SET-listed developer Sena Development Plc will launch only low-rise projects in the fourth quarter to avoid risk while expanding its solar energy business to raise long-term revenue from non-property ventures.

Having a non-property business will help to diversify revenue, says Ms Kessara.

Executive director Kessara Thanyalakpark said the property market faced higher competition, particularly in the high-end segment, where purchasing power remains strong.

The low-end segment has sluggish demand due largely to high household debt and stricter rules on mortgage approval by financial institutions.

In the fourth quarter, Sena will launch three low-rise projects worth a combined 2 billion baht, as they have lower risks than condominiums.

"Our new project launches are in line with the economic situation. We've postponed some condo projects to next year," Ms Kessara said.

After jumping into the solar energy business in May, Sena expects to complete deals with partners soon including at least a 40% stake in an engineering, procurement and construction company that is an expert in solar rooftops.

"Our profitability this year may decline like that of other developers, as the economic downturn will affect everyone in the industry," Ms Kessara said.

"Having a non-property business will help us to diversify revenue."

Sena hopes to earn 85% of its revenue from property, 10% from solar and 5% from rentals and services. It now receives 90% from property and 10% from rentals and services.

In the first eight months, the developer recorded 2.6 billion baht in presales. The full-year target is 4 billion baht despite the slowdown.

Sena and partner B.Grimm Power are developing a 60-70-million-baht solar farm project with electricity-generating capacity of 46.5 megawatts.

The company will hold a shareholders' meeting this month to seek approval for an increase of registered capital by issuing 351.76 million shares. Those shares will include a rights offering of 262.76 million shares to existing shareholders and 87.59 million shares to investors through a private placement.

SENA shares closed yesterday on the SET at 3.12 baht, unchanged, in trade worth 2.96 million baht.