The overall residential property market in Thailand contracted during the first nine months this year, but it wasn’t a total wash for some of the country’s leading developers. Local media reported that the top ten developers posted a combined revenue of THB168.97 billion between January and September, a 10.21 percent increase from the total during the same period last year.
The main reason residential developers saw an uptick in revenue was due to the fact that they were able to transfer a significant number of condominium units from their backlogs to customers. This came after completing a number of pre-sales during the past two years at new project launches.
It was a strong period for the top ten residential developers in Thailand with their combined net profit coming in at THB24.98 billion. This was a 30.1 percent jump from the same period in 2015, according to figures released to the Thailand Stock Exchange.
Land and Houses had the highest net earnings recording net profits of THB7.12 billion and revenue of THB24.16 billion. The developer’s net profit was up a staggering 54.78 per cent year on year. Not only did Land & Houses have strong sales during the first nine months of this year, but the company also saw an increase in recurring rental income and a better performance from its subsidiaries.
Pruksa Real Estate saw net earnings come in at THB4.03 billion but this was actually down 14.61 percent from the same period in 2015. The developer has spent an immense amount on marketing this year as it looks to reach its lofty pre-sales totals of THB51 billion before the end of the year.
Supalai was third in terms of net profit, earning THB3.72 billion, a 24 percent increase from totals a year ago. The company was able to transfer units at several newly completed condominium projects which helped lift its figures.
