Singha Estate reported a revenue from sales and services for 2024 amounting to 15,095 million baht, a 3% increase from the previous year. This growth is primarily driven by the performance of the hotel business, supported by the industrial estate and infrastructure sectors, reflecting a balanced revenue management strategy between recurring income and non-recurring income from real estate sales.

Singha Estate Public Company Limited or (SET:S) announced its 2024 annual results, with total revenue from core business reaching 15,095 million baht. The company plans to propose a dividend payment for the 2024 fiscal year of 0.01 baht per share at the annual general meeting of shareholders in 2025. The XD mark will be set on March 14, 2025, to determine the eligibility for the dividend. This revenue growth includes 3,485 million baht from real estate sales, with a transfer ratio between horizontal projects and condominium projects at approximately 50:50, driven by projects such as SIRANINN RESIDENCES Pattanakarn, S’RIN Ratchapruek-Sai 1, and THE EXTRO Phayathai-Rangnam, along with service revenue of 11,568 million baht, primarily from the hotel business, benefiting from the recovering tourism sector and appropriate operational strategies. The details and operational plans are categorized by business type as follows:

Residential Business faced challenges in the past year due to various economic pressures, leading to a slowdown in purchasing power and overall revenue from the residential sector. However, in 2024, the company still saw gradual transfers of ownership from key projects as planned, such as SIRANINN RESIDENCES Pattanakarn and THE ESSE SUKHUMVIT 36, which are nearing completion (sold out) in early 2025. Meanwhile, projects launched at the end of 2023, including S’RIN Ratchapruek-Sai 1 and THE EXTRO Phayathai-Rangnam, along with new brand projects like SHAUN Panya Intra and SHAUN Ring Road Jatu Choti, received satisfactory responses.

For 2025, the company believes that new projects with innovative product designs, such as SMYTH’S Ramintra, SMYTH’S Kaset-Nawamin, and S’RIN Prannok-Kanchana, which are positioned in the luxury market segment where Singha Estate has expertise, will help stimulate sales and ownership transfers in 2025.

Hotel Business saw a 7% revenue growth from the previous year, achieving a new record high for the second consecutive year, despite a six-month renovation of the Sand Lagoon Phuket hotel, completed by the end of November 2024. Overall performance in 2024 recorded an average occupancy rate of 68%, similar to the previous year, while the average revenue per available room (RevPAR) increased by 12% from the previous year to 4,336 baht, driven by hotels in Thailand, the Maldives, Fiji, and Mauritius, with continuous demand growth in line with the recovering tourism industry, combined with the company's strategies to enhance asset quality and marketing plans. Additionally, effective cost and expense management led to a net profit increase compared to the previous year.

For 2025, the company views the hotel business as a key driver of revenue, especially from core hotels in Thailand, Fiji, and the Maldives, which have 100% occupancy rates, fully meeting tourist demand.

Office Building Business continues to face challenges from current market supply and changing work patterns. In 2024, the company adjusted its strategy to maintain an average occupancy rate of 81% for older buildings. Additionally, the occupancy rate for the newly opened S-OASIS building is gradually increasing as new tenants come on board.

For 2025, the company is committed to maintaining an average occupancy rate at 80%, and expects the new S-OASIS building to achieve a 50% occupancy rate in the first half of 2025, contributing to improved recurring income.

Industrial Estate and Utilities Business has completed the development and construction of various infrastructures in 2024. The company began recognizing revenue from the sale of 56 rai of land and utility fees that are gradually increasing with higher usage. In addition to core operational performance, the company also recognized a profit share from a combined heat and power plant of approximately 180 million baht, which further stabilizes the recurring income from operations.

For 2025, Singha Estate believes that Thailand remains attractive to foreign investors, coupled with trends in production relocation. Therefore, the company has set a land sales target of 200 rai, currently presenting land to both domestic and international clients. Interested clients include businesses in food and technology sectors, which are experiencing high growth rates, significantly contributing to land sales revenue and providing long-term returns for the company.

Thitima Rungkwansiriroj, CEO of Singha Estate Public Company Limited or 'S' stated, "Overall performance of Singha Estate in 2024 remains satisfactory. Although market conditions have impacted the slowdown of some businesses, our diversified investment strategy has allowed us to achieve continuous growth and stable income. We are confident that in 2025, the company will move forward securely by focusing on developing real estate projects that meet market demands, adding value for investors, and continuously investing in potential projects. Based on the 2024 performance, the board of directors has approved the proposal to the annual general meeting of shareholders to approve a dividend payment of 0.01 baht per share, with XD set for March 14, 2025."

In addition to focusing on returns, Singha Estate is also committed to sustainable business practices. In 2024, the company was upgraded to an AA rating from the SET ESG Rating assessment and has been selected as a sustainable stock for six consecutive years, reinforcing its business approach under the concept of balanced diversity for sustainable growth.

“Over the past 10 years, one of the principles we have adhered to is the process of driving the business towards sustainability or responsible growth for the community and all stakeholders. The results of these practices have continuously shown through awards and trust received. As we enter our 11th year, we will move forward with determination, ready to face all challenges, and continue to operate our business prudently and to its full potential within the framework of sustainable business operations,” Thitima added.