A digital rendition of Vimut Hospital in the Saphan Khwai area. The project is under development by Pruksa Holdings with a soft opening scheduled for the third quarter of 2020.

Pruksa Real Estate Plc, a residential development arm of SET-listed Pruksa Holding Plc (PSH), will shift to developing more condominium projects in the second half to fall in line with market trends and ensure steady growth of future revenue.

Piya Prayong, Pruksa's chief executive for value business, said the company will postpone the launch of nine new single-house and townhouse projects worth a combined 8.1 billion baht from the second half this year until next year.

"During the past 3-4 years, our growth was slow as our development portfolio did not match the market, which has been dominated by the condo segment," he said.

Pruksa increased the launch of new condo projects this year from 10 sites worth a combined 20.7 billion baht announced early the year to 12 projects worth 24 billion baht, with an aim to increase the proportion of condo projects from 35% to 40% next year.

In the first half, townhouse projects accounted for 42% and single houses 23%, which will be reduced to 40% and 20%, respectively, as condo demand grows in the Bangkok residential market, accounting for 55% of projects.

The postponement will result in a decrease in the number of new projects being launched in 2018 from 75 projects worth a combined 66.7 billion baht, to 68 sites worth 62 billion baht.

However, the company maintains target presales and revenue growth of 13% and 7% to 53.7 billion baht and 47 billion baht, respectively, by the end of the year.

For a steady revenue stream, the company will balance two condo business models, including a small-scaled site in the high-income segment with 600-800 units, each on 2-3 rai.

The other will be a large-scale project with development and sales by phases, Mr Piya said.

In October 2018, the company will hold roadshows in Hong Kong and Shanghai, their first in overseas markets, where two new condo projects in the Hua Mak and Bang Phlat areas with units priced from 2 million baht will be introduced.

Pruksa aims to have 49% of each site sold to buyers in China and Hong Kong. This year it will transfer condo units worth a combined 5 billion baht to buyers in China.

Pruksa on Friday reported a net profit of 2.42 billion baht in the first half of 2018, the same amount as the same period last year.

Revenue dropped by 6.1% to 19.28 billion baht, mainly from a revenue decrease in high-end condos due a lack of completed projects in the period.

Presales also declined by 6.8% to 24.4 billion baht as it launched only one condo project in the first half.

PSH shares closed on Friday on the SET at 21.40 baht, down 20 satang, in trade worth 32 million baht.