Singha Estate has announced its financial results from sales and services operations for the first nine months of 2024, with total revenue reaching 11,431 million Baht, a 13% increase compared to the same period last year. A standout performance came from the real estate sales segment, which saw a remarkable 50% growth. Looking ahead, Singha Estate is confident in its continued growth for the remainder of 2024, driven by strong property transfer volumes across both horizontal and condominium developments. Additionally, the company anticipates significant contributions from its hotels in Thailand, which are currently undergoing renovations and are set to reopen in December to welcome tourists for the high season and immediately meet customer demand.

Bangkok (November 14, 2024) – Singha Estate Public Company Limited (SET: S) has announced its financial results for the first nine months of 2024, with a total revenue of 11,431 million Baht from its core business operations. Revenue from real estate sales amounted to 2,534 million Baht, reflecting a significant 50% increase compared to the same period last year. This growth was primarily driven by the successful transfer of ownership in several key projects, including S’RIN Ratchapruek - Sai 1, The EXTRO Phayathai-Rangnam, and The ESSE Sukhumvit 36. Revenue from service businesses totaled 8,654 million Baht, driven by revenue from the hotel business, which increased by 7% year-on-year, despite renovations of some hotel rooms in Thailand during the second and third quarters. This performance reflects the success of expanding the customer base to new international markets, which helped maximize potential during off-peak periods. Additionally, the continued recovery of both domestic and international tourism supported growth, with the completed room renovations modernized to meet the evolving needs of travelers. These factors drove a more than 15% increase in the Average Daily Rate (ADR) across the company’s hotel portfolio. Furthermore, revenue from rental properties also showed strong performance, with growth exceeding 10% year-on-year, supported by increased occupancy rates and leasing activity at S-OASIS, the company’s premium office building.

Mrs. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Public Company Limited (SET: S), stated: "For the first nine months, we have seen continued growth despite the challenges faced in the overall real estate market. Singha Estate has maintained a steady performance, driven by our commitment to our vision as an Entrusted and Value Enricher, focused on creating long-term value and sustainable growth. We remain confident that the real estate market will continue to thrive, particularly driven by robust demand for luxury and high-end residential projects. Looking ahead to the fourth quarter, we are focused on delivering quality developments, with plans to launch four new projects in the luxury to super-luxury segments. These include a joint-venture condominium project in the prime Rama 3 area, along with three single-detached house projects under the SMYTH’S brand, located in two key areas including Ramindra and Kaset-Nawamin. Additionally, we will introduce the S'RIN Prannok-Kanchana project on New Prannok Road. The combined value of these projects exceeds 8.8 billion Baht. In terms of our hospitality business, we are encouraged by strong results, particularly driven by the ongoing recovery of the tourism sector both domestically and internationally. Our proactive expansion into new markets and continued asset upgrades have allowed us to effectively align with evolving market trends. As a result, our Revenue per Available Room (RevPAR) has increased by more than 12% year-on-year."

In the residential sector, we continue to observe strong performance driven by the successful transfer of ownership in our super-luxury and premium luxury projects, including Siraninn Residences, S’RIN Ratchapruek - Sai 1, and The ESSE Sukhumvit 36. Additionally, the market response to new launches has been highly encouraging, with strong interest in SHAWN Panya Indra and SHAWN Wongwaen - Chatuchot, both luxury single-detached home developments. As a result, the company has seen a consistent increase in the transfer of ownership in these projects over the past quarter.

As of the end of Q3, the company’s backlog stands at over 1.8 billion Baht. We are targeting to recognize approximately 38% of this backlog in ownership transfer revenues during the final quarter of 2024. This will play a crucial role in driving our full-year revenue growth in line with our objectives.

The performance of our hotel business in the past quarter has been exceptional,with adjusted EBITDA rose by 12%, reaching 1,918 million Baht. This strong growth reflects our effective cost management and the successful expansion of our customer base into new markets, including Kazakhstan, France, and Australia. These strategic moves have helped reduce our reliance on any single market, driving a 12% increase in RevPAR despite the off-peak travel season. Additionally, the refurbishment of OUTRIGGER Fiji Beach Resort led to a remarkable 36% increase in RevPAR. Looking ahead to Q4 2024, we see significant growth potential for our hotel business during the high season in Thailand, the Maldives, and Mauritius. The 173 rooms that were temporarily closed for renovations at SAii Laguna Phuket are set to reopen in December, just in time to accommodate high-season tourists. Following the upgrades, we anticipate a 15-20% increase in the average daily rate (ADR), which will further enhance our revenue from other services, such as food and beverage (F&B) and the spa, in line with our strategic objectives. In the commercial real estate sector, our S-OASIS project won the Global Business Outlook Award 2024 for Most Innovative New Office Building Development in the last quarter. This prestigious award recognizes our leadership in designing state-of-the-art office buildings that seamlessly blend cutting-edge technology with sustainable development practices. S-OASIS is one of Thailand's premier sustainable office buildings, located in the Vibhavadi area, and it responds directly to the growing demand for green, energy-efficient spaces. This project aligns perfectly with the needs of modern tenants who value environmental responsibility and the well-being of their employees. As a key addition to our commercial real estate portfolio, S-OASIS has contributed significantly to the strengthening of our market position. With increasing demand for office space, we are seeing positive momentum in occupancy rates, driven by a rise in new tenants. We anticipate that the occupancy rate of S-OASIS will reach 50% by the end of 2024.

In the industrial park sector, S Angthong is currently equipped with fully developed infrastructure, including stable and efficient water and power management systems, which serve as key strengths in attracting investors. Additionally, the business is supported by favorable factors such as foreign investors relocating their manufacturing bases and government investment incentives. In 2024, the industrial park has seen continuous interest from investors, particularly from China and Taiwan. To date, we have successfully recognized revenue from the transfer of 56 rai to investors, along with a profit share of over 100 million Baht from the three combined heat and power plants in the industrial park that commenced operations earlier this year. The industrial infrastructure business represents a significant opportunity to strengthen and diversify Singha Estate's revenue portfolio.

"Furthermore, Singha Estate has been widely recognized for its excellence through numerous prestigious awards. In the residential real estate segment, we received 4 awards at the 19th PropertyGuru Thailand Property Awards for The Extro Phayathai-Rangnam and the Global Business Outlook 2024 award for Best Luxury Developers – Residential. These accolades underscore our unwavering commitment to sustainable quality development, providing our customers with the best living experiences," stated Mrs. Thitima.