Singha Estate has reported its performance for the first half of 2025, achieving revenue of 6.865 billion baht, with net profit growing by 23% to 30 million baht compared to the same period last year. The company confirms that its operations continue to be driven by stability from a consistent proportion of recurring income.

Singha Estate Public Company Limited (SET:S), an international real estate developer and investor, covers four main businesses: residential, office buildings, hotels, and industrial estates and infrastructure. The company announced its second-quarter performance for 2025, reporting core operational revenue of 3.5 billion baht, bringing total revenue for the first half of the year to 6.865 billion baht, which includes 1.197 billion baht from property sales and 5.668 billion baht from rental and service income.

Chairat Siwaprapan, CEO of Singha Estate, stated, "Although the market situation remains challenging, the strong fundamentals of developing high-quality projects and continuously building customer confidence have enabled us to successfully close sales on the Sirin Residence Pattanakarn project, a Super Luxury single-detached house project priced between 80 - 195 million baht, with 28 units sold, as well as the Center Pattanakarn multi-use home office project starting at 23.9 million baht, with 4 units sold, totaling over 3 billion baht for both projects. Additionally, we expect to close sales on the last plot of the Santiburi The Residences and The ES Sukhumvit 36 condominium projects as planned in the remaining months of the year."

Currently, Singha Estate has residential real estate projects ready for transfer in various potential locations, with a total value exceeding 25 billion baht, which will be a key driver of sales for 2025. In the third quarter, the company plans to officially launch a new project, the Srin Pran Nok-Kanchana project, which builds on the success of the Srin brand, with prices starting from 45 – 80 million baht for a total of 81 units, valued at over 4.2 billion baht, located on the new Pran Nok road in the western Bangkok area, a location with potential for future growth.

In addition to residential property sales, the industrial estate business continues to attract interest from various industry investors. In the second quarter, the company successfully reached an agreement to sell 75 rai of land to Dali Foods Group, a major Chinese food and beverage manufacturer with annual revenue exceeding 23 billion yuan, marking another success in the development of the S Ang Thong industrial estate under the concept of an eco-industrial estate for agriculture, food, and related businesses. Furthermore, the company received dividends from a power plant it co-invested in, amounting to over 156 million baht, further strengthening its recurring revenue-generating business.

Regarding rental and service income, primarily from the hotel and office building sectors, these have been crucial in enhancing the company's financial stability. In the first half of 2025, revenue from these two business segments amounted to 5.615 billion baht, accounting for a significant 82% of total revenue.

In the hotel business, during the second quarter of 2025, hotels in Thailand continued to show consistent growth, reporting revenue per room at 4,950 baht, a 25% increase compared to the same period last year. This growth is mainly attributed to the modernization of rooms at the Sai Laguna Phuket Hotel, attracting new customer segments. Meanwhile, in Europe, the Mount Royal Edinburgh by the Unlimited Collection, which recently completed its rebranding, has shown satisfactory results since the first tourism season, with revenue per room in the second quarter of 2025 increasing by 10% compared to the same period last year.

Additionally, the company remains committed to maintaining service standards across all office buildings and has adjusted lease agreements to be more flexible, allowing it to maintain an occupancy rate of 80% across its three main buildings: Singha Complex, Sun Towers, and S Metro. The occupancy rate of the S Oasis building has also been gradually increasing in line with proactive marketing strategies and the gradual occupancy by new tenants, with expectations that the occupancy rate will reach the target of 50% by the end of 2025.

"The outlook for the second half of 2025 shows that Singha Estate remains confident in its strong revenue base, primarily from recurring income from the hotel, office building, and power plant businesses. The residential sector in the luxury price range shows quality demand, bolstered by financial strength from the full issuance of bonds in the first half of the year and strong credit support from our banking partners," Mr. Chairat added.