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Property support firm lowers growth forecast

Integrated property support firm Property Care Services (Thailand) has lowered its growth forecast for this year from 10 per cent after its customers in industrial estates in Ayutthaya and Pathum Thani faced flooding in October and November.

However, demand this month to clean up flood-damaged homes will help PCS maintain 2011 business growth at 7-8 per cent over last year, managing director Thana Thiramanus said.

The company targets revenue of Bt4 billion this year, lower than the earlier target of Bt4.2 billion because some of its customers in industrial estates in Ayutthaya and Pathum Thani had to close their office buildings during the flood and temporarily suspended their deals with PCS.

The company provides integrated property support comprising clean-up, gardening, security, engineering systems, and other property-management systems to five customer groups: retail, high-rise residential, commercial and office buildings, factories, and healthcare and education offices.

PCS has more than 5,000 customers and 15 offices nationwide.

Thana said the company planned to open a new office in Rayong province this month to support the demand for property management in industrial estates in the Eastern region.

"We target growth of up to 10 per cent next year compared with this year," he said. To support business growth in the new year, PCS will increase its staff from 23,000 nationwide to 26,000.

The company is also expanding into the project-advisory business to help property developers design projects that will be easier to take care of in the long term.

"We are providing this service for 10 property projects," he said.

After the floods hit Bangkok and its suburbs, the demand to clean up homes and some factories in the area will be as much as 50 per cent higher than normal, Thana said. The company will have to bring in at least 100 staff from other provinces to support the demand.

The property-support business is valued at about Bt20 billion a year, and PCS is the market leader.

By Somluck Srimalee
The Nation

Original article can be found [here]