Siam Estate Q1/2569 Strong Profit: Hotels and Office Buildings Drive Margin Gains
Siam Estate posted 3.3 billion baht in Q1 revenue with gross margins rising to 42%, driven by strong hotel occupancy rates and expanding office rentals in Bangkok's Singha Complex and S Oasis buildings.
On May 18, 2569, Siam Estate Public Company Limited (S), a real estate developer and investor, reported first quarter 2569 consolidated operating results totaling 3,263 million baht. The company maintained strong profit-generating capability with gross profit increasing 2% to 1,371 million baht and gross margin improving to 42% from 40% year-over-year. EBITDA reached 935 million baht with EBITDA margin expanding to 28.7% from 27.8% in the comparable period.
Chairat Sivapromphand, CEO of Siam Estate, stated that despite economic slowdown and Middle East tensions pressuring business operations, the company continues pursuing a strategy focused on building profit from recurring income businesses, fostering growth with business partners while appropriately managing costs and risks. The four main business segments help ensure stable and efficient operations.
The hotel business segment demonstrated outstanding growth in Q1, with Thai and Maldives hotels maintaining high occupancy rates of 87% and 89% respectively, while increasing average daily room rates (ADR) by 9% to 13,951 baht and 18% to $532 respectively. RevPAR grew 8% to 12,075 baht and 17% to $473 respectively—marking new record Q1 RevPAR highs for both countries. Overall portfolio average RevPAR rose approximately 3% to 4,866 baht, reflecting strong brand strength and marketing strategy effectiveness.
The office building rental business continued growing in Q1 as major tenants gradually occupied space, raising Singha Complex average occupancy to 90% from 85% at year-end 2568, while S Oasis improved to 52% from 47%. S Oasis also secured additional major tenant agreements in Q2, pushing occupancy toward 60%, a key growth driver for office business revenue this year.
The residential business generated Q1 revenue primarily from Sareen Noon brand projects and Condo The Axtro Phyathai-Rangnam, which continued receiving positive reception. The One River Rama 3 project, valued at over 3,000 million baht, had only one remaining unit available as of April, reflecting strong customer confidence. Construction has progressed over 40% with expected unit handovers throughout 2570.
The industrial estate and infrastructure business signed additional land transactions of 13 rai to Oriental Yuhen Company Limited in Q1, completing title transfer in April. The company will recognize revenue from this transaction starting Q2 2569.
For the remainder of 2569, beyond revenue and profit generation from recurring businesses like hotels and offices, the company will continue focusing on strategic growth initiatives.
