While Singha Estate has built its early reputation as a homebuilder on Bangkok condominiums, the firm will focus on houses as well as other areas of its business, such as hotels and offices. The company announced that plans are already in place to launch three low-rise housing developments targeting the luxury segment this year.
Additionally, the developer has set aside THB4 billion to acquire new land plots to be used for future housing projects. As for the condo market, Singha Estate will keep its eye on various factors to see when launching new developments is favorable.
“We will launch three new projects this year, all low-rise houses. For the condo business, we will focus on existing projects and wait for foreign tourists to return in the second half this year to boost sales,” Singha Estate Chief Financial Officer, Khun Chairath Sivapornpan, explained in a press release.
Singha Estate kicked off its land buying strategy earlier this year when it acquired a 13-rai plot in Si Racha for THB275 million. It intends to launch a luxury housing project here as it believes the region will benefit from the Eastern Economic Corridor project.
“The plot has potential for a residential project as there will be housing demand from Eastern Economic Corridor development and a foreign investment in eastern Thailand,” Khun Chairath explained.
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Prior to last year, Singha Estate relied on Nirvana Daii, a developer it purchased in a 2015 share swap, to focus on detached homes. However, the firm offloaded its housing-focusing subsidiary in 2021 so it could move into what has become a very lucrative market.
This sale allowed the developer to turn its attention to high-end housing and make greater inroads into the sector via its own brands which are more upscale compared to Nirvana Daii’s offerings.
