Singha Estate doubles down on hotel market
Insisting that global and domestic economic uncertainties will not slow its ambitions, Singha Estate Public Co Ltd plans to double its investment in the hotel trade over another five years, adding 8,000 rooms at 80 hotels around the world.
Its newly unveiled Crossroads Maldives resort alone is expected to generate Bt20 billion in revenue.
Chief executive Naris Cheyklin acknowledged concerns about economic uncertainty but expressed confidence it would not affect the company’s business in 2020.
That business has grown sharply in recent years, he said, and there are opportunities to invest in new projects in the coming year in the wake of its purchase of six Outrigger hotels in four countries and launching Crossroads.
Naris said the office building and retail space business meanwhile sees continuous growth and maintains a stable income. The Singha Complex at Bangkok’s Asoke-Phetchaburi intersection proved surprisingly popular and enjoys a 92-per-cent per occupancy rate.
Singha Estate now plans to build a mixed-use SOS-brand project on Vibhavadi-Rangsit Road, 36 floors high and costing nearly Bt3.7 million.
Long-term plans carry an investment budget for commercial projects of Bt15 billion over the four years through 2023.
The Crossroads Maldives complex was unveiled earlier this month with a marina yacht pier, shops and restaurants and two separate hotels, the Saii Lagoon Maldives – part of the Curio Collection by Hilton – and the Hard Rock Hotel Maldives.
Singha Estate also plans to list S Hotels and Resorts (SHR), the affiliate developing and managing its hotel business, on the Thai stock exchange.