Medium-sized property firm Kanda Property has revised downwards its sales target for 2008, from Bt800 million to Bt750 million, following a significant drop in demand for residential projects in the first ten months of this year.

Managing director Issara Boonyang said the company had recorded sales of only Bt600 million in the first nine months of 2008, so Kanda Property had to adjust its sale target downwards. However, the new figure of Bt750 million is still 7 per cent higher than its sales of Bt700 million in 2007.

The company believes it will achieve sales of Bt800 million in 2009 by focusing on detached houses and townhouses priced between Bt1 million and Bt3 million per unit, he said.

Kanda Property specialises in lowrise residential projects. It is currently developing five detached house and townhouse projects with a value of Bt2 billion, located on Rama II and Prachauthid roads.

It plans to launch two new projects worth Bt800 million next year – both of them aimed at the middle income market. The new projects will be on Rama II Road and will be detached house and townhouse developments, he said.

“Demand for residential projects at prices between Bt1 million and Bt3 million is still growing, even though Thailand’s economy will suffer a negative impact from the global financial crisis next year,” Issara said.

Even though small and medium-sized property firms faced tough competition from property market leaders this year, Kanda Property still recorded sales growth of 7 per cent, year on year, in the first nine months of 2008, he said.