Real Estate Management & Development

AssetWise Public Company Limited, or ASW, reported accumulated sales of 15.287 billion baht in the first nine months of 2026, equal to 83% of its full-year sales target of 18.5 billion baht. Chief Executive Officer Kromchet Vipanpong said the results were driven by government property stimulus measures and cuts to the policy interest rate. Products that continued to draw strong demand were condominiums along mass transit lines and campus condos. In the third quarter, the new Wynn Bangmod-Pracha Uthit project, valued at 500 million baht, booked more than 50% of its units from the moment sales opened. The company plans to launch three new projects in the final stretch of the year. These are the Cave Bloom Kaset campus condo near Kasetsart University, with a total project value of 1.5 billion baht, and two Leisure Residence projects in Phuket through its affiliate Rompho Property Public Company Limited, or TITLE. They are The Fizz Kata, a second condominium in the Kata Beach area with a project value of 1.1 billion baht, and The Quartz Karon, a luxury condominium with a project value of 1.4 billion baht, marking the company's first expansion into Karon Beach. The company assessed that flooding in several areas could affect confidence in residential locations in the short term, but it still sees positive factors from the tourism sector, especially Phuket, which is entering its tourism season and benefiting from four new direct flight routes from Europe, the Middle East and Eastern Europe starting in February. Meanwhile, data from the Tourism Authority of Thailand's Phuket office showed that in the first eight months of the year, the largest group of foreign tourists arriving in Phuket remained those from Russia, China, India and Europe, high-purchasing-power buyers looking for second homes and long-term residences.

Lalin Property Public Company Limited, or LALIN, has launched a special campaign called "Easy Home, Pay Much Less!" running from October 10-11, 2026, to help reduce expenses for those planning to buy a home. The campaign offers benefits worth more than 300,000 baht in total, covering everything from the early stages of mortgage payments through to life after moving in. Customers who join the campaign will receive an introductory interest rate starting at 0.73% for up to 3 months, along with help paying water and electricity bills for up to 40 months, or up to 2,500 baht per month, plus free transfer-day expenses, under conditions set by the company. The campaign covers several types of housing, including detached houses, new-concept homes, and townhomes, in the price range of 2 to 10 million baht. Participating projects span LALIN's main brands, such as "Lalin Greenville," "Baan Lalin," "Lanceo," and "Lio," all of which are developed under the Green Living Standard. Those interested can visit the projects and receive the special privileges on October 10-11, 2026. Interest rates and loan conditions are subject to the criteria of participating banks.

Kromchet Viphanphong, Chief Executive Officer of ASW, revealed that accumulated sales from housing and condominium projects in the first nine months of 2026 totaled more than 15.2 billion baht, representing 83% of the full-year sales target of 18.5 billion baht. In the third quarter of 2026, momentum was driven by newly launched projects such as the Winn Bang Mod-Pracha Uthit project, valued at 500 million baht, which achieved bookings of more than 50% from its launch period, as well as the Campus Condo Rangsit campaign with a major giveaway offering ready-to-move-in units. The company is preparing to launch 3 new projects soon, namely the Cave Bloom Kaset campus condo project near Kasetsart University, valued at 1.5 billion baht, and the Leisure Residence project in Phuket under the development of Rompho Property Public Company Limited, a subsidiary, led by The Fizz Kata condominium project, the second on the Kata Beach location, with a combined value of 1.1 billion baht, building on The Catabello project, and expanding for the first time to Karon Beach with The Quartz Karon project, valued at 1.4 billion baht, which is expected to help drive sales in the latter part of this year. The company expects that flooding conditions in the fourth quarter of 2026 may affect confidence in residential locations in the short term, but it is still closely monitoring the situation and preparing assistance measures for residents and surrounding communities. Meanwhile, the real estate market continues to be supported by the tourism sector, especially Phuket province, a world destination that benefits from the launch of 4 new direct flight routes from Europe, the Middle East, and Eastern Europe starting in October onward.

