Mid-sized developer Iris Group has shifted to the upper-end residential segment and revised down its revenue target for this year by a third, due to the economic and market slowdown.

Chief executive Kittipong Sumanont said market sentiment was unfavourable despite the general election in March. Residential segments impacted by poor sentiment were in the middle-to-lower end, he said.

"This month we revised the 2019 revenue target down from 900 million baht we set late last year to 600 million baht as the number of walk-ins to our projects and sales dropped by half in the second quarter," Mr Kittipong said.

A digital rendition of duplex houses at Iden Sukhumvit 101, which is launching this weekend with units priced from 24 million baht.

One of those projects is Iris Park Chaiyapruk-Wongwaen, a single detached house and semi-detached house project with units priced from 3 million baht in the Bang Kruai-Sai Noi area of Nonthaburi.

There is also Iris Westgate, an affordable condo project near Khlong Bang Phai MRT station priced from 1.3 million baht a unit. The project was completed two years ago with 200 units remaining for sale.

"The middle-to-lower-end market has been sluggish since late last year," Mr Kittipong said. "We needed to move up to the high-end segment in locations with potential like those near the Green Line in the Sukhumvit area and Phahon Yothin-Kaset Nawamin."

The Phahon Yothin-Kaset Nawamin project, where an extension line from Mo Chit station will start running next year, will be located on 14 rai. Iris will develop semi-detached houses priced from 10 million baht a unit, which will be launched by the end of the year.

This coming weekend, the company will launch Iden Sukhumvit 101, worth 2.3 billion baht, on six rai along Sukhumvit Soi 101. The project will have a total of 42 semi-detached houses priced from 24 million baht.

Target buyers will be business owners whose household income totals more than 1 million baht a month and who want to expand their families from condos in inner-city locations.

Iris has another three plots in store for future development. Three rai in Taling Chan district will be developed into a low-rise condo project, as the location will have the Red and Blue Lines running past in the future.

A 21-rai plot on Sukhumvit Road in Chon Buri will see single detached houses and semi-detached houses to tap into rising demand in the province, driven by the flagship Eastern Economic Corridor.

The company also owns 34 rai on Phala Beach in Rayong, where it will develop a mixed-use project for seniors.

Founded in 2006 with registered capital of 1 billion baht, Iris is planning to list on the Stock Exchange of Thailand by 2021 with Yuanta Securities as a financial adviser.

"Consumers consider not only the quality of the product but also brand," Mr Kittipong said. "Our aim to be a listed firm is to build awareness and confidence in customers' minds. The market share of listed developers is also on the rise, from 50% 15 years ago to 70% this year."