First quarter results for the year <\/span><\/strong>2019 <\/strong> Property Perfect Group <\/strong>achieved a net profit of <\/strong>661 million baht with total revenue of 5,689 million baht, showing growth across all sectors including real estate and hotels. Additionally, there is a backlog of revenue recognition totaling 6,100 million baht. The sales of the "U Kiroro" condominium in Japan exceeded 40%, amounting to 1,600 million baht, with transfers expected to begin at the end of this year. In Q2, the company plans to launch new projects to boost sales and adjust strategies in response to credit control measures.

          Mr. Wongkorn Prasithwiphat, Managing Director of Property Perfect Public Company Limited, revealed that the company’s sales were close to the set targets in the first quarter, with satisfactory results showing growth in all business areas. The group reported total revenue of 5,689 million baht, a 42% increase compared to the same period last year. Profitability improved, resulting in a net profit of 661 million baht, a growth of 239%. Revenue consisted of 3,905 million baht from real estate, 1,263 million baht from hotel operations both domestically and in Japan, 477 million baht from land sales, and 44 million baht from rental and service income. The transfer of ownership in real estate was as expected, particularly for condominium projects, with significant transfers from the iCondo Sukhumvit 77 project. The hotel business saw increased revenue from the Royal Orchid Sheraton Hotel, which had an occupancy rate of 87%, and from the newly opened Hyatt Regency Sukhumvit.

          "In the first quarter, the company performed very well. For Q2, we expect to be close to our targets, with a backlog of 6,100 million baht, including domestic sales of 4,500 million baht and sales from the "U Kiroro" condominium project in Japan, which has already achieved over 40%, or approximately 1,600 million baht. The transfer of ownership and revenue recognition will begin at the end of this year, which will result in the Kiroro project returning to profitability in 2019. Half of the customers for the "U Kiroro" project are from Asia, including Hong Kong, Singapore, and Taiwan, while the other half are Thai customers, with the project receiving better-than-expected responses from Thai clients. The company also plans a roadshow in various countries across Asia, anticipating that it will be able to close sales for the condominium project by next year," he added.

          In the first quarter, the group launched 6 new projects, including 4 horizontal projects and 2 condominium projects. In Q2, an additional 4 new projects will be launched, including single houses and townhomes valued at 3,800 million baht, along with the introduction of innovative homes in collaboration with Sekisui Chemical Co., Ltd. from Japan, valued at 2,230 million baht. In the second half of the year, 9 more new projects will be launched, including 8 horizontal projects and 1 condominium project, in line with plans to drive sales. Regarding the strategy for Q2, as credit control measures for real estate come into effect, the company has adjusted its product mix from focusing on ready-to-move-in homes to homes sold during construction, allowing for extended down payment periods and giving customers up to 6 months to accumulate their down payments.

Thank you for the information from www.pf.co.th<\/p>