2017 Q1 Results Analyst Meeting and Business Plan
34
Presentation 2017 Q1 Results Analyst Meeting and Business Plan
Transcript of 2017 Q1 Results Analyst Meeting and Business Plan
Presentation
2017 Q1 Results Analyst Meeting and
Business Plan
2
The information (“Confidential Information”) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited (the “Company”) to you solely for your reference. Neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company. Although care has been taken to ensure that the Confidential Information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the Confidential Information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
This presentation is for information purposes only and does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in Thailand, United States or any other jurisdiction. Any such purchase should be made solely on the basis of the information contained in the announcements to the Stock Exchange of Thailand relating to such securities. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness.
This presentation contains projections and forward‐looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company. You are cautioned not to place undue reliance on these forward looking statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those forecasted and projected or in the forward‐looking statements.
Disclaimer
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1. 1Q2017 Financial Results
Transfers
Backlog
Launches
Presales
Bonds Issue
2. 1Q2017 Summary
3. 5 Years Business Plan
4. Company View
5. Mass Transit Network Updates
6. Dividend
Agenda
4
1Q/2017 Financial Statements
1Q2017 4Q2016 1Q2016% Q-o-Q % Y-o-Y
M Baht % M Baht % M Baht %
Total revenue 2,314 100% 3,767 100% 2,595 100% -39% -11%
Revenue from sale of real estate 1,577 68% 2,716 72% 2,179 84% -42% -28%
Gain on sale of investment 71 3% 0 0% 0 0% N/A N/A
Other incomes 666 29% 1,051 28% 417 16% -37% 60%
Gross Profit 722 33% 1,135 32% 933 37% -36% -23%
SG&A 548 24% 719 19% 626 24% -24% -12%
Selling expenses 215 9% 287 8% 223 9% -25% -4%
Administrative expenses 333 14% 433 11% 403 16% -23% -17%
Share of Profit (Loss) (58) -2% 420 11% (108) -4% -114% -47%
EBIT 248 11% 1,071 28% 265 10% -77% -6%
Interest expenses 87 4% 93 2% 69 3% -7% 27%
EBT 161 7% 978 26% 196 8% -84% -18%
Tax 20 13% 84 15% 48 16% -76% -57%
Net Profit (Loss) 140 6% 891 24% 149 6% -84% -6%
Earnings per share (baht) 0.03 0.26 0.04
5
1Q/2017 Financial Highlights
1Q2017 4Q2016 1Q2016% Q-o-Q % Y-o-Y
M Baht M Baht M Baht
Cash balance and equivalent 3,276 2,683 2,835 22% 16%
Assets 27,311 25,366 21,855 8% 25%
Interest bearing debts 11,467 10,937 9,704 5% 18%
Liabilities 15,461 14,612 12,997 6% 19%
Shareholders' equity 11,850 10,754 8,858 10% 34%
D/E ratio (times) 1.30 1.36 1.47 -4% -11%
Net IBDE ratio (times) 0.69 0.77 0.78 -10% -11%
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2017 Transfer target between 24,000 and 26,000 M Baht
Quarter Quarter 1 Quarter 1
(Actual) Quarter 2 Quarter 3 Quarter 4 2017
Condo 1,142 1,217 2,316 2,677 3,336 9,545
Housing 523 360 461 741 1,002 2,565
Ananda F/S 1,664 1,557 2,777 3,418 4,338 12,110
Ananda Share in JV 350 337 38 586 5,614 6,574
Mitsui Share in JV 336 324 36 563 5,393 6,316
Total (M Baht) 2,350 2,238 2,851 4,567 15,345 25,000
10 new condo projects to
complete in 2017
2017 Transfer Growth Rate
58% YoY
2017 Business Plan >>Transfers
