Mr Anuphong says most of AP's new projects will be low-rise.

SET-listed developer AP (Thailand) Plc plans to launch 39 new projects worth a combined 56.8 billion baht in 2019, aiming for 10% growth in presales to 45 billion by year-end.

Chief executive Anuphong Assavabhokhin said the majority of the new projects will be low-rise projects (single detached houses and townhouses), with 34 such projects worth a total of 34.4 billion baht, all in Greater Bangkok.

"The property market remains reliant on the domestic economy,” he said. “But with many risks such as local politics, the global economy and new lending curbs, we should be more cautious.”

The low-rise projects comprise 19 townhouse projects worth 16.7 billion baht and 15 single detached house projects worth 17.6 billion.

The other five projects are condos worth a combined 22.4 billion baht. Of these, three sites worth 18.3 billion baht will be a joint venture with Japanese developer Mitsubishi Estate Group, with which it has partnered since 2013.

In the first quarter, AP plans to launch three condo projects comprising Aspire Sukhumvit-On Nut, Aspire Asoke and Rhythm Ekamai Estate.

AP aims to have 45 billion baht in presales by the end of 2019, up from 41.3 billion in 2018, which declined from 42.9 billion in 2017. The company's target for 2018 presales was 39.8 billion baht.

As of the end of 2018, AP had a sales backlog of 41.2 billion baht. It expects to see revenue growth of 15% in 2019.

Last year it had revenue growth of 30% from 25.3 billion baht in 2017.

This year AP plans to spend 9.5 billion baht to buy new plots for development from next year, up from 8 billion it invested last year.

AP announced yesterday three new businesses -- Vaari Co, Claymore Co and SEAC -- in which it holds a 100% stake in each. AP plans to spend a combined 1 billion baht on the three from 2019-21.

With registered capital of 30 million baht, Vaari will operate a life management ecosystem business. Claymore, with registered capital of 5 million baht, will develop design innovations. SEAC has registered capital of 300 million baht and is a learning centre.

“The property market remains healthy, but our shift to other business is in line with the changing world,” said Mr Anuphong. “We are laying the foundations to disrupt ourselves.”

AP targets 6 billion baht in revenue from the three new ventures, which are expected to account for 10% of revenue by 2022.

AP shares closed yesterday on the SET at 7.20 baht, up five satang, in trade worth 57.2 million baht.