SET-listed developer Proud Real Estate plans to invest 2.5-3 billion baht in new land acquisitions, buoyed by revenue expected from a luxury condominium project worth 4.15 billion baht, which achieved a 90% sales rate and was completed last month.
Pumipat Sinacharoen, chief executive, said the company is targeting land acquisitions in Bangkok's central business district, Hua Hin and Phuket, where it already has ongoing projects and strong market expertise.
"Our existing projects will support revenue recognition this year and next year, so we need to accelerate land acquisitions for new developments to be launched next year and generate revenue in subsequent years, ensuring a continuous project pipeline," he said.
Last month, the company completed construction of Romm Convent, a luxury condominium project on Soi Convent in Bangkok's Silom district.
The wellness-focused project comprises 175 units with a total value of 4.15 billion baht. Since transfers began this month, 30 units have already been handed over to buyers.
The company currently has only one condominium project under construction: InterContinental Phuket Resort The Residences, a branded residential development located on Kamala Beach in Phuket.
The project comprises 111 units with a total value of 2.37 billion baht and is scheduled for completion and unit transfers in the fourth quarter of 2027.
At present, the Phuket project is 50% sold, while Romm Convent has achieved a sales rate of 90%.
Foreign buyers account for 70% of units sold at the Phuket development, compared with 30% at the Silom project.
"Branded residences have become one of the strongest demand drivers in the luxury residential market and an important factor in attracting quality overseas buyers to Thailand," said Proudputh Liptapanlop, the company's executive director.
She said the residential property market may appear subdued overall, but some newly launched projects have continued to record strong sales due to their prime micro-locations.
Buyers have also become increasingly selective, with genuine end-users remaining active, while investment demand has largely remained on the sidelines.
She added that cash buyers account for around 35% of customers in the company's luxury segment. At Romm Convent in Silom, the proportion was even higher at 40%.
Among buyers who relied on mortgage financing, many secured loans below the full purchase value, reflecting a relatively affluent customer base.
"Asian buyers, particularly those from India, China, Taiwan and Singapore, remain active, while European buyers continue to purchase properties in Phuket," Ms Proudputh said.
The company also plans to launch a new condominium project worth 3 billion baht in Hua Hin on a seven-rai site near Arena Hua Hin Sports Club, which it acquired last year.
