Leading Developers Report Strong First Nine Months

Sansiri, one of Thailand's top property developers, has reported its highest revenue for the first nine months of the year, generating 28.87 billion baht from sales of luxury houses and condominiums. Following closely behind are AP (Thailand) with 27.67 billion baht, Supalai with 22.79 billion baht, SC Asset with 14.45 billion baht, and Frasers Property Thailand with 13.53 billion baht.

Despite a year-on-year drop in profits for the top three developers, which include Supalai with 4.20 billion baht, Sansiri with 4 billion baht, and AP (Thailand) with 3.72 billion baht, other developers have managed to exceed 1 billion baht in profits, showing resilience in the face of market challenges.

Market Sentiment and Future Outlook

Surachet Kongcheep, the managing director of Sansiri, does not expect market sentiment to improve significantly in the fourth quarter. He notes that customers are more focused on mortgage approvals rather than interest rate reductions. Financial institutions have tightened their approval processes, while developers have responded by maintaining or reducing property prices and introducing new measures to attract buyers.

Although the current year may not see exceptional performance from property developers, Surachet anticipates that their revenue and profits will still exceed those of the previous year, setting the stage for a potentially stronger 2024.