Sansiri Eyes Market Rebalancing as It Shifts Strategy for 2026

 

 

Developer lowers sales target but raises transfer goal, banking on foreign demand and Phuket expansion amid challenging market.

 

Sansiri, one of Thailand's leading property developers, believes the real estate market is approaching a new equilibrium between supply and demand, prompting the company to recalibrate its strategy for 2026 despite ongoing economic headwinds.

 

Speaking at a press conference on Tuesday, Uthai Uthaisangsuk, Sansiri's president, and Poomipak Julmanichoti, chief strategy officer, outlined the company's performance in 2025 and its targets for the year ahead. 

 

 

 

The developer is lowering its sales target to 48 billion baht from last year's 51 billion baht, whilst simultaneously raising its transfer target to 39 billion baht from 36.7 billion baht.

 

"The primary challenge facing the sector is household debt, which has reduced purchasing power by approximately 25%," Poomipak explained. "However, people still want homes—they're simply turning more towards cheaper, second-hand properties."

 

Despite the subdued domestic market, Sansiri remains confident in foreign demand, particularly in Bangkok and tourist destinations. 

 

 

 

The company has earmarked 7.9 billion baht in foreign sales for 2026, up from 7.6 billion baht last year.

 

While Chinese buyers previously dominated at 67% of foreign sales, their share has dropped to 56%, with rising interest from Russians (1% to 5%), Japanese (1% to 6%), and CLMV countries (10% to 12%).

 

Phuket features prominently in the company's expansion plans. Sansiri intends to launch 20 projects worth 24,000 million baht in the resort island over the next three years (2026–2028). 

 

 

 

 

 

"Property and tourism go hand-in-hand," Uthai noted, citing increasing interest from Indian tourists visiting Pattaya and Phuket who are converting into property buyers.
 

 

For 2026, Sansiri plans to launch 33 new projects valued at 51 billion baht, comprising 17 horizontal projects (detached houses, semi-detached houses, and townhomes) worth 25 billion baht, and 16 condominium projects worth 26 billion baht. 

 

The developer is maintaining its focus on the medium to premium segments, which will account for 80% of its portfolio.

 

To address customers struggling with instalments, Sansiri is shifting towards completing homes before selling them. 

 

"We checked the schedule and found that tenants couldn't handle two-way instalments, so we decided to build to completion and then sell," Uthai said.

 

 

 

The developer reported a net profit of 3.029 billion baht for the first nine months of 2025—the highest amongst major residential developers—and paid dividends of 0.13 baht per share, representing nearly a 10% yield. 

 

The company maintains a strong backlog of 19.7 billion baht, with 10 billion baht scheduled for recognition this year.

 

 

 

 

Beyond traditional property development, Sansiri is pursuing business diversification through a newly established 1-billion-baht fund to invest in high-potential ventures. 

 

The goal is to increase revenue from non-real estate businesses from 15% to 25% within five years. 

 

Its "Crafted by Sansiri" home-building business is targeting 100% growth this year, aiming to reach 500 million baht in sales.

 

 

 

The company is also pursuing joint ventures with partners including BTS and Mitsubishi Estate, targeting approximately five JV projects for the current year to strengthen its financial position and enhance balance sheet management.

 

Sansiri has already established a robust network of four primary partners and is now set to broaden its horizons. This year, the developer plans to scout for further strategic alliances with both Thai and international entities to bolster its portfolio.

 

According to Sansiri president Uthai, the company is currently in negotiations with a Thai private fund regarding a potential joint venture project.

 

 

 

Sansiri's strategy reflects a broader industry trend of adapting to constrained purchasing power whilst capitalising on specific market opportunities—particularly the "Thailand effect," where foreigners increasingly view the kingdom as a relocation destination due to its lifestyle appeal and viral social media presence.