SC Asset's Grand Bangkok Boulevard Sukhumvit on Bang Na-Trat Road will offer luxury houses starting at 35 million baht.

SET-listed property developer SC Asset Corporation Plc plans to launch 10 residential projects with a combined value of 24 billion baht this year, all in Greater Bangkok.

Single-house development will make up eight projects worth 13 billion baht and two condominiums will be worth 11 billion baht, said chief executive Nuttaphong Kunakornwong.

Three new projects worth 10 billion baht will be launched in the first quarter, with the presale period starting on Feb 27.

The first project, Beatniq, will be a condominium consisting of 34 floors on Sukhumvit 32, about 250 metres from Thong Lor skytrain station. The structure will comprise 197 units with a total value of 4 billion baht. Unit prices will start at 12 million baht.

The second project is Grand Bangkok Boulevard Ratchapruek-Charan on Phran Nok-Phutthamonthon Sai 4 near Siriraj Hospital. This development is worth 3.2 billion baht and comprises 92 single houses starting at 30 million baht.

The third project is Grand Bangkok Boulevard Sukhumvit on Bang Na-Trat Road near Bearing skytrain station and Bangkok International Trade and Exhibition Centre (Bitec). The project is worth 2.8 billion baht and consists of 65 single houses starting at 35 million baht.

SC Asset expects a 20% rise in presales and revenue this year to 15 billion baht.

"2016 is the second year of SC Asset's five-year strategic plan, which aims to have 20 billion baht in revenue by 2020, and the company reaffirms its effort towards sustainable growth in the luxury segment," Mr Nuttaphong said.

The segment that includes units priced at 5 million baht and above remains strong with a bank rejection rate of less than 10%, he said.

SC Asset has earmarked 5 billion baht to buy new land plots this year.

The company now has seven plots ready for development worth 6 billion baht.

In 2015, SC Asset reported presales of 12.52 billion baht, up 47% on the year before.

Revenue growth is forecast at 10% from 12.7 billion baht in 2014. The company is scheduled to report its 2015 financial statements to the Stock Exchange of Thailand on Feb 25.

SC Asset launched six new residential projects in 2015 worth 12 billion baht. It has 33 remaining projects worth 24 billion baht.

The company has a backlog of 8 billion baht, of which half will be realised as revenue this year.

The plan is to issue new debentures worth 3 billion baht to finance future expansion. SC Asset will also ask for shareholder approval at an April 23 meeting to raise the ceiling of the company's debenture value to 10 billion baht from 8 billion now.

SC shares closed yesterday on the SET at 3.10 baht, unchanged, in trade worth 8.27 million baht.