• Sansiri (SIRI) announced that in Q1 of 2023, it maintained positive momentum despite various challenges, with a net profit of 864 million baht, up 6% from the same period last year, and total revenue of 6,691 million baht.
  • Closed sales for the first phase of Narasiri 2 projects valued at over 1.5 billion baht, reflecting strong brand confidence among customers, with a high transfer backlog of 24 billion baht, expected to be booked as revenue this year at 50%.
  • In Q2, six new projects will be launched with a total value of 13.36 billion baht, focusing on differentiation and meeting the needs of each segment.
  • The Speed to Market strategy locks in costs, preparing to recognize revenue from new condominiums continuously, confident that the first half of the year will grow as planned, benefiting from low interest rates and government measures.

Mr. Vicharn Viriyaputhit, CEO of Sansiri Public Company Limited stated, "The Q1/2023 performance of Sansiri reflects the economic conditions with various unexpected factors. We continue to manage all aspects to maintain growth levels. In this first quarter, sales reached 13,300 million baht, total revenue was 6,691 million baht, and net profit was 864 million baht, up 6% from the same period last year. The company continues to maintain a positive growth momentum, which is considered good, and will recover continuously from the gradual transfer of several condominium projects this year."

In the landed property market, competition will be intense, but Sansiri continues to perform outstandingly, especially with the success of the brand ‘Narasiri’ in the Sansiri Luxury Collection, which showcased strong sales in the first phase during the pre-sale period, with projects in Bangkok Kritha and Borommaratchachonnani achieving total sales exceeding 1.5 billion baht, necessitating the rapid launch of new phases to meet demand. Similarly, the project ‘Setthasiri Great Wongwaen-Chatuchot’ received excellent feedback, closing the first phase during the pre-sale. For the new condominium brand ‘Love Charoenkrung’, it achieved over 1.5 billion baht in pre-sale sales. Furthermore, the company has stable income from a transfer backlog exceeding 24 billion baht, expected to recognize 50% of total revenue this year." Regarding the transfer of income from ready-to-move-in condominiums, including Via 34, a luxury low-rise condominium in a prime location on Sukhumvit 34, Via 61, a luxury condominium in Sukhumvit 61, The Base Cherngtalay which has achieved 90% sales, and The Base Srichan-Khon Kaen to maintain leadership in all segments and price levels, including revenue from the new business model Crafted by Sansiri, a home construction business.

For this year's business plan, Sansiri continues to move forward with plans to launch new projects, with Q2 set to open 6 new projects valued at 13.36 billion baht, focusing on differentiation and meeting the needs of each segment, such as Setthasiri Great Wongwaen-Chatuchot, Mabel Prachauthit 90, the latest single-house brand starting at just 5 million baht, and preparing to launch iconic condominium projects such as XT 10 Ekkamai, Via 34, and Dcondo Vite to maintain leadership in all segments and price levels.

Ready-to-move-in condominiums in Q2 include Via 61, The Base Cherngtalay, and The Base Srichan-Khon Kaen.

Sansiri anticipates that the trend in Q2 will continue to face high competition, especially price wars, resulting in consumers having diverse choices from offers by operators, as well as the low policy interest rate (1%) and support from the temporary relaxation of LTV criteria for housing loans (until June 30, 2027) will be an opportunity for real demand groups with the best prices for ready-to-move-in housing. Sansiri has collaborated with two major banks, Thai Commercial Bank and Krung Thai Bank, to create a promotion of “No Payments for Up to 48 Months,” easing the burden with the most valuable and longest-lasting offers for homes, condominiums, and townhomes participating in the program.

“The business sector remains concerned about rising energy costs in the second half of the year. For Sansiri, we have planned to lock in some construction material prices in advance to mitigate impacts. However, we must acknowledge that prices may adjust according to market mechanisms in the future. Conversely, we still see positive factors from demand in the safe-haven asset group amid global unrest. Although initially, foreigners may start by renting, we believe this will lead to ownership decisions in the future, as Thailand remains a key destination with strong support for living, investment, and long-term asset value preservation. With Sansiri's brand strengths in quality, design, after-sales service, and agility in adapting to market trends, these will be crucial factors that enable us to grow according to our set goals,” Mr. Vicharn concluded.