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Thai Real Estate Group Expands into Solar

Watch the video with Andrew Stotz or read a summary of the World Class Benchmarking on Sena Development Public Company Limited.



Background

Founded in 1981, Sena Development Public Company Limited is engaged in the development and construction of semi-detached, twin houses, high-rise condominiums and commercial buildings.

The company expanded into the solar business through solar farm and rooftop projects with a current capacity of 48 megawatts.

Business Description

Sena Development is primarily engaged in the construction of condominiums, single-detached and twin houses targeted at lower and middle-income households.

Most of its condo projects are located in Bangkok near Sukumvit, while semi-detached and twin houses are located into other regions namely Patum Thani and Pattaya. As of 2015, Sena had the total of 28 projects mainly under “The Kith,” “The Niche” and “Sena” brands.

SENA expanded successfully in 2015 into the rental and services market through a joint venture with Aira Property and Sanfah Construction. The JV is currently engaged in construction of an office building in the Ratchathewi area, in central Bangkok.

Rental revenue also includes one warehouse, located on Sukumvit Road 50, for both short-term and long-term leases as well as for major hosting events.

The solar business brings in revenue through two projects. First, the company owns a solar rooftop project with a capacity of 750 killowatts, which it distributes under a 25-year concession. The second one is a solar farm project that started commercial operations in December 2015 with 47 megawatts of capacity and the same 25-year purchasing agreement.

Leadership

Chairman Vichien Ratanabirabongse has held his post since 2005 and he is an independent Chairman.

Theerawat Thanyalakpark has been CEO since 2005. He attended Ramkhamhaeng University and Thammasat University.

Over that 11-year period, Sena Development has grown continuously, and over the last five years the company has remained mostly above average in terms of Profitable Growth.

World Class Benchmarking

Profitable Growth returned to a #2 ranking for the first time since 2012. The company ranks among the best 102 of 510 small real estate companies worldwide.

Profitability improved to World Class from #5 in 2015, and Growth jumped to #3.

Asset utilization is World Class and Profit margin ranks about average.

Sales Growth improved to#2 from #8 – the main driver of the Growth rank.


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