Singha Estate was founded on 14 August 1995, under the former name of “Panichpoom Pattana Company Limited”. The main objective was to engage in property development for housing estates and condominiums. The Company later underwent a name change to Rasa Property Development Public Company Limited (“Rasa”), with listing on the Stock Exchange of Thailand (SET) since 12 April 2007, under the “RASA” ticker symbol.

Then on 12 September 2014, the Company completed its business integration, by way of entire business transfer, with group of companies under the Singha Property Management Company Limited, and Mr. Santi Bhirombhakdi. The shareholding structure also underwent change: Singha Property Management (in which Boon Rawd Brewery Company Limited holds 99.99% shares) and Mr. Santi Bhirombhakdi became the major shareholders. On the same day, its name changed to Singha Estate Public Company Limited, which changed its ticker symbol on The Stock Exchange of Thailand from “RASA” to “S”.

Our Business

The business integration and being part of Boon Rawd Group resulted in the development of a new business plan, operational restructuring and steady business expansion, as a result the Company has 4 core businesses, as follows:

The Company engages in high-rise and low-rise residential property development in various models, ranging from single detached houses and townhomes to home offices and condominiums. Each project is designed to match the needs and lifestyles of mid-tier to upper-tier market segments under distinct brands and diverse management structures. At S Group, residential project development starts with acquisition of land in a high-potential location suitable for residential development, followed by project feasibility study, design and construction project management, sales and marketing management and after-sales services.

In 2021, under S Group’s operation, it has developed 7 residential projects, consisting of 5 high-end condominium projects, namely The ESSE Asoke, The ESSE at Singha Complex, The ESSE Sukhumvit 36, EYSE Sukhumvit 43 and The EXTRO Phayathai Rangnam, and two low-rise residential projects, i.e. Santiburi The Residences, an ultra-luxury low-rise residential property, which is sold out and under construction of custom homes, and the other low-rise project at Soi Pattanakarn 32 which is being developed, comprising luxury residential homes and home offices. The Company will consolidate its position as a leading low-rise residential developer going forward, specifically to meet the changing customers’ demand and lifestyle in the aftermath of COVID-19 pandemic.

The Company operates its hospitality business through SHR, its subsidiary which the Company directly and indirectly holds in an aggregate of 62.24%. SHR is a holding company investing in hospitality development and management business as well as investing in fast-growing international hotels by focusing on acquisition of or joint ventures in high-potential businesses or assets. SHR’s goal is to set a new standard for leisure travel and lifestyle by offering upper-tier accommodation at affordable luxury price while maintaining the highest safety and hygienic standards.

In 2021, the Company operated a total of 39 hotels with a total of 4,602 rooms, located in major tourist destinations, such as Thailand, Republic of Maldives, Republic of Fiji, Republic of Mauritius and the United Kingdom. In February 2021, SHR acquired additional 50% of FS JV’s total issued shares, in which FS JV operates 26 hotels in the United Kingdom. As a result, S Group’s shareholding ratio in FS JV became 100% of FS JV’s total issued shares. The Company started recognizing the operating performance of FS JV in its consolidated financial statements from March 2021 onwards. SHR also renovated and rebranded 3 hotels in Thailand under SHR’s own brand “SAii” for upper-tier lifestyle resort characterized by fun-loving and care-free clientele who seek out new luxury leisure activities. The renovation of SAii Phi Phi Island Village Hotel, SAii Laguna Phuket Hotel and SAii Koh Samui Choengmon Hotel will be completed in time for the expected recovery of the tourism sector, and they are expected to bring in steady revenue and make a comeback for sustainable growth in the long run. (Please refer to SHR’s 2021 Annual Report for more details).

Commercial business, consisting of office spaces and retail spaces, is one of the Company’s core businesses that generates recurring income, offering good returns on investment and high growth potential. The Company plans to expand commercial business by developing its own commercial projects and through acquisition. The main revenue contribution of this business consists of rental, utility charges and security service fees as well as fees for other supplementary services, and income from commercial property management in case the property leasehold is transferred to a trust established by the Company.

The Company’s decision whether to develop or invest in commercial projects depends on the suitability of location, restrictions, if any, on development or project, local supply and demand, returns on investment and growth potential. At present, the Company has 5 commercial projects under its management: (1) The Lighthouse, consisting of compact community malls, (2) Suntowers office building acquired through an entire business transfer in August 2015, (3) Singha Complex office building, a self-developed office building by the Company, which opened for commercial operation since October 2018, (4) Metropolis office building acquired in January 2020, and (5) S OASIS, the Company’s new Grade-A office building to accommodate the hybrid work model and life-work rebalancing in the aftermath of COVID-19 pandemic. The S OASIS will open its doors for business in 2022 (For further details, please refer to “2021 Projects” and “Future Projects” sections)

To add value to the Company’s other businesses, S Group renders its property management services, which build on the management prowess and expertise of its executives and employees, cover office buildings, residential properties and hotels, that will enhance the Company’s recurring revenues. Such services consist of real estate and/or hotel management consulting, from preliminary stage, development stage and project feasibility study, market research to site planning, development planning, design and construction management, sales management and integrated project management.

The Company’s business plan lays out a roadmap for diversification and expansion into new businesses in search of new revenue streams. The Company invested in the industrial estate and infrastructure business through S.IF., its wholly-owned subsidiary. In 2021, S.IF. has invested in industrial estate business by acquiring ordinary shares of SIE, a company engaging in industrial estate development and invested in power generation by acquiring shares in BPAT1, BPAT2 and BPAT3, which are companies that operate power plant development business, including co-generation and power distribution.

At present, S Angthong Industrial Estate covers an area of approximately 1,790 rai, where construction has been underway. The project, with adequate and stable publilc utilities that include 3 co-generation power plants, is scheduled for completion in 2023. BPAT1 power plant has been fully operational since May 2016 while the ongoing BPAT2 and BPAT3 power plant projects are expected for completion in 2023. The 3 power plants will generate and distribute electricity to industrial users in S Angthong Industrial Estate. Concurrently, the S.IF. Group will develop other utilities required by industrial users in S Angthong Industrial Estate, thereby generating additional steady revenue streams. Investment in industrial estate and infrastructure business is considered part of the Company’s diversification of business risks, improving resilience by creating new revenue streams while widening the Company’s capabilities by utilizing its broad-based real estate development expertise.