SET-listed developer AP Thailand remains upbeat, planning to launch 42 new projects this year, the same number as last year, with a combined sales value of 65 billion baht, marking a 35% increase, the highest in the industry.
Vittakarn Chandavimol, chief of corporate strategy and creation, said the residential market this year remains fraught with challenges, including high household debt, stricter mortgage rules from banks and a slowing economy.
"Even though the market is tough, the obstacles for other developers are our opportunities," he said.
"With our strong financial standing, we will continue to launch new projects that cover every location."
At the end of 2024, AP had a net debt-to-equity ratio of 0.7 times, with an available credit line of 16.6 billion baht.
The average cost of funds was 3.39% at the end of the third quarter of 2024.
The new projects include 18 townhouse and twin home developments valued at 15 billion baht, 15 single detached house projects worth 26.5 billion baht, six condo projects totalling 20.2 billion baht and three provincial projects worth 3.3 billion baht.
AP aims to have 55 billion baht in presales and 52.9 billion in revenue this year, representing an increase of 17.6% from 46.8 billion baht and 12.3% from 47.1 billion last year, respectively.
Presales goals this year include 37.5 billion baht from low-rise houses, up from around 31 billion last year, while 17.5 billion baht is expected from condos, up from 15.7 billion.
AP projects revenue this year of 37 billion baht from low-rise houses, rising from 32.2 billion in 2024, with 14.6 billion baht expected from condos, up from 13.2 billion.
"New and existing projects, tallying 226 developments and covering all demand locations and price ranges, provide a strong foundation to not only meet but exceed our targets," said Mr Vittakarn.
As of February 2025, the company had a sales backlog of 41.6 billion baht.