This past year’s performance was a big proof of the Company’s caliber under the guidance of the new Board of Directors and management team following the business integration and shareholding restructure of 2014. After a series of investment in assorted projects called for by the Board’s vision and strategies, we managed to report a net profit for the first year. Singha Estate has also accomplished decent business growth as a result of precise strategies and business plans together with full dedication by all executives and staff, in compliance with corporate governance and sustainable development approaches to take us to the ultimate goal of generating growth and delivering sustainable value for all stakeholders.
Relentless Growth for Leadership
For over two years, we have grown our businesses of various types, domestically and internationally. In 2014, after our business integration, we had merely three empty plots of land and a hotel, namely Santiburi Beach Resort and Spa. Today our businesses consist of an office complex “Suntowers”, 31 local and international hotels, three residential projects (to transfer ownership and start booking revenue by late 2018), and a project of pride: Singha Complex, a Grade A mixed-used development project, due for completion and commercial inauguration by the first quarter of 2018. All these in addition to the business acquisition of Daii Group Public Company Limited (DAII), a subsidiary invested on January 17, 2017, through 56%1 equity acquired under the resolution of EGM No. 1/2559 (2016), and over 15 residential projects under Nirvana Development Co., Ltd. (56%1 indirectly owned through DAII).
Going forward, our stride will still embrace local and international property businesses—hotel, office building, retail area/shopping center, and residential—which represent naturally complementary projects. Brand strengthening is therefore critical to us and represents a key corporate strategy for tackling challenging and different goals together with sustainable corporate growth.
The Board values coordinated mutual benefits within the Group, which enhance strength and sustainable mutual growth under propriety and fairness. Boon Rawd Brewery Group’s major shareholding is certainly an enormous boon to Singha Estate’s land procurement, investment, and marketing, among other business strengths. Yet, recognizing the need for transparency of connected transaction engagement to steer clear of conflicts of interest, the Board set criteria for commercial agreements under general commercial terms for engagement between the Company and/or its subsidiaries with directors, executives, or related parties. Strictly complying with corporate governance, these arm’s length criteria frame and guide our connected transactions for transparency, sensibility, and the best interests of Singha Estate.
To achieve sustainable growth, this year’s four-star acclaim for corporate governance practices is simply not enough. We fully recognize that support from all sectors is imperative for all parties’ sustainable growth. This year we have therefore included sustainable development goals as part of our corporate direction and strategy. The corporate vision has been revised: Becoming a premier lifestyle developer by crafting settings for people to live, play, work, and shop while nurturing growth and delivering sustainable value for all stakeholders.
In summary, the Board of Directors is truly grateful to all parties for perennially entrusting and supporting our operations. Please rest assured that Singha Estate Public Company Limited will remain committed to good governance for your best interests and to securing Thailand property business leadership.