An artist's rendition of Estara Haven Pattanakarn 20, a housing project worth 1.5 billion baht with 152 units launched earlier this month.

SET-listed developer Eastern Star Real Estate Plc (ESTAR) plans to launch five new projects worth a combined 4 billion baht in Bangkok and Rayong, aiming to have 3 billion in presales by the end of the year.

Managing director Torsak Lertsrisakulrat said two of the new projects are eight-storey condos in Bangkok, which the company will focus on this year because they take two years to generate revenue, shorter than high-rise condos, which take over three years.

"Our new condo developments will have 200-300 units per project, not too large," he said.

"They will be in locations where demand is strong and offer a pricing package that target buyers can afford."

Mr Torsak said the condo market has an oversupply in some locations and pricing segments.

There are many unsold properties in the Sukhumvit area with units priced over 200,000 baht per square metre.

The company's new condo projects will have units priced around 100,000 baht per sq m or 3-7 million baht a unit, a segment with strong demand, he said.

Eastern Star's projects are on Sukhumvit Soi 52, with a cost of 700 million baht, and Soi Yen Akat worth 1 billion baht. Both will have eight storeys.

Despite the new lending curbs set to take effect on April 1, the company will continue collecting its usual rate of down payment at 10-15% of the unit price at new condo projects because target buyers will mainly real buyers getting their first unit, said Mr Torsak.

The segment likely to be most affected by the new lending curbs are units priced 2-3 million baht as an additional down payment based on new loan-to-value limits will hamstring some buyers in this range, he said.

Another of its Bangkok projects is Estara Haven Pattanakarn 20 worth 1.5 billion baht located on a 21.5-rai site on On Nut Soi 17. It is expected to have 56 three-storey semi-detached houses and 96 3.5-storey townhouses priced from 13 million baht a unit.

The two projects in Rayong are a high-end single house project worth 500 million baht near a golf course and an affordable housing project worth 300 million baht near Map Ta Phut.

It expects to have 3 billion baht in presales, the same as last year, which exceeded its target of 2.5 billion.

The company has a sales backlog of 2 billion baht, of which it expects to realise one-third in 2019.

"We expect to have revenue as targeted because the cycle of our project development is shorter after we shifted to low-rise condos," said Mr Torsak.

ESTAR shares closed unchanged on Wednesday on the SET at 0.55 baht in trade worth 198,150 baht.