY17 total presales of Bt28.29bn, which already exceeded its full‐year target of Bt26bn thanks chiefly to exceptionally strong presales from both SDH/TH and condo projects. SDH/TH presales during the period topped Bt11.6bn, on track to exceed its full‐year target of Bt13.6bn after 3QFY17 numbers came in strong at Bt4.8bn, more than half of the Bt6.8bn it achieved in 1HFY17. On the high‐rise front, condo presales during the same period far surpassed its full‐year target of Bt12.4bn at Bt16.6bn due largely to the strong success of its two newly‐launched condo projects, namely Life Ladprao and Life One Wireless, which generated combined presales of up to Bt12bn. In light of the above overwhelming presales figures, we reckon that its full‐year total presales could hit Bt30bn on expectations that SDH/TH presales momentum will remain strong and its new condo project Life Asoke Rama IX, which is slated for launch in 4QFY17 will receive strong response as selling prices are lower than those of nearby rivals.

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