L.P.N. Development Public Company Limited

An analyst at Asia Plus Securities said 14 residential developers posted second-quarter 2026 normalised profit of 5.88 billion baht, recovering 75 percent from the previous quarter and rising 16 percent from the same period last year. This marks the first return to year-on-year growth in 12 quarters. Seven companies, namely SPALI, QH, LPN, SC, SIRI, PSH and LALIN, announced interim dividend payments for the first half of 2026, offering average yields of more than 2 to 3 percent, except PSH and QH, which average more than 1 percent. They will go ex-dividend this week between 25 and 28 August 2026. The analyst recommends a market-weight stance, selecting SC and SIRI as top picks to accumulate before the XD dates to capture dividends of around 3 percent, and expects second-half 2026 profit to be better than the first half, when normalised profit was 9.25 billion baht, up 9 percent from the same period last year. Meanwhile, AP pays dividends only once a year but offers a yield above 6 percent per year, and its profit is expected to stand out more in the second half of 2026.

L.P.N. Development Public Company Limited, or LPN, has announced its business plan for the rest of 2026, preparing to launch 3 new projects with a combined value of at least 2.75 billion baht, while targeting a reduction in its interest-bearing debt-to-equity ratio to 0.6 times from the current 0.76 times. Mr. Warit Meemuean, Assistant Chief Executive Officer, said during an earnings call that the new projects include Lumpini Park Bang Wa Interchange, valued at 1.4 billion baht with 862 units and expected to be transferred in the fourth quarter of 2027; BAAN365 CHESSADA Ratchaphruek, valued at 1.35 billion baht with 70 units and gradually transferring from the fourth quarter of this year; and Lumpini Nopparat, expected to launch in the fourth quarter of 2026. All three projects already have land secured. The company said condominium sales have been recovering since late last year, with completed projects attracting more interest, and it currently has ready-to-move-in inventory worth 7 to 8 billion baht, expected to generate revenue continuously over the next 2 to 3 years. For the industry in the first half, projects priced at 30 to 50 million baht achieved a sales rate as high as 56 percent, reflecting rising demand in the upper market, while new launches of homes below 10 million baht fell 6 percent in unit terms and 11 percent in value terms compared with the same period last year, due to purchasing power and credit constraints. The average absorption rate improved to 10 percent, with townhouses and semi-detached houses remaining the main products, accounting for 86 percent of newly launched units. Premium-market home launches in the first half fell 27 percent in units and 30 percent in value, entering a correction phase after accelerated launches over the previous two years.

L.P.N. Development, or LPN, has launched the LPN ONE CLICK platform, an online sales office channel that allows customers to view project information, select a unit, book, and make payment through the online system in a single step. The first campaign debuts at the Place 168 Wutthakat project, with a booking fee of just 999 baht and a maximum discount of 400,000 baht for participating units, along with a full set of furniture and eight electrical appliances, exclusively for customers who book through the online system. The project is a 21-storey condominium with a total project value of 980 million baht, comprising 357 units, with starting prices at 1.89 million baht. Construction is scheduled for completion by the end of 2026, and the latest booking rate has already exceeded 70%.

L.P.N. Development Public Company Limited, or LPN, says the property market is transitioning toward quality-based competition. The rental market in locations near employment hubs, universities, and mass transit systems has become a key growth driver, as consumers, especially the younger generation and working-age population, increasingly opt for the flexibility of renting over buying. The EARN by LPN project in the Amata City Chonburi industrial estate has an occupancy rate of over 90% and an average rental yield of 6.5%. Meanwhile, the Lumpini Township Rangsit – Khlong 1 project has more than 2,000 units in its rental system, with an occupancy rate exceeding 95% and an average yield of 7.5%. Projects in the Pinklao zone have an occupancy rate of 80% and average yields of 6.5 to 7%. Investors are also shifting from seeking capital gains to focusing on cash flow and rental yields. LPN believes that in 2026, operators must adapt by developing projects in high-potential locations that meet long-term residential quality needs.