Two SET-listed small-cap property developers, Prinsiri Plc (PRIN) and Major Development Plc (MJD), plan to launch five new projects each this year, optimistic that economic recovery will lift the property market.

Chairat Kovitchindachai, Prinsiri's vice-president, said home purchasing power was on the rebound as the economy was beginning to recover.

"If interest rates are stable or rise at a very slow pace, homebuyers will easily make a decision," he said, adding that the company will spend 1 billion baht to buy new plots of land for next year's development.

Prinsiri's new projects will comprise single-house projects worth 1 billion baht, townhouse projects worth a combined 2.7 billion baht and a condo project worth 1.3 billion baht.

After launching Zelle Condo Sala Ya in Nakhon Pathom in the middle of last month, it will launch a townhouse project on Ram Intra Road in Bangkok worth 600 million baht this month.

In the second quarter, it will launch a single-house project and a townhouse project in Nakhon Pathom's Sala Ya area worth a combined 2.1 billion baht. The other project, worth 1 billion baht, will be in Tha Kham in Nakhon Pathom.

It targets achieving 3 billion baht in both presales and revenue this year, up 25% from 2014. Currently, it has a sales backlog of 720 million baht, which will be realised this year.

Last year, Prinsiri recorded a net profit of 74.5 million baht, down 61%, on revenue of 2.49 billion baht, a slight rise from 2.47 billion baht in 2014. There was a big drop in revenue of 58% year-on-year from townhouses as some launches were delayed.

Petrada Poolvoralaks, executive director of Major Development, said the company would launch five new projects worth a combined 12.2 billion baht, comprising two condo projects and three low-rise projects.

The first project will be Maestro 01 Yen Akat worth 790 million baht, which will be located on a one-rai site on Soi Yen Akat, comprising an eight-storey building with 88 units sized 33.5-165 square metres and priced 150,000 baht per sq m.

PRIN shares closed yesterday on the SET at 1.96 baht, up 1 satang, in trade worth 6.61 million baht. MJD closed at 3.66 baht, up 6 satang, in trade worth 6.34 million baht.