Singha Estate has filed for a new tranche of 1-year, 9-month debentures with a [4.20]% coupon, scheduled for public offering on January 19 - 21, 2026.
Following the success of its previous issuance, Singha Estate Public Company Limited (S) has announced plans to launch a new series of debentures for public offering. The company has filed a registration statement with the Securities and Exchange Commission (SEC) for name-registered senior unsecured debentures with a debenture holders’ representative. These debentures will have a term of 1 year and 9 months with a fixed interest rate of [4.20]% per annum, payable quarterly. The public offering is scheduled for January 19 – 21, 2026, with a minimum subscription of 100,000 baht and subsequent increments of 100,000 baht. Krungthai Bank, Kasikornbank, and CIMB Thai Bank have been appointed as joint lead arrangers.
On November 24, 2025, TRIS Rating assigned the debentures an “investment grade” credit rating of “BBB-” and affirmed the company’s corporate rating at “BBB” with a “stable” outlook. The rating reflects the high quality of Singha Estate’s hotel portfolio, its well-accepted residential brands, and a steady stream of recurring income from its commercial business. However, constraints include high debt levels, the cyclical nature of the hotel industry, and a limited track record in the real estate business. The debenture rating is one notch below the corporate rating because the unsecured debentures are structurally subordinated to prior-ranking debt, with the ratio of priority debt to total debt standing at 80% as of September 2025, exceeding TRIS Rating’s 50% threshold. The “stable” outlook signals expectations that the company will maintain its competitive edge and continue to see gradual improvements in its operational performance and credit metrics.
Chairath Sivapornpan, Chief Executive Officer, Singha Estate Public Company Limited, expressed confidence that this debenture offering will be met with strong investor interest in the “Singha Estate” brand: Despite current challenges in the Thai bond market, particularly for the real estate sector, our strong performance in the first nine months of 2025 validates our strategic direction. The company generated 10.48 billion baht in core revenue, with a net profit of 135 million baht—a five-fold increase year-on-year. This was driven by robust recurring income from our hotel and commercial office assets, alongside an improved EBITDA margin, which rose from 23% to 25%, highlighting our disciplined cost and expense management.
Singha Estate’s resilient performance highlights a key corporate strength: a well-diversified portfolio that generates strong recurring income from its hospitality, commercial, and industrial estate & infrastructure businesses. This structure enhances financial stability and operational sustainability, enabling the company to effectively navigate economic volatility.
During the past quarter, the hospitality business continued to be the company’s primary growth driver, with revenue increasing year-on-year across several regions. Notably, hotels managed by the company in Thailand achieved 19% revenue growth and a 33% increase in average daily rate (ADR) year-on-year even during the low season, as a direct result of the company’s continuous asset enhancement strategy.
The company’s commercial real estate business continued to show clear signs of recovery, maintaining an average occupancy rate of 80% in the third quarter across its three flagship properties— SINGHA COMPLEX, SUN TOWERS, and S-METRO. New lease agreements totaling over 4,000 square meters are set for occupancy from Q4/2025 into early 2026, with the flagship SINGHA COMPLEX mixed-use project expected to return to a 90% occupancy rate, reaffirming tenant confidence in its quality and prime location.
In the residential business, the S’RIN Prannok–Kanchana project has received a favorable response following its launch in August, with revenue recognition from transfers expected in the fourth quarter onward. Meanwhile, THE ESSE Sukhumvit 36 condominium project is on track to close out in 2025, generating over 350 million baht in revenue. In the industrial estate business, the successful transfer of 75 rai of land to Dali Foods Group has provided a continuous revenue stream, strengthening the industrial portfolio.
Looking ahead to the final quarter of 2025, Singha Estate anticipates continued growth driven by the high tourist season in Thailand and the Maldives, effective cost management, and a focus on securing optimal financing to enhance long-term competitiveness and profitability. Reinforcing its commitment to transparency and stakeholder value, the company received a 5-star or “Excellent” corporate governance (CG) rating from the Thai Institute of Directors (IOD) for the seventh consecutive year. This recognition underscores the foundation of trust that drives Singha Estate’s long-term sustainable growth.
The Singha Estate debentures are expected to be offered to the public on January 19 – 21, 2026. Interested investors can find more details in the prospectus at www.sec.or.th or contact the joint lead arrangers:
Krungthai Bank: Tel. 02-111-1111. General individuals can subscribe online via Money Connect by Krungthai on the Krungthai NEXT application.
Kasikornbank: Tel. 02-888-8888, ext. 819. General individuals can subscribe online via https://www.kasikornbank.com/kmyinvest. Foreign nationals and juristic persons can subscribe at the bank’s head office and branches.
CIMB Thai Bank: Tel. 02-626-7777. General individuals can subscribe online via the CIMB Thai mobile application.
The registration statement and draft prospectus have been filed with the SEC and are not yet effective. For more details, please refer to the draft prospectus at www.sec.or.th.
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