SET-listed developer Sansiri plans to launch 29 projects worth a combined 52 billion baht, fewer than last year but a higher value, as it shifts focus to the upper-end segment, targeting a 6% increase in presales to 53 billion baht.
Uthai Uthaisangsuk, the company's president, said the shift is driven by the continued purchasing power strength of the high-end market, unlike the affordable segment, which struggles with bank mortgage rejections.
"The market was very challenging last year because of an unfavourable economy," he said. "We hope it has already hit bottom, but there is no quick recovery for this sector."
Mr Uthai said there will be several uncertainties, with both positive and negative factors at play -- such as the potential impact of Donald Trump's presidency on the Thai economy, while the tourism industry remains very robust.
Of the new projects launched this year, only 18% will be in the affordable segment, down from 22% last year, while the mid-range segment will account for 25%, declining from 43%. Meanwhile, the premium segment will rise to 57%, up from 35%.
Among these projects, seven will be joint ventures with a combined value of 19.5 billion baht, up from six projects worth 8.6 billion baht in 2024 and four projects valued at 3.5 billion baht in 2023.
"From this year, we expect to see more joint venture projects, as they will serve as a key funding source, helping to mitigate risk and reduce interest burden," said Poomipak Julmanichoti, the company's chief strategy officer.
This year, Sansiri has added a new joint venture partner, Mitsui Fudosan, a Japanese real estate firm which first entered the Thai property market in 2013 through joint ventures with SET-listed developer Ananda Development.
Mr Uthai said Sansiri and Mitsui will collaborate on at least two projects this year, with Sansiri holding a 55% stake and Mitsui 45%. Both projects will feature single detached houses in the upper-end segment.
The company also expects to sign additional joint ventures with other Japanese developers already present in Thailand this year.
The other two partners include Tokyu Corporation, which holds 30–35% while Sansiri holds 65–70%, and XSpring Asset Management, which holds 30–40% while Sansiri holds 60–70%.
Sansiri last year launched a total of 43 projects worth a combined 46.5 billion baht. It achieved 50 billion baht in presales and 43.7 billion baht in transfers, up 2% and 13%, respectively, from 2023.
It aims to have 53 billion baht in presales and 46 billion baht in transfers by the end of 2025, up 6% and 5% from 2024, respectively.