An artist's rendition of The Address Siam-Ratchathewi, a 50-storey condo worth 8.8 billion baht, which will be the 15th joint venture project between AP Thailand and Mitsubishi Estate Group.

SET-listed developer AP Thailand Plc remains confident about Bangkok's condo demand despite the new lending curbs and the market shifting to single houses and townhouses.

Vittakarn Chandavimol, chief of corporate strategy and creation, said condo sales in the first four months remained on target despite the loan-to-value (LTV) limits starting on April 1.

"The impact on the condo market from the new LTV limits is still unclear as there were many holidays in April. We will monitor the affect in May before making a review," he said.

Mr Vittakarn said the LTV limits should help the industry control condo speculation.

The limits require condo customers to make a higher down payment before making a purchase.

AP's condo sales from Jan 1 to April 24 grew to 6.65 billion baht, up from 5.26 billion year-on-year.

In the first quarter, condo sales were 6.36 billion baht, mainly from new projects launched.

Condo sales from April 1-24 totalled around 300 million baht, as it had no new projects launched in the period.

In the first quarter of 2019, AP posted a total of 12.6 billion baht in presales, up 25% from the same period last year. It targets 41.8 billion baht by year-end.

"This year will be a big one for single houses and townhouses, and we are shifting to more projects in this segment with 34 of our 39 planned total projects this year," he said.

Mr Vittakarn said condos will no longer sell out during launch periods, as greater demand will come from foreign buyers at particular locations, such as Ratchadaphisek, where there is strong demand from the Chinese.

AP plans to have roadshows overseas during May-June.

As of the end of March it had a total condo inventory of around 5 billion baht completed and unsold.

Of the amount, 4.34 billion baht were developed by AP alone and the rest by joint ventures with Japan's Mitsubishi Estate Group.

On June 8 AP will launch a new condo project, the Address Siam-Ratchathewi.

The project will be located on 3.5 rai near Phetchaburi Soi 14 in Ratchathewi, comprising a 50-storey tower with a total of 880 units worth 8.8 billion baht.

Unit size will start from 31 square metres and be priced from 200,000 baht per sq m on average.

AP shares closed unchanged on Monday on the SET at 7.85 baht in trade worth 74.7 million baht.