Developers · 20 active relationships
Off-plan is two purchases · the unit and the developer. We vet both. SET-listed top-six (Sansiri, AP, Origin, Noble, Ananda, Pruksa) plus boutique and luxury operators. Below · each developer's current financial health, our active project list, and direct links.
SIRI · SET-listed · 2024 56-1
5 projects we underwrite
Net D/E
1.05
Transfer rate
96%
Backlog
65B
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ANAN · SET-listed · 2024 56-1
4 projects we underwrite
Net D/E
1.78
Transfer rate
88%
Backlog
38B
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RML · SET-listed · 2024 56-1
3 projects we underwrite
Net D/E
1.45
Transfer rate
91%
Backlog
23B
See all 3 projects →
NOBLE · SET-listed · 2024 56-1
3 projects we underwrite
Net D/E
1.32
Transfer rate
94%
Backlog
28B
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ORI · SET-listed · 2024 56-1
3 projects we underwrite
Net D/E
1.65
Transfer rate
92%
Backlog
79B
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AP · SET-listed · 2024 56-1
3 projects we underwrite
Net D/E
0.78
Transfer rate
97%
Backlog
55B
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LPN · SET-listed · 2024 56-1
2 projects we underwrite
Net D/E
0.62
Transfer rate
99%
Backlog
15B
See all 2 projects →
ANAN · SET-listed · 2024 56-1
1 project we underwrite
Net D/E
1.78
Transfer rate
88%
Backlog
38B
See all 1 projects →
1 project we underwrite
See all 1 projects →
PSH · SET-listed · 2024 56-1
1 project we underwrite
Net D/E
0.85
Transfer rate
98%
Backlog
43B
See all 1 projects →
1 project we underwrite
See all 1 projects →
1 project we underwrite
See all 1 projects →
1 project we underwrite
See all 1 projects →
1 project we underwrite
See all 1 projects →
ORI · SET-listed · 2024 56-1
1 project we underwrite
Net D/E
1.65
Transfer rate
92%
Backlog
79B
See all 1 projects →
1 project we underwrite
See all 1 projects →
1 project we underwrite
See all 1 projects →
1 project we underwrite
See all 1 projects →
1 project we underwrite
See all 1 projects →
1 project we underwrite
See all 1 projects →
How we vet developers
Off-plan is a 2-to-4-year financial commitment · 30-40% of unit price paid before the building exists. The developer's balance sheet is the single biggest uncovered risk. We pull the latest 56-1 filing for every SET-listed developer in our portfolio and classify health A/B/C.
For boutique developers (Habitat, Grand Unity, Sathorn Square, etc.), we look at recent project transfer records, juristic-person disputes, completion delay history, and management track record. We don't shortlist unknown developers without margin of safety in the unit-level pricing.
Read our developer-health comparison · the 12-question due-diligence checklist.
Talk to us
Tell us which project · we send the developer's latest 56-1 ratios, recent delivery record, and our active concerns or strengths.