2017 Full Year Transfer
Target unchanged
1Q17 (F) 1Q17 (A) 2Q17 (F) 3Q17 (F) 4Q17 (F)
1,142 1,217 2,316 2,677 3,336 523 360
461 741
1,002
350 337 38 586
5,614
336 324 36
563
5,393 U
nit :
Mil
Baht
Condo Housing Ananda Share in JV Mitsui Share in JV
7
Updated: Mar 31, 2017
Ashton Residence 41
Unit: M Baht
New
37% transfer
after 2017
47.1% sold
63% transfer
target in 17
Ideo Mobi Bangsue Grand Interchange1
New
42.5% sold
67% transfer
target in 17
33% transfer
after 2017
Ideo Q Siam-Ratchathewi1
New
82.9% sold
71% transfer
target in 17
29% transfer
after 2017
Transfer
Begins 1Q17 3Q172Q17
Ideo Sukhumvit 115New
10% transfer
after 2017
67.3% sold
90% transfer
target in 17
New Housing Project
New
New Housing
Project
76% Of Transfer Target Will Be Derived From New Projects
Note : 1 Joint Venture with Mitsui Fudosan and Ananda 51% Share
Value
2,036
M Baht
Value
2,741
M Baht
Value
3,821
M Baht
Value
2,532
M Baht
8
Updated: Mar 31, 2017
Unio Sukhumvit 72
Unit: M Baht
New
4Q17Transfer
Begins
New
New Housing
Project
Ideo Thaphra Interchange1
New
Venio Sukhumvit 10
New
Unio Rama2-Thakham
New
Q Chidlom-Phetchaburi1
New
33% transfer
after 2017
55.9% sold
67% transfer
target in 17
Ashton Asoke1
New
33% transfer
after 2017
97.9% sold
67% transfer
target in 17
New Housing Project
55% transfer
after 2017
37.4% sold
45% transfer
target in 17
33% transfer
after 2017
52.3% sold
67% transfer
target in 17
40% transfer
after 2017
49.2% sold
60% transfer
target in 17
55% transfer
after 2017
88.8% sold
45% transfer
target in 17
76% Of Transfer Target Will Be Derived From New Projects (Cont.)
Note : 1 Joint Venture with Mitsui Fudosan and Ananda 51% Share
Value 862
M Baht
Value
1,451
M Baht
Value 976
M Baht
Value
6,705
M Baht
Value
3,012
M Baht
Value
2,761
M Baht
9
Ideo Mobi Sukhumvit Eastgate Ideo Mobi Wongsawang Int.
51.4%
transferred
69.7% sold
45% transfer
target in 17
28%
transferred
35.2% sold
39% transfer
target in 17
Unio Charan 3
Ideo Sathorn-Thaphra Ideo Wutthakat
42.1%
transferred
71.4% sold
54% transfer
target in 17
94.0%
transferred
100.0% sold
6% transfer
target in 17
92.1%
transferred
97.3% sold
7.5% transfer
target in 17
Atoll (4 projects)
Arden (3 projects)
Ideo Mobi Charan Interchange
63.2% sold
61.9% transferred
10% transfer target
in 17
58.7% sold
51.5% transferred
21.4% transfer
target in 17
84.3%
transferred
91.2% sold
14.4% transfer
target in 17
Ideo Q Chula-Samyan1
Ideo Q Ratchathewi
89.1% transferred
11% transfer target
in 17
98.8% transferred
1.2% transfer
target in 17
Note : 1 Joint Venture with Mitsui Fudosan and Ananda 51% Share
Unit: M Baht
24% Of Transfer Target Will Be Derived From Existing Projects
Value 2,619
M Baht
Value 1,773
M BahtValue 2,110
M Baht
Value 6,824
M Baht
99.8% sold
100.0% sold
Value 2,008
M Baht
Value 3,547
M BahtValue 2,226
M Baht
Value 3,735
M Baht
Value 6,802
M Baht
Value 2,919
M Baht
Updated: Mar 31, 2017
2017 2018 2019
4,984
607
5,650
10,890
1,355
5,429
11,964
1,302
278
Un
it: M
il B
aht
Ananda's Backlog - Condo Ananda's Backlog in JV - Condo
Partner's Share Ananda's Backlog - Housing
10
Backlog
42.5 Bn Baht
73% of the next 9M17
transfers secured by
backlog
Record BacklogUpdated: Mar 31, 2017
16,342
23,461
Unit: M Baht
2,658
2017 2018 2019
2.5%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0 1 2 3 4 5 6 7 8 9 10
22.2%
1.0%
11.0%
21.0%
31.0%
41.0%
0 1 2 3 4 5 6 7 8 9 10
2.2%
0.0%
2.0%
4.0%
6.0%
8.0%
0 1 2 3 4 5 6 7 8 9 10
