Thailand’s Singha Estates to triple revenue with strategic expansion

Construction News
Mrs. Thitima Rungkwansiriroj, Chief Executive Officer, Singha Estate PCL

Thailand’s Singha Estates to triple revenue with strategic expansion

Property firm eyes industrial estates, power generation, and engineering services

Singha Estate PCL, a leading Thai property investment and development company, has revealed its hopes to triple its annual revenue by widening the scope of its business interests and integrating its traditional property businesses with industrial estates, power generation, engineering services and other related businesses.

Discussing the strategy, Mrs. Thitima Rungkwansiriroj, Chief Executive Officer, Singha Estate PCL, said that Singha Estate aims to take annual revenue to BHT 20,000 million over the next three years and take assets from BHT 65,000 million to BHT 80,000 million.

“The emergence of many extra-large-scale development projects in Thailand and Singha Estate’s integrated approach that combines hospitality,


residential, commercial and industrial property development with power generation and related innovative services and businesses will give Singha Estate unrivalled advantages in capturing some of these huge, new opportunities,” she said.

Mrs. Thitima went on to add that the Covid-19 pandemic has highlighted the wisdom of the company’s decision to structure and balance its business portfolio across four, connected platforms in order to secure dependable returns in an increasingly unpredictable local and global business environment.

In 2020, three of the business platforms – commercial property, residential property, and resorts and hotels – contributed 96% of the company’s core revenues.

“We now want to ensure that our fourth platform, new businesses that complement our core property businesses, contribute significantly more,” Mrs. Thitima said.

“Our Four Platform approach makes us unique and opens up much wider commercial opportunities than would be possible as a pure property development company. It also gives us greater competitiveness through complementarities, commonalities and integration, as well as greater stability through portfolios that have different business cycles, different risk profiles, and ability to generate recurrent income.

“Our strong financial position, evidenced by our low debt-to-equity ratio of 0.96 times and access to Bht 25 billion in credit facilities, makes this a good time to build the fourth platform,” Mrs. Thitima said.

The Chief Executive Officer closed her statements by divulging that Singha Estate is also exploring a globally innovative approach to its hotel and resorts business that will add to its resilience. Furthermore, Singha Estate aims to enter local and global partnerships that will bring competitive expertise and additional global reach, according to Mrs. Thitima.

Singha Estates Chairman of the Board of the Directors, Mr. Chutinant Bhirombhakdi, echoed Mrs. Thitima’s enthusiasm.

“This is a milestone year that marks Singha Estate’s transition into the next phase of its development journey. In embracing complementary and innovative businesses and leveraging synergies between property, power generation, and related services, we are becoming one of Thailand’s foremost enterprises while delivering high growth with strong returns.”

“In past years, we focused on transitioning from our beginnings as a family company managing family real estate assets, to becoming a professionally run, publicly traded company with assets in multiple property sectors and across multiple geographies. As we look ahead, we are confident in the future of Thailand as the base of our operations and will continue to seek additional growth, globally.”