Supalai
Supalai (SET: SPALI) is a top-five listed residential developer known for disciplined land-bank cost, project-launch cadence. FY2024 consolidated revenue approximately THB 29B. Product mix is balanced across detached house, townhouse, and condominium in the mass-to-mid segment. Distinctive in the listed stack for regional expansion: active residential operations in Australia (Brisbane, Sydney) and the Philippines (Manila) in addition to Thailand. Thai franchise spans Supalai Park (condo), Supalai Ville (detached, townhouse), Supalai Lake (lakeside premium), and Supalai Prime (higher-end condo) brand ladders.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 29B
FY2024
Segment
Mass-to-mid residential
FY2024
Ticker
SET: SPALI
Listed 1993
Regional exposure
Australia, Philippines
Ongoing
What this company actually does
Supalai develops, sells residential property across three product lines: detached house (Supalai Ville, Supalai Garden Ville), townhouse (Supalai City Home, Supalai Place), and condominium (Supalai Park, Supalai Prime, Supalai Loft). Product-price positioning is mass-to-mid: townhouse THB 2-6M, detached house THB 4-15M, condo THB 1.5-8M per unit. Geographic focus: Bangkok, BMR core plus regional (Phuket, Chiang Mai, Hua Hin, Pattaya). Regional expansion into Australia (Brisbane, Sydney), Philippines (Manila) is differentiating but remains a minor share of group revenue.[]
Strategic position: Supalai's discipline on land-bank cost, project-launch cadence is the key franchise asset. The company typically sources land ahead of cycle peaks, launches when demand conditions align; this produces above-peer gross margins, cash conversion. Competitive set: AP Thailand, Pruksa, Land and Houses are closest peers. Regional diversification (Australia, Philippines) adds currency, local-market risk but spreads the Thai-household-debt cycle exposure. BOT LTV compression affects Supalai's condo line; detached, townhouse segments less exposed.[]
Watchpoints
Land-bank cost discipline
Core franchise asset; gross-margin, cash-conversion differentiator vs peers.
Australia, Philippines trajectory
Regional revenue share, local-market execution, currency translation effect.
Condo exposure, LTV
Condo line is most LTV-exposed; detached, townhouse resilience offsets.
Presales-to-revenue conversion
Quarterly presales velocity, backlog visibility.
Brand ladder and product positioning
Detached house
Supalai Ville — mid-market detached
Supalai Ville is the core detached-house brand at $0.116-12M per unit. Located in Bangkok BMR suburban ring and major regional cities (Chiang Mai, Phuket, Chonburi). Volume driver of the product mix.
Condominium
Supalai Park — mass-to-mid condo
Supalai Park is the primary condo brand ($0.043-5M per unit), targeting urban young professionals and investor buyers. Most exposed to BOT LTV rules among Supalai's lines.
Regional
Australia, Philippines — international diversification
Supalai operates residential projects in Brisbane, Sydney (Australia) and Manila (Philippines). These represent a low single-digit share of total revenue but provide diversification from the Thai household-debt cycle and introduce currency translation effects.
Discipline
Land-bank cost and launch timing
Supalai's franchise advantage is sourcing land below-cycle peaks and launching projects when demand aligns. The result is gross margins typically 2-4 percentage points above the listed peer average.
Thai listed residential developers: FY2024 comparison
AP Thailand (AP)
FY2024 revenue (approx)
Primary segment
Mid-premium condo, townhouse
Key differentiator
JV condos with MitsubishiEstate
Supalai (SPALI)
FY2024 revenue (approx)
Primary segment
Mass-to-mid detached, condo
Key differentiator
Land-bank discipline, Australia/Philippines
Land and Houses (LH)
FY2024 revenue (approx)
~ $782.6M
Primary segment
Detached house leader
Key differentiator
40-year franchise, QH sister co.
Sansiri (SIRI)
FY2024 revenue (approx)
~ $0.725-28B
Primary segment
Broad: condo, detached, service apt
Key differentiator
Hotel, Airbnb adjacency assets
Pruksa Holding (PSH)
FY2024 revenue (approx)
~ $0.435-18B
Primary segment
Affordable mass market
Key differentiator
Prefab construction cost efficiency
| Developer | FY2024 revenue (approx) | Primary segment | Key differentiator |
|---|---|---|---|
| AP Thailand (AP) | ~ $1.07-40B | Mid-premium condo, townhouse | JV condos with MitsubishiEstate |
| Supalai (SPALI) | ~ $840.6M | Mass-to-mid detached, condo | Land-bank discipline, Australia/Philippines |
| Land and Houses (LH) | ~ $782.6M | Detached house leader | 40-year franchise, QH sister co. |
| Sansiri (SIRI) | ~ $0.725-28B | Broad: condo, detached, service apt | Hotel, Airbnb adjacency assets |
| Pruksa Holding (PSH) | ~ $0.435-18B | Affordable mass market | Prefab construction cost efficiency |
Related Market profiles
Peers, parents, partners, agencies, and other Real Estate & Property Development actors.
Competitor
AP Thailand
Top-3 residential peer; AP mid-premium, Supalai mass-to-mid.
Open Market profile →
Competitor
Land and Houses
Detached-house peer with longer track record.
Open Market profile →
Competitor
Pruksa Holding
Mass-market peer; Pruksa more affordable-housing skewed.
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 |
|---|---|---|---|
| Supalai PCL (SET: SPALI) FY2024 Form 56-1 One Report | Supalai PCL | Primary | 2025-03-31 |
Reports featuring this profile
AP Thailand: Mid-Market Housing and the Bangkok Suburban Pipeline
Mass-to-mid listed peer; competes hardest with AP in townhouse and mid-market condo; nationwide network.
Open report →
Sits alongside 4 other Atlas profilesThailand Real Estate & Property Development Market Intelligence
Top-5 listed residential developer; mass-to-mid; Australia, Philippines regional expansion; FY2024 revenue ~THB 29B.
Open report →
Sits alongside 10 other Atlas profilesThailand Condo Pre-Sale & Developer Liquidity Deep Dive
Mass-market volume-leader, national footprint.
Open report →
Sits alongside 6 other Atlas profilesThailand Foreign Condo Ownership & Leasehold Structure Deep Dive
Foreign-buyer mass-market condo programme.
Open report →
Sits alongside 6 other Atlas profilesThailand Airbnb, Short-Stay Condo Rental Deep Dive
Supalai mass-market condo, short-stay rental.
Open report →
Sits alongside 5 other Atlas profilesThailand Condominium Foreign Ownership, Leasehold Structure Deep Dive
Mass-affluent condo developer with rising foreign-buyer share
Open report →
Sits alongside 2 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
Pruksa Holding
Mass-market, affordable housing specialist; precast-concrete integration; FY2024 revenue ~THB 27B; Vimut Hospital healthcare JV.