Singha Estate Public Company Limited, or S, has signed a lease agreement for more than 3,000 square metres with World Gym (Thailand) Co., Ltd. to develop a new World Gym location in Thailand within the S-OASIS office building. Knight Frank Thailand acted as advisor on the deal, and the facility will officially open for service in the first quarter of 2027. Chairat Sivapornpun, Chief Executive Officer of Singha Estate, is leading the effort to add value to the S-OASIS office building through this partnership with a global brand. Meanwhile, Ornanee Poolkhwan, Chief Executive Officer of the Retail and Commercial Business Development line, said World Gym will become a strategic tenant that strengthens the S-OASIS ecosystem and forms an important part of the tenant mix strategy, with the wellness space of more than 3,000 square metres filling out S-OASIS as a work-life destination. John Caraccio, Chief Executive Officer of World Gym International, said Thailand is a high-potential market for the fitness and wellness industry and that S-OASIS is an extremely suitable location. Panya Jenkitwattanalert, Partner and Head of Office Advisory at Knight Frank Thailand, said the non-CBD market continues to show positive trends, with Knight Frank reporting an occupancy rate of 80%.

Singha Estate Public Company Limited, or S, has signed an agreement with World Gym, a global partner, to open a new World Gym in Thailand within the S-OASIS project. Aoranee Poolkhwan, Chief Executive Officer of the Retail and Commercial Business Development Division at S, said that World Gym (Thailand) Co., Ltd. is leasing more than 3,000 square meters, with Knight Frank Thailand serving as advisor on the deal. The facility will officially open in the first quarter of 2570. The arrival of World Gym as a strategic tenant is part of the tenant mix management strategy for S-OASIS, helping to increase diversity in space usage, generate traffic outside working hours, and support recurring income alongside long-term growth in the value of the commercial real estate portfolio. John Caraccio, Chief Executive Officer of World Gym International, said that Thailand is a high-potential market for the fitness and wellness industry, and views S-OASIS as an especially suitable location. Panya Jenkitwattanalert, Partner and Head of Office Advisory at Knight Frank Chartered (Thailand) Co., Ltd., said that the non-CBD market continues to show positive trends, with Knight Frank reporting an occupancy rate of 80%.

Singha Estate Public Company Limited, or S, has signed an agreement to lease more than 3,000 square metres of office space in the S-OASIS building to World Gym (Thailand) Co., Ltd. to develop a new World Gym in Thailand, with Knight Frank Thailand acting as advisor on the deal. The new facility will officially open for service in the first quarter of 2570. Chairat Sivapornphan, Chief Executive Officer of Singha Estate, and John Caraccio, Chief Executive Officer of World Gym International, jointly drove the deal forward. Oranee Poolkhwan, Chief Executive Officer of the Retail and Commercial Business Development Division at S, said that World Gym's arrival as a strategic tenant will strengthen the S-OASIS ecosystem and form an important part of its tenant mix strategy. The wellness space of more than 3,000 square metres will help complete S-OASIS as a work-life destination connecting work, life and wellness, while supporting recurring income and increasing the value of the commercial property portfolio over the long term. Panya Jenkitwattanalert, Partner and Head of Office Advisory at Knight Frank Chartered (Thailand) Co., Ltd., said the non-CBD market still shows positive trends, with Knight Frank reporting an occupancy rate of 80%.

AssetWise Public Company Limited, or ASW, reported accumulated sales from its housing and condominium projects in the first nine months of 2026 of more than 15.287 billion baht, or 83% of its full-year sales target of 18.5 billion baht. Chief Executive Officer Kromchet Viphanphong said part of the third-quarter sales came from the newly launched Winn Bangmod–Pracha Uthit project, worth a total of 500 million baht, which booked more than 50% of its units from the early launch period, as well as the Campus Condo Rangsit campaign. In the final stretch of 2026, the company plans to launch three new projects: Cave Bloom Kaset, a campus condo near Kasetsart University worth a total of 1.5 billion baht, and Leisure Residence projects in Phuket developed by its subsidiary Rompho Property Public Company Limited, or TITLE. These comprise The Fizz Kata, its second condominium project in the Kata Beach area worth a total of 1.1 billion baht, building on The Catabello, and The Quartz Karon, a luxury condominium project worth a total of 1.4 billion baht, marking its first expansion into Karon Beach. Management said the tourism industry, especially in Phuket province, remains a key driver, boosted by the launch of four new direct flight routes from Europe, the Middle East and Eastern Europe starting in October. The company may also consider expanding with additional new projects in Phuket after the strong response to the Bienkana Surin project, and is confident this will help drive sales to meet the 18.5 billion baht target.

