Bangkok--23 Apr--IR Network
Ananda Development Public Company Limited announces its first quarter results and that it is raising guidance for both sales and revenue for the year due to strong Q1 results.
Total sales of property for the quarter were 2,945 million Baht, exceeding by 173% previously issued guidance of 1,700 million Baht.
In the 1st quarter of 2013 the company launched its Morph luxury building. Sales guidance for the quarter for its AD2 portfolio of existing condominiums, including Morph, was 400 million Baht. Sales achieved were 1,004 million Baht, 251% of guidance.
The company continued sales of its four under construction Ideo Mobi condos, the AD3 portfolio. The sales target for the quarter was 500 million Baht. Sales achieved were 680 million Baht, 136% of target.
The company soft launched its seven housing projects near the airport, with the full launches expected to take place in the second quarter. The sales target for the quarter was 300 million Baht. Sales achieved were 387 million Baht, 129% of target.
The company launched the first phase of its new Elio value condominium brand. The sales target for the quarter was 500 million Baht. Sales achieved were 874 million Baht, 175% of target.
The company has increased sales guidance for the year from the previous target of 14,900 million Baht to 15,361 million Baht based on the strong Q1 results.
The company is also increasing its targets for full year revenue to 12,118 million Baht from 12,000 million Baht guided at the beginning of the quarter.”
In the 1st quarter of 2013 the company received 1,003 million Baht in revenue from property sales compared to guidance of 1,000 million offered by the company at the start of the year.
Mr Chanond Ruangkritya, CEO and Founder of Ananda, said, "We are delighted to have exceeded our sales targets for every product and portfolio by more than two and a half times targets in some projects in the first full quarter since we became a publicly listed company. Ananda is the current leader in Bangkok mass transit living and this quarter’s results demonstrate the demand for mass transit living in Bangkok and reinforces our strong position to fully realize the potential opportunities before us with the historic buildout of Bangkok’s mass transit system.”
He added, “We have since the IPO already acquired sufficient new land plots to meet our 2014 revenue targets and will continue to source attractive land plots near the train stations that meet our internal gross margin criteria of 35% throughout the year to provide revenue for 2015 and beyond. We will be launching Phase 2 of our new value Elio brand of condominiums later thisyear after the successful launch of Phase 1 this quarter, which provides the same innovative urban living solutions Ananda is famed for at a lower price point, enlarging our potential market. We will also be launching the Atoll portfolio of housing around the Suvanabhumi airport consisting of single detached housing, duplexes and townhouses. The acquisition of this portfolio from our financial partner at a substantial discount to the book value means that we will able to offer the best price to value offering in the area while maintaining our margins. The portfolio offers an exceptional opportunity for consumers to buy quality housing at value pricing. This is just the first of a series of launches planned for the very near term as we continue to execute on the growth plan that we promised to investors at the IPO.”
The new Elio project is located near the BTS Punnawitthi station on the Sukhumvit Line and offers future residents good connectivity to the work and entertainment hubs of central Bangkok. The total value of the project is 4.6 billion Baht, with units priced from just 1.29 million Baht. Transfers are expected to begin in 2014.
The Atoll portfolio of seven housing projects has a total value of 7.3 billion Baht and is expected to be realized over the next three and a half years, with prices starting at 1.29 million Baht.
Ananda has previously announced the acquisition of a further two land plots in addition to the projects mentioned above, on which it will launch Ideo condominium projects in 2013. The value of these projects will exceed 5.5 billion Baht combined.
About Ananda Development PCL
Ananda is a publicly listed real estate development company listed on the Stock Exchange of Thailand (Symbol: ANAN)
The company is the leading developer in Thailand of residential condominium projects within 300 meters of mass transit stations. The company also develops landed housing projects in Bangkok.
Ananda’s primary brands are "IDEO" condominiums, situated within 300 meters of a mass transit station, which are targeted at first home buyers and professionals who value modern design, convenience and ease-of-access when choosing a place to live, and “ELIO” condominiums, situated within 600 meters of a mass transit station, which are aimed at those who want the IDEO lifestyle but at a lower cost.