Mr Uthai has been instrumental in fostering strategic partnerships that have expanded Sansiri's growth, both domestically and internationally. Varuth Hirunyatheb
Strategic vision
Uthai Uthaisangsuk has been instrumental in leading SET-listed developer Sansiri Plc to record-breaking performances over the past 3-4 years, particularly during the pandemic period, notably adopting a "speed to market" strategy.
In early 2020 when Covid-19 first started to spread, nobody knew how long the impact would last. Yet Sansiri quickly made decisive moves in response to the market, especially as the condo segment was facing obstacles.
At the time, the company held a substantial inventory of condos valued at around 20 billion baht, most of which were ready-to-move-in units. Sansiri was the first to launch special promotional discounts on these properties.
While this meant sacrificing some profit, it provided crucial cash flow during a period of market stagnation.
Despite the pandemic in 2020, Sansiri reported 30.6 billion baht in revenue from residential sales, a 60% increase from 19.1 billion baht in 2019.
This surge was primarily driven by condo sales, which rose more than double from 5.36 billion baht to 12.1 billion baht.
Though residential sales revenue dipped to 26.17 billion baht in 2021, it rebounded to 30.71 billion baht in 2022 and further climbed up to 32.83 billion baht in 2023.
Last year, the company recorded 49 billion baht in presales and 39 billion baht in consolidated revenue, both reaching new highs.
Net profit also saw consistent growth, improving from 1.67 billion baht in 2020 to 2 billion baht in 2021, 4.28 billion baht in 2022 and reaching an all-time high of 6 billion baht last year.
Net profit margins improved from 4.8% in 2020 to 6.82% in 2021, 12.23% in 2022 and 15.51% in 2023.
“Speed to market was the key strategy that helped us navigate through 2020-21,” said Mr Uthai, Sansiri’s president who has been awarded Bangkok Post CEO of the Year 2024 in the residential development sector.
Sansiri has continued to rely on this strategy, maintaining agility and competitiveness in the face of various market challenges.
This approach has enabled the company to swiftly adapt to changing conditions, ensuring a steady and healthy cash flow.
In August 2024, the company announced that it would sell its 71% stake in US-based lifestyle hotel group Standard International Holdings, LLC, to the Hyatt Group for US$355 million.
This move once again demonstrates Sansiri’s speed and agility in strengthening its financial position during a time when the residential market appears sluggish and the debenture market remains unfavourable due to recent defaults by several companies, which have shaken investor confidence.
Sansiri has debentures totalling 11 billion baht due in the next six months, with 4.9 billion baht maturing in the fourth quarter of 2024, and 6.1 billion baht due in February next year.
In terms of overall business performance, Sansiri recorded 37 billion baht in presales in the first nine months, which represented 71% of its annual target of 52 billion baht.
Its transfers already reached 31 billion baht, accounting for 72% of the milestone set at 43 billion baht.
“Speed will be impossible without a solid foundation,” said Mr Uthai, who was appointed Sansiri’s president in February this year after Srettha Thavisin resigned last year to become a prime ministerial candidate.
“One of our foundational strengths is our attention to detail, along with a focus on quality and after-sales service, which we have maintained throughout our 40 years,” he said.
Mr Uthai, who was previously chief operating officer, has over 30 years of extensive experience in property development and investment.
Known for his sharp market insight and strategic vision, he has played a key role in many of Sansiri's landmark projects.
Under his leadership, Sansiri has launched iconic luxury developments, including the renowned 98 Wireless on Wireless Road, which set a new benchmark with resale prices reaching an unprecedented 1 million baht per square metre in early 2023.
This achievement cemented Sansiri’s reputation for quality and innovation in the high-end property market.
Mr Uthai has also been instrumental in fostering strategic partnerships that have expanded Sansiri's growth, both domestically and internationally.
These include joint ventures with partners such as BTS Group for transit-oriented developments and Japan’s Tokyu Corporation for both low-rise and high-rise projects.
Beyond real estate, he has been proactive in diversifying Sansiri’s business portfolio, venturing into promising sectors like hospitality, financial services and clean energy.
This strategic expansion not only drives business growth but also aligns with the company’s long-term vision for sustainability.
His commitment to sustainability is a driving force behind Sansiri's ongoing initiatives.
Under his leadership, Sansiri became the first real estate developer in Thailand to pledge to achieve net-zero greenhouse gas emissions by 2050.
His vision for sustainability encompasses creating impactful environmental changes, ensuring Sansiri remains a pioneering force in the industry’s green transition.