AssetWise Public Company Limited, or ASW, reported cumulative sales for the first nine months of 2026, from January to September, totalling 15.287 billion baht, or 83% of its full-year sales target of 18.5 billion baht. Chief Executive Officer Kromchet Viphanphong said part of the third-quarter sales came from the newly launched Winn Bangmod–Pracha Uthit project, worth a total of 500 million baht, which booked more than 50% from launch, as well as the Campus Condo Rangsit campaign and the campus condo group and condos along electric train lines, which continue to see steady demand. For the final stretch of 2026, the company plans to launch three new projects as scheduled: Cave Bloom Kaset, a campus condo near Kasetsart University worth a total of 1.5 billion baht, and Leisure Residence projects in Phuket developed by Rompho Property Public Company Limited, or TITLE, a subsidiary, comprising The Fizz Kata, its second condominium in the Kata Beach area, worth a total of 1.1 billion baht, and The Quartz Karon, a luxury condominium project on Karon Beach worth a total of 1.4 billion baht. The company said it is also monitoring flooding, which could affect confidence in residential locations in the short term, and expects the property market to remain supported by the tourism sector, government measures, and cuts in the policy interest rate.

AssetWise, or ASW, recorded presales of 15.287 billion baht in the first nine months of 2026, from January to September, equal to 83% of its full-year sales target of 18.5 billion baht. Chief Executive Officer Kromchet Viphanphong said part of the third-quarter sales came from the newly launched Winn Bang Mod–Pracha Uthit project, worth a total of 500 million baht, which booked more than 50% from launch, as well as the Campus Condo Rangsit promotional campaign offering ready-to-move-in units. For the final stretch of 2026, the company plans to launch three new projects: Cave Bloom Kaset, a Campus Condo near Kasetsart University worth a total of 1.5 billion baht, and Leisure Residence projects in Phuket developed by its subsidiary Rom Pho Property, or TITLE, namely The Fizz Kata, its second condominium in the Kata Beach area, worth a total of 1.1 billion baht, building on The Catabello, and The Quartz Karon, a luxury condominium worth a total of 1.4 billion baht, marking its first expansion into Karon Beach. The company believes the Phuket market, as a world destination, will benefit during the high season from four new direct flight routes from Europe, the Middle East and Eastern Europe starting in October. Meanwhile, the largest groups of foreign arrivals to Phuket in the first eight months were led by Russia, China, India and Europe, high-purchasing-power groups seeking second homes and long-term residences.

Assetwise Public Company Limited, or ASW, reported accumulated sales from its housing and condominium projects in the first nine months of 2026 at 15.287 billion baht, accounting for 83% of its full-year sales target of 18.5 billion baht. Chief Executive Officer Kromchet Vipanpong stated that third-quarter sales were boosted by the Winn Bang Mod–Pracha Uthit project, valued at 500 million baht, which has been more than 50% booked since its launch, as well as the Campus Condo Rangsit campaign for the final stretch of the year. ASW is preparing to launch 3 new projects with a combined value of 4 billion baht, comprising the Cave Bloom Kaset project, a campus condo near Kasetsart University valued at 1.5 billion baht, and Leisure Residence projects in Phuket under the development of Rompho Property Public Company Limited, or TITLE, a subsidiary in the group, namely The Fizz Kata project valued at 1.1 billion baht and The Quartz Karon project valued at 1.4 billion baht, marking its first expansion into Karon Beach. The company is maintaining its full-year sales target of 18.5 billion baht, supported by the tourism sector, especially Phuket province, which has 4 new direct flight routes from Europe, the Middle East, and Eastern Europe starting in October.

Preecha Group Public Company Limited, or PRECHA, has announced a goal of driving revenue to 1 billion baht within three years, with plans to continuously launch quality projects that meet genuine demand. For its short-term target in 2026, the company is confident that full-year revenue will reach no less than 250 million baht, supported by the gradual delivery and transfer of ownership in the Prime Westgate project, alongside preparations to launch two new projects under the PRESENSE brand in two potential locations. These are the PRESENSE Rattanathibet–Westgate project, a development of detached and semi-detached homes for young families and workers in the Nonthaburi area, which has already secured project financing from financial institutions and is set to begin ownership transfers and revenue recognition in December 2026. The other project is PRESENSE Lat Krabang–Suwinthawong, a location connected to the transport network linking to Suvarnabhumi Airport and industrial estates, targeting real demand buyers seeking housing in a high-value land area with long-term growth potential. Rongrit Thammasathit, Chief Executive Officer, stated that the 1 billion baht target within three years is backed by a concrete plan, including funding readiness, a backlog that will be fully recognized from 2027 onward, and rigorous risk management.

