• Sansiri (SIRI) reported its first quarter results for 2024, achieving total revenue of 10.17 billion baht, a 20% increase compared to the same quarter last year, in line with its strategy to maintain steady growth.
  • Efficient management of ready-to-sell product portfolios resulted in a net profit of 1.315 billion baht, reflecting confidence in the Sansiri brand and reinforcing its position as Thailand's number one real estate brand for 40 years.
  • Confidence in economic stimulus measures through the real estate sector is expected to support the property market in 2024, with plans to accelerate market entry by launching 11 new projects valued at 12 billion baht. Highlights include the new brand ELSE focusing on horizontal properties and PYNN, an exclusive condominium brand, set to launch its first project PYNN Pridi20.

Mr. Vicharn Viriyaprasit, CEO of the Finance Division at Sansiri Public Company Limited (SIRI), a leading real estate developer in Thailand, revealed that the company achieved total revenue of 10.17 billion baht in the first quarter of 2024, marking a 20% increase from the same period last year. This growth was driven by a 32% rise in project sales, totaling 8.901 billion baht, led by luxury and super-luxury single-house projects from Sansiri, including the successful sales of Narasiri Bangkok Krungthep and Bukhan Rama 9 - Mengjai, which sold out on the first day of booking and began transfers this quarter. Other notable projects include Setthasiri single houses such as Setthasiri Don Mueang, Setthasiri Bangna-Suvarnabhumi, and Setthasiri Wongwaen-Jatujoti, as well as the mixed product brand Anasiri, which features single and twin houses under the concept “Feel Just Right.” The Anasiri Paiyap project resonated well with the lifestyle of Chiang Mai customers, resulting in a sold-out status for two phases, totaling 50 units, with plans to continue sales in phase three this June. Additionally, revenue from condominium projects such as XT Phaya Thai, The Base Downtown Khon Kaen, and the successful launch of the Nea by Sansiri project contributed to the strong performance. Overall, Sansiri reported a net profit of 1.315 billion baht in the first quarter, demonstrating resilience amid intense competition and a gradually recovering property market. The company’s consistent performance has also led to a reaffirmation of its corporate credit rating at BBB+, indicating investment-grade reliability from Tris Rating.

“The overall property market in the second quarter is expected to benefit from economic stimulus measures through the real estate sector and related businesses, as well as preparations to elevate Thailand as a global industrial city center (Thailand Vision) to support housing for the public. This will significantly boost confidence in the industry as we mark our 40th year, a pivotal step that dares to be different as a leader in design and after-sales management, focusing on enhancing product quality and living standards. Sansiri continues with superior strategies through strong marketing and effective management of ready-to-sell product portfolios across various locations to create opportunities and competitive advantages.

For the second quarter, Sansiri plans to launch around 11 new projects with a total value of 12 billion baht, comprising 5 horizontal projects valued at 4.2 billion baht and 6 condominium projects valued at 7.8 billion baht. Notable projects include The Standard Residence Hua Hin, the first beachfront branded residences in Asia under a leading boutique hotel and lifestyle brand, Setthasiri Ruam Chok, a modern classic design house with a view of Doi Suthep featuring dust-free home innovations priced from 20-35 million baht*, Saransiri Srinakarin-Phraksa, a modern farmhouse design single house with extensive common areas located near BTS Green Line station Phraksa, starting at 6.99 million baht*, and Saransiri Salaya-Pinklao, a popular urban farmhouse design single house with double volume, just 10 minutes* from Borommaratchachonnani Road, starting at 9 million baht*. Pre-sales for two projects will take place on May 18-19. Additionally, Anasiri Ayutthaya 2, a modern Japanese single and twin house project, will be launched, featuring over 1 rai of common area, located on Road 3477, connecting all routes, with complete amenities nearby, starting at 3.99 million baht*. Furthermore, Sansiri is preparing to launch a new condominium in the city center, just 200 meters from Central Chiang Mai, designed in a resort style with complete amenities including a 55-meter Olympic-sized swimming pool and pet yard, along with spacious room designs that feel like home. The THE MUVE Sukhumvit 107 is a pet-friendly condominium with full furnishings, the only one in the Bearing area from Sansiri, featuring highlights of new brand launches including ELSE, one of the highlights in the horizontal property segment this year, and PYNN, a new condominium brand set to launch its first project PYNN Pridi20, an exclusive condominium with only 36 units, pet-friendly, with 1-bedroom units of 34 square meters fully furnished and with parking up to 90%, just 120 meters from St. Andrews International School Sukhumvit 71, starting at 3.59 million baht. The project is set to launch on May 18-19, and it is expected to receive a positive response across all projects, similar to the first quarter,” Mr. Vicharn stated.