Syntec Construction
Syntec Construction (SET: SYNTEC) is the listed Thai building-contractor specialist. FY2024 consolidated revenue approximately THB 15B. Core franchise is high-rise residential, commercial building construction in Bangkok, BMR. Long-standing client relationships with top listed developers (Sansiri, AP Thailand, Origin Property, Pruksa Holding) anchor the project pipeline; private-sector, property-developer capex drives Syntec's cycle more than government procurement. Distinctive from top-3 civil contractors (ITD, CK, STEC) in being purely building-focused — no MRT, no dam, no airport civil.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 15B
FY2024
Specialty
High-rise, commercial buildings
FY2024
Ticker
SET: SYNTEC
Listed 2004
Client base
Sansiri, AP, Origin, Pruksa
Ongoing
What this company actually does
Syntec builds high-rise condominium, commercial, hospitality, institutional buildings for Thai developer, corporate clients. Portfolio includes luxury, premium condo towers for Sansiri (flagship projects), AP Thailand, Origin Property, and select Pruksa high-rise; commercial office, mixed-use projects; institutional (hospitals, universities). Building-only focus means no large-bore tunnelling, no MRT civil, no dam work — Syntec competes in a narrower slice of the construction market than top-3 civil peers.[]
Strategic position, cycle exposure: Syntec is the listed stack's purest private-capex cycle play. Revenue tracks residential-developer launch cadence with 12-24 month lag; when BOT LTV compresses residential demand, developer launch pace slows, Syntec's project pipeline tightens. Offset is continuing luxury, premium condo demand (Sansiri, AP, Origin high-end projects remain resilient under foreign-buyer cap support). Margin profile tighter than civil peers (building work is competitively bid, material-cost-volatility exposed) but with lower project-delivery risk.[]
Business segments
Residential
High-rise condo construction
Main revenue driver: high-rise luxury and premium condominium towers for Sansiri, AP Thailand, Origin Property. Typical project value $0.029-5B per tower. FY2024 backlog ~ $0.87-35B from residential.
Commercial
Office, mixed-use, hospitality
Office towers, mixed-use developments, hotel building for corporate and hospitality clients. Provides developer-cycle diversification; commercial projects often have longer lead times and more stable margins.
Listed Thai building and civil contractor comparison
FY2024 estimates
Italian-Thai Development (ITD)
CH Karnchang (CK)
Ticker
SET:CK
Revenue (THB B)
~35
Focus
Civil infra, power, water
Backlog (THB B)
~100
Sino-Thai Engineering (STEC)
| Entity | Ticker | Revenue (THB B) | Focus | Backlog (THB B) |
|---|---|---|---|---|
| Italian-Thai Development (ITD) | SET:ITD | ~40 | Civil infra, rail, dam, port | ~120 |
| CH Karnchang (CK) | SET:CK | ~35 | Civil infra, power, water | ~100 |
| Sino-Thai Engineering (STEC) | SET:STEC | ~28 | Civil infra, electromechanical | ~80 |
| Syntec Construction | SET:SYNTEC | ~15 | Building (high-rise, commercial) | ~45-50 |
Key drivers 2025-2026
Pipeline
Developer launch cadence
Sansiri, AP, Origin, Pruksa new-project launches in 2025 determine Syntec's tender pipeline for 2026-2027 delivery. Each major luxury-condo launch ($0.087-8B) is a potential $0.029-3B Syntec construction contract.
Watchpoints
Developer launch cadence
Sansiri, AP, Origin launch pace drives Syntec pipeline with 12-24 month lag.
Luxury, premium condo resilience
Foreign-buyer-underwritten top tier supports project demand.
BOT LTV, mid-segment
Mass, mid condo compression tightens building-contractor project pipeline.
Steel, cement cost cycle
Material-cost volatility most exposed in building segment; margin sensitivity.
Related Market profiles
Peers, parents, partners, agencies, and other Construction & Engineering actors.
Competitor
Sino-Thai Engineering and Construction
Third major civil with building exposure; STEC larger scale but less building-focused.
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Partner
Sansiri
Primary developer client; Sansiri luxury, premium condo projects underwritten by Syntec construction.
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Partner
AP Thailand
Developer client; AP high-rise projects.
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Sector peer
CH. Karnchang
Largest-ROE Thai civil contractor; MRT Orange Line west, Xayaburi hydropower, dam-project pipeline; FY2024 revenue ~ $1.01B.
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Syntec Construction PCL (SET: SYNTEC) FY2024 Form 56-1 One Report
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Syntec Construction PCL (SET: SYNTEC) FY2024 Form 56-1 One Report | Syntec Construction PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Construction & Engineering Market Intelligence
Listed building-contractor specialist; high-rise, developer client base; FY2024 revenue ~THB 15B.
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Sits alongside 8 other Atlas profilesThailand Real Estate & Property Development Market Intelligence
Primary building contractor for Sansiri, AP Thailand, Origin Property high-rise projects.
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Sits alongside 10 other Atlas profilesRelated Market profiles
competitor
Sino-Thai Engineering and Construction
Third major Thai civil contractor; balanced building, infrastructure; FY2024 revenue ~THB 28B; no offshore legacy risk.
partner
Sansiri
Thailand's luxury, premium condo leader; BTS Group transit-oriented JV; FY2024 revenue ~THB 36B; foreign-buyer-demand beta.
partner
AP Thailand
Top-3 listed residential developer; detached, townhouse, Mitsubishi Estate condo JV; FY2024 revenue ~THB 38B; mid-premium segment leader.