Frasers Property (Thailand) Public Company Limited, or "FPT," the first comprehensive real estate leader in Thailand, announced its Q1 financial results for the fiscal year 2024 (October-December 2023), reporting revenues of 3.066 billion baht and a profit of 322 million baht. This strong performance is driven by the industrial and commercial real estate sector, which consistently generates income through rental and service fees. The portfolio maintains a high occupancy rate, while the residential sector has been impacted by high household debt issues.

Mr. Thanapol Sirithanachai, Chief Executive Officer of Frasers Property (Thailand) Public Company Limited, stated that the company is moving forward with stable growth in the first quarter of fiscal year 2024 (October-December 2023) despite global economic pressures. FPT emphasizes effective financial management and maintains a balanced asset portfolio generating income from sales and recurring revenue at a ratio of 40:60 to ensure strong rental income. At the same time, the company continues to build the Frasers Property brand as a standout among competitors by being a “Real Estate as a Service Brand,” enhancing service innovation to improve customer service efficiency and elevate the quality of life for people.

The strong performance is primarily supported by the industrial and commercial real estate sectors, which grew with revenues of 734 million baht, an increase of 10.7% compared to the same quarter last year. The key driver is the continuous demand for rental factories and warehouses, particularly from clients in China, Hong Kong, and Taiwan in the electronics and automotive sectors. Additionally, businesses in Indonesia and Vietnam have high occupancy rates, with an increase in new clients and the ability to renew long-term contracts with existing clients, resulting in an overall portfolio occupancy rate reaching 87%, a new high in three years. The company is prepared to invest in expanding factory and warehouse space to meet the additional demand from existing and new clients and plans to launch new solutions such as Built-to-Function buildings in the next quarter.

For commercial real estate, both Grade A office buildings and retail spaces have maintained a portfolio occupancy rate of 92%. The latest product from the office business, PromptMove, offers fully furnished offices ready for immediate use, which has received positive feedback. The mixed-use project Silom Edge has seen an increase in tenants, with current office space occupancy at 91% and retail space at 96%. The hotel sector is also recovering fully from the tourism sector, and recently, FPT's commercial real estate business received the award for “Property Developer of the Year for Outstanding Customer Experience” from The Asian Experience Awards, an international award under Charlton Media Group, a leading business media outlet in Asia, reinforcing its position as a leading property developer providing excellent experiences for clients.


The residential real estate sector generated sales revenue of 1.731 billion baht, having launched one new project, Grandio Chaeng Watthana-Muang Thong, valued at 2.18 billion baht, while also clearing stock into the market. However, the business continues to be affected by economic factors such as rising interest rates, decreased consumer purchasing power, and household debt issues, which have impacted the mortgage rejection rate from banks. Nevertheless, the company has adjusted its operational strategy to align more closely with market conditions. In the remaining nine months of fiscal year 2024 (January-September 2024), there are plans to launch six new projects with a total value exceeding 9.4 billion baht, covering single-family homes, townhomes, and condominiums. The company also has a backlog of over 1.3 billion baht, which will help drive continuous operational growth.