Sansiri: Luxury Condo Leadership and Foreign-Buyer Mix
Sansiri (SET: SIRI) is Thailand's listed luxury, premium condo leader. FY2024 revenue was THB 38.54B (+4.47% YoY) and 2024 presales reached THB 40.8B (+8% YoY). 2025 international sales target is THB 7B (~13% ofβ¦
Key takeaways
- 1
Sansiri (SET: SIRI) FY2024 revenue (+ YoY); 2024 presales (+ YoY); Q4 2024 net profit (- YoY).
- 2
13 condo deliveries worth planned for 2025; backlog with recognising in 2025; 2025 international-sales target .
- 3
Flagship super-luxury portfolio: 98 Wireless (25-storey, 194 units, unit prices, ~- per sqm at top end), KHUN by YOO, XT Ekkamai.
- 4
Land Code foreign-ownership ceiling: foreigners cannot own more than of total saleable floor area in any condo building; underwrites resale premium and presale queue dynamics.
- 5
REIC FY2024 foreign condo transfers: 14,573 units (+), (- value YoY). Chinese 5,670 units ( share, , - YoY value); Myanmar + (1,388 units, ); Taiwan + (836 units).
- 6
Sansiri-Tokyu JV (Siri TK One: Sansiri , Tokyu , Saha Tokyu ): three completed Bangkok condos (Taka Haus Ekamai 12, The Base Sukhumvit 50, XT Ekkamai); JV channel to Japanese buyer base via Tokyu Livable; pivot to low-rise SDH after 3 condo projects.
Questions this report answers
What is Sansiri's FY2024 financial trajectory and 2025 pipeline? Per the FY2024 56-1, total revenue was (+ YoY) and 2024 presales hit (+ YoY). Q4 2024 net profit was (- YoY) β reflecting earnings pressure in the quarter despite revenue resilience. The 2025 pipeline is concrete: 13 condo deliveries worth per Kaohoon coverage; backlog with recognising in 2025; 2025 international-sales target . Broker view from Kaohoon's 2025 profit outlook anchors gross-margin lift on luxury condo mix and 2H25 condo transfer cadence.[, , ]
How does the foreign-condo market shape Sansiri's positioning? REIC's 2024 data per Nation Thailand: total foreign condo transfers were 14,573 units (+ volume) at (- value YoY) β value softness despite stable volume reflects a mix shift to lower-tier units per Bangkok Post. Chinese buyers held the #1 share for the sixth straight year (2019-2024) at 5,670 units ( share, , - YoY value). Myanmar surged + to 1,388 units (); Taiwan + to 836 units. The diversification away from pure-Chinese dependency supports luxury-segment revenue resilience.[, , ]
What is the super-luxury pricing reference? 98 Wireless is the flagship super-luxury reference: 25-storey, 194 units, Wireless Road location with unit prices and approximately - per sqm at the top end per Kaohoon and Sansiri disclosures. Bangkok luxury one-bedroom typical pricing is with per-sqm - luxury and + ultra-prime per Bamboo Routes 2026 outlook; Sukhumvit BTS-corridor typical -. Sansiri's super-luxury portfolio (98 Wireless, KHUN by YOO) sits clearly above market reference at the - per sqm tier; XT Ekkamai sits at the upper-luxury per sqm tier.[, ]
What is the Land Code foreign-ownership ceiling and why does it matter? The Thai Land Code (Condominium Act) caps foreigner ownership at of total saleable floor area in any condo building. Once filled, remaining units are restricted to Thai buyers. This statutory ceiling underwrites two structural dynamics: (1) presale queue priority for foreign buyers in popular luxury launches; (2) resale premium dynamics where Thai-quota units price at a discount on resale and foreign-quota units price at a premium when the cap is fully utilised. For Sansiri's foreign-buyer programme execution, the ceiling is the binding constraint.[]
Executive summary
Sansiri (SET: SIRI) is Thailand's pre-eminent luxury and super-luxury condo developer with a broad single-detached-house and townhome portfolio extending its addressable market. FY2024 revenue was (+ YoY) per the 56-1 with 2024 presales hitting (+ YoY). The flagship super-luxury portfolio (98 Wireless, KHUN by YOO, XT Ekkamai) anchors brand positioning at the top of the Bangkok luxury condo tier; SDH and townhome lines (Setthasiri, Habitia, Burasiri) extend to the Thai-domestic upper-mid-residential market.[, , ]
The 2025 pipeline is concrete and supports continued earnings momentum. 13 condo deliveries worth planned for 2025 per Kaohoon; backlog of with recognising in 2025; 2025 international-sales target of reflects targeted foreign-buyer programme execution. Q4 2024 net profit of (- YoY) reflected mix and timing rather than structural weakness; the broker outlook anchors gross-margin lift on luxury condo mix and 2H25 transfer cadence as the structural earnings recovery vehicle.[, ]
The foreign-buyer market is shifting in mix but stable in volume. REIC FY2024 data shows total foreign condo transfers of 14,573 units (+ volume) at (- value YoY). Chinese buyers held #1 share for six straight years (2019-2024) at 5,670 units ( share, , - YoY value); Myanmar surged +, Taiwan +. The diversification supports luxury-segment revenue resilience while the Chinese cohort weakness drags total value. Sansiri's Tokyu JV (Siri TK One: 70/29/1 split with Tokyu Livable) provides Japanese-buyer channel access; the post-2020 pivot to low-rise SDH (Burasiri Krungthep Kreetha) reflects the Japanese-target condo demand softness and the broader luxury-SDH positioning shift.[, , , ]
Sansiri super-luxury vs Bangkok luxury pricing reference (THB per sqm)
98 Wireless (super-luxury Sansiri)
Per sqm (THB '000)
528-1,000+
Notes
25-storey, 194 units, Wireless Road; $2.03-250M unit prices; flagship super-luxury reference.
KHUN by YOO (super-luxury Sansiri)
Per sqm (THB '000)
90+
Notes
Premium ultra-luxury Sansiri brand collaboration.
XT Ekkamai (luxury Sansiri)
Per sqm (THB '000)
180+
Notes
Tokyu JV alumnus; high-end Ekkamai positioning.
Ultra-prime market reference
Per sqm (THB '000)
500+
Notes
Bamboo Routes 2026 outlook; super-luxury Bangkok reference.
Luxury market typical
Per sqm (THB '000)
300-450
Notes
Luxury one-bedroom typical $0.348-18M (Bamboo Routes).
| Tier | Per sqm (THB '000) | Notes |
|---|---|---|
| 98 Wireless (super-luxury Sansiri) | 528-1,000+ | 25-storey, 194 units, Wireless Road; $2.03-250M unit prices; flagship super-luxury reference. |
| KHUN by YOO (super-luxury Sansiri) | 90+ | Premium ultra-luxury Sansiri brand collaboration. |
| XT Ekkamai (luxury Sansiri) | 180+ | Tokyu JV alumnus; high-end Ekkamai positioning. |
| Ultra-prime market reference | 500+ | Bamboo Routes 2026 outlook; super-luxury Bangkok reference. |
| Luxury market typical | 300-450 | Luxury one-bedroom typical $0.348-18M (Bamboo Routes). |
| Sukhumvit BTS-corridor typical | 150-250 | Premium BTS-anchored standard luxury (Bamboo Routes). |
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