11
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Note: % Cancellation Rates are calculated by cancelled value divided by beginning backlog + presales
3Q16 4Q16
Cancellation RateUpdated: Mar 31, 2017
1Q17
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
8.4%
1.0%
6.0%
11.0%
16.0%
21.0%
0 1 2 3 4 5 6 7 8 9 10
20.5%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0 1 2 3 4 5 6 7 8 9 10
6.6%
0.0%
5.0%
10.0%
15.0%
20.0%
0 1 2 3 4 5 6 7 8 9 10
12
Mortgage Rejection Rate
Note: % Mortgage Rejection Rates are shown by units
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
Updated: Mar 31, 2017
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2017 Launch Target between 42,000 and 43,000 M Baht
QuarterQuarter 1 Quarter 1 (Actual) Quarter 2 Quarter 3 Quarter 4 2017
Condo 1,850 1,875 21,163 5,055 9,247 37,340
Housing 1,636 1,637 1,513 2,333 - 5,483
Total
(M Baht)3,486 3,512 22,676 7,388 9,247 42,823
No. of Condo Project 2 2 5 (JVs) 2 (1 JV) 3 (JVs) 12 (9 JVs)
No. of Housing Project 1 1 2 2 - 5
Launches 17 Sites
JV 9 Sites accounting for 79% of
launch value)
2017 Launch Growth Rate
107% YoY
2017 Business Plan >>Launches
1Q17 (F) 1Q17 (A) 2Q17 (F) 3Q17 (F) 4Q17 (F)
1,850 1,875
21,163
5,055
9,247 1,636 1,637
1,513
2,333
Unit :
Mil
Baht
Condo Housing
Raise Q2/2017 launch target from our latest guidance by
267% and 2017 launches target by 2%
14
New Launch In Q1 >> New Brand Of Housing: Artale
Artale
Project value (M Baht) 1,637
No. of unit 49
Soft Launched date March 2017
Expected transfer date Q2 2017
Location 3.5 km. from Thonglor
15
Unio H Tiwanon
Project value (M Baht) 941
No. of unit 378
Soft Launched date March 2017
Expected transfer date 2018
Location 100 m. from MRT Tiwanon
New Launch In Q1 >> Unio H Tiwanon
16
Unio Ramkhamhaeng-Serithai
Project value (M Baht) 934
No. of unit 700
Soft Launched date March 2017
Expected transfer date 2018
Location 1.5 km. from Sriburapa Station
New Launch In Q1 >> Unio Ramkhamhaeng-Serithai
17
New Launch In Q2 >> Ashton Asoke-Rama 9
18
New Launch In Q2 >> Ideo Q Victory
19
New Launch In Q2 >> Unio Town Lumlukka Klong 4
20
2017 Presales Target between 30,500 and 31,500 M Baht
2017 Presales Growth Rate
23% YoY
2017 Business Plan >>Presales
Raise Q2/2017 presales target from our latest
guidance by 25% and 2017 presales target by 2%
1Q17 (F) 1Q17 (A) 2Q17 (F) 3Q17 (F) 4Q17 (F)
4,379 3,836
6,569
9,577 8,300
617 600
783
697
669
Unit :
Mil
Baht
Condo Housing
QuarterQuarter 1 Quarter 1 (Actual) Quarter 2 Quarter 3 Quarter 4 2017
Condo 4,379 3,836 6,569 9,577 8,300 28,282
Housing 617 600 783 697 669 2,748
Total
(M Baht)4,996 4,436 7,352 10,274 8,969 31,030
21
Condo Unsold Inventories Aging
Condo Unsold Inventories are Cleared by End of Construction
Updated: Mar 31, 2017
Backlog (condo) 42.2 Bn Baht Unsold Inventories (condo) 24.5 Bn Baht
Only 0.6% of Total Development Unsold After 3 Years
+
Unit: M Baht
-
5,000
10,000
15,000
20,000
25,000
1 year 2 years 3 years more than 3 years
11,861 12,750 17,416
155
7,734 10,307
6,058
426
Un
it:M
Bah
t
Backlog Unsold Inventories
0.6% of condo
projects under development
66.7 Bn Baht
22
Fact sheet Detail
1. Debentures’ nameSubordinated Perpetual Debentures of Ananda Development Public Company
Limited No. 1-2/2017
2. Type of DebenturesSubordinated Perpetual Debentures with Payable Upon Dissolution with the Issuer’s
Right to Early Redemption and Unconditional Interest Deferral