Yuanta Securities issued a research note maintaining its Buy recommendation on AP (Thailand) Public Company Limited, or AP, with a fair value of 9.45 baht per share, based on a PER of 6.4 times, representing an upside gain of 21.2% from the current price, and expects a 2026 dividend of 0.56 baht per share, representing a dividend yield of 7.18%. It expects normal profit in the second half of 2026 at 2,659 million baht, growing 35.2% compared with the first half and 8.7% compared with the same period last year, supported by a backlog of low-rise projects at an all-time high and the start of transfers at high-value condominium projects, namely Rhythm Charoennakhon Iconic, which is 85% sold, and Life Sathorn-Narathiwas 22, which is 35% sold, a joint venture project with a combined value of 6,800 million baht, as well as Life Charoennakhon-Sathorn, which is 68% sold with a value of 2,500 million baht. Second-half 2026 presales are expected at approximately 27,000 to 28,000 million baht, growing both half-on-half and year-on-year, driven by a plan to launch new projects worth a combined 33,820 million baht, up 47% half-on-half, comprising 31 new projects in total: 27 low-rise projects worth 28,820 million baht and 4 high-rise projects worth 4,500 million baht. Meanwhile, the impact from flooding is expected to be limited, with 22 of 246 low-rise projects affected and only 7 projects currently on sale, representing 3.5% of all 199 projects on sale. No condominium projects were affected.

Asset World Corp Public Company Limited, or AWC, has launched the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, the largest freehold real estate investment trust in Thailand, with an initial investment value of not more than 51,388 million baht. Asset World Corp REIT Company Limited, as the trust's manager, filed the trust unit offering registration statement and draft prospectus with the Securities and Exchange Commission on September 29, 2026. AWR's initial portfolio comprises five quality assets: The Empire Banyan Tree Koh Samui, Banyan Tree Krabi, Melia Koh Samui, and Pattaya Marriott Resort and Spa, which have posted average EBITDA growth of 20 percent over the past two years. Under AWR's unitholding structure, at least 72 percent is allocated to general investors, while AWC will hold no more than 28 percent of the trust units. AWC also disclosed that as of June 30, 2026, its portfolio had grown to 62 projects, with total asset value rising from 96,460 million baht at the time of its listing on the stock exchange in 2019 to 224,100 million baht.

Precha Group Public Company Limited, or PRECHA, has announced a plan to expand its real estate business, targeting total revenue of 1 billion baht within three years, during 2026 to 2028, after its first-half 2026 results showed total revenue of 122.92 million baht, an increase of 720% compared with the same period a year earlier. Chief Executive Officer Rongrit Thammasathit said the company is confident that total revenue for 2026 will be no less than 250 million baht, supported by the continued gradual delivery and transfer of ownership of the Prime Westgate project. The company is preparing to launch two new projects under the PRESENSE brand: the PRESENSE Rattanathibet–Westgate project, developed as detached and semi-detached houses, which has already received project financing from a financial institution and will begin transferring ownership and recognising revenue from December 2026; and the PRESENSE Lat Krabang–Suwinthawong project, located in an area connected to Suvarnabhumi Airport and industrial estates. Both projects will build a backlog to support continuous revenue recognition through 2028.

Asset World Corp, or AWC, has announced the establishment of the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, with an initial investment value of not more than 51,388 million baht. Wallapa Traisorat, Chief Executive Officer and President of AWC, said this creates a full-fledged sustainable growth platform model for the real estate business, with AWC serving as the Development Engine for developing and creating destinations, while AWR holds assets that generate stable, continuous, and sustainably rapid income. The trust has selected five properties that serve both the business and tourism sectors, comprising The Empire, two world-class Ultra-Luxury Wellness Destination brands, namely Banyan Tree Koh Samui and Krabi, and two in the Family & Friends Luxury Lifestyle Destination group, namely Melia Koh Samui and Pattaya Marriott Resort & Spa. This offers investors the opportunity to participate in the value and growth of these destinations through freehold property. AWC's portfolio has now grown to 62 projects, with total asset value rising from 96,460 million baht at the time of its listing on the Stock Exchange of Thailand in 2019 to 224,100 million baht as of June 30, 2026.

