An artist's rendering of Supalai Oriental Sukhumvit 39 condominium. Of Supalai's 29 projects being launched this year, only five are condos.

SET-listed developer Supalai Plc (SPALI) will launch 29 projects worth a combined 37 billion baht in Greater Bangkok and key provinces this year, aiming for 10% growth in presales to reach 27 billion baht by year-end.

Managing director Tritecha Tangmatitham said presales of low-rise houses will be higher than those of condos this year, with respective shares of 54% and 46% versus last year's 49% and 51%.

"Condo presales peaked in 2011, when the country encountered the great flood," he said. "But after that, low-rise products have become a key driver for our annual presales. Low-rise presales in provinces will also increase from 20% to 24% of the total this year."

Of the total projects being launched this year, only five will be condos. With a combined sales value of 19.7 billion baht, all five condos will be in Bangkok. The remaining 24 sites will be low-rises, with 11 in Greater Bangkok and 13 in existing and new provinces.

"We will launch a low-rise project in Chiang Rai by the end of the year, which will be our 12th province," he said. "It has potential for growth, driven by border trade, which boosts housing demand," he said.

Supalai has a presence in Chiang Mai, Surat Thani, Songkhla, Phuket, Nakhon Si Thammarat, Udon Thani, Khon Kaen, Chon Buri, Rayong, Ubon Ratchathani and Nakhon Ratchasima.

Phuket, Chiang Mai and Chon Buri contributed to Supalai's sales the most last year.

Despite a high mortgage rejection rate in the low-end segment, the company will continue focusing on low-rise houses priced around 2 million baht due to strong demand.

"This year there will be more developers entering the upper-end market to avoid the rejection rate problem in the middle-to low-end segment and there will be more room for the upper-end segment to develop with emerging locations where new mass transit lines will pass," Mr Tritecha said.

Supalai this year will spend 8 billion baht to buy land for development, up from 5 billion baht last year.

Supalai's funding costs were 3.1%, while land prices increased 12% in 2015-16.

The company aims to have 24.5 billion baht in revenue by the end of 2017, up from a target of 22 billion baht in 2016. It has a sales backlog of 36 billion baht, 15 billion baht of which will be transferred within this year.

SPALI shares closed yesterday on the Stock Exchange of Thailand at 26 baht, up 25 satang, in trade worth 223 million baht.