The Ideo Q Phahol-Saphan Kwai condo opened for sale earlier this year.

SET-listed Ananda Development Plc (ANAN) plans to launch eight new projects worth a combined 34 billion baht in the second half this year, accounting for 90% of its annual launch plan.

Chaiyuth Chunnahacha, the chief financial officer, said the company launched only two projects in the first five months as the property market was unfavourable and the central bank's loan-to-value (LTV) limits took effect in April.

"Purchasing normally comes from three engines: real demand, foreign buyers and investors. The first two remained robust, but the latter slowed, in large part thanks to the LTV measures," he said.

One of the two projects it launched in the first five months was Ideo Q Phahol-Saphan Kwai condo, with 396 units worth around 3 billion baht from the first of three phases totalling 1,119 units and a combined 10 billion baht.

This project recorded 39% of units sold, or around 1 billion baht, which was in line with the forecast as the market has been sluggish this year.

"If there were no LTV limits, the sales rate would have been higher than this," said Mr Chaiyuth.

"That's why we divided the launch into phases for a large-scale, high-value project like this site."

However, Ananda prefers the new curbs as they help screen buyers. The first phase has created a good backlog and these buyers will definitely accept unit transfers, he said.

Mr Chaiyuth said the company, like other major developers that quickly adjusted, will swerve in line with the market amid unfavourable economic prospects.

As the Chinese market remains strong, the company set up an international unit to tap new segments in second-tier Chinese cities.

It expects the sales proportion from foreign buyers will rise from 20% in the first quarter to one-third by the end of the year.

By 2020 Ananda expects to start gaining a new source of income -- the serviced apartment business -- a venture it started investing in a few years ago.

Around 300-400 million baht in revenue is expected from two serviced apartments: Somerset Rama 9 and Lyf Sukhumvit 8.

In 2022, revenue from serviced apartments is projected to soar to 1.8 billion baht as three more serviced apartments -- Ascott Embassy Sathorn, Ascott Thonglor Bangkok and Somerset Pattaya -- are scheduled to be completed.

ANAN shares closed yesterday on the SET at 3.82 baht, down six satang, in trade worth 17.5 million baht.