Asset World Corp Public Company Limited, or AWC, has unveiled its AWC's Integrated Sustainable Growth Platform model, which links AWC's property development business with the Asset World Lifestyle Properties Real Estate Investment Trust, or AWR. AWR has an initial investment value of up to 51.388 billion baht and aims to be Thailand's largest freehold REIT, with an initial portfolio of five properties: The Empire, Banyan Tree Koh Samui, Banyan Tree Krabi Resort, Meliá Koh Samui, and Pattaya Marriott Resort and Spa. AWR will grow through three mechanisms: Performance Growth, Appreciation Growth, and Acquisition Growth, expanding from the five initial assets to nine assets selected by AWC, plus 48 more projects in the current portfolio and future projects, under a right of first refusal. Wallapa Traisorat, Chief Executive Officer and President of AWC, said AWC will serve as the Development Engine while AWR will be the holder of income-generating assets. Under the trust unit holding structure, no less than 72% is allocated to investors and AWC holds no more than 28%. AWC currently has a portfolio of 62 projects, and its total asset value has risen from 96.46 billion baht at the time of its listing on the Stock Exchange of Thailand in 2019 to 224.1 billion baht as of June 30, 2026. Asset World Corp REIT Company Limited, as the REIT manager of AWR, filed the registration statement for the offering of trust units and the draft prospectus with the Securities and Exchange Commission on September 29, 2026, and targets a First Trading Day in late 2026 or early 2027. AWC expects to receive net cash flow of more than 30 billion baht from the sale of assets into AWR and aims to reduce its debt-to-equity ratio from 0.9 times to 0.6 times, while recognizing development profit of about 10 billion baht from a total value of approximately 14 billion baht, after deducting the 28% portion held by AWC. AWR has a dividend policy of 40%, paid quarterly, or four times a year. For the outlook for the fourth quarter of 2026, Wallapa said the tourism sector has strong growth momentum, with bookings in some locations rising by several tens of percent and some projects growing by as much as 100%. The flooding situation has not directly affected Asiatique or hotels in the group, and no room bookings have been cancelled.

Preecha Group, or PRECHA, has announced a roadmap to push revenue to 1 billion baht within 3 years, after first-half 2026 results grew 720%. Chief Executive Officer Rongrit Thammasathit said the company is confident total revenue for 2026 will reach no less than 250 million baht, driven by the gradual delivery and transfer of ownership at the Prime Westgate project. The company is preparing to launch 2 new projects under the PRESENSE brand: PRESENSE Rattanathibet-Westgate, comprising detached and semi-detached houses in the Nonthaburi area, which has already received project loan support from financial institutions and will begin ownership transfers and revenue recognition in December 2026; and PRESENSE Lat Krabang-Suwinthawong, a location connecting transport links to Suvarnabhumi Airport and industrial estates. The company expects to recognize revenue continuously from its backlog of pending ownership transfers through 2027-2028.

Kromchet Viphanphong, Chief Executive Officer of AssetWise Public Company Limited, or ASW, disclosed that the company expects revenue in the fourth quarter of 2026 to reach its highest level of the year, driven by the gradual transfer of completed projects. KAVE Town, with a project value of 4.5 billion baht, is one of the main projects scheduled for delivery in the fourth quarter of 2026. In the third quarter of 2026, the company began transfers at several large projects: THE TITLE Heritage Bang-Tao worth 6 billion baht, THE TITLE Cielo Rawai worth 1.2 billion baht, and Modiz Voyage Srinakarin worth 2.6 billion baht, supporting continuous revenue recognition in the second half of 2026. Regarding water conditions in Bangkok and its vicinity over the past two to three days, more than 80% of customers are still proceeding with transfers as scheduled and have not asked to postpone their appointments, as most had prepared power of attorney documents in advance. On its expansion into becoming a Lifestyle Developer, the company aims for recurring income to begin contributing significantly from 2027, expected to account for about 3-5% of total revenue, and targets a recurring income proportion of about 10% of total revenue within three to five years. It is also advancing its hospitality business in Phuket through The Asset Wise (TITLE), as well as plans to develop hotels together with IHG, namely voco Phuket Bangtao with 175 rooms, expected to open in 2029, and Hotel Indigo Phuket Nai Yang Beach with about 170 rooms, expected to open in 2030.