3. Offering Method Institutional investors or/and high net worth investors
4. Offering Amount 1,000,000 Units
5. Face Value 1,000 Baht/Unit
6. Offering Price 1,000 Baht/Unit
7. Total Amount 1,000,000,000 Baht
8. Issuing Date 16 Mar 2017
9. Interest Rate
Year 1 to 5, Fixed Rate at 8.0% per annum
Year 6 to 25, Govt Bond Yield 5 year plus Initial Credit Spread (5.82%) plus 0.25%
per annum
Year 26 onward, Govt Bond Yield 5 year plus Initial Credit Spread (5.82%) plus
1.00% per annum
10. Tenor No expiration date
11. Credit Rating of the perpetual
instruments“BB+” (stable) by Tris Rating
Summary of Accounting Treatment
Perp is treated as “Equity”.
Perp is better than capital increase as no share dilution
D/E and Net IBDE Ratio will be decreased.
ROE is diluted in the short term (higher equity base).
New capital will support ANAN’s strategy and earnings growth sustainability over the long term.
Hybrid Instruments Issuance
23
Fact sheet Detail
1. Debentures’ name Debentures of Ananda Development Public Company Limited No. 3/2017
2. Type of DebenturesUnsubordinated and Unsecured Debentures without a Debenture holders’
Representative in the Name-Registered Debenture Certificate
3. Offering Method Institutional investors or/and high net worth investors
4. Offering Amount 3,000,000 Units
5. Face Value 1,000 Baht/Unit
6. Offering Price 1,000 Baht/Unit
7. Total Amount 3,000,000,000 Baht
8. Issuing Date 5 April 2017
9. Tenor 3 Years
10. Interest Rate 3.95%
11. Credit Rating “BBB” (stable) by Tris Rating
Bond Issuance (3 Years)
24
Net IBDE – below Target at 0.69 times
Successful Bond Issue
Record Dividend Payment
Ananda – The Harvest Continues!
Unchanged annual transfers
Increase annual launch target by 2%
Raise annual presales target by 2%
Raise Q2/2017 launch target by 267%
Raise Q2/2017 presales target by 25%
Record Backlog – 42.5 Bn Baht
Summary 1Q 2017
25
Item 2013
Actual
2014
Actual
2015
Actual 2016 Actual 2017 Guidance
Launches (M Baht) 34,213 14,954 34,828 20,693 42,000-43,000
Transfers1 (M Baht) 8,808 9,678 9,598 15,866 24,000-26,000
Presales (M Baht) 21,083 20,898 26,235 25,175 30,500-31,500
Gross Profit Margin 37% 38% 39% 35% 32%
Total Debt / Equity, Year End 1.10 1.47 1.35 1.36 0.97
Net Interest Bearing D / E, Year End 0.30 0.74 0.70 0.77 0.67
Effective Tax Rate 21% 18% 17% 18% 20%
Land Purchases (M Baht) 4,343 10,284 5,258 7,252 13,000-14,000
2017 Summary
Note : 1 Including Transfers from Joint Venture with Mitsui Fudosan
26Note: The 5-year plan has assumption of no new capital and keeping net IDE ratio at 1:1
9,598
2015
TRANSFERS
9,598
65% YoY
TRANSFERS
15,866
58% YoY
TRANSFERS
25,000
69% YoY
TRANSFERS
42,357
14% YoY
TRANSFERS
48,497
20% YoY
TRANSFERS
58,187
2015-2019: 5 Times Growth
BACKLOG
16,342
BACKLOG
23,461
BACKLOG
2,658
Backlog
42.5 Bn Baht
73% of the next
9M17 transfers secured
by Backlog
73% of
9M17
55%
5%
27
Economic situation stable
GDP growth projections revisions stable
Increased government disbursement
Land price increases slowing
Construction costs constrained
Consumer confidence increasing
Banks remain strongly supportive –
Bond
Our customer group remains “cashed
up” and with good credit
Mass Transit Supply/Demand varies
by station
Mass Transit market more robust
than general market
Source : University of Thai Chamber
Initial Sales Rate
Sources: AREA
59%
47%
58%
36%
64%
22%
53%
37%
0%
10%
20%
30%
40%
50%
60%
70%
0-300 m. > 1,000 m.
