Singha Estate Public Company Limited (SET: S) confidently enters its 10th year, laying out its business direction for 2024, reaffirming its commitment to becoming a "developer" through investments and creating masterpiece projects under the philosophy of "Go Beyond Dreams." The company aims to create business synergy within its group and strengthen partnerships while emphasizing sustainability strategies, targeting a 20% revenue growth to reach 18 billion baht.

Ms. Thitima Rungkwansiriroj, CEO of Singha Estate Public Company Limited, stated that the strategy to achieve excellence in all dimensions of investment in 2023 has significantly strengthened all business portfolios. For instance, the residential business segment has launched new low-rise housing projects that cater to every luxury segment, and expanded its stake in The ESSE Sukhumvit 36 to meet the recovering demand for ready-to-move-in condominiums. Additionally, investments in prime land locations continue to support future project developments in line with the company's core strategy for sustainable business operations. Meanwhile, the hotel business under 'S Hotel and Resort' (SET: SHR) has distinguished itself with the launch of SO/Maldives, a luxurious 5-star lifestyle hotel located in the Crossroads Maldives project, and the enhancement of hotel rooms in five other properties to meet the increasing demand from customers. This includes improving hotel services to increase daily room rates and revenue from other services, as well as expanding the 'SAii' brand to offer more diverse services and additional revenue streams beyond hotel room rates. In the commercial real estate sector, the company has adopted a flexible business model to meet the needs of modern workers, while the industrial estate and infrastructure segment continues to grow, bolstered by the strengths of the S Ang Thong Industrial Estate, which has recently commenced commercial operations of two additional power plants and has a large freshwater source within the area to support future investments.

“In 2024, we aim for the company's total revenue to grow by as much as 20%, amounting to 18 billion baht, through the 'Go Beyond Dreams' concept, which employs three key approaches to drive this growth:


1) Go Expertise: Creating synergy from the expertise of teams across four business segments by leveraging the unique strengths and expertise of each business to support one another, aiming to create memorable experiences and deliver value to customers. 2) Go Elixir: Collaborating with new partners to expand business and investment opportunities.
3) Go Exceed, Go Exit: Commitment to sustainable development, specifically SDG13 Climate Change, aiming for Singha Estate to achieve Carbon Neutrality by 2030, to balance business with communities, society, and the environment,” Ms. Thitima revealed.

The residential business segment has seen continued success in developing masterpiece projects such as Santiburi The Residences, LaSalle de S, and Sirininth The Residences, leading to ongoing success in new projects like SMYTH, S’RIN, and SHAWN. In 2024, Singha Estate plans to build on the success of its low-rise housing projects that encompass all luxury segments, while maintaining its DNA of developing projects to achieve "Best in Class" quality, reflecting Singha Estate's unique identity. The company has also invested in prime land locations to support developments planned for the next 3-5 years, and expects to recognize a 50% increase in revenue from transfers this year.

The hotel business segment under the management of SHR continues to plan improvements across five hotels in Thailand and abroad, aiming to increase the average revenue per available room (RevPAR) by over 25%. Additionally, plans to enhance other services in line with room upgrades are expected to generate additional revenue beyond accommodation income (Non-Room Revenue) from increased spending per guest within the hotels by another 15%. Meanwhile, asset rotation remains a key factor in strengthening performance, focusing on high-yield assets and seeking opportunities for mergers and acquisitions that can lead to continuous revenue growth.

The commercial real estate segment continues to focus on a flexible business model while highlighting the strategic locations of its various projects, which is expected to result in an average occupancy rate of over 85% across all previously operated office buildings.

The industrial estate and infrastructure segment aims for a land transfer target of 40% of the total sale area in the S Ang Thong Industrial Estate, utilizing a strategic location that serves as a hub between raw material sources and transportation routes. The readiness of infrastructure systems, including a power generation capacity of up to 400 MW and a significant water supply, is crucial for specialized operators such as the Semiconductor and Data Center sectors, alongside collaboration with the Industrial Estate Authority of Thailand (IEAT) as a key support in achieving these goals.

Sustainability operations plan to achieve carbon neutrality through the Climate Resilience Model strategy to prepare for climate change, while also emphasizing biodiversity, with a goal to expand marine biodiversity areas by 30%. Furthermore, the company aims to be a center for creating quality communities through over 30 projects, impacting more than 100,000 people across operations in five countries, including Thailand, the Maldives, Mauritius, the United Kingdom, and Fiji.

“Under the concept of Go Beyond Dreams, we are ready to step into our 10th year with a commitment to continuous success, preparing to develop quality projects that are 'Best in Class' across all business segments, as we have successfully done with masterpiece projects such as Santiburi The Residences, Crossroads Maldives, and Singha Complex. Although 2024 will be another challenging year for the global economy, Singha Estate Group has strategies in place to expand its business while being prepared to adapt to changing circumstances, reinforcing our approach to stable and sustainable business operations,” Ms. Thitima concluded.