PROPERTY / RESIDENTIAL DEVELOPMENT

Charn Issara puts some new projects on hold

KANANA KATHARANGSIPORN

The listed developer Charn Issara Development Plc has slowed down its investment plans until the political situation improves, according to managing director Songkran Issara.

The company plans to launch only two projects in the second half of the year, while postponing the development of 1,500 rai near Suvarnabhumi Airport to next year, Mr Charn said yesterday.

"Though the negative factors, which include oil prices and interest rates, are likely to improve, we need to be more cautious as the political situation remains uncertain and the economy is slowing," he said.This year, the company has tripled its marketing budget to 60 million baht for new projects as competition in the housing market heats up.

It has also continued centralising construction material procurement, which cut costs by 5% compared with the former system when it bought materials for each project individually.

By the second half of the year, it plans to open two new condominiums worth a combined value of 2.8 billion baht.

Bangkok Post

Last Updated : Tuesday April 10, 2007