Mr Sornsak says developers are moving to low-rise projects.

SET-listed developer Nirvana Daii (NVD) plans to launch 11 new projects worth a combined 17.54 billion baht in 2019 and aims for growth to double for presale units.

Chief executive Sornsak Somwattana said the majority of new projects will be low-rise developments, comprising mainly single-detached houses and townhouses, with eight sites located in Greater Bangkok and Udon Thani province.

"The condo market will slow down this year because of the new lending curbs," said Mr Sornsak.

"Developers are shifting to low-rise projects. Otherwise they would need to target real demand to remain in the condo market as investment buyers will drop by 30%."

New low-rise projects consist of three single-detached house projects, with units priced 8-90 million baht, and a townhouse project with units priced 8-16 million.

The other four low-rise projects will be a turnkey development, whereby the company will co-develop with landlords.

The locations will be situated in Udon Thani province and areas in Bangkok such as Phatthanakan, Bang Na and Krungthep Kritha.

"There are many landlords who want to develop housing projects but do not have the brand to do so," he said.

"They can join us by using their plots as investment and we will develop projects and build houses on those plots and conduct marketing."

Mr Sornsak said the company will introduce turnkey solutions to landlords in provinces where Boon Rawd Brewery, a major shareholder of its parent firm Singha Estate, has strong connections through dealers.

There will be two condo projects under a new brand called The Most. They will be located on Itsaraphap Road and the Pracha Chuen-Ratchadaphisek area, targeting middle-to upper-end segments.

Other projects include a car park building, with a total of 700 lots on Soi Chuey Puang on Vibhavadi Rangsit Road, where the company will invest a sum of 40-50 million baht. The first phase will be completed in April, with a targeted occupancy rate of 80%.

Nirvana aims to generate 5.4 billion baht in presales by the end of 2019, up from 2.6 billion logged last year.

The company expects to earn 4.2 billion baht in revenue, a rise of 40% year-on-year.

In 2018, the company recorded a net profit of 324 million baht and 2.95 billion worth of revenue, up 52% and 16% year-on-year, from 214 million and 2.56 billion, respectively.

Gross profit margin rose to 35.6% from 31.2% and net profit margin rose from 8.4% to 11% of revenue.

NVD shares closed yesterday on the Stock Exchange of Thailand at 3.44 baht, up 10 satang, in trade worth 4.4 million baht.