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chairman

MESSAGE FROM CHAIRPERSON OF THE BOARD AND
CHIEF EXECUTIVE OFFICER


Dear Shareholders,

Although Singha Estate, as a leading real estate developer, has not escaped adverse impact from the persistent economic slowdown over the past two years, the Company weathered the crisis well. Finding opportunities amidst challenges, Singha Estate was able to identify emerging lifestyle trends from the way people live, work and travel. New demands for flexible living spaces, optimization of workplace environments, and changing travel behavior, led to a rethink and strategic reorientation, including opportunity creation for Singha Estate’s core businesses: residential, commercial, and hospitality as well as its new ventures in industrial estate and infrastructure.

Singha Estate’s revised strategy seeks to bolster its business sustainability based on two key approaches: diversification and higher weighting of fast recovering businesses in its investment portfolio. This puts the Company in a better position to reap the benefits of the eventual economic recovery. In the past year, Singha Estate executed 3 Game Changing Deals:

  1. 1) Disposal of 52% ordinary shares in Nirvana Daii Plc. in January 2021, enabling the Company to pursue its own low-rise housing development projects without restrictions and to continue to build on the success of Singha Estate brand. This pivotal development of the Company’s low-rise residential property business followed the remarkable 2021 sellout of the Company’s Santiburi The Residences, an ultra-luxury, low-rise residential project, featuring single-detached houses, priced from THB250 million per unit. It is our belief that such accomplishment will enable Singha Estate to leverage the brand equity. Thus, passing on the aesthetic value and craftsmanship in our home-building DNA to future projects targeting the low-rise residential market – which accounts for almost half of the residential market share – to reach out to prospective homeowners at more varied price points over wider geographic locations

  2. 2) With the expectation that country’s tourism sector of the United Kingdom to recover faster than any other region, including the strengths of its portfolio asset also aligns with the hotel characteristics preferred by the Company in regard with the diverse geographical locations for income distribution and balancing income on high-season to S Group’s hotels, Singha Estate has acquired 100% shareholding in 26 hotels in the United Kingdom in February 2021. Their upper mid-scale market positioning also means these hotels stand a better chance to return to pre-pandemic performance sooner. In addition, Singha Estate also plans to boost its portfolio efficiency and investment returns with asset rotation strategy by renovating high-potential hotels in order to raise average room rates, using cash proceeds in some disposal of hotels. In this regard, the overall portfolio is able to be gained profit more from the operation.

  3. 3) Investment in industrial estate and infrastructure businesses. This increases the weight of investment in businesses that derive income from the manufacturing sector to diversify the Company’s revenue streams. Balancing income sources from consumer based and industrial based spending improves the Company’s resilience. The industrial estate Singha Estate has invested in is situated in a 1,790-rai high-potential plot of land in Angthong province, the heart of the high-quality food industry resources area and the main transportation routes of the North and Upper-Central regions for transporting agricultural products. At the same time, Singha Estate has also acquired 30% shareholding in 3 co-generation power plants in the vicinity with a combined output of 400 megawatts, and a firm power purchase agreement with the Electricity Generating Authority of Thailand, totaling 270 megawatts. The investment will generate recurring income for the Company in long term. 

Notwithstanding the robust portfolio optimization implemented over the past year, the one thing that remains unchanged is the constant devotion to the Best in Class “Unique Selling Points” of every product the Company offers to its valued customers. It is with immense pleasure that we can share with our shareholders Singha Estate’s accomplishments and the numerous international awards, efforted by all relevant parties, it received in 2021:

The Company’s stock was listed among Thailand Sustainability Investment (THSI) group for the year 2021, for the 3rd consecutive year, reflecting its commitment to conducting its business guided by sustainable development philosophy in the best interests of all stakeholders, with environmental stewardship and social responsibility towards surrounding communities. 

Santiburi The Residences project, the flagship low-rise residential housing project of Singha Estate, received the 2021 International Architecture Awards presented by the Chicago Athenaeum: Museum of Architecture and Design and the European Centre Architecture Art Design and Urban Studies and Metropolitan Arts Press, the United States. This reaffirms Singha Estate’s project development credentials to deliver Smart, Healthy and Sustainable Living, accentuated with quality, eco-friendly and community-friendly materials, to create a luxurious lifestyle and sustainable living for its residents.

Santiburi Koh Samui Resort, Thailand, a hotel operated by Singha Estate through its subsidiary, SHR, won the 2021 Tripadvisor’s Travelers’ Choice Awards. Two other hotels in the Republic of Maldives, SAii Lagoon Maldives and Hard Rock Hotel Maldives, under the Company’s CROSSROADS Project, were named the 2021 Best Luxury Beach Resorts in Maldives by the Luxury Lifestyle Awards. These accolades are testament to the Company’s strategic achievements in product design. This makes it possible for CROSSROADS resorts to quickly attract a diverse clientele and become widely recognized even in these challenging times. CROSSROADS Project’s satisfactory operating results in 2021 gave the Company cause for optimism that when international tourism fully recovers, CROSSROADS Project has the potential to exceed its pre-COVID performance and become a dream destination for all travelers.

Singha Complex, Suntowers and Metropolis Office Buildings received their respective MEA Energy Awards for outstanding energy-saving buildings in the office building category for the year 2021. Singha Estate has earlier applied the Green Value Chain model in every project to maximize the resource efficiency.

Max Future Co., Ltd., one of the top property management companies in Thailand and under S Group, has simultaneously received certifications for ISO 9001:2015 Quality Management, ISO 14001:2015 Environmental Management and ISO 45001:2018 Occupational Health and Safety Management. This achievement reflects our leadership status and dedication to all-round quality enhancement under the Company’s vision: Enriching Life. The 3 primary ISO standard certificates will help improve Max Future’s operational efficiency and meet the essential quality management standards. The quality standard systems will apply to the S OASIS, a new luxury mixed-use project on Vibhavadi-Rangsit Road offering in mid-2022 which will commence operation tenants and visitors our best work.

Singha Estate aims to deliver S OASIS as Grade A office building project that supports hybrid work model. The project further enhances the effectiveness and flexibility of the new work culture by offering customized workspace solutions, backed by online management systems and the Internet of Things technology and equipment to help tenants achieve a healthy work-life balance. 

From our achievements in the past year, it’s that Singha Estate has spared no effort to build a solid foundation for our business to shape and sustain new consumer behavior while tapping into each business unit’s potential to generate satisfactory returns. Stepping into 2022, the Company looks forward to building on its growth strategy through diversification of product and investment portfolios, partnerships, and funding sources, for instance, the penetration to low-rise housing market, focusing on widening the market positioning in terms of pricing and customer segmentation. As for the co-working space development under the “Time Sharing” concept to satisfy future office space requirements, we will pursue growth and diversification through integration to generate stable and consistent returns for our shareholders.

I have full confidence that with the key strategies laid out by the Company, a shift towards proactive mindset and the unfailing dedication and support of the Board of Directors, the management team, and employees as well as stakeholders, Singha Estate shall overcome this crisis and emerge stronger than before. Finally, Mrs. Thitima and I would like to thank all shareholders, joint venture partners, suppliers, customers, financial institutions and all related parties for your trust, confidence, and support. We would like to take this opportunity to assure that Singha Estate has a sound management plan bolstered by a firm commitment to create value and sustainability as enshrined in the Company’s vision.


(Mr. Chutinant Bhirombhakdi)
Chairperson of the Board of Directors

(Mrs. Thitima Rungkwansiriroj)
Chief Executive Officer


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