Thailandââ¬â¢s major property firms have announced dozens of new building projects for 2011 after reporting increased profits for 2010. Despite rising interest rates and the end of some tax incentives last year, several major Thai property companies reported excellent profits and have announced lots of exciting new developments for investors looking to buy property in Thailand.
Profits up in 2010
Property developers Sansiri recently reported an 18 per cent rise in profits to THB1.898 billion (US$62.39 million) in 2010. The company plans to launch 23 new projects in 2011 valued at THB30 billion (US$987.48 million).
Asian Property Development reported a 15.5 per cent rise in net profits to THB2.229 billion (US$73.37 million), increasing 15.5 per cent year-on-year, whilst SC Asset Corporation reported a net profit of THB1.15 billion (US$37.85 million), up 51 per cent on 2009.
With overseas interest in buying property in Thailand rising all the time, major developers have announced a number of new developments in popular areas which will begin construction in 2011. SC Asset Corporation, for example, has 13 new projects lined up for this year, worth a combined THB15 billion (US$ 493.74 million).
Rivals Raimon Land also reported healthy profits of THB153 million (US$5.04 million) having made a loss in 2009. Raimon are a company looking to attract foreign buyers buy building developments in popular areas with overseas investors.
After launching its latest project, Zire Wongamat in Pattaya, earlier in March, Raimon Land also plan to launch another development by the end of this year in either Bangkok or major tourist destinations such as Hua Hin or Pattaya.
