On behalf of the Directors and the Executives of Singha Estate Public Company Limited,

Dear Shareholders,

With the right business direction and solid foundation integrated with commitment and dedication from the directors, executives and all employees of Singha Estate Public Company Limited, the year 2018 witnessed achievement of the company in every aspect including 1) significant growth of financial performance 2) business expansion through merger and acquisition and launch of various new projects in our key business area – residential, commercial and hospitality 3) delivery of refined products to our customer 4) strengthen an organization in all prospects including funding, human capital and technology and, lastly, building-up our brand to become a leading company focusing on delivery of sustainable value to all stakeholders.

For the past five years, Singha Estate has experienced spectacular growth with a compounded annual growth rate of 51 percent in asset and 112 percent in revenue through a foundation on the balance between recurring and non-recurring income to support business growth in the future.

Moving towards a Global Holding Company

In 2018 the Company expanded its hotel business globally through an investment of six Outrigger hotels and resorts in four countries including Republic of Mauritius, Republic of Fiji, Republic of Maldives, and Thailand. This would allow Singha Estate to increase the number of our hotels in desired tourist destinations. For the residential and commercial business, Singha Estate earned appreciation and trust from both Thai and foreign customers with support from solid organization, employees, and capital. Another significant milestone in 2018 was the success in establishment of S Prime Growth Leasehold Real Estate Investment Trust (SPRIME) to invest in a 30-years lease of office space of Suntowers building as part of Singha Estate’s financial strategy to drive ourselves to become a Global Holding Company.

Branding from Quality Projects and Excellent Services

In 2018 Singha Estate delivered quality projects to our customers in all business segments including the ultra luxury residential project - Santiburi The Residences, which was a meticulous project down to minute details and became one of the most luxury residential projects in Thailand and the ESSE Asoke – our first luxury condominium project. For commercial business, we launched Singha Complex, the flagship mixed use project at Asoke-Phetchaburi intersection that was well accepted by tenants and customers alike, reflecting in the continuous growth of rental rates and occupancy rate. The hotel business also launched new villas in Santiburi Resorts in Koh Samui called “The Reserve @ Santiburi Koh Samui”.

Another major project to be launched in 2019 is the CROSSROADS, the first integrated tourist facility in the Republic of Maldives which would attract tourist all over the world. In CROSSROADS Phase 1, two leading hotels will be launched, namely SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. Moreover, other entertainment areas and retail space covered 11,000 sq.m. known as The Marina @ CROSSROADS will be launched, accordingly.

All these projects would reflect Singha Estate’s leadership of premium property developer earned high trustworthy from our customers. Moreover, with excellent services and advanced technology, this would create good experience throughout customers’ lifestyle, including living, relaxing, working, and shopping, with convenience and good impression from all of Singha Estate’s projects.

Organizational Development in Parallel with Growth and in Response to New Challenges

The year 2018 was another year that gain the upgrading of business competitiveness through partners and organizational development. Singha Estate entered into a joint venture with Daiwa Group, a leading property developer from Japan, to develop the luxury low-rise condominium project “EYSE Sukhumvit 43”. The projects allowed the Company to exchange knowledge in the development of projects and various technologies which could be built on by future projects. In terms of organizational development, Singha Estate developed an IT system to support various tasks for continuous efficiency, including project development, sales, and asset management. In terms of personnel, Singha Estate undertook continuous recruitment of domestically and internationally talent, personnel development, an advancement plan for personnel in all lines of work, and creation of employee engagement to the organization through numerous activities. The activities equipped the organization with the readiness to expand business and respond to new business opportunities in the future.

Delivery of Sustainable Values to All Stakeholders

As sustainable development has assumed an important agenda for all sectors of society, Singha Estate was committed to building business with long-term growth potential through corporate governance based on corporate governance principles in parallel with care for communities, society, and the environment, as well as co-existence, support, and balanced and sustainable growth. In 2018 Singha Estate opened the Marine Discovery Center, a marine knowledge center, in Phi Phi Island Village Beach Resort for the dissemination and exchange of knowledge on marine natural resources and eco-tourism for tourists, tour guides, park rangers, researchers, teachers, pupils, and residents in the community, as well as activities for the protection of natural resources and environment. The main activities continuously held were “Toh Wai Wai” with the release of anemone fish back to nature, mangrove forest planting, and coral cultivation to contribute to the rehabilitation of Maya Bay, a world-class tourist destination. Moreover, Singha Estate earned acclaim from all sectors for the #SeaYouTomorrow activity, a campaign to reduce plastic waste impacting Thai seas. The activity and the dissemination of the campaign video were received with enthusiasm from viewers all over. Singha Estate’s commitment to sustainability was not limited to Thailand. For the projects in the Republic of Maldives, Singha Estate ensured that construction had a minimum impact, supported education, culture, and preserved marine resources. This is the model of our business development to provide care to all sectors everywhere Singha Estate operates business to foster balance and sustainable value to all stakeholders.

As for the projects in the Republic of Maldives, the Company was committed to projects based on sustainable development by monitoring construction of project development with minimum impacts on communities and the environment. In parallel with business operation, the Company promoted and supported education and culture, as well as preserving marine resources. This allows the Company to reach the highest target of truly delivering sustainable value to shareholders and all stakeholders.

Finally, on behalf of the directors and executives, we would like to thank the shareholders, joint investors, business partners, customers, employees, and all stakeholders, including local and international financial institutions, who have placed their trust in the Company and supported our business operation all along. It is with our earnest hope that the dedication of the management and all employees to create secure and sustainable growth to Singha Estate will give pride and deliver sustainable value to all stakeholders, as well as driving Singha Estate toward becoming a global holding company.

Mr. Chutinant Bhirombhakdi


Mr. Naris Cheyklin

(Chief Executive Officer)

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