2013 2014 2015 2016
Company View
28
Updated : 4 May 2017
Under Construction• Blue Line: Bangsue – Bangkae – Hua
Lampong (2019)
• Dark Green Line: Bearing Samutprakarn
(2018)
• Red Line: Bangsue - Rangsit (2020)
• Dark Green Line: Mor Chit - Kukod (2020)
Awarded in 2016 and 2017• Orange Line: Thai Cultural Center -
Minburi (2022)
• Pink Line: Kalai - Minburi (2020)
• Yellow Line: Ladprao – Samrong (2020)
• Light Red Line: Bangsue – Phayathai –
Makasan – Huamark (2019)
• Red Line: Bangsue – Hualamphong (2019)
*Approved by cabinet within 2016
• Gold Line: Krungthonburi – Klongsan
(2018)
• Gold Line: Klongsan – Pachathipok (2023)
*Approved by cabinet in March 2017
• Blue Line: Bangkae – Bhuthamonthon Sai
4 (2021)
• Dark Green Line: Kukod - Lumlukka (2021)
• Dark Green Line: Samutprakarn - BangPu
(2021)
• Purple Line: Taopoon – Ratburana (2023)
• Orange Line: Talingchan – Thai Cultural
Center (2023)
*Will be approved by cabinet within 2017
Current LineUnder ConstructionAwarding in 2016 & 2017
Mass Transit Network Expansion
In 2017 72 kms of new lines will be approved by cabinet representing 46 new stations additional from 112kms of new lines approved in 2016 for 82 new stations
Future growth opportunities for Ananda for many years to come
29
The company’s intention has always been to provide investors with a
good dividend as well as capital growth
Our stated policy has been to pay a dividend when the Board thought it
was appropriate and prudent
Continues our record of increasing the dividend every year since IPO
Shareholders at the AGM approved that a dividend was paid in the amount of
12.5 satang per share
increasing 25% from a year earlier
Record Dividend
30
LPS
Strategic Partnership
Plan to invest in Lumpinee Project Management Services Co., Ltd. (LPS) in a
proportion of 10 percent of LPS's total shares after LPS's capital increase to Baht
50,000,000 at an appropriate value proposed by an independent financial advisor
approved by the SEC
LPS is a real estate development service provider
Expect to have an appropriate value for investment by the second quarter of
2017
Contact: Dr. John MillarChief Strategic Development OfficerAnanda Development Public Company [email protected]+662 056 2222 Mobile: +66 877 99 1946
Mr. Komsan AtthaphonphithakSenior Investor Relations ManagerAnanda Development Public Company [email protected]+662 056 2222 Mobile: +66 819 16 3755
Thank You
32
Appendix
33
Project Launched TypeValue
(M Baht) %Net Sold
Backlog
(M Baht)
Unsold Inventory
(M Baht)%Transfer
