Naporn Sunthornchitcharoen, Chairman of Land and Houses Public Company Limited (SET: LH), revealed that in 2026, the company has set a total revenue target of THB 26.9 billion, comprising THB 17 billion from property transfer revenues and THB 9.9 billion from rental property revenues. At the same time, the company will focus on reducing inventory levels and the debt-to-equity ratio.
Currently, the company has a sales backlog worth THB 9 billion, which will be gradually recognized mainly from 2026 onwards. In 2026, a new condominium project, One Valaya Chaophraya, valued at THB 15 billion, will be completed. Approximately 60% of this project has already been sold, and the company expects to begin transferring ownership in the middle of the fourth quarter of 2026. Additionally, LH still holds ready-to-sell and ready-to-transfer inventory, including both condominium and low-rise projects, with a total value of THB 17 billion.
For 2026, the company targets presales of THB 15 billion and plans to launch two new projects with a combined value of THB 3.66 billion.
In 2026, the real estate market is expected to face pressure from the economy that was projected to grow at a low rate of around 1.5%, in line with a slowdown in exports amid U.S. protectionist measures and the strengthening baht. Aggregate loans remain contracted due to high household debt levels and stricter bank credit issuance, especially for SMEs, which face liquidity pressure from limited credit access. Vulnerabilities in the household and business sectors affect domestic purchasing power.
However, the company expects positive factors in the tourism sector from newly opened flight routes connecting to Thailand and government tourism stimulus measures, as well as increased political stability of the government, which is expected to improve compared to the previous year.
Naporn further stated that in 2026 the company has a total investment budget of approximately THB 4.5 billion, comprising a budget of THB 2 billion for land acquisition for residential project development and THB 2.5 billion for investment in rental properties. Furthermore, in 2026, the company plans to sell one hotel in Thailand to the LH Hotel Leasehold Real Estate Investment Trust (LHHOTEL) and two projects in the United States.
Additionally, in 2026, the company plans to open a new hotel in Thailand in October, the Grande Centre Point Voyage, which will be the third hotel in Pattaya, following the success of Grande Centre Point Space Pattaya. In 2028, the company will open the Grande Centre Point Chinatown Hotel.
In terms of financial position, the company maintains its financial stability through good liquidity management and its current investment assets. At the end of 2025, the company had net interest-bearing debt of about THB 64 billion, a net debt-to-equity (D/E) ratio of approximately 1.20 times, and an average financial cost of 2.82%. In 2026, the company expects to issue bonds totaling about THB 15 billion to replace existing bonds that will mature, and expects the net debt-to-equity ratio to decrease to about 1 time by the end of 2026.
Regarding overall performance in 2025, revenue is expected to decrease by about 12% from 2024 due to circumstances negatively affecting tourism, reducing the number of tourists, and asset sales, which caused rental income from those buildings to disappear. In 2025, the company launched a total of three new projects worth THB 8.96 billion, down 70% from the previous year, consisting entirely of low-rise products.
