Singha Estate has reported a profit of 98 million baht in the first 9 months of 2022, a 141% increase, establishing itself as a leader in the ultra-luxury home market following the Siraninn Residences project, which is nearing the completion of sales valued at 2.9 billion baht before its official launch.

Singha Estate showcased revenue of 8,491 million baht in the first 9 months of 2022, a 65% increase from the same period last year, driven by hotel business revenue which more than doubled due to a strong global tourism recovery. The company reported a net profit of 98 million baht, reversing a loss of 238 million baht in the same period last year, and announced the successful sale of luxury homes in the new project “Siraninn Residences Pattanakarn,” valued at 2.9 billion baht, with over 95% sold before the official launch.

The increase in total revenue is primarily due to the outstanding performance of the hotel business, which reported 6,123 million baht, a 121% growth from the first 9 months of 2021. This was a result of improved performance across all four hotel portfolios, led by the exceptional results from the CROSSROADS Maldives project, which maintained a strong average occupancy rate of 67%.

Additionally, the average daily room rate (ADR) increased by 41% compared to the same period last year, with the UK hotel portfolio also showing strong recovery, pushing ADR to its highest level since operations began. This contributed to a rise in average revenue per available room (RevPAR) in the first 9 months of the year, exceeding the pre-COVID-19 levels by 19%. Furthermore, the company observed a clear recovery in tourism in Fiji and Mauritius, driven by strong pent-up demand and the unique selling points of the hotels, resulting in the Outrigger hotel portfolio showing the most significant recovery with a 20% increase in ADR compared to the same period in 2019, along with higher gross profit and gross profit margin than the same period before the COVID-19 pandemic.

Supplemented by revenue from commercial real estate of 767 million baht, which improved by 6% due to increased rental rates despite challenging circumstances, the occupancy rate of the S Metro building rose to 93% following rebranding and renovations, reflecting the company's asset management capabilities and targeted customer selection in high-growth industries, leading to increased long-term space demand.

Ms. Thitima Rungkwansiriroj, CEO of Singha Estate Public Company Limited, stated, “For the satisfactory performance in the third quarter, we reported a net profit of 44 million baht, marking two consecutive quarters of profit for Singha Estate. Meanwhile, the hotel business through our subsidiary 'SHR' has returned to profitability for the first time since the COVID-19 outbreak. We believe that the fourth quarter will be the best quarter of 2022, driven by the rapid recovery of hotel operations in Thailand, where we see a clear recovery in tourist numbers following the full reopening of the country, combined with the potential of hotels located in the most popular tourist destinations and our effective hotel management. This has resulted in occupancy rates in October for the Phi Phi Island Village Resort and the Laguna Phuket Resort reaching 81% and 77%, respectively, alongside the continuous growth of CROSSROADS, which typically experiences peak tourism season at the end of the year. We anticipate that CROSSROADS will achieve record performance in the fourth quarter since its launch in 2019.”

Regarding the launch of the Siraninn Residences Pattanakarn, the latest horizontal luxury house project consisting of 28 two-story single-family homes priced between 65 – 180 million baht, sales are planned to open by the end of 2022. Currently, over 95% of the project valued at 2.9 billion baht has already been sold before the official launch, reflecting customer confidence in Singha Estate's potential for horizontal project development and reinforcing the brand's quality that differentiates it from competitors. The company aims to transfer ownership of the project between the fourth quarter of 2022 and the first quarter of 2024, which will be a key factor in driving residential business revenue to increase by over 50% next year, supported by the launch of new projects in two additional product groups, priced from 10 – 50 million baht, ready for sale from early Q2 2023, with a total value of 7.7 billion baht, and development of the projects has already begun.

Siraninn Residences Pattanakarn

“The unexpectedly positive response to the Siraninn Residences Pattanakarn project confirms that customers have confidence in the name and products of 'Singha Estate.' Even though we are a new brand in the market and have only just begun our horizontal project with this being our second project, customers still trust and purchase homes at the 100 million baht level, both before the project launch and before seeing the show home, which is a phenomenon we are proud of. This gives us confidence in our path to future success, with a goal to launch new horizontal projects continuously over the next 5 years at a rate of 3 – 4 projects per year, with a total value of 7 billion baht annually. Our strategic plan 'Rise Above' reflects our commitment to designing and developing superior products. We intend to develop projects that elevate 'Singha Estate homes' with outstanding details in design, material selection, and various functions to ensure that our projects can deliver a best-in-class living experience and meet the needs of the super luxury market segment,” Ms. Thitima added.

Singha Estate will continue to drive its business under a balanced portfolio framework to create business balance, income stability, and sustainability for the company. This commitment has led Singha Estate to be selected for the THSI for the third consecutive year, and our subsidiary SHR has been chosen as one of 170 listed companies in the Thailand Sustainability Investment (THSI) for 2022 by the Stock Exchange of Thailand for the first time, reflecting the group's commitment to developing the organization to grow by integrating sustainable operations with business strategies to create value for all stakeholders, recognized for performance, ethics, and responsibility to stakeholders, alongside caring for society and the environment.