• Sansiri (SIRI) reinforces its status as a 'market leader' with sales in the first 9 months exceeding 39 billion baht, accounting for 74% of the annual target, and increasing from the same period last year, despite challenges in the overall real estate market.

The real estate market is facing challenges.

  • In 9 months, 19 projects have been sold out, valued at 21 billion baht, with a strong backlog of 23 billion baht, representing 50% of this year's revenue recognition, indicating stable growth with over 10 projects ready to be sold out.
  • In Q4, 7 new projects worth 18 billion baht will be launched, including the introduction of 'Jatujoti' community, aiming to capture market share in the northern zone of Bangkok.

Mr. Vicharn Wiriya-pusit, CEO of Sansiri Public Company Limited (SIRI), announced that the sales for the first 9 months (ending September 30, 2023) reached 39 billion baht, which is 74% of the total sales target for 2023 set at 53 billion baht. Despite challenges in the real estate market, Sansiri achieved a 5% growth compared to the same period last year (YoY), with the condominium segment being a significant driver due to the successful launch of new projects.

Sales Surge - Strong Backlog

This success reflects the excellent response to current projects for sale, including new projects launched in Q3, both single houses and condominiums. New condominiums such as Wallace House, Widen by Sansiri, and Self by Sansiri received an unexpectedly positive response, achieving total sales of 3.4 billion baht. Similarly, Setthasiri Koh Kaew Retreat in Phuket created a phenomenon by selling over 30% of all units in the VVIP round before the official launch, along with sales of show houses generating over 1 billion baht.

In addition to outstanding sales growth, the company also has a backlog of over 23 billion baht, expected to be recognized as revenue this year at around 50%. There are condominium projects ready for occupancy in the final quarter of the year to support sales and immediate revenue recognition from 7 projects worth 9.6 billion baht (The Base Urban Rama 9 (newly opened and ready to move in), Flow by Sansiri, D Condo Calm Ramkhamhaeng 40, The Move Paw Bangkae, Canvas Cheung Thale Phuket, Mekin House Chiang Mai, and D Condo Campus Khon Kaen).

In the past 9 months, 19 projects have been sold out worth 21 billion baht, with over 60% in the premium segment, and there are still over 10 projects lined up for sale, which is a crucial factor supporting continuous revenue growth.

Proactive Strategy to Maintain Growth

Despite the sluggish real estate market due to various factors, Sansiri continues to execute its business plan with caution while being ready to adapt quickly. This includes effective cash flow management, such as adjusting the number of ready-to-sell houses to align with sales rates to manage cash flow appropriately and diversifying the product portfolio to cover all areas. Currently, there are over 135 projects ready for sale, and importantly, the company focuses on expanding investment opportunities with new business partners for joint project development.

Even facing challenging economic conditions and a slowdown in market demand, with a strong brand advantage, solid financial position, proactive operations, and leadership in design, project quality, and after-sales service, as well as a diverse product range, Sansiri is expected to maintain sustainable performance.

In the final quarter of the year, Sansiri plans to launch 7 new projects worth 18 billion baht, including Setthasiri Koh Kaew Retreat, Burasiri Jatujoti, Saransiri Jatujoti, and a new condominium in the Kathu area of Phuket to meet demand in tourist city markets.

Soon, a new Sansiri Community will be unveiled in Jatujoti, targeting real demand in the northern Bangkok zone on a large area of 185 rai with the first two projects being Burasiri Jatujoti and Saransiri Jatujoti, set to pre-sell on October 4-5.