Land and Houses
Land and Houses (SET: LH) is Thailand's oldest listed residential-property developer, listed on SET since 1989. FY2024 consolidated revenue approximately THB 27B. Product-mix is heavily weighted to detached house and townhouse — the strongest-performing residential segment in the current low-rise-over-high-rise cycle. Brand portfolio includes Laddarom (premium detached), Mantana (mid detached), Chaiyapruk (mid townhouse), plus condo under the Residences at Mandarin Oriental brand (ultra-luxury, single project). Sister company Quality Houses (SET: QH) operates residential, office under separate listing. LH's longevity, detached-house franchise depth, disciplined balance sheet make it a defensive residential pick.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 27B
FY2024
Franchise
Detached-house leader
FY2024
Ticker
SET: LH
Listed 1989
Sister company
Quality Houses (SET: QH)
Separate listing
What this company actually does
LH's core franchise is detached house, townhouse residential development across Bangkok, BMR, regional provinces. Product-mix weighting: detached house roughly 55-60% of revenue, townhouse 30-35%, condo 5-10%. Detached brands span price tiers: Laddarom (premium, THB 15M+), Mantana (mid, THB 6-15M), Chaiyapruk (mid-entry townhouse). The Residences at Mandarin Oriental Bangkok is LH's sole ultra-luxury condo project (co-branded with Mandarin Oriental Hotel Group); LH has no mass-market condo exposure. Sister company Quality Houses (SET: QH) holds an adjacent residential, office portfolio under separate listing.[]
Strategic position: LH is the defensive-residential pick in the current cycle. Detached-house concentration (~55-60% of revenue) positions LH favourably in the low-rise-over-high-rise trend; buyer profile (older, wealthier, lower LTV dependence) is less constrained by BOT macro-prudential policy. Competitive set: AP Thailand, Supalai, SC Asset are the direct detached-house peers; Sansiri Setthasiri, Habitia brands also compete. LH's long track record (40+ years), balance-sheet discipline, top-quartile dividend yield define the franchise.[, ]
Watchpoints
Detached-house demand resilience
Core product cycle; buyer profile less LTV-sensitive than condo-buyer profile.
Regional expansion pace
Bangkok, BMR saturation drives regional (Chiang Mai, Phuket, Chonburi) expansion cadence.
Dividend, payout sustainability
Top-quartile SET dividend yield; payout discipline is core to LH investment thesis.
Quality Houses coordination
Sister company holds adjacent residential, office portfolio; group-structure signalling matters.
What sets Land and Houses apart
Heritage
Thailand's oldest listed property developer (SET 1989)
LH has been listed continuously since 1989 — longer than any Thai residential developer. This multi-decade track record across at least three property cycles (1997 crisis, 2008 GFC, COVID) gives LH balance-sheet and institutional-memory advantages.
Product
Detached-house franchise leader — ~55-60% of revenue
LH's core revenue concentration in detached house (Laddarom premium, Mantana mid) is the highest among major listed peers. In the current cycle, detached-house buyers are older, more affluent, and less LTV-constrained by BOT macro-prudential policy than condo buyers.
Sister company
Quality Houses (SET: QH) — adjacent portfolio
Quality Houses (SET: QH) operates an adjacent residential and office portfolio under separate listing. LH and QH coordinate on land purchases, development timing, and capital allocation but maintain independent boards and financial statements.
Yield
Top-quartile dividend yield on SET
LH has maintained top-quartile dividend yield among SET-listed property developers for multiple consecutive years. This income-investor profile attracts a stable institutional-holder base and constrains management's appetite for aggressive land-bank accumulation.
LH brand portfolio: product tiers and price points
Laddarom
Product type
Premium detached house
Price range (THB)
THB 15M-50M+
Target buyer
Upper-income families, regional prestige
Mantana
Product type
Mid detached house
Price range (THB)
$0.174-15M
Target buyer
Mid-income professional households
Chaiyapruk
Product type
Mid townhouse
Price range (THB)
$0.087-8M
Target buyer
Young families, first movers
Residences at Mandarin Oriental
Product type
Ultra-luxury condo (single project)
Price range (THB)
THB 100M+
Target buyer
UHNW, foreign buyers
| Brand | Product type | Price range (THB) | Target buyer |
|---|---|---|---|
| Laddarom | Premium detached house | THB 15M-50M+ | Upper-income families, regional prestige |
| Mantana | Mid detached house | $0.174-15M | Mid-income professional households |
| Chaiyapruk | Mid townhouse | $0.087-8M | Young families, first movers |
| Residences at Mandarin Oriental | Ultra-luxury condo (single project) | THB 100M+ | UHNW, foreign buyers |
Related Market profiles
Peers, parents, partners, agencies, and other Real Estate & Property Development actors.
Competitor
AP Thailand
Top-3 residential peer; AP broader segment mix.
Open Market profile →
Competitor
Supalai
Mass-to-mid peer with detached-house depth.
Open Market profile →
Competitor
SC Asset
Mid-premium peer with similar detached, townhouse exposure.
Open Market profile →
Sector peer
Bangkok Metropolitan Administration (BMA)
Bangkok's directly elected city government; administers 50 districts, 5.5M+ registered residents, and a $2.9B+ annual municipal budget.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Land and Houses PCL (SET: LH) FY2024 Form 56-1 One Report
Bank of Thailand — Loan-to-Value (LTV) Macro-prudential Measures
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Land and Houses PCL (SET: LH) FY2024 Form 56-1 One Report | Land and Houses PCL | Primary | 2025-03-31 |
| Bank of Thailand — Loan-to-Value (LTV) Macro-prudential Measures | Bank of Thailand (BOT) | Primary | 2026-04-01 |
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competitor
AP Thailand
Top-3 listed residential developer; detached, townhouse, Mitsubishi Estate condo JV; FY2024 revenue ~THB 38B; mid-premium segment leader.
competitor
Supalai
Mass-to-mid residential; regional expansion to Australia, Philippines; FY2024 revenue ~THB 29B; disciplined land-bank operator.
competitor
SC Asset
Mid-premium residential; Shinawatra-linked ownership; FY2024 revenue ~THB 20B; balanced detached, townhouse, condo franchise.