Frasers Property (Thailand) Public Company Limited (“FPT”) has announced its results for the first quarter of fiscal year 2025 (October – December 2024), reporting THB 3,268 million in revenue with a net profit of THB 329 million. This was contributed by its Residential Business that received a boost from its marketing campaign, whilst factory and warehouse rentals in its Industrial Business continued to experience robust demand with an occupancy rate of 89%. In FPT’s Commercial Business, occupancy for its office buildings and retail spaces held steady with a high of 92%.

Mr. Thanapol Sirithanachai, Country Chief Executive Officer of Frasers Property (Thailand) Public Company Limited or “FPT” stated, “In 1QFY2025, FPT operated with prudence, closely monitoring the potential impacts from a volatile domestic and international landscape. The company refined its operational strategies in line with the ‘Secure Core, Embrace Future’ strategy, maintaining its existing customer base whilst expanding into new customer segments.”

FPT’s strategy comprises three dimensions:

– Flexible – adapt with agility to meet market demands,

– Feeling – create elevated experiences, and

– Focus – develop specialised products and services.

For 1QFY2025, FPT’s total revenue of THB 3,268 million comprised THB 2,003 million from property sales, THB 796 million from rental and service income, and THB 469 million from other income. Net profit was THB 329 million.

The Residential Business experienced a boost in 1Q FY2025 from its marketing campaign which helped to build brand awareness and stimulate consumer purchase decisions, while also serving to clear inventory. The company also advanced its international customer acquisition efforts through roadshows in China, focusing particularly on condominium projects.

This year, the company plans to launch six new projects worth over THB 9,800 million, including single-detached houses, semi-detached houses, townhomes, and condominiums in Bangkok, Nakhon Ratchasima, and Khon Kaen. Two new brands, Gramour and Goldina will be introduced, offering modern-style products targeting the younger generation.

The Industrial Business achieved its highest-ever average occupancy rate of 89% across both its domestic and international portfolios. This was driven by the ongoing effects of companies’ China Plus One strategy, reinforced by US trade policy, which has in turn resulted in manufacturing relocations from China to Southeast Asia. This brought positive knock-on effects to the company’s operations in Thailand, Indonesia, and Vietnam through increased demand for factory and warehouse spaces.

The company launched two new projects: Frasers Property Last Mile Hub in the Pu Chao Saming Phrai industrial zone of Phra Pradaeng District in Samut Prakan Province, as well as in a Free Zone Warehouse at Bangna 2 Logistics Park.

The Commercial Business saw Grade A office buildings and retail spaces generate increased revenue from rental rate adjustments in contract renewals, maintaining an occupancy rate of 92%. The hotel business experienced a dip in revenue due to the cessation of operations at Mayfair Marriott Executive Apartments, which is being redeveloped into a super-luxury high-rise condominium project. Excluding this impact, hotel business revenue would have improved by approximately 17.7%, driven by a growth in occupancy rates and average room rates, supported by increasing international tourist arrivals in Thailand.

Financial performance for the first financial quarter (October – December 2024)