SET-listed Central Pattana (CPN) is targeting 20% annual growth for its residential property business in the coming years, while aiming for 7 billion baht in revenue in 2024 via the high-spending domestic segment in the provinces.

Wallaya Chirathivat, president and chief executive of CPN, said that during the first six months of this year, its residential business achieved half of this year's revenue target.

The company's residential development last year recorded 5.9 billion baht in revenue, the second highest amount next to retail development.

At present, the company has a total of 43 residential projects across 20 provinces, worth a combined 60 billion baht. Of the total, 28 are condos, while the remainder are low-rise houses.

Kree Dejchai, president of residential business at CPN, said 33 projects are actively for sale.

At present, It has a 300-400 million baht backlog from low-rise projects, and 5 billion baht for condos.

Mr Kree said high-rise projects made up around 60-65% of the total, driven by the brand Escent and mainly located near Central malls in the provinces.

Most Escent buyers are premium segment customers who live in those provinces or nearby provinces and bought units as their first home or a second home. Mr Kree said 60% of customers in this group paid in cash.

This brand has an average price of 80,000-100,000 baht per square metre, starting from 2.5 million baht per unit.

Mr Kree said its residential sales had only a 20% rejection rate, which was below the industry average of 60-70%.

Given the government desire to increase the foreign ownership quota for condos to 75% from 49%, Ms Wallaya said the scheme would make no difference to the company as a majority of its buyers were in the high-purchasing domestic market.

Even in Phuket, foreign ownership accounted for only 20% at its Phyll Phuket project, with the rest being domestic buyers.

About 35-40% of the project's residents are foreigners, with most of them renting from Thai owners.

Despite a sluggish economy, the company has a clear focus and strategy towards its target customers, and will carefully maintain its cash flow and expansion, said Ms Wallaya.

This year it is planning ten new project launches worth a combined 13.4 billion baht, of which seven are high-rise projects and three are single-detached houses.

The highlights include the sold-out Escent Nakhonsawan and Escent Nakhon Pathom, developed as a part of its Central mall.

As CPN is going to renovate the Central Bangna project, it is also launching a new Escent Bangna condo near the mall.

CPN is hosting a sales campaign called "Imagining Better Living" until June 30 at CentralWorld.