Assetwise Public Company Limited, or ASW, reported accumulated sales from its housing and condominium projects in the first nine months of 2026, from January to September, totalling 15,287 million baht, or 83% of its full-year sales target of 18,500 million baht. Chief Executive Officer Kromchet Viphanphong said part of the third-quarter sales came from the newly launched Winn Bang Mod–Pracha Uthit project, worth a total of 500 million baht, which secured bookings of more than 50% from the early launch period, as well as the Campus Condo Rangsit giveaway campaign, offering ready-to-move-in units, which drew a strong response from students, parents, investors and first jobbers in the Rangsit area. For the final stretch of the year, the company plans to launch three new projects: Cave Bloom Kaset, a campus condo near Kasetsart University worth a total of 1,500 million baht, and Leisure Residence projects in Phuket developed by Rompho Property Public Company Limited, or TITLE, a subsidiary, led by The Fizz Kata, its second condominium project in the Kata Beach area, worth a total of 1,100 million baht, building on The Catabello, and expanding for the first time to Karon Beach with The Quartz Karon, worth a total of 1,400 million baht. The executive said the Phuket market is also being supported by the tourism high season and the opening of four new direct flight routes from Europe, the Middle East and Eastern Europe starting in October. Foreign arrivals in Phuket over the first eight months were led by Russia, China, India and Europe, high-purchasing-power groups seeking second homes and long-term residences. The company is confident that Phuket's market potential, combined with efficient inventory management, will help drive sales to meet the 18,500 million baht target.

Jakkraipaisan Estate Public Company Limited, or JAK, is preparing to officially launch its luxury detached-housing project under the name SEQUOIA on 10 October 2026, with starting prices of roughly 20 million baht and up. Ms. Sunisa Jakkraipaisan, Deputy Managing Director for Sales and Marketing, told Thanhoon that this move into the upper-end residential market is part of a diversification strategy, after the 1-3 million baht housing segment continued to face constraints from financial institutions' stricter lending approvals. The company has set a 2026 revenue target of 378 million baht and is confident it will meet that goal, after first-quarter and second-quarter 2026 operating results came in ahead of plan. For 2027, it targets revenue of 435 million baht, or growth of about 15% from 2026, by gradually launching new projects and expanding its customer base into a wider range of price levels. JAK currently has projects spread across Bangkok, Pathum Thani and Chonburi. In the Bangkok-Pathum Thani area it has the Sequoia project, the Canna project, Talad Thai Khlong 2 and the Pine Condo Rangsit project, while in Chonburi it has the Fern Bang Saen Motorway project, the Keela project and the Canna Roopoh project. The company sees continued potential there from economic activity, employment and infrastructure development in the Eastern Economic Corridor, or EEC. At the same time, the company is placing greater emphasis on ESG concepts, both in designing homes that use energy efficiently and in increasing green space within its projects.

Boutique Corporation Public Company Limited, or BC, disclosed that its hotel business has entered the final stretch of 2026 with positive signals from High Season tourism demand, particularly in the Chiang Mai market where demand for accommodation has improved. Chief Executive Officer Pradchasingh Takral stated that Novotel Chiang Mai Nimman Journeyhub and ibis Chiang Mai Nimman Journeyhub have seen higher occupancy rates, in line with forward bookings that continue to trend well, while average room rates remain at a good level, reflecting strong booking momentum. The company is preparing to open two new hotels: Mövenpick Resort Kamala Beach Phuket in Phuket province, which will enter a soft opening phase in late 2026 before a full launch in early 2027, and a project under the Handwritten Collection brand on Sukhumvit 5 in Bangkok, aimed at increasing the group's room count and revenue base while expanding its portfolio to cover both key tourist cities and the Bangkok market. In addition, in 2027 BC is watching the "Thai Tiew Thai Plus" measure to stimulate travel during the Low Season and is pressing ahead with business expansion under an Asset-Light Model through its status as a Third-Party Operator, aiming to increase revenue from management fees and raise the share of recurring income over the long term.

Chayut Krailatrattanasiri, Assistant Director of the Research Department at Land and Houses Securities, told the Vision team that the overall outlook for tourism stocks in the fourth quarter of 2026 is clearly quite positive. Although early in the quarter there was pressure from flooding, this is assessed as only a short-term impact. The main supporting factors come from China's Golden Week, a long holiday early in the fourth quarter that has helped drive Chinese tourist arrivals into Thailand higher, with a clear acceleration, as well as Thailand hosting the IMF and World Bank meetings in mid-October, a positive factor in terms of policy and economic activity that directly supports tourism stocks. The research team views hotels as the biggest beneficiaries of the recovery in tourist numbers, expecting fourth-quarter operating results and profits to grow outstandingly. Airlines also benefit, but their upside is limited by still-high oil costs. The three standout hotel stocks named as Top Picks are AWC, with a target price of 20 baht, which the research team is in the process of reviewing upward on structural positives from the establishment of AWR that will help unlock asset value and increase liquidity; ERW, with a target price of 80 baht, which is assessed as still offering upside for investment; and CENTEL, with a consensus target price of 50 baht.

