Mitihoon – Singha Estate Public Company Limited or S, an international property developer and investor, has announced its 2026 business direction under the theme “STRONG FOUNDATION, SCALING THE FUTURE.” The Company is leveraging the strength of its four core businesses to drive sustainable growth, reinforcing its profit base from recurring income, expanding growth through strategic partnerships, and maintaining financial discipline. It also plans to enhance and rebrand existing assets to uplift value, while targeting to maintain recurring income at 70% of its portfolio and drive total revenue beyond THB 14 billion this year, with a focus on building a high-quality profit base.
Mr. Chairath Sivapornpan, Chief Executive Officer of Singha Estate Public Company Limited or S, said that challenges from the Thai economic outlook and global geopolitical tensions have significantly reshaped the real estate landscape. Building a strong profit foundation by addressing “quality-driven business” and truly understanding “customer needs” in each business segment has become the core of real estate operations in today’s environment. In 2026, the Company will therefore move forward under the concept “STRONG FOUNDATION, SCALING THE FUTURE” to drive stable and sustainable growth across its four core businesses, covering Residential, Hospitality, Commercial, and Industrial Estate and Infrastructure.
This direction comprises three key strategies. The first strategy, “STRENGTHEN THE PROFIT ENGINE,” focuses on reinforcing the profit base from recurring income businesses, namely Hospitality and Commercial, which together contribute approximately 70% of the portfolio. In 2025, the hotel business operated through S Hotels and Resorts Public Company Limited or SHR recorded a normalised net profit of THB 615 million, the highest on record, following the full operations and positive market response of hotels renovated over the past two to three years in Thailand and the Republic of Fiji. Leveraging its strength in delivering “quality” resort-focused hospitality, the Company has refined service formats to meet the expectations of modern travelers seeking quality experiences, wellness and environmental responsibility. The Company expects the hotel business to maintain this profitability level as a new profit base, while preparing further asset enhancement initiatives for properties in the Maldives and the United Kingdom to elevate room rates and strengthen recurring income.
At the same time, the Commercial business remains another key engine supporting recurring income. This year, the Company is enhancing its office buildings into a “Seamless Work-Life Destination” to support modern working lifestyles that integrate workspace with quality of life. The Company prioritises maintaining high occupancy rates by expanding its tenant base while retaining key tenants. Singha Complex and S Metro currently maintain occupancy rates of over 90%, while S Oasis stands at 56% with a target to increase to 70% by year-end despite intense market competition. Addressing “customer needs” in workplace living is therefore critical. Beyond distinctive design and efficient energy management across building spaces, the Company is differentiating its properties through community development surrounding workspaces. It allocates space in an 80:20 ratio between office areas and amenities, incorporating retail shops, restaurants, clinics, beauty and wellness services, and after-work activities as magnets to encourage tenants to spend more than half of their day happily at work under the concept “Work well, Live well, Stay well.”
In addition to strengthening recurring income, another key driver of significant profit growth in 2026 is land sales from the Industrial Estate business, which focuses on “quality customers.” The target group comprises hyperscale data centres operators growing in line with rising demand for cloud, AI and digital services across Asia-Pacific. These facilities require large land plots, highly stable power supply, sufficient and quality water resources, fiber optic infrastructure and access to alternative energy sources. S Angthong Industrial Estate is fully equipped to meet these requirements. The Company targets land sales of 200 to 400 rai to attract global data centre players and further unlock the growth potential of Thailand’s digital economy. Beyond land sales, the Company expects to more than double revenue from utilities such as electricity and water supply for these customers, further strengthening its recurring income base.
The second strategy, “SCALING THROUGH PARTNERSHIPS,” focuses on expanding growth through collaborations to enhance competitiveness, reduce investment risks and leverage specialised expertise in each business. This aligns with today’s limited economic growth environment, where project development must emphasise quality and responsiveness to customer needs.
“Past partnership successes are evident. In 2025, despite pressure in the real estate market, the Company achieved strong results from its joint venture with One Real Estate Company Limited in developing the ‘One River Rama 3’ project valued at over THB 3 billion, achieving more than 98% in sales and preparing for revenue recognition in 2027. This reflects the strong synergy created through collaboration. Similarly, The ESSE Sukhumvit 36 project valued at THB 6 billion, jointly developed with Hongkong Land, was fully transferred and closed last year. The Company is confident that expanding through partnerships will be a key long-term value driver for Singha Estate’s portfolio. It continues to explore various partnership models, including flagship developments such as THE ESSE or SIRANINN, additional projects with One Real Estate Company Limited, branded residences integrated with the Group’s hotels, and potential investments in related businesses such as warehouses or ready-built factories for lease with expert partners,” Mr. Chairath said.
The third strategy, “STRONG FUNDING CAPABILITY,” emphasises maintaining financial strength alongside financial discipline. The Company manages investments efficiently, controls debt levels and maintains appropriate liquidity to withstand economic volatility and seize new investment opportunities. It maintains a balanced funding structure of approximately 70% bank loans and 30% debentures to optimize financial costs and flexibility. The ability to issue THB 3 to 4 billion in debentures annually and secure over THB 20 billion in bank credit facilities demonstrates strong confidence from investors and financial institutions. This financial strength also supports the first two strategies by reinforcing the profit base and strengthening partner confidence.
Beyond these three core strategies, the Company continues to drive its organisation under ESG principles amid a challenging economic environment. It views sustainable ESG implementation as activities that generate mutual business benefits, referred to as “ESG in Practice.” For example, its ESG plan led to a 2025 SET ESG Ratings assessment at AAA level, the highest rating, from the Stock Exchange of Thailand. This achievement contributed to reduced interest rates on Sustainability Linked Loan facilities totaling over THB 3 billion. In addition, the CROSSROADS Maldives project under its hotel portfolio is currently designated as a candidate site under the Other Effective Area-based Conservation Measures, an international environmental conservation mechanism. This enhances opportunities to attract European guests who prioritise sustainable tourism, aligning ESG initiatives with the needs of the Company’s high-spending target customers.
“Changing economic and social contexts have prompted many developers to expand into recurring income businesses. For Singha Estate, however, a strong foundation in recurring income is already in place, supported by 18 hotel assets across five countries and five office and retail projects. Strengthening this profit foundation acts as a buffer against uncertainties, while its non-recurring income portfolio comprising nine residential projects and S Angthong Industrial Estate serves as a key profit growth driver under favorable conditions. All four core businesses share appropriate scale and distinctive strengths, forming a ‘quality portfolio.’ The key challenge for each business is to connect with customers’ underlying needs, in line with our concept of Enriching Your Life,” Mr. Chairath concluded.
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