SET-listed Areeya Property Plc (A) plans to launch 11 new residential projects worth more than 20 billion baht in the next nine months. The developer aims to have 10 billion baht in presales by year-end.

Honorary chairman Viwat Lauhapoonrungsi said nearly 80% of the new projects' combined value would be generated in the inner city, including a single-house project on Sukhumvit Soi 77, which will have 98 units worth 2.45 billion baht.

On Sukhumvit Soi 53, the company will launch Chalermnit by Areeya, an eight-storey condo project with 125 units worth 1.35 billion baht. It will also develop a luxury condo project, Soontreeya, with 308 units worth 12 billion baht on Ratchadamri Road in the former location of the American University Alumni Language Center. 

"We have not concluded a deal with the Chinese contractor, Shanghai Construction Group, and have not yet decided whether to form a joint venture, as the Ratchadamri project will be large," Mr Viwat said yesterday. "Project design is under way and we want it to be a new Bangkok landmark."

Among the new projects, six will be in locations out of Areeya's comfort zone of northern and eastern Bangkok. They will be in southern Bangkok, including Kanchanaphisek Road and Ratchaphruek Road, with a total of 1,083 units worth 2.68 billion baht.

During the first quarter, Areeya recorded 2 billion baht in presales despite launching no new projects. It aims to have 10 billion baht in presales in 2016, nearly doubling growth from 5.4 billion last year.

It expects 7 billion baht in revenue, up 30% from 5.45 billion baht in 2015 and 2.56 billion baht in 2014. Of the target revenue, 5 billion baht is expected from single house and townhouse sales, with 2 billion baht from condominium projects.

Net profits last year improved from 1.61% to 3.97%. Its gross profit margin, however, dropped last year to 25.6% from 32.6% in 2014, as the company used a pricing strategy to tap new locations in 2015.

It currently has 22 housing projects with 3 billion baht in unsold units. Its sales backlog was 2.31 billion baht at the end of 2015, mostly from condominiums.

Areeya will spend 600 million baht to buy new plots of land for development next year, down from 1 billion baht in 2015.

A shares closed yesterday on the Stock Exchange of Thailand at 6.45 baht, unchanged, in trade worth 193,000 baht.