ADO: Atoll (Housing) Feb-13 Housing 6,802 63.2% 109 2,505 62.1%
AD14: Ideo Sathorn – Tha Phra Jul-13 Condo 3,547 91.2% 52 311 89.8%
AD 15: Ideo Wutthakat Aug-13 Condo 2,226 100.0% - - 100.0%
AD15: Ideo Mobi Charan-
Interchange Oct-13 Condo 3,735 97.3% 35 100 96.4%
AD16: Ideo Q Ratchatewi Oct-13 Condo 2,008 100.0% 5 - 99.7%
AD16: Ideo Q Chula-Samyan
(JV) Oct-13 Condo 6,824 99.8% 63 15 98.9%
AD17: Ashton Asoke (JV) Sep-14 Condo 6,705 97.9% 6,564 142 -
AD17: Ideo Q Siam-Ratchathewi
(JV)Sep-14 Condo 3,821 82.9% 3,167 653 -
AD16: Ideo Mobi Wongsawang-
Interchange Sep-14 Condo 1,773 35.2% 82 1,148 30.6%
AD16: Ideo Mobi Sukhumvit
EastgateSep-14 Condo 2,619 69.7% 183 793 62.7%
AD18: Ashton Chula-Silom (JV) Mar-15 Condo 8,706 74.2% 6,461 2,245 -
AD17: Ashton Residence 41 Mar-15 Condo 2,036 47.1% 959 1,077 -
AD16: Unio Charan 3 Jun-15 Condo 2,110 71.4% 214 603 61.3%
AD16: Arden 3 projects Jun-15 Housing 2,919 58.7% 103 1,206 55.2%
AD17: Ideo Sukhumvit 115 Aug-15 Condo 2,741 67.3% 1,845 896 -
AD17: Q Chidlom (JV) Aug-15 Condo 3,012 55.9% 1,685 1,327 -
Current Projects As Of March 2017Updated: Mar 31, 2017
Note: JV = Joint Venture with Mitsui Fudosan
34
Current Projects As Of March 2017 (Cont.)Updated: Mar 31, 2017
Project Launched TypeValue
(M Baht)
% Net
Sold
Backlog
(M Baht)
Unsold Inventory
(M Baht)%Transfer
AD18: Ideo O2 (JV) Aug-15 Condo 5,083 57.8% 2,935 2,147 -
AD17: Ideo Mobi Bangsue Grand
Interchange (JV)Nov-15 Condo 2,532 42.5% 1,077 1,456 -
AD18: Ashton Silom (JV) Nov-15 Condo 6,111 64.8% 3,960 2,150 -
Sub total
(2013-2015 Launched)75,311 29,500 18,775
AD17: Ideo Tha Phra Interchange (JV) Feb-16 Condo 2,761 37.4% 1,034 1,727 -
AD17: Unio Sukhumvit 72 Jul-16 Condo 1,451 49.2% 714 737 -
AD17: Unio Rama2-Thakham Jul-16 Condo 976 52.3% 510 466 -
AD17: Venio Sukhumvit 10 Sep-16 Condo 862 88.8% 765 96 -
AD18: Ideo Mobi Asoke (JV) Sep-16 Condo 3,245 68.5% 2,221 1,023 -
AD18: Ideo Sukhumvit 93 (JV) Oct-16 Condo 6,214 81.7% 5,075 1,139 -
AD18: Ideo Phaholyothin-Chatuchak
(JV)Oct-16 Condo 2,549 51.7% 1,317 1,232 -
AD18: Ideo Sukhumvit 66 (JV) Oct-16 Condo 2,422 42.5% 1,030 1,392 -
Sub total
(2016 Launched)20,480 12,668 7,812
AD18: Unio Ramkhamhaeng-Serithai Mar-17 Condo 934 11.6% 108 826 -
AD18: Unio H Tiwanon Mar-17 Condo 941 12.5% 118 823 -
AD17: Artale Phattanakarn-Thonglor Mar-17 Housing 1,637 4.1% 66 1,570 -
Sub total
(2017 Launched)3,512 293 3,219
Grand total 99,303 42,461 29,806
Note: JV = Joint Venture with Mitsui Fudosan
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