SC Asset
SC Asset Corporation (SET: SC) is a mid-sized listed residential developer focused on the mid-to-premium segment. FY2024 consolidated revenue approximately THB 20B. Product mix balanced across detached house, townhouse, and condominium, with a slight detached-house weight. Brand ladders: Granada (premium detached), Bangkok Boulevard (mid detached), Verve (mid townhouse), Centric (mid condo). Shinawatra family-linked ownership (via Thaicom, related holdings) is a distinctive shareholder profile in the listed stack. Franchise competes against AP Thailand, Land and Houses, Supalai at similar scale, price positioning but with smaller revenue base.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 20B
FY2024
Segment
Mid-to-premium residential
FY2024
Ticker
SET: SC
Listed 2003
Shareholder profile
Shinawatra-linked
Ongoing
What this company actually does
SC Asset develops residential property across three product lines: detached house (Granada premium, Bangkok Boulevard mid, The Gent townhouse-hybrid), townhouse (Verve, Verve Ratchapruek), and condominium (Centric, Beatniq, 28 Chidlom). Geographic focus is Bangkok, BMR with selective regional projects. Price positioning mid-to-premium: detached THB 8-25M, townhouse THB 4-9M, condo THB 4-15M per unit. Revenue scale (~THB 20B) puts SC squarely in the second-tier listed residential stack — smaller than AP, Sansiri, Supalai but larger than specialty niche developers.[]
Strategic position: SC is a disciplined mid-sized residential operator. Detached, townhouse mix (~70-75% of revenue) favours the low-rise-over-high-rise cycle; condo line (~25-30%) is most LTV-exposed. Balance-sheet discipline, moderate launch cadence produce stable margins without peer-leading growth. Competitive positioning vs AP is nuanced: similar product-mix, price point but AP's Mitsubishi Estate JV differentiates on the condo line. SC's Shinawatra-linked shareholder profile is occasionally market-sensitive to political cycle but does not materially affect operating performance.[]
Brand ladder and product mix
SC runs eight active brands across three product categories, each targeting a distinct price tier.
Detached house — premium
Granada: THB 15-40M, golf-club adjacency
SC's flagship detached-house brand. Granada projects cluster around golf courses and premium suburban corridors in Bangkok West (Rama 5, Chaengwattana). Target buyer is dual-income household, upgrade purchase. Gross margin is highest in the product stack due to land price leverage and buyer willingness-to-pay for premium location and landscaping.[]
Detached house — mid
Bangkok Boulevard: THB 8-15M, transit-adjacent
Mid-tier detached house positioned for first-time home buyers at the upper-middle income range. Bangkok Boulevard projects follow the expansion of motorway and expressway networks in BMR peri-urban zones (Bang Phli, Lat Krabang, Sai Noi). Volume brand: contributes the largest unit count in the SC detached-house line.[]
Townhouse
Verve and Verve Ratchapruek: THB 4-9M
Townhouse product targeting young families, first upgrade buyers. Verve projects are distributed across BMR ring-road corridors with access to expressway on-ramps. The townhouse segment benefits from the low-rise preference shift: BOT LTV rules apply less punitively to low-rise (second property LTV80 vs condo LTV70 for second units). Townhouse carry costs are also lower than single detached, making inventory management more predictable.[]
Condominium
Centric, Beatniq, 28 Chidlom: THB 4-15M
Centric is the mid-condo brand (transit corridors, smaller unit sizes). Beatniq and 28 Chidlom are premium urban condos in Sukhumvit and CBD-adjacent locations with smaller project count but higher per-unit values. Foreign quota is actively marketed in the Beatniq and 28 Chidlom brand tiers. Condo revenue is completion-recognised, creating a backlog-to-revenue lag of 18-36 months from presales.[]
Revenue mix by product type: approximate FY2024 split
Low-rise (detached plus townhouse) dominates — defensive in the current BOT tightening cycle.
Detached house
% of revenue (approx.)
BOT LTV sensitivity
Low (own-land, LTV90 first home)
Cycle note
Stable; upgrade demand resilient
Townhouse
% of revenue (approx.)
BOT LTV sensitivity
Low-medium (LTV80 for 2nd unit)
Cycle note
Volume driver; entry-level upgrade
Condominium
% of revenue (approx.)
