SET-listed developer Lalin Property Plc plans to raise down payment collection for new single house and townhouse projects being launched this year to 10-15% from its usual 5% to prepare customers for new lending curbs.

Deputy managing director Churat Chakarakul said housing units at new projects it plans to launch this year will not be ready to transfer by March 31, the last day before the new mortgage requirements take effect.

"Though a majority of our customer base is real demand, first-time workers and young families, this year we will ask customers if they are affected by the new lending curbs. If so, we will ask them to pay a higher down payment," he said.

To cope with the new lending curbs, Lalin will also increase the number of presales units for single house and townhouse development to give homebuyers a longer period to make a down payment.

In 2019, Lalin plans to launch eight to 10 new projects worth a combined 4-4.5 billion baht. All will be single house and townhouse units, with 80% in Greater Bangkok and 20% in eastern provinces.

The company expects to have 5.3 billion baht in presales and 4.65 billion in revenue this year, up 15% from 4.6 billion and 4 billion, respectively, in 2018.

Lalin has a sales backlog of 900 million baht which it expects to be realised within the year. It plans to spend 1 billion baht to buy new plots of land for future development, up from 900 million last year.

Chief executive Chaiyan Chakarakul said the property market this year will grow less than 4%. The low-rise sector (single houses, townhouses and semi-detached houses) will have steady growth, while condos will slow down after expanding for many years.

"Many condo developers added more new projects than the market could absorb," he said. "Condos will be affected by the new lending curbs, with an oversupply continuing in some locations."

Mr Chaiyan suggested small developers improve internal working operations, apply an economy of speed and monitor cash flow as this year will be tough for developers.

LALIN shares closed yesterday on the Stock Exchange of Thailand at 4.80 baht, down two satang, in trade worth 1.31 million baht.