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Thai development company announces major developments in Asia

Preuksa Real Estate also said it is forecasting a 31% rise in 2009 revenue, above analysts' expectations and going ahead with developments in India, Vietnam, China and Indonesia.

It also announced a $28.6 million bond issue later this month to help finance the projects along with cash and bank loans.

'We aim for revenue of about 17 billion baht this year,' said President Thongma Vijitpongpun after the company posted estimated revenue of 13 billion baht for 2008.

Broker Kim Eng Securities expects revenue of nearly 15 billion baht this year for the Bangkok-based developer, which builds and sells townhouses, single-detached homes and condominiums.

Among the 22 projects planned for 2009 is a 1.2 billion baht development of single detached houses and townhouses in India, which is scheduled for pre-sale late in the first quarter or early in the second quarter of this year.

The company is also considering a joint-venture condominium project in India, and studying other projects in Vietnam, China and Indonesia, but it gave no details.

Preuksa had 11 billion baht in pre-sales at the end of last year, of which 8.4 billion baht would be booked as revenue in 2009 and the remainder in 2010, company officials said.

The Thai government has promised tax relief for developers as part of a stimulus package for the country's economy, which is expected to barely grow in 2009 due to the global economic slowdown.

It recently extended tax breaks for developers by another year to March 2010 and has asked commercial banks to approve more loans.