Mitihoon – Singha Estate reported 2025 financial performance, posting Normalized EBITDA of THB 3,649 million, delivering a solid profit margin of 26%. The performance highlights the company’s ability to generate quality earnings from recurring income businesses, particularly hotels and commercial buildings, supported by efficient cost management and disciplined expense control.
Singha Estate Public Company Limited (SET:S), an international real estate developer and investment company with a portfolio spanning across 4 businesses: residential, hospitality, commercial, and industrial estate, has announced its operational results for 2025. The company reported core operating revenue of 13,988 million baht. The revenue breakdown reflects a balanced structure, with approximately 80% contributed by recurring income businesses and 20% from non-recurring income, mainly from real estate sales. Although the company reported a net accounting loss of THB 1,963 million, excluding the impact of extraordinary items, it posted a normalized net profit of THB 531 million, representing a 3.8-fold increase from the previous year. Considering the improved underlying performance, the Board of Directors resolved to propose to the 2026 Annual General Meeting of Shareholders the approval of a dividend payment of THB 0.015 per share for the 2025 operating results.
Mr. Chairath Sivapornpan, Chief Executive Officer of Singha Estate Public Company Limited (SET: S), stated that “despite the slowdown in revenue from the residential property business in 2025 which in line with the broader deceleration of the Thai economy, Singha Estate continued to receive strong support from its hotel and office businesses in terms of both revenue and profitability. Coupled with effective management and operational efficiency improvements, the company was able to continuously enhance its profit margins. As a result, normalized EBITDA reached THB 3,649 million, representing a 5% increase YoY. Meanwhile, the normalized EBITDA margin improved from 24% in the previous year to 26%.
2025 marked a significant milestone for the company in establishing a tangible earnings base from its recurring income businesses, reinforcing a solid foundation for stable and sustainable long-term growth. The key growth drivers were the hotel and commercial businesses. Despite the slowdown in tourist arrivals to Thailand and the continued appreciation of the Thai baht throughout the year, the company was able to deliver strong performance through targeted marketing strategies focused on high-spending customer segments, rather than prioritizing volume.
At the same time, the company continues to enhance asset quality and improve the profitability of its portfolio. Renovated and repositioned hotels have delivered clearly positive results. For instance, SAii Laguna Phuket achieved an increase of more than 30% in Average Daily Rate (ADR) compared with pre-renovation levels. As a result, RevPAR in 2025 rose by 64% YoY to THB 6,881 per night.
This growth momentum has continued. In January, the hotel recorded a new all-time high ADR for the second consecutive year, reaching THB 18,573 per night.
In addition, the hotel portfolio continues to execute its asset rotation strategy by upgrading high-potential properties while gradually divesting assets with limited growth prospects and lower returns. This disciplined approach is a key strategy to unlock the overall profitability potential of the portfolio.
Two core business segments that play an important role in strengthening the overall portfolio are the commercial business and the industrial estate and infrastructure business.
For the commercial, new tenants have continued to join and reinforce the tenant base, enabling the business to report a record-high EBITDA of nearly THB 840 million. Occupancy rates also remained at satisfactory levels. As of year-end 2025, the Company’s mature buildings, Singha Complex and S-Metro, recorded a combined average occupancy rate of 87%, while S-OASIS continued to demonstrate steady leasing growth, reaching 50% occupancy.
In addition, the company has secured signed lease agreements totaling more than 8,000 square meters, with tenants scheduled to progressively commence operations throughout 2026. This pipeline will serve as a key driver supporting further growth in occupancy rates and office rental income in the future.
For the residential business, the company has focused on managing its existing projects to optimize cash flow and maintain inventory at appropriate levels. A key highlight over the past year was the joint venture project with One Real Estate, One River Rama III, with a total project value of over THB 3,000 million. The project has achieved 96% in pre-sales and is scheduled for completion in 2027, at which point the company expects to recognize its share of profit.
In the industrial estate and infrastructure business, a total of 84 rai of land was transferred over the past year, bringing cumulative land transfers to 23% of the total saleable area. Sales momentum remains positive. The company is currently under negotiation with data center clients for approximately 200–400 rai of land. If successfully concluded, the transactions would not only generate approximately one-billion-baht land sales revenue, but also further strengthen the industrial estate’s recurring income base over the long term through utilities sales, including electricity and water supply.”
Beyond financial performance, the company remains committed to advancing its organization under a strong sustainability framework and good corporate governance practices. Singha Estate continues to emphasize tangible actions and proactive risk management across all business operations. Therefore, in 2025, the company was upgraded to the highest SET ESG Ratings level of AAA. This achievement not only reflects the company commitment to sustainable development but also enables the company to benefit from lower interest rates under the terms of its Sustainability-Linked Loan facilities.
“For 2026 outlook, the company is confident that operating performance will continue to grow, supported by a strong and stable normalized earnings base established in 2025 from its recurring income businesses, together with anticipated revenue and profit contributions from the industrial estate business, driven by supported by robust foreign investment inflows into Thailand” Mr. Chairath added.
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