Plus Property Co Ltd plans to transfer some customers for its property management business to subsidiary Touch Property over the next three years, managing director Piyabutr Lertdumrikarn said yesterday.

The subsidiary would manage properties not owned by Plus or its SET-listed parent, Sansiri Plc.

He said the goal was to promote growth in the subsidiary, which is preparing its staff to take on more property management jobs.

Last year Touch generated 50 million baht in revenue, representing one-quarter of the revenue that Plus earned from property management.

Currently, 70% of the properties managed by Plus are its own projects or those of Sansiri. Plus manages a total area of more than five million square metres at 140 sites - 50 condominiums, 28 office buildings, 54 single housing and townhouse projects and eight other properties.

By the end of the year, the company expects to have revenue of 200 million baht from property management, up 10% from last year but lower than the 20% growth seen in 2007, as it now focused on quality properties.

Mr Piyabutr said the economic climate had forced many developers to find ways to save costs while promoting sales, and one strategy was property management as buyers would prefer well-maintained projects that could add value to their units.

Bangkok Post
Published: 26/09/2008 at 12:00 AM