Mr Chanond says huge potential remains for developing condo projects along mass transit routes.

SET-listed Ananda Development Plc (ANAN) will allocate 20 billion baht to develop 10 new projects valued at 38 billion baht this year.

Of the total 20 billion baht, 12 billion baht will be spent on construction of the new projects, with the remaining 8 billion baht to be used to buy land for the planned 10 projects.

Chanond Ruangkritya, the company's chief executive, said eight projects will be condominiums, seven of which will be developed through joint ventures, and the remaining two will be low-rise housing projects.

The first condominium project with 39 floors and 1,119 units in a Saphan Khwai location will launch in May.

Mr Chanond said that of the total project value of 38 billion baht, 35.3 billion or 87% will be for middle- to upper-end condominiums launched from the second quarter this year.

The price of the new condo units will be more than 150,000 baht per square metre.

The remaining 2.74 billion baht or 13% is assigned to two low-rise housing projects, with the price just below 7 million baht a unit.

In 2018, the company developed 12 condominium and low-rise housing projects worth 26.8 billion baht.

"Sales of our condominium segment have fared quite well, with about 90% sold within three years after the launch," Mr Chanond said. "We are very crazy about the location and nobody takes the lead from us in terms of location."

He said there is still huge potential to develop condo projects along mass transit routes.

In 2018 there were 87 stations in the mass transit system, with the number expected to increase to 240 by 2024.

Ananda forecasts sales in 2019 to increase by 14% from last year to 36 billion baht.

Total residential transfers are expected to increase by 9% this year to 36 billion baht, as 10 new condo buildings have finished construction and are beginning transfers this year, in addition to remaining units from the 10 condos that were finished in 2018.

Apart from condo projects, the company also plans to increase its revenue from recurring income.

Ananda developed its first service apartment with a global partnership, The Ascott Ltd, in 2013.

The company is developing five serviced apartment projects: Somerset Rama 9, Ascott Embassy Sathorn, Ascott Thonglor, LYF Sukhumvit 8 and an unnamed project near central Pattaya Beach.

Revenue from the service apartment business is expected to top 1.7 billion baht by 2020.

Ananda controls 16 billion baht worth of inventory and expects to be able to reduce it to 6 billion by the end of this year.

"Last year was a success, with record highs for all of the company's major metrics, be it transfers or presales, and we diversified the customer base," Mr Chanond said.

ANAN shares closed yesterday on the Stock Exchange of Thailand at 3.66 baht, unchanged, in trade worth 36.8 million baht.