Sansiri

Sansiri is one of the largest real estate developers in Thailand offering a full range of housing units.

10 January 2011

Sansiri
Public
Traded asSET: SIRI
IndustryReal Estate
FoundedSeptember 28, 1984 (1984-09-28)
Headquarters
Bangkok
,
Thailand
Total assets US$2 billion (2014)[1]
Websitewww.sansiri.com

History

Sansiri was founded in 1984 as the holding company to manage the assets of the Chutrakul family, before merging with the Lamsam family company in 1994. The company has been listed on the Stock Exchange of Thailand since 1996. In its earlier years, the company concentrated on developing exclusively mid-city condominiums for sale and for rent. In 1998, the company expanded into property management and sales management services through the newly founded subsidiary named Plus Property Company Limited. In 1999, the company underwent a major expansion into development of landed properties with the launch of the first single-detached housing project.

Sansiri has attempted to move upmarket with their Wireless Road project, selling for up to 700,000 THB/Sqm in Bangkok and their luxury Phuket Baan Maikhao beachfront condominium project priced up to over 200,000 THB per sqm.

Recent rapid expansion of the Sansiri portfolio has brought quality challenges, with Baan Maikhao currently undergoing major structural reconstruction work just 3 years after opening. Many units remain unsold despite heavy discounting and promotions.

Due to heavy promotions costs and poor quality delivery of luxury condominium units resulting in heavy rectification costs, Sansiri’s Stock (BKK:SIRI) price hit a 52 week low in November 2018. Sansiri heavily relies on foreign purchasers from Hong Kong and China.

For 2019 Sansiri has undertaken an extensive social media campaign highlighting its global ambitions and recognition of its green social responsibilities.

Sansiri has recently come under public criticism again for its poor quality of construction, while claiming to be the “Number one and most trusted developer”. Customer complaints are met with lawsuits for defamation under the criminal statutes of Thailand, however.

Analysts and Media Reports have recently noted Sansiri’s slide from top to bottom of the 10 ranking property development firms in Thailand.[2]

Milestones
Year Events
2007 Natural Park PLC (N-PARK), the former largest shareholder (24.9 percent), sold most of its holding in Sansiri to a group of Hong Kong investors led by Dr Allina Salim. Currently N-PARK is holds 4.26 percent of Sansiri's paid-up capital.
2004 Sansiri completed the 2.9 billion baht rights offering with subscription ratio of three existing shares to two newly issued shares at five baht per share.
2002 Sansiri welcomed a group of new major shareholders who provided a 2.6 billion baht cash injection.
2000 Sansiri became the first Thai property developer to complete debt restructuring since the 1997 economic crisis.
1999 Starwood Capital Group from the US joined Sansiri as a partner.
1996 Sansiri Public Company Limited was listed on the Stock Exchange of Thailand and launched a wholly owned brokerage and property management subsidiary named Plus Property Company Limited.
1984 Inception of Sansiri as the developer of high-end condominiums.

Business groups

Sansiri Group includes Sansiri Public Company Limited and its fifteen subsidiaries. The core businesses of Sansiri Group are summarized as follows:

  1. Property development
    1. Property development for sale includes single-detached houses, pool villas, semi-detached houses, townhouses, and condominiums.
    2. Property development for rent includes office buildings, an apartment, and a leasehold commercial building.
  2. Property services includes the administration of condominiums, single-detached houses, office buildings, apartments, and retails. Also included in property services are sales management and property brokerage services.
  3. Hospitality business consists of Casa del Mare[3], a 46-key boutique hotel in Hua Hin and S-Medical spa, an aesthetics, health care and medical spa which is the winner of Medical Spa of the year 2007 by AsiaSpa Magazine.
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References
  1. Sansiri Financial Data, then using the December 31, 2014 exchange rate of 1 baht = 0.02812 US dollar
  2. https://freshbangkok.com/the-top-10-largest-property-developers-in-thailand/
  3. "แสนสิริ รุกตลาดโรงแรม เปิดแบรนด์ Escape, Sansiri Hotel Collection 2 ทำเล หัวหิน-เขาใหญ่ [ประเด็นดังอสังหาฯ]" (in Thai). Think of Living. 3 October 2013. Retrieved 17 December 2018.
  1. SET50 Index and SET100 Index
  2. Stock Exchange of Thailand
  1. Sansiri corporate website
  2. Asia Pacific Commercial Real Estate (APCRE)
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