- Singha Estate reported strong financial results for Q1 2024 with a 21% YoY increase in revenue to THB 4,034 million (approximately $110 million) and a 46% YoY rise in net profit to THB 104 million (approximately $2.8 million), driven by growth in all business sectors, particularly new residential projects and strategic hotel initiatives.
- The company successfully issued THB 1,000 million (approximately $27.4 million) in debentures and received recognition as Thailand’s Most Admired Company in the real estate sector for the second consecutive year.
- Looking ahead, Singha Estate aims to achieve record revenue of THB 18,000 million (approximately $492.6 million) in 2024, supported by new project launches and a strong backlog in the residential sector.
Singha Estate Public Company Limited has reported a strong financial performance for the first quarter of 2024, with total revenue reaching THB 4,034 million (approximately $110 million), marking a 21% year-over-year (YoY) increase. The net profit for the quarter stood at THB 104 million (approximately $2.8 million), representing a 46% YoY growth. This impressive performance is attributed to significant growth across all business sectors, particularly the successful launch of new residential projects and strategic initiatives in the hotel sector to enhance room rates and non-room revenue.
Key drivers of growth
First, revenue from real estate sales was THB 997 million (approximately $27.3 million) , showcasing remarkable growth due to the completion and transfer of ownership of industrial land at S Angthong Industrial Estate after the development of land and utilities in late 2023 and initial transfers of condominium units at The Extro Phayathai-Rangnam project.
Second, service business revenue totalled THB 3,037 million (approximately $83.1 million). There is a 12% YoY increase in commercial property revenue, aligned with higher occupancy rates at S OASIS and an 8% YoY rise in hotel revenue, fuelled by new room offerings that boosted the average daily rate (ADR) by 24% YoY.
Singha Estate’s hotels in Thailand and the CROSSROADS Maldives project achieved a commendable 89% occupancy rate, with ADR increasing by 12% YoY. Additionally, the company’s hotels in Fiji experienced a 36% YoY growth in revenue per available room (RevPAR) due to renovations and enhanced guest experiences.
Our Q1 performance reflects our dedication to delivering value and sustainable growth with best-in-class quality standards. Strategic asset enhancements across our portfolio have led to robust market acceptance and confidence.
Ms. Thitima Rungkwansiriroj, CEO of Singha Estate
In Q1 2024, Singha Estate successfully issued three-year debentures worth THB 1,000 million (approximately $27.4 million) at an interest rate of 5% per annum, aimed at driving operational performance and shareholder returns. The company was also honoured as Thailand’s Most Admired Company in the real estate sector by BrandAge magazine for the second consecutive year.
Ms. Thitima Rungkwansiriroj, CEO of Singha Estate, stated, “Our Q1 performance reflects our dedication to delivering value and sustainable growth with best-in-class quality standards. Strategic asset enhancements across our portfolio have led to robust market acceptance and confidence.”
Future outlook
Singha Estate aims to achieve record revenue of THB 18,000 million (approximately $492.6 million) in 2024. Upcoming project launches include SHAWN Panya-Inthra and SHAWN Wongwaen-Chatu Chot in the premium luxury segment, with plans for four additional projects valued at THB 10,000 million (approximately $273.7 million) later this year. The company anticipates a 50% YoY revenue growth in the residential sector, backed by a backlog of approximately THB 3,000 million (approximately $82.1 million) set for transfer within the year.
The hotel business is set to expand alongside global tourism trends, emphasising experiential and eco-friendly travel. Continuous asset improvements and proactive marketing strategies aim to enhance portfolio performance. Additionally, the S OASIS office building and S Angthong Industrial Estate are expected to drive commercial property and industrial land sales, contributing to overall business growth.
Ms. Thitima concluded, “2024 is a year of reaping the benefits of our past investments. We are confident in achieving unprecedented revenue and profit growth, maintaining financial discipline, and delivering sustained value to all stakeholders.”
About Singha Estate Public Company Limited
Singha Estate Public Company Limited is a premier real estate development and investment holding company based in Bangkok, Thailand. Known for its diverse portfolio spanning residential, commercial, and hospitality sectors, the company has rapidly grown to become a key player in the Thai real estate market. Singha Estate’s innovative projects range from luxury homes to affordable housing, strategically located office buildings, and retail spaces. In the hospitality sector, it boasts luxury resorts and business hotels, including landmark developments like the CROSSROADS Maldives. Committed to sustainability and corporate social responsibility, Singha Estate integrates environmentally friendly practices into its operations. The company has been recognised as Thailand’s Most Admired Company in the real estate sector by BrandAge magazine. Led by a visionary management team, Singha Estate continually explores new growth opportunities, setting new standards in the industry and maintaining its position as a leader in Thailand’s dynamic real estate market.
