SET-listed developer AP Thailand Plc will rely on product diversification this year to retain growth amid a property market slowdown.

An artist's rendition of Rhythm Ekkamai Estate, a 32-storey condominium with 303 units worth 3.2 billion baht. It is one of five new condo projects AP Thailand plans to launch this year.

Vittakarn Chandavimol, chief of corporate strategy and creation, said prices of new condo projects being launched this year will range from 86,000 to 250,000 baht per square metre.

"Despite a sluggish and difficult market, our new launches will cover all price ranges," he said. "This will be one of our key strategies to survive in a crisis."

AP will launch five new condo projects worth a combined 22.4 billion baht, up 31% from 2018. Three of them worth 18.3 billion baht combined will be joint ventures with Japanese partner and developer Mitsubishi Estate Group.

Locations include On Nut, Asok-Ratchadaphisek, Ekamai, Talat Phlu and Ratchathewi. The first three will be launched in March with a presales target of 40-50% in the launch period.

"We do not expect to have units sold out on the launch date as we did before, as the market has changed," Mr Vittakarn said.

AP has unsold condo inventory ready to transfer worth a combined 6 billion baht, consisting of 5.3 billion developed by AP alone and 890 million developed as a joint venture with Mitsubishi.

From Jan 1 to Feb 15, AP recorded 3.64 billion baht in presales, of which 3 billion baht was from single houses and townhouses. The remaining 630 million baht was from condo, with most ready to transfer.

AP will launch 34 single-house and townhouse projects worth a combined 34.4 billion baht in Greater Bangkok, up 22% from last year. Unit prices will range from 2 million to over 50 million baht.

The company aims to have 41.8 billion baht in presales by the end of 2019, up from 41.3 billion in 2018. Of the 2019 target, 24.24 billion baht is from single houses and townhouses, up from 19.65 billion baht last year.

The condo presales target for 2019 is 17.56 billion baht, down from 21.65 billion baht last year.

As of Feb 15, AP had a sales backlog totalling 50 billion baht and comprising 39.78 billion from joint venture condos, 2.31 billion from AP condos and 7.94 billion from single houses and townhouses.

AP posted a 2018 net profit of 3.85 billion baht, up 22.5%, on revenue of 38 billion baht, up 31%.

AP shares closed on Thursday on the Stock Exchange of Thailand at 7.05 baht, down 15 satang, in trade worth 127.9 million baht.