Ananda’s Ashton Chula-Silom project is due for for presales next month. Despite a cautious strategy, the company will continue buying land for future growth, planning to spend 8.66 billion baht this year, up from 5.28 billion last year.

SET-listed developer Ananda Development Plc (ANAN) plans to launch only 12 projects worth a combined 22 billion baht this year as the economy at home and abroad remains volatile.

Total sales value of its new projects will also decline by 35% from 34.8 billion baht in 2015, with presales worth around 21 billion this year, much lower than the 26.2 billion it recorded last year.

"The Thai economy remains uncertain with many negative factors lying ahead including high household debt and the volatile world economy, particularly in China. We need to be careful and will evaluate the situation again in the second half," said chief executive Chanond Ruangkritya.

The new projects will comprise nine condominiums worth 18.7 billion baht and three low-rise projects worth 3.3 billion.

The plan will be revised up if the government's investment in megaprojects improves the economic situation in the second half.

Of the condo projects, five with a combined sales value of 14.5 billion baht will be joint ventures with Japan's largest property developer Mitsui Fudosan.

Ananda yesterday reported a 2015 net profit of 1.2 billion baht, which declined 7% from 2014 on consolidated revenue of 11 billion, up 4% from 10.6 billion. Presales rose by 26% to a record 26.2 billion baht.

Of consolidated revenue last year, 9.59 billion baht was from housing and condo transfers, down slightly from 9.67 billion in 2014. Around 1 billion baht was from management fees from joint-venture projects with its Japanese partner.

It earned around 500 million baht from its three subsidiaries. Contractor Helix Co contributed 300 million baht, while property brokerage The Agent Co and property management company The Works Community Management Co each contributed 100 million.

In the fourth quarter, it had a net profit of 900 million baht on revenue of 5.42 billion, up 39% and 28% from the same period in 2014 respectively. Its debt-to-equity ratio was down to 1.4 times from 1.5 times.

As of the end of 2015, Ananda had a sales backlog of 37.2 billion baht, with 10.8 billion realised this year. About 16.8 billion baht will be realised in 2017 and 9.58 billion in 2018.

Despite a cautious strategy, the company will continue buying land for future growth, planning to spend 8.66 billion baht this year, up from 5.28 billion last year.

Ananda aims to have 30.2 billion baht in revenue in 2017, 42.3 billion in 2018, 48.4 billion in 2019 and 57.1 billion in 2020.

ANAN shares closed unchanged yesterday on the SET at 3.36 baht in trade worth 17.7 million baht.