Mr. Chokchai Walitwarangkoon, Managing Director of Operations at Land and Houses Public Company Limited, has revealed an overview of the real estate market and a summary of the company's operations for the year 2025 as follows:

  • In the first 11 months of 2025, data from the Real Estate Information Center (REIC) showed that the number of residential properties transferred by developers in Bangkok and its vicinity decreased by 18% compared to the same period last year. This indicates that overall demand in the housing market continues to weaken compared to the previous year, with declines across all types of housing, including single-detached houses and condominiums, which fell by 13% and 21%, respectively.
  • On the supply side, data from the Agency for Real Estate Affairs (AREA) indicated that the number of new residential units for sale in Bangkok and its vicinity in 2025 decreased by approximately 33% compared to the previous year, reflecting a slowdown in the launch of new projects in both the single-detached house and condominium markets.
  • When considering only the single-detached house market, which is the company's main product line, although the number of new units launched decreased by over 40% compared to the previous year, it is expected that the number of new units will still exceed the demand for the fourth consecutive year, resulting in high competition in the single-detached house market.
  • For condominiums, the number of new units launched decreased by approximately 33% from the previous year, with a slowdown in project launches observed in every quarter, except for the third quarter, which saw an increase in launches compared to the second quarter, which was affected by the earthquake at the end of March. However, it is expected that the demand for condominiums will continue to decline compared to the previous year.
  • For 2026, the real estate market is expected to face pressure from an economy projected to grow at a low rate of about 1.5%, due to a slowdown in the export sector amid U.S. trade barriers and the strengthening of the Thai baht. Overall credit remains contracted due to high household debt levels and strict lending policies from financial institutions, particularly for SMEs facing liquidity pressures from limited access to credit. The vulnerability of households and businesses affects domestic purchasing power. However, it is anticipated that the economy will benefit from tourism, with new flight routes connecting to Thailand and government tourism promotion measures, along with improved political stability compared to the previous year.
  • In 2025, the single-detached house products, including single-detached houses, semi-detached houses, and townhouses, remained the main products generating sales for the company, accounting for approximately 87% of total sales, while the remaining 13% came from condominiums. This segment was significantly impacted by the earthquake in late March 2025, leading to a noticeable decline in condominium sales during the second quarter, but signs of recovery were observed in the second half of the year. By the end of the year, there were a total of 6 condominium projects in operation, with a remaining sales value of over THB 11 billion and over THB 65 billion in single-detached house projects.
  • When categorized by area, Bangkok and its vicinity remain the primary areas for generating sales, accounting for approximately 86% of total sales, with nearly 60% of total sales coming from homes priced over THB 10 million.
  • In 2025, the company launched a total of 3 new projects valued at THB 8.96 billion, a decrease of 70% from the previous year, all of which were single-detached house products. One project, "Nantawan Prestige Ratchaphruek - Phra Nakhon", valued at THB 2.2 billion, was postponed to 2026 due to the unavailability of infrastructure from government agencies in front of the project.
  • During the year, the company did not invest in purchasing additional land for residential development projects. However, the company remains confident that it has sufficient and suitable land ready for development in line with its operational plans.

Mr. Wit Tantivorawong, Managing Director of Support and Chief Financial Officer, disclosed the company's financial status and operations in the rental real estate sector for the year 2025 as follows:

2025 Operational Results

  • In terms of financial status, the company maintains a stable financial position due to good liquidity management and existing investment assets. In the past year, the company issued bonds totaling THB 13.2 billion with a maturity of 2-3 years and an average interest rate of 2.16% per annum to refinance existing bonds and support operational liquidity.
  • As of the end of 2025, the company had net interest-bearing debt of approximately THB 64 billion, with a debt-to-equity ratio of about 1.20 times and an average cost of financing of 2.82%.
  • For the rental and service real estate business, the company currently has 17 projects developed and managed, including 9 operational Grande Centre Point hotels (6 sold to a trust) and 2 under construction, as well as 3 Terminal 21 shopping centers (2 sold to a trust), along with 3 apartments and hotels in the United States.
  • In the past year, total revenue is expected to decrease by approximately 12% from the previous year due to various factors affecting the tourism sector, leading to a decline in tourist numbers and the sale of rental properties, resulting in lost revenue from those buildings.
  • In November 2025, the company sold Terminal 21 Pattaya shopping center to a real estate investment trust, resulting in no revenue from this shopping center in 2025. In May 2025, the company sold 2 apartments in the United States, namely Parc at Pruneyard and Revere, leading to lost revenue from these buildings in the second half of the year. However, the opening of new hotels in Thailand was completed ahead of schedule, with the company opening 2 new hotels in 2025: Grande Centre Point Lumphini in April and Grande Centre Point Prestige in December, earlier than planned for 2026.
  • Overall, in 2025, the company invested in rental and service real estate in all 4 Grande Centre Point hotels (Lumphini, Prestige, Voyage, and Chinatown) amounting to approximately THB 4.4 billion.

Mr. Achawin Asavapokin, Managing Director of Operations at Land and Houses Public Company Limited, revealed the company's operational plans for 2026 in both the housing development and rental and service sectors as follows:

2026 Operational Plans:

  • Launch 2 new mid-to-high-end projects
  • Reduce inventory levels and debt-to-equity ratio
  • Continue to expand and develop the rental business
  • In 2026, the company plans to launch 2 new projects: Nantawan Prestige Ratchaphruek-Phra Nakhon, single-detached houses priced between THB 60-100 million, and Chaiyapruek 3 Ramindra-Ring Road, single-detached houses priced between THB 10-13 million, with a total value of approximately THB 3.66 billion.
  • Combined with the ongoing projects, the total number of projects in 2026 will be 69, with an approximate value of THB 80 billion, consisting of 63 single-detached house projects valued at approximately THB 69 billion and 6 condominium projects valued at over THB 11 billion, including 5 completed condominium projects ready for transfer and 1 project, "One Time at Chao Phraya," expected to be completed and ready for transfer in mid-Q4.
  • The company has prepared a total investment budget of approximately THB 4.5 billion, which includes:
  • Budget for land acquisition for residential development: THB 2 billion
  • Investment budget for rental real estate: THB 2.5 billion
  • The company plans to launch another new hotel in Thailand in October, namely Grande Centre Point Voyage, which will be the third hotel in Pattaya, building on the success of the Grande Centre Point Space Pattaya project, featuring 494 rooms and a large water park over 20,000 square meters, the largest in the Grande Centre Point hotel chain, followed by Grande Centre Point Chinatown, planned to open in 2028.
  • The company plans to sell 1 hotel in Thailand to the trust and 2 projects in the United States.
  • The company expects to issue bonds worth approximately THB 15 billion to replace maturing bonds and anticipates that by the end of 2026, the debt-to-equity ratio will decrease to around 1 time.

Rental Real Estate Business

The company operates rental real estate businesses in Thailand and the United States. In Thailand, it operates under the name LHMH, and in the United States, it operates under the name LHUSA, comprising hotels, shopping malls, apartments, and office rental spaces. Details of all projects are reflected as revenue from hotels and rental income in the profit and loss statement, as shown in the following table.