SET-listed developer Frasers Property (Thailand) (FPT) has continued to curb expenses and reduce inventory as the housing market remained sluggish in the first eight months and the outlook for the fourth quarter remains uncertain.

Pawarun Udomsiri, senior executive vice-president for housing project development at FPT, said there is uncertainty both economically and politically, which affects prospective homebuyers considering purchases.

"Cost-cutting must be continued, following the strategy started with the onset of the pandemic," he said.

"We have advised employees to adapt for several years, and unnecessary expenses will be avoided as we work to reduce costs as much as possible."

In addition, the company cut the construction of low-rise housing stock by half to ease the burden.

At one townhouse project, for example, only three blocks are being built instead of five as planned before the project's launch.

Mr Pawarun said the low-rise housing market during the first eight months of the year was quite volatile.

The market contracted sharply in the first quarter due to the weak economy and the expiry of property stimulus measures at the end of 2024.

A rebound followed in the second quarter, as some demand shifted from condos to low-rise houses after the March 28 earthquake damaged many high-rise condos in Bangkok.

However, the market slumped again in July and August as the economy sagged, he said.

The upper-end segment was walloped, as most target buyers in this category are entrepreneurs whose businesses were affected by the weak economy and US tariffs, said Mr Pawarun.

In the first eight months of the year, FPT recorded 17 billion baht in presales from its housing development business, maintaining its full-year target of 20 billion baht.

"Healthy demand remains among working professionals, particularly in the mid-level segment with household incomes of around 100,000 baht a month," he said.

They are seeking and can afford low-rise houses priced 5-10 million baht in areas close to the city centre for townhouses or duplexes, as the cost of land in these locations makes single detached houses more expensive, said Mr Pawarun.

To attract this segment, FPT launched two new three-storey townhouse projects under the Goldina brand in the Bearing and Kalapapruek areas, with unit prices starting at 6 million baht.

The units feature pet rooms in units and a pet park in common areas, reflecting a lifestyle trend among buyers.

The Bearing project recorded 350 million baht in presales following its mid-July launch.