2013 operations miss its targets. SPALI closed 2013 with presales of Bt18.6bn, a contraction of 21% YoY, slightly below its target of Bt20bn (revised down from Bt26bn). This came entirely from a 31% drop in condo presales; low-rise house sales rose 6%. Title deed transfers came to ~Bt12.6bn, marginal growth of 8% YoY, below its target of Bt13.5bn and our forecast of Bt13bn. This arose out of the "Bangkok shutdown" that hampered transfers for Supalai Premer Ratchthewi, located in the protest area.
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