Among a highly competitive property market in Bangkok and its suburbs, the top 10 listed developers recorded in Thailand combined revenue of Bt161.53 billion in 2012, these developers accounting for 45 per cent of the overall market value of Bt357 billion.
Sansiri was the market leader with revenue of Bt30.08 billion for a share of about 8.4 per cent, followed by Pruksa Real Estate with 7.6 per cent and Land & Houses with 6.8 per cent, according to a survey released.
This is the first time that Sansiri, which was established in 1984 and listed in the Stock Exchange of Thailand in 1996, has led the market.
The top-three rankings changed last year because of the number of condominiums transferred by Sansiri exceeding the level achieved by the company in 2011, thanks to strong demand.
"Our sales and total revenue growth was not only for our residential projects in Bangkok and the suburbs, because at least 5 per cent of our revenue came from the provinces, where we began to expand our investment last year," said Sansiri president Srettha Thavisin.
According to a survey by the Government Housing Bank's Real Estate Information Centre, the number of new residential transfers in greater Bangkok was 156,300 units last year, up 3 per cent from the 2011 level.
Some 43 per cent of the total, or 66,700 units, were condominiums, while 46,000 units (29 per cent) were townhouses and 26,700 homes (17 per cent) were detached houses.
About 12,800 units (8 per cent) were shophouses, while 4,100 (3 per cent) were semi-detached houses.
In terms of value, Bt357 billion-worth of housing was registered last year, up 12 per cent from the 2011 level, according to the centre.
A total of Bt135.7 billion or 38 per cent was in condominium projects, Bt105.8 billion (30 per cent) was detached housing, Bt73.8 billion (21 per cent) was townhouses, Bt32.4 billion (9 per cent) was shophouses and Bt9.4 billion (2 per cent) was semi-detached housing.
Despite Sansiri's revenue leadership, Land & Houses was still the market leader in terms of net profit, recording Bt5.68 billion last year, 2.89 per cent higher than in the previous year. The company's net profit margin was 23.5 per cent.
Sansiri recorded a net profit of Bt3.01 billion, with a net profit margin of 10 per cent, which places the company third behind Pruksa Real Estate, which posted a net profit of Bt3.89 billion, for a net profit margin of 14.3 per cent.
The overall property sector had a net profit margin of 14-15 per cent during the year, despite labour costs rising following the government's decision to increase the minimum daily wage to Bt300.
"Despite the minimum-wage hike and the cost of construction raw materials rising, companies benefited from a corporate income tax cut from 30 per cent to 23 per cent last year, which enabled them to maintain their net profit margins close to the 2011 average of 14 to 15 per cent," said LPN Development managing director Opas Sripayak. LPN was able to post a net margin of 16 per cent, slightly above the average for the sector, he said.