Asian Property Development Plc (AP) may delay launching three of six projects it had scheduled for the fourth quarter of the year due to political and economic turmoil, said executive vice-president Visanu Suchatlampong.

"The [political] situation changes every day," he said yesterday. "We need to monitor events very closely and make sure there are no attacks before launching new housing projects. Under such circumstances, people are in no mood to buy houses."

Announcing AP’s new ‘One Fine Day’ sales campaign, from left: actress Yardthip Rachapal, AP executive vice-president Visanu Suchatlampong and actor Karoon Sorsodthikul.

Over the past few weeks, the number of site visits has decreased due to political problems, the global credit crunch and the Bangkok governor election.

Mr Visanu said the global credit crunch might also cause more rejections of housing loan applications as financial institutions would be more cautious in considering mortgage loans.

Of six new projects AP had planned to open in the fourth quarter, half might now be put off until next year. The three projects the company is confident of launching in the fourth quarter will include The Address Sri Ayuthaya condominium and Condo Sukhumvit 28 condominium - together worth 2.7 billion baht - along with another project yet to be decided.

AP expects rejection rates to rise from 15-20% in the first half of the year to 25-30% in the second half.

"Banks will focus on quality of mortgage loans rather than volume," said Mr Visanu.

He added that the company was maintaining a revenue target of nine billion baht in 2008 from the transfer of around 2,000 units. Currently, it has a total sales backlog of 15 billion baht.

In the fourth quarter, AP expects to generate four billion baht in presales. It plans to spend 80 million baht on new project launches and marketing activities to stimulate unit transfer.

AP shares closed yesterday on the SET at 3.58 baht, down 22 satang, in trade worth 108 million baht.