ESTAR is implementing a strategy called Stable First – Read the Game – Prove Performance, moving cautiously to boost cash flow, manage risks, and pursue disciplined growth.

The volatile global energy crisis directly impacts real estate and purchasing power.

  • Rising construction and energy costs → Developers must bear reduced margins.
  • Inflation pressures purchasing power → Consumers are making slower and more selective decisions.
  • Decreased confidence → Walk-in traffic and conversion rates are shrinking.
  • Tourism slowdown → Directly affects demand in certain areas.

Performance in 2025: ESTAR reported total revenue of 2,022 million baht, a 7% increase from the previous year, with profits growing by 262% compared to the prior year. The company successfully completed three projects, with residential revenue at 1,892 million baht and recurring income around 130 million baht. By the end of 2025, the backlog stood at 620 million baht, primarily in Bangkok, ready to be recognized in 2026. The debt-to-equity ratio is approximately 0.4, with no bonds issued and a continuous reduction in debt.

The target for 2026 is set at pre-sales of 1,770 million baht, total revenue of 2,235 million baht, and recurring income of 130 million baht, along with plans to launch two new projects:

  • STAR VIEW KRUNGTHEP-NONT, project value 2,300 million baht, price range 2-5 million baht, pre-sales opening in Q4/2026.
  • VELANA MAISON BURAPAPHAT-SUKHUMVIT, project value 700 million baht, price range 6-8 million baht, grand opening in Q1/2026.

Additionally, a budget of 1,000 million baht for land acquisition emphasizes the quality of income, cash flow, and the speed of converting sales into transfers.

Product Strategy: Focus on selling livable properties enhanced with Structural Health Monitoring technology that detects vibrations in real-time, analyzes data via the cloud, and identifies damage locations immediately to enhance safety.

3 Core Strategies: Shift the mindset from rapid growth to disciplined growth.

  • Stable First: Understand the market thoroughly, use real data, and avoid sticking to old plans.
  • Read the Game: Focus on risk management, open fewer projects but maintain control.
  • Prove Performance: Emphasize actual performance, focusing on transfers rather than bookings.

Strategic Direction for 2026: Maintain stability with a transfer target of 2,200 million baht and a pre-sale target of 1,700 million baht. The revenue structure will be 94% from real estate and 6% recurring income. The portfolio will be adjusted to reduce condominiums to lower risks and increase horizontal projects to meet real demand, distributed across six projects in Bangkok and five in Rayong to balance urban and EEC economy.

The year 2026 will be the year where those who are “calm, precise, and disciplined” will emerge as winners.