Asset World Corp Public Company Limited, or AWC, expects to offer investment units of the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, in late the fourth quarter of 2026 or the first quarter of 2027, after Asset World Corp REIT Company Limited, a subsidiary 99.99% held by AWC and serving as the trust's manager, already filed its application and Official Filing with the Securities and Exchange Commission, or SEC, on September 29, 2026. Mrs. Wallapa Traisorat, Chief Executive Officer and President, disclosed that this round will use a Strategic Synergy Model together with AWC, with the AWR trust investing in a first group of assets held on freehold title, spanning both the hotel and commercial real estate businesses, totaling five projects: The Empire (Sathorn) with a minimum value of 25.12 billion baht, Banyan Tree Samui hotel at 6.463 billion baht, Pattaya Marriott Resort and Spa hotel at 6.717 billion baht, Melia Koh Samui hotel at 5.895 billion baht, and Banyan Tree Krabi Resort hotel at 4.884 billion baht. For this round, the assets are worth approximately 14 billion baht, with AWC to hold 28% of the investment units and expected to recognize about 10 billion baht through its profit and loss statement, while those assets have a book cost of roughly 18 billion baht and unrealized gains of about 5 billion baht. The funds raised will be managed under an initial dividend policy targeting payouts every quarter, four times a year, with part used to repay debt to reduce the debt-to-equity ratio, or D/E Ratio, from about 0.9 times currently to 0.6 times, in order to support growth in return on equity, or ROE, and to accommodate new project development plans as a Development Engine to generate ongoing development profits.

AssetWise Public Company Limited, or ASW, has partnered with the Digital Marketing program at the Faculty of Business Administration, Bangkok University, to open a space for more than 800 students to co-create digital marketing ideas for the KAVALON project, a new campus condominium kingdom right next to the Bangkok University fence, through the THE REAL CHALLENGE and WORK ON CAMPUS campaigns. Under THE REAL CHALLENGE, students are divided into 80 teams, which are then narrowed down to a final 10 teams competing for a total prize pool of 160,000 baht, and the selected works have the chance to be used in real communications and advertising for the project. The WORK ON CAMPUS campaign, meanwhile, will let selected fourth-year students try working like real employees, handling marketing for the KAVALON project. Ms. Pachara Praphanwattana, Senior Managing Director of the Condominium Real Estate Business Group at ASW, said that the KAVALON project is valued at 4.5 billion baht, building on more than 10 years of experience developing campus condos under the KAVE brand in the Bangkok University location. The project is a low-rise condominium, 8 storeys high, with 9 buildings totaling 2,195 units on an area of more than 20 rai, with prices starting at 1.79 million baht, fully furnished rooms, and ready to move in in January 2027. It is scheduled for completion in early 2027, with transfers beginning in late 2026. Dr. Kittiphum Supamontri, Director of the Digital Marketing program at the Faculty of Business Administration, Bangkok University, said that this collaboration connects what is learned in the classroom with the real business sector, from real briefs and guidance along the way to evaluation of the work, so that students learn under real conditions involving budgets, brand direction, competitors, and consumer purchasing decisions.

Raimon Land Public Company Limited, or RML, has placed the principal and interest with the registrar, CIMB Thai Bank Public Company Limited, on 2 October 2026 in preparation for repayment of the RML26OA bonds due on 8 October 2026. Miss Oranong Intaraprasit, Chief Executive Officer of KPM Securities Company Limited, or KPM Securities, in her capacity as underwriter and debenture holders' representative, disclosed that the company had been notified by RML of the deposit. Placing the funds with the registrar is an important step ahead of the redemption date, in preparation for paying principal and interest to bondholders in accordance with the specified rights and conditions. Previously, RML had communicated its preparations for cash flow and liquidity to support the debt falling due, and this deposit with the registrar makes the preparation process for redeeming the RML26OA bonds clearer. Miss Oranong added that at a time when investors in the bond market remain focused on the liquidity and debt-servicing ability of bond issuers, RML's placement of the principal and interest with the registrar before the due date reflects its readiness in managing liquidity to concretely support repayment of this bond series.

Marcus & Millichap reported second-quarter revenues of $202.9 million, up 17.8% year on year and exceeding analysts' expectations by 4.4%, in what was a stunning quarter for the commercial real estate investment sales and advisory firm. The company also beat analysts' EPS and EBITDA estimates, though its stock is down 8.9% since reporting and currently trades at $28.45. The results came as the 13 consumer discretionary real estate services stocks tracked reported a mixed quarter, with revenues as a group beating consensus estimates by 11.5% while next quarter's revenue guidance came in 4.4% below. Among peers, Howard Hughes Holdings posted the group's biggest analyst estimate beat and fastest revenue growth, with revenues of $1.12 billion, up 330% year on year, while Offerpad delivered the weakest performance, with revenues of $77.65 million, down 51.6% year on year. Cushman & Wakefield reported revenues of $2.76 billion, up 11.2% year on year, and Newmark reported revenues of $888.4 million, up 17% year on year.

