Plus Property, a leader in comprehensive property management, has revealed research results on the performance of the top 10 real estate operators listed on the Stock Exchange of Thailand for the year 2024. The top three companies with the highest revenue are Sansiri, AP Thailand, and Supalai.

Despite ongoing challenges in the market, many major real estate companies have managed to operate effectively with strategies that align with consumer behavior, particularly through the expansion of luxury projects, which has been a primary focus since 2024 and continues into this year. Meanwhile, the recovering tourism sector has also contributed to the growth of the real estate market, especially in tourist locations such as Phuket, Pattaya, Chiang Mai, and Khon Kaen, which remain vibrant.

Rank 1: Sansiri - Total Revenue 39.205 Billion Baht, Net Profit 5.253 Billion Baht
Sansiri reported total revenue of 39.205 billion baht, a 2% increase from the previous year, with a net profit of 5.253 billion baht, down 13.3% from 6.060 billion baht in 2023. Sansiri continues to maintain revenue growth, slightly increasing from the previous year amid high competition, driven by a portfolio adjustment strategy targeting premium-luxury housing demand, as well as a focus on strategic locations in major tourist cities with potential. The sales and transfer ratios of single-family homes and townhomes have grown in the same direction, while condominium sales have seen a slight increase.

Rank 2: AP Thailand - Total Revenue 37.460 Billion Baht, Net Profit 5.020 Billion Baht
AP Thailand reported total revenue of 37.460 billion baht and a net profit of 5.020 billion baht, with revenue down 2.4% from 38.399 billion baht and net profit down 17.1% from 6.054 billion baht compared to the previous year. The horizontal product segment remains a highlight for AP Thailand, especially twin houses, townhomes, and single-family homes, which have received positive customer responses.

Rank 3: Supalai - Total Revenue 31.985 Billion Baht, Net Profit 6.190 Billion Baht
Supalai generated total revenue of 31.985 billion baht, a 0.4% increase from 31.858 billion baht, with a net profit of 6.190 billion baht, up 3.3% from 5.989 billion baht in the previous year. The main revenue comes from launching horizontal and condominium projects targeting all customer segments across various areas, with popular locations generating significant sales including Bangkok and its vicinity, Phuket, Chonburi, and Chiang Mai.

Rank 4: Land and Houses - Total Revenue 28.151 Billion Baht, Net Profit 5.491 Billion Baht
Land and Houses reported total revenue of 28.151 billion baht, with a net profit of 5.491 billion baht, down 6.7% from 30.170 billion baht and net profit down 26.6% from 7.482 billion baht.

Rank 5: Pruksa - Total Revenue 20.996 Billion Baht, Net Profit 456 Million Baht
Pruksa reported total revenue of 20.996 billion baht, down 19.7%, with net profit decreasing by 79.3% to 456 million baht from 2.205 billion baht the previous year due to economic conditions and stricter loan approvals, particularly among vulnerable customer groups. The company had to implement price promotions at the end of the year to stimulate sales in a still-recovering market.

Rank 6: SC Asset - Total Revenue 20.823 Billion Baht, Net Profit 1.706 Billion Baht
SC Asset generated total revenue of 20.823 billion baht, down 15.2% from 15.821 billion baht, with a net profit of 1.706 billion baht, down 31.3% from 2.482 billion baht. Revenue comes from sales of horizontal and high-rise projects, while rental and service income continues to grow in line with the company's direction to expand into recurring income businesses, along with increased consulting and management fees from joint venture management income.

Rank 7: Origin - Total Revenue 11.985 Billion Baht, Net Profit 1.052 Billion Baht
Origin reported revenue of 11.985 billion baht, down 20.9% from 15.157 billion baht, with net profit down 61.3% to 1.052 billion baht from 2.718 billion baht the previous year.

Rank 8: Asset Wise - Total Revenue 9.941 Billion Baht, Net Profit 1.457 Billion Baht
Asset Wise reported total revenue of 9.941 billion baht, an increase of 39.1% from 7.147 billion baht, with net profit up 33.4% to 1.457 billion baht from 1.092 billion baht.

Rank 9: Quality House - Total Revenue 8.695 Billion Baht, Net Profit 2.150 Billion Baht
Quality House reported total revenue of 8.695 billion baht, down 5.9% from 9.237 billion baht, with net profit down 14% to 2.150 billion baht from 2.503 billion baht.

Rank 10: L.P.N. - Total Revenue 8.011 Billion Baht, Net Profit 111 Million Baht
L.P.N. reported total revenue of 8.011 billion baht, an increase of 7.6% from 7.444 billion baht, with net profit down 69% to 111 million baht from 353 million baht.

Suwannee Mahanarongchai, Senior Executive Vice President of Plus Property Co., Ltd., stated that overall, although the real estate market faces challenges, there are still opportunities and interesting trends, especially in the adaptation of operators, focusing on specific customer groups, and creating added value for projects. If operators can adapt and respond accurately to consumer demands, we are confident that the Thai real estate market still holds hope and opportunities for growth.

Regarding opportunities and hopes for the Thai real estate market, Plus has compiled and summarized the main factors as follows:
1. Growth of the Luxury Market - We find that the upper market continues to have strong demand, and developers can adjust strategies to cater to this high purchasing power customer group, including developing projects in economically viable areas aligned with government infrastructure investments that will support the real estate market.
2. Recovery of the Tourism Sector - The return of foreign tourists creates opportunities for real estate investment, with key tourist locations such as Phuket, Pattaya, Chiang Mai, and Khon Kaen remaining attractive.
3. Adaptation Strategies of Real Estate Developers - Designing projects that meet consumer lifestyles, including the use of technology and innovation in project development, such as the Pet Friendly trend in both horizontal and high-rise projects, opportunities for urban condominiums, and tourist cities like Phuket and Pattaya, along with services that enhance the timeless value of real estate.

Additionally, we see that the real estate sector is still supported by government measures. Recently, the Bank of Thailand (BOT) reduced the policy interest rate from 2.25% to 2% per annum, which is expected to stimulate purchasing power and increase consumer access to credit. At the same time, the market is watching the possibility that the BOT may relax LTV (Loan-to-Value ratio) measures, especially the condition requiring home buyers of properties priced over 10 million baht to make a minimum down payment of 30%. If LTV is adjusted down across all price levels, it is expected to significantly stimulate demand in the market this year.

Another factor that may drive the market is the "47th Housing and Condo Fair," which will be held in March, expected to generate over 6 billion baht in circulation. The popular segments include mid-range single-family homes, condominiums, and townhomes, while mixed-use projects are starting to regain interest, reflecting changing consumer purchasing behavior in response to economic conditions. Both small and large developers will need to continuously adapt to meet the purchasing power in segments that still hold potential.

*Data presented by Plus from www.set.or.th as of February 28, 2024.