Singha Estate reported its operating results from sales and services in 2024 of 15,095 MB, an increase of 3% on last year. Key contributing factors were hotel revenues, supported by industrial estates and infrastructure. The success was driven from balanced revenue management between Recurring Income and Non-Recurring Income.

Bangkok (3 March 2025) – Singha Estate Public Company Limited (SET: S) announced its operating results for 2024, of total revenues across all its core businesses totaling 15,095 MB. The company plans to propose a dividend for fiscal year 2024 of 0.01 THB/share, and the stock will post the XD sign on 14 March 2025. To determine the rights to dividend payments, approval must be granted at the 2025 Annual General Meeting. The revenue growth was primarily driven by property sales totaling THB 3,485 million, with the proportion of title transfers between housing estates and condominiums approximately 50:50. The projects which are the key revenue drivers are SIRANINN RESIDENCES Pattanakarn, S’RIN Ratchapruek-Sai 1 and THE EXTRO Phayathai-Rangnam. The growing income was also from services totaled 11,568 MB. Core revenue from hotels drove service income, aided by the recovery of the tourism sector and abetted by optimal operating strategies. The figures are further broken down with operating plans in each sector as follows:

Residential developments: Throughout 2024, the residential market faced challenges from various external pressures, particularly economic conditions, which weakened purchasing power and led to a slowdown in residential revenue compared to the previous year. However, in 2024, the company continued to see a steady transfer of ownership for its core revenue-generating projects, progressing as planned. Notably, SIRANINN RESIDENCES Pattanakarn and THE ESSE SUKHUMVIT 36 are nearing full sell-out and are expected to be sold out by early 2025. Meanwhile, projects launched in late 2023, such as S’RIN Ratchapruek-Sai 1 and THE EXTRO Phayathai-Rangnam, have continued to drive revenue. Additionally, newly introduced brands during the year, including SHAWN Panya Indra and SHAWN Wongwaen-Chatuchot, received positive market reception.

In 2025, the company believes that newly launched projects featuring innovative product designs that differ from previous offerings—such as SMYTH’S Ramintra, SMYTH’S Kaset-Nawamin, and S’RIN Prannok-Kanchana—will help drive sales and title deed transfers. These projects are positioned in the luxury market segment, a sector in which Singha Estate has established strong expertise.

Hotel Business: Revenue from hotels grew by 7% year-on-year, generating historically high revenue for the second year in a row despite closing the SAii Laguna Phuket for renovation for a period of six months during the year, which was fully completed at the end of November 2024. In 2024, average occupancy across the entire hotel portfolio was at 68%, like last year, while average revenue per room (RevPAR) increased by 12% over last year to 4,336 THB. This was driven by hotels in Thailand, the Maldives, Fiji and Mauritius. Demand for hotel accommodation has been rising continuously in line with the recovering tourism sector. This has been assisted by the company’s strategy to upgrade its properties and revamp its marketing plans. Alongside ongoing efforts to optimize cost and expense management, they have contributed to year-on-year net profit growth.

In 2025, the company expects its hotel business to continue as a key revenue driver, as those properties representing the company’s mainstay, such as hotels in Thailand, Fiji and the Maldives, have 100% room availability to fully cope with tourist demand.

Office buildings: Despite the office leasing business continuing to face issues such as market oversupply and changing work habits, the company revised its strategy in 2024 to maintain leasing rates in its legacy properties at 81%. Meanwhile, occupancy at the new office property, S-OASIS, has been increasing with the arrival of new tenants.

In 2025, the company is determined to maintain an average leasing rate of 80%. Additionally, the newly launched S-OASIS building is expected to reach a 50% occupancy rate in the first half of 2025, which will increase recurring income.

Industrial estates and infrastructure: Several infrastructure projects have been developed and completed in 2024. The company began recognizing revenue from the sale of 56 rai of land, along with gradual increases in utility charges as the proportion of take-up grows. In addition to the core business, the company also recognized profit shares from its thermal power facilities, amounting to approximately 180 million baht. This is another business sector boosting operational profit to generate more consistent recurring income.

In 2025, Singha Estate believes that Thailand is still an attractive destination for foreign investors, while the trend to relocate manufacturing bases continues. The company has therefore set a target to sell 200 rai of land, with parcels of land being prepared for offering to both domestic and foreign customers. These interested customers include businesses in the food and technology sectors, which are experiencing high growth rates. This is expected to generate significant long-term returns from land sales for the company.

Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Public Company Limited (SET: S), commented, “Singha Estate’s overall results in 2024 are satisfactory, despite market conditions impacting the performance of certain sectors. Our investment strategy, which focuses on diversifying risks across various businesses, has allowed us to achieve continuous growth and generate stable income. In 2025, we are confident that the company will continue this secure basis, from our determination to develop real estate projects tailored for market demand, which generate added value for investors. We will continue to invest in projects with potential. Following these results for fiscal year 2024, the company’s Board of Directors has approved dividends for shareholders of 0.01 THB/share, with the XD sign to be posted on 14 March 2025.”

On top focusing on shareholder returns, Singha Estate is committed to running a sustainable business. In 2024, the SET ESG Rating for sustainable stocks upgraded Singha Estate’s rating to AA. The company has also been selected for the list of sustainable stocks for the sixth year in succession. These underline operations conducted under a philosophy of diversity, balance, and sustainable growth.

“Over the last 10 years, we have strictly adhered to driving the business towards sustainability and generating growth with a sense of social responsibility for all groups of stakeholders. This attitude has continued to generate positive feedback, such as industry awards and trust in our business. As we enter our 11th year of operations, we will continue our mission to overcome every challenge and maximize the potential of our business operations in a framework of sustainability,” added Thitima.