• Sansiri (SIRI) strengthens the real estate sector while maintaining growth according to plan. For the first 9 months of 2023, total revenue reached 29 billion baht, with net profit exceeding 4 billion baht.
  • Condominium performance continues to improve, especially for ready-to-move units, driven by both Thai and foreign customers seeking condos in urban and tourist areas. This has resulted in a remaining stock of ready-to-move units valued at only 6.9 billion baht. Recently, EDGE Central Pattaya, The Move Bangna, and Way Phothisar Pattaya have sold out, with plans to close sales for The Base Phetchaburi – Thonglor.
  • Strong cash flow and liquidity of 15 billion baht are sufficient for business operations and repayment of maturing bonds this year, without the need to issue new bonds.
  • Confidence in the real estate market remains high towards the end of the year, with real demand continuing as interest rates decline. The company plans to launch 11 new projects in the remaining months of the year to achieve its annual sales target.

Mr. Vicharn Viriyaputhit, CEO of Sansiri Public Company Limited (SIRI), a leading real estate company in Thailand, revealed the performance results for the first 9 months of 2023. Total revenue for the 9-month period
is at 28.877 billion baht, an increase of 4.7% compared to the same period last year, with total revenue for Q3/2023 at 9.415 billion baht. Revenue from project sales in Q3 accounted for two-thirds, primarily from landed projects, with significant income from luxury and super-luxury single-house projects where Sansiri holds a market-leading position. This includes ongoing transfers from projects such as Narasiri Krungthep Kreetha, Bukan Krungthep Kreetha, Setthasiri Don Mueang, Setthasiri Bangna-Suvarnabhumi, and Setthasiri Wongwaen-Jatujoti. Additionally, revenue from condominium sales is gradually increasing, with improving gross margins, reflecting the long-standing strength of the Sansiri brand and its recognized quality and service. As of the end of September, the stock of ready-to-move condominiums has decreased to only 6.9 billion baht, a very low level compared to the company's total assets and the lowest in the market, confirmed by the recent success of selling out EDGE Central Pattaya, The Move Bangna, and Way Phothisar Pattaya, as well as affordable condominiums in Phuket like D Condo Reef, and lifestyle condominiums that meet the needs of the new generation, such as The Base Height-Chiang Mai, which has gained trust from customers in Chiang Mai. The company also focuses on completed ready-to-move condominiums in prime urban locations, such as XT Phayathai, alongside intensive marketing campaigns and activities to maintain strong sales.

This has resulted in a total net profit of 4.009 billion baht for the 9-month period, with net profit for Q3 this year at 1.307 billion baht, driven by positive responses to Sansiri's ready-to-move condominium projects from both Thai and foreign customers seeking condos in urban and tourist areas. Additionally, there has been a significant increase in profit sharing from joint venture projects in both Q3 and the 9-month period, particularly from the transfer of The Line Vibe condominium project valued at 4.4 billion baht, under a joint venture between Sansiri and Rabbit Holdings in the BTS group, with 75% of units sold in a prime location opposite Central Ladprao, reflecting the company's growth in line with its business direction.

With consistently strong performance, the company has a cash flow of over 15 billion baht, sufficient for business operations and repayment of maturing bonds this year, without the need to issue new bonds, reflecting the company's excellent financial management capabilities.

“Recently, Sansiri achieved success at the 46th Housing and Condominium Fair, where customers confidently participated in large numbers, coupled with effective promotions that catered to all customer segments, resulting in sales of up to 2 billion baht, breaking records and creating new history from past events. This reflects the continuously recovering real estate market, supported by government stimulus measures and the trend of declining interest rates. As a result of this success, cumulative sales from the beginning of Q4 to date have reached 5 billion baht. It is expected that sales from the extravagant sale campaign, along with the launch of 11 new projects in the remaining months of the year, will help achieve the annual sales target. The new projects to be launched will focus on high-end developments, such as NARINSIRI, the latest brand in two projects, Setthasiri Bangna Km. 10, and Ngamwongwan, as well as THE TALES STORY ONE – BANGJO, a new pool villa project in Phuket, which is a strategic location with ongoing real demand and positive customer responses,” Mr. Vicharn stated.