Dear Shareholders,

2022 was a year economic recovery began to take hold. Singha Estate was well placed to reap benefits of its successful business restructuring over the previous 2 years. The Company’s turnaround was evidenced by a clear upturn in operating results even as it was grappling with looming challenges, such as the geopolitical impact of the international conflict between the Russian Federation against Ukraine, widespread and rising inflation, and volatility of global financial markets.

In the midst of such challenging circumstances, coupled with unforeseen changes both inside and outside the organization, Singha Estate pulled through with its business strategies characterized by diversification and flexibility, always at the ready to react to changing market conditions with prompt and astute responses. This led to successful implementation of the Company’s business segment strategies as follows:

Hospitality business – S Group focuses on geographical diversification strategy to ensure seasonal balancing of revenue and demand of S Group’s hotels in a well-diversified portfolio. With presence in key tourist destinations in different regions around the world, S Group’s hotels in 2022 benefitted from countries where tourism sector recovered faster and earlier than anywhere else, such as the Republic of Maldives and the Republic of Fiji Islands. As part of portfolio enhancement strategy, the “Asset Rotation” concept seeks to improve efficiency and returns by refurbishing hotels with high earning potential, including room upgrades, in order to increase the average daily rate (ADR) and attract new clienteles with different tourist values. As a result, several hotels in S Group’s portfolio have already recovered to the pre-COVID-19 levels. The hospitality business has almost doubled its revenue from the previous year to approximately THB8,700 million in 2022.

Residential business – Having targeted the low-rise residential property market for exponential expansion, The Company plans to implement penetration pricing by developing properties at new price points to reach out to wider homebuying demographics in a market with strong overall purchasing power in 2022. The Company’s success in developing ultra-luxury project, such as Santiburi The Residences Project, which have been sold out, reflects customer confidence in Singha Estate’s product quality and development capability. The Company followed through with the development of SIRANINN Residences Pattanakarn Project in the super luxury market segment, which has been exceptionally well welcomed and achieved higher-than-expected presales. Singha Estate strongly believes that the positive response will enable the Company to leverage brand equity by developing future housing projects under the concept of exceptional value proposition and meticulous attention to detail at different price points over wider geographical distribution to reach out to a broader customer base.

Commercial business – In 2022, Singha Estate implemented guidelines for all commercial properties under its portfolio to adapt to changing demand for and requirements of office space while maintaining high occupancy rate. In the meantime, the Company redoubled its effort to develop the newly built S-OASIS Project under the hybrid workplace design concept to meet new types of office space utilization and requirements. As grade A office building with approximately 54,000 square metres of leasable area, S-OASIS Project will be one of the key investment assets contributing to revenue growth of the commercial business and the resiliency to weather the challenges of office building market long into the future. The Company is also exploring opportunities to invest in the flex space business in collaboration with leading operators with an extensive international presence to improve the business flexibility required to respond effectively to changing market demands.

Industrial estate and infrastructure business – Investment in this business is part of the Company’s business diversification to shift the weighting towards revenue deriving from the manufacturing sector as well as ensuring a balance between consumer base and industrial base. This helps stabilize Singha Estate’s revenue in the face of changing market conditions. In 2022, the Company began to recognize revenue from the sale and ownership transfer of land in S Angthong Industrial Estate Project for the first time. It is expected that revenue from this business will significantly grow in 2023 in line with increased land ownership transfer activities following the reopening of borders, confidence in the economic recovery and the government’s economic stimulus packages. In the meantime, the construction of 2 cogeneration power plants, in which the Company holds 30-percent stake, located in S Angthong Industrial Estate Project has made steady progress according to plan. It is expected to commence commercial operations in the 4th quarter of 2023. The development of such industrial estate project and power plants in the Company’s portfolio is part of the Enriching Tomorrow strategic concept to establish sustainability for all lives through the shift towards more eco-friendly energy sources to achieve the goal of becoming a green industrial estate that will live up to the emerging trend of eco-friendly industries of the future.

Singha Estate’s commitment to operational excellence and the intensive portfolio rebalancing in the past year clearly paid off. In 2022, the Company recorded an all-time high revenue of over THB12,500 million, reverting to net profit in 2022, and is poised to continue along the sustainable growth pathway.

In addition, Singha Estate is pleased to inform our shareholders that the Company has been listed on the “Thailand Sustainability Investment” (THSI) for the 4th consecutive year in 2022. Meanwhile, SHR, the Company’s subsidiary, was included among the 170 companies on the THSI by the SET for the first year. This positively reflects on S Group’s firm commitment to sustainable growth to create shared value for all stakeholders along with corporate social responsibility and environmental stewardship. Singha Estate’s outstanding achievements thus far are testament to the Company’s dedicated effort and resources to build stability, resiliency, and readiness to take on any circumstances. Thus, providing a solid foundation for future growth and to achieve the status of a leading property developer in Thailand, with unique capability to consistently deliver differentiated value proposition and the best-in-class products and services to Singha Estate’s customers. For Singha Estate, the next big step, in addition to creation of growth opportunities through the expansion of the Company’s 4 core businesses, is to leverage multi-dimensional synergies among the core businesses, taking integrated approach to reinforce one another’s strengths and to collaborate in the quest of common growth opportunities as well as widening partnership into other businesses to seek opportunities or gain entry into emerging businesses.

The passing of the former Chairman of the Board of Directors, Mr. Chutinant Bhirombhakdi, brought profound sadness to the Board of Directors, executives and employees. His contribution as a visionary leader and the Chairman of the Board of Directors in building up Singha Estate to become a leading property developer it is today cannot be emphasized enough. Singha Estate’s commitment to deliver quality products and services to its customers will remain one of his lasting legacies, along with the corporate management approach that treats all employees as part of a big family who play a vital role in the Company’s sustainable growth. His many charitable and social works will continue to inspire the Board of Directors, executives and employees to pay close attention to social and environmental responsibility alongside the pursuit of business success.

Lastly, Mrs. Thitima and I would like to thank all shareholders, joint ventures partners, suppliers, customers, financial institutions and stakeholders for your continued trust and loyal support

(Mr. Petipong Pungbun Na Ayudhya)


(Mrs. Thitima Rungkwansiriroj)
Chief Executive Officer

Company Profile
Our Brand
Vision & Corporate Direction
Chairman Message
Board & Committee
Our Structure
Corporate Timeline