Singha Estate sees opportunities in the commercial sector due to the impact of COVID-19 and has laid out the strategy for The Next Normal of Commercial to enhance business readiness across the board, supporting clients from all business sectors with the Five Agile Developments strategy focusing on Tool, Target, Business, Process, and Unite. This aims to improve efficiency, prioritize quality of life, and create Hygienic & Flexibility spaces while promoting innovation and a cashless society. In the first half of the year, the company successfully managed both internal operations and partnerships, moving forward into the second half with expected revenue growth in line with initial targets.

Singha Estate Public Company Limited, a real estate development firm focused on quality and creating value for life, led by CEO Narit Cheyklin, discussed the company's office building (Commercial) business. He noted that many are currently talking about the New Normal in various businesses, and Singha Estate is also paying attention to this. However, we aim to look beyond that to The Next Normal of Commercial. We believe that this business will increasingly compete in terms of comprehensive service delivery, hygiene management, flexible facility functions, and the ability to adapt or design usable spaces.

“The impact of the COVID-19 virus has been widespread. After five months, all businesses must continuously adapt, and importantly, long-term planning is essential to cope with changing behaviors and lifestyles in the future. Singha Estate sees opportunities arising from parallel operations alongside developing plans to accommodate various upcoming situations. The office building business is one of our core businesses, and the company has established the Five Agile Developments strategy to build business resilience, which includes:

  • Agile Tool Development: This involves developing tools and systems for buildings, such as comprehensive hygiene management systems and adding various systems to facilitate life and work (Cloud system management, E-Tax/Revenue, Intelligent parking, Delivery platform, and Cashless society) to align with social distancing.
  • Agile Target Development: This focuses on adjusting and expanding target markets, including new tools to support both large and small clients. In addition to comprehensive hygiene services, we are enhancing options that improve work efficiency, creating flexible workspaces for diverse clients, and offering services like Flexibility space, Ready to move in office, Co-separate working space, and Island pod or personal work areas.
  • Agile Business Development: This involves continuously seeking new services and business channels, leveraging existing resources, with a primary focus on facilitating customer convenience.
  • Agile Process Development: This aims to elevate operations with tools that reduce time, incorporating innovations and programs to maximize efficiency, along with continuous staff development to keep up with trends and knowledge.
  • Agile Unite Development: This looks at the overall picture, creating a community of coexistence, developing tools to support and assist each other among building owners and tenants, or between tenants themselves, such as a Virtual market platform, to foster a good community from within to the surrounding society, leading to a quality and sustainable community.

Currently, Singha Estate has four buildings: Suntowers, Singha Complex, The Lighthouse, and Metropolis, with a total area of 140,000 square meters and an average occupancy rate of about 87%. A significant step for Singha Estate's office building business is moving towards becoming a Hygienic & Flexibility space with comprehensive innovative support to foster participation and sustainable growth together.

Narit further elaborated on the operational details of each project, stating that Singha Estate's office building business continues to operate according to plan, with minor impacts on retail spaces that have been ordered to cease operations. We have implemented full support measures. For Suntowers, most clients are large and have been with us for a long time, operating in sectors less affected by the pandemic, resulting in minimal impact on the project. Similarly, Singha Complex has large clients who are also less affected and can still attract new clients for the available spaces. The impact is mainly on retail clients, for whom the building has support measures. Overall, operations are still proceeding as planned. In the case of Metropolis, since tenants include SMEs and startups, some have been affected and requested to pause or terminate contracts. However, the company views this as an opportunity to immediately implement new strategies, as it is a good timing after acquiring this building earlier this year to proceed with renovations to prepare for the Next Normal of Commercial. We expect that this year, Singha Estate's office building business will achieve its revenue targets.