Summary · why it matters
Asia Plus Securities estimates that presales in July-August 2026 for six property developers, namely AP, SPALI, SIRI, SC, ORI and LH, will come to about 26.6 billion baht, holding steady in the research house's view and close to the average for the first two months of the first quarter and second quarter of 2026, as new project launches during the period remained at a low level, mostly low-rise projects with a combined value of 15.9 billion baht, or only 28% of the 57 billion baht in new launch plans for the third quarter of 2026. Most of the launches came from AP, with a combined value of about 10 billion baht, making AP's presales the strongest in the group, estimated at 9.2 billion baht, while SIRI, ORI and SPALI were at a moderate level of about 4 to 6 billion baht. LH and SC are expected to post presales of about 2 billion baht. The research house expects sales-generating activity to pick up more in September 2026, the month with the highest new launch plans of the third quarter of 2026 at a combined value of about 41 billion baht. AP opened sales for Good Day More Bang Mod, worth 1.3 billion baht, on September 5-6, and is preparing to open presales for the Aspire Sathorn-Taksin project, worth 1.2 billion baht, on September 12-13. SIRI is preparing to launch The Monument Sathorn, worth 4 billion baht, and LH will hold the first viewing of the actual project, Wan Wela Na Chao Phraya, which has been completed and is due for handover in the fourth quarter of 2026. In the final week, September 26-27, Supalai Sense Pattaya, worth 1 billion baht, and SC's Reference BAIE River Bang Pho, worth 11 billion baht, will be launched. With more new launch plans and more aggressive marketing activity, this is expected to help lift September presales for many companies. A preliminary assessment puts presales for the six developers in the third quarter of 2026 as likely to recover from 40.8 billion baht in the second quarter of 2026, but still down from 44.5 billion baht in the third quarter of 2025. The research house maintains a market-weight stance on the residential development sector, amid a housing market that remains challenging, and therefore focuses on Selective Buy investments in stocks with product portfolios covering both low-rise and condominiums, new condo projects ready for handover in the second half of 2026 to help drive earnings, and share prices that still have upside. Its top picks are AP, SC and SIRI.
AP (Thailand) Public Company Limited
SC Asset Corporation Public Company Limited
Land and Houses Public Company Limited
Origin Property PCL
Supalai Public Company Limited
Siri Prime Office Property Fd