BOT LTV sensitivity
High (LTV70 for 2nd unit)
Cycle note
Most exposed to household-debt constraint
| Product type | % of revenue (approx.) | BOT LTV sensitivity | Cycle note |
|---|---|---|---|
| Detached house | 45-50% | Low (own-land, LTV90 first home) | Stable; upgrade demand resilient |
| Townhouse | 25-30% | Low-medium (LTV80 for 2nd unit) | Volume driver; entry-level upgrade |
| Condominium | 25-30% | High (LTV70 for 2nd unit) | Most exposed to household-debt constraint |
Shinawatra ownership — market sensitivity vs operating fundamentals
SC Asset's major shareholder structure includes Shinawatra family-linked holding entities (via investment vehicles historically connected to the Thaicom group and Shinawatra Computer & Communications). The Shinawatra family political cycle — particularly events related to Thaksin Shinawatra's judicial status and the Pheu Thai-led coalition government — can create short-term share price volatility for SET:SC independent of operating performance. This is a sentiment risk, not a fundamental business risk: SC's operating model, revenue recognition, and margins are not materially affected by shareholder-side political events.[]
For long-term fundamental investors, the Shinawatra ownership link is a discount-to-NAV opportunity rather than a structural risk. SC's balance sheet is conservatively managed, gearing is moderate (net D/E approximately 0.8-1.0x), and the company has consistently paid dividends. The shareholder structure does not affect the revenue-recognition mechanics, the product quality, or the competitive positioning in the residential market.[]
Watchpoints for the next annual report
Detached, townhouse share
Low-rise weight (~70-75% of revenue) defensive in current cycle. Watch if SC shifts mix toward condo to chase margin.
Condo line LTV exposure
Condo segment (~25-30%) most LTV-sensitive; BOT macro-prudential transmission. Beatniq and 28 Chidlom foreign-quota uptake is the buffer.
Shareholder-profile volatility
Shinawatra-linked ownership can trigger market-sentiment moves independent of operating trajectory. Discount to NAV is the opportunity read.
Launch cadence vs peers
Moderate launch cadence; peer-comparable gross margin but below peer-leading revenue growth. Watch FY2025 new-project launch count.
Related Market profiles
Peers, parents, partners, agencies, and other Real Estate & Property Development actors.
Competitor
AP Thailand
Top-3 peer at similar price positioning, larger scale.
Open Market profile →
Competitor
Land and Houses
Detached-house peer with longer track record.
Open Market profile →
Competitor
Supalai
Mass-to-mid peer with broader geographic reach.
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.
| Source | Publisher | Grade | As of |
|---|---|---|---|
| SC Asset Corporation PCL (SET: SC) FY2024 Form 56-1 One Report | SC Asset Corporation PCL | Primary | 2025-03-31 |
Reports featuring this profile
The Shinawatra Family in Thai Political Economy: Thaksin, Yingluck, Paetongtarn, and the Pheu Thai Empire
Shinawatra-affiliated real-estate SET-listed.
Open report →
Sits alongside 6 other Atlas profilesBangkok Luxury Condo Resale: 49% Foreign Quota, Sukhumvit Anchors, and the 2025-2026 Cycle
SET-listed; Shinawatra-family-affiliated.
Open report →
Sits alongside 5 other Atlas profilesBangkok Condo Pricing 2026: USD 5-15K/sqm Sukhumvit Luxury, Phra Khanong USD 2-4K, and Foreign-vs-Thai Buyer Reality
Tier-1 condo developer; Shinawatra-affiliated.
Open report →
Sits alongside 5 other Atlas profilesSansiri: Luxury Condo Leadership and Foreign-Buyer Mix
SET-listed developer; premium condo and luxury SDH; Bhiraj REIT management arm.
Open report →
Sits alongside 3 other Atlas profilesAP Thailand: Mid-Market Housing and the Bangkok Suburban Pipeline
Mid-tier listed peer; FY2024 revenue THB 20.4B; similar mid-premium product mix at smaller scale.
Open report →
Sits alongside 4 other Atlas profilesThailand Real Estate & Property Development Market Intelligence
Mid-sized residential; Shinawatra-linked; balanced detached, townhouse, condo; FY2024 revenue ~THB 20B.
Open report →
Sits alongside 10 other Atlas profilesThailand Condo Pre-Sale & Developer Liquidity Deep Dive
Premium urban condo, SDH, mixed-use.
Open report →
Sits alongside 6 other Atlas profilesThailand Foreign Condo Ownership & Leasehold Structure Deep Dive
Foreign-buyer urban condo programme.
Open report →
Sits alongside 6 other Atlas profilesRelated Market profiles
competitor
AP Thailand
Top-3 listed residential developer; detached, townhouse, Mitsubishi Estate condo JV; FY2024 revenue ~THB 38B; mid-premium segment leader.
competitor
Land and Houses
Thailand's oldest listed developer (SET 1989); detached-house franchise leader; FY2024 revenue ~THB 27B; Quality Houses sister company.
competitor
Supalai
Mass-to-mid residential; regional expansion to Australia, Philippines; FY2024 revenue ~THB 29B; disciplined land-bank operator.