Land and Houses Public Company Limited, or LH, informed the Stock Exchange of Thailand that its board of directors, at a meeting on October 1, 2026, approved the payment of an interim cash dividend to common shareholders at 0.08 baht per share, paid out of the company's operating results for the first half of 2026, covering the period from January 1 to June 30, 2026. The company's shares have a par value of 1 baht each. The company has set the XD mark, the date on which buyers of the securities are not entitled to the dividend, for October 14, 2026, and has set the record date for shareholders entitled to receive the dividend for October 15, 2026, before paying the dividend to shareholders on October 29, 2026.

Citi analysts are backing platforms that own the data over the AI layer built on top of it, naming Scout24 and Trustpilot as their top picks with both rated "buy." The broker argues that leading platforms benefit from owning inventory, transaction and reputation data, particularly in high-value categories where recommendation accuracy matters most. Citi sees online property classifieds as the lowest-risk corner of the sector, with Scout24 the standout, citing the company's early optimisation for AI agents as a key reason for its confidence. Its case for Trustpilot rests on its review dataset, which the bank says is increasingly important for LLM recommendation quality, fitting the central argument that reputation data is a valuable asset whose value may accrue to the data's owner rather than to the AI layer above it. Citi adds that while AI agents could eventually become the primary discovery interface, it is too early to conclude that, and notes users continue to favour specialist AI tools embedded within category leaders while traffic from leading LLMs remains negligible.

Supalai, or SPALI, has confirmed that the current flood situation does not affect projects currently open for sale, as every project has been designed to withstand flood levels equivalent to the 2011 situation. Managing Director Tritecha Tangmatitham told the Stock Vision news team that the company can still launch new projects in the second half as planned, or close to it, totalling 19 projects with a combined value of approximately 22,660 million baht. In the third quarter of 2026, new launches proceeded as planned, and in the fourth quarter of 2026 the company is preparing to launch nearly 10 more projects, part of its full second-half launch plan. It is confident of a good response thanks to the strength of locations free from flood problems. Overall sales and transfers have not been affected, since no project has been directly damaged by flooding, and financial institutions are still approving loans for customers as normal. Transfers of ownership in late the third quarter of 2026 will be slightly affected by public holidays and by 30 September, the end of the government's fiscal year, when land offices open for only half a day. The company believes that once the situation eases, housing demand in non-flooded locations will recover quickly in a K-shaped recovery.

Land and Houses Public Company Limited, or LH, informed the Stock Exchange of Thailand that its board of directors has approved an interim dividend from its first-half 2026 operating results at 0.08 baht per share. The stock will go ex-dividend, or XD, on October 14, 2026, with the record date for dividend entitlement set for October 15, 2026, and payment scheduled for October 29, 2026. LH shares closed today at 3.44 baht, down 0.02 baht, or 0.58%, with trading value of 169.88 million baht.

Aorasirin Holding Public Company Limited, or ORN, held an auspicious foundation-pile ceremony to begin construction of THE ASTRA INFINITE, a luxury condominium in the heart of Chiang Mai in the Chang Khlan–Rakaeng area, with a total project value of 1.812 billion baht. Construction is expected to be completed and ready for occupancy by 2028. The project sits on more than 5 rai of land and comprises a 16-storey building with 421 units, offering rooms from Studio, 1 Bedroom, 1 Bedroom Plus and 2 Bedrooms up to 3 Bedrooms, with usable areas of 29 to 96 square metres. Units are on sale from a starting price of 3.1 million baht. Presales currently exceed 60%. The project comes with a Flow & Fine Air Filter air-purification system, the international EDGE Standard for energy-efficient buildings, EIA Approved safety certification and an Earthquake-Proof structure, along with premium common areas such as a Sky Lounge, Co-Working Space, Rooftop, rooftop swimming pool, a 180-degree Panoramic Fitness centre and a large green area. Chief Executive Officer Pridikorn Buranupakorn said THE ASTRA INFINITE is not merely a residence but the planting of a new landmark to support Chiang Mai as an international Living & Long-stay City.