LPN Plays It Tight in 2026: Strengthening the Core Business with a Focus on Stability and Resilience, Recurring Income and New-Generation Investors

LPN has unveiled its 2026 business direction: a tightly controlled approach to strengthen its core business under the strategy "Rebuild – Strengthening The Core," built on three pillars of corporate management. The company will launch three projects and focus on building recurring income alongside property sales through its Investor Program model, leveraging a rental portfolio of more than 2,000 units to target a new generation of value-seeking investors. LPN has set a total revenue target of THB 7,600 million, representing 13% growth.

Ms. Daranee Chatphiriyaphan, Chief Executive Officer of L.P.N. Development PCL, said: "For the property business, 2026 is not a year to accelerate growth, but a year to make the organization's foundations as strong as possible. LPN has therefore chosen to add business models beyond sales alone, generating other forms of income from living, investment and after-sales services covering every dimension of residential life, so the business can grow in any market condition. The economy in 2026 continues to slow down from 2025, which is a challenge for the property business, owing to rising household debt, limited purchasing power and uncertainty from current tensions affecting the global economy. This year therefore again calls for prudent corporate management to strengthen the organization, making it as stable and resilient as possible."

LPN's business approach in 2026 will focus on maintaining stability and increasing flexibility to enhance its competitiveness and build long-term sustainability under the "Rebuild – Strengthening The Core" strategy, which comprises three pillars:

1. Strengthen Product Core: strengthening project development
   
   Launching 3 new projects in 2026 with a combined value of THB 4,500 million: (1) BAAN 365 Jessadarajphruek, a premium single-detached house project worth over THB 1,350 million; (2) a low-rise condominium on Phetkasem Road worth THB 1,400 million, expected to launch in Q2/2026; and (3) a high-rise condominium developed under the "Well-being" concept in the Ram Intra area, worth over THB 1,750 million, expected to launch in Q3/2026. LPN also plans to open Phase 2 of Villa 168 New Krungthep Kreetha in Q3/2026 after Phase 1 sold out at the end of last year.
   
   LPN's new project designs this year will be more contemporary while still delivering value in every space to enhance quality of life, under the "LPN Livable" (LPN น่าอยู่) living concept, with functions tailored to the lifestyles of target customers in each location. Beyond the new projects launching in 2026, LPN's new design direction can already be seen in three projects scheduled for handover in 2026: Place 168 Pinklao, where customers began inspecting and receiving their units in Q1/2026; Place 168 Wutthakat, scheduled for completion in Q4/2026; and the new premium single-detached house project BAAN 365 Jessadarajphruek, which is both a new launch this year and scheduled for handover in Q3/2026.
   
   
2. Strengthen Business Core: reinforcing the core business through proactive operations on multiple fronts
   
   Elevating the Brand Experience to connect the brand and customers from communication through to the delivery of quality homes, combined with expertise in comprehensive project management under the Integrated Property Services Ecosystem of its subsidiary, LPP Property Management Co., Ltd. (LPP). LPP has a long-standing advantage in developing innovations for after-sales service, covering engineering systems, building repairs, security and housekeeping. This has earned customer recognition for quality of living and built trust in LPN as a fully integrated property business, generating recurring income for the group and reflecting the organization's proactive adaptation. These efforts not only strengthen the core business but are also driven by innovation, service and marketing strategies that meet the needs of residents and investors. LPN expects a positive response based on confidence built over more than 36 years of quality development: 145 projects, home to more than 140,000 families, across all locations, with a combined project value of over THB 200,000 million.
   
   Adding value to existing assets to generate income, and managing the rental market as another channel for continuous growth. LPN currently has a rental portfolio of more than 2,000 units with an occupancy rate of nearly 100%, a key strength in generating income for the organization.
   
   Expanding the customer base and accelerating the sale of remaining inventory through diverse sales channels to generate income efficiently, such as sales agents and the Investor Program, which offers condominium units with tenants already in place and pays investors returns from the day of transfer. This serves both investors and those looking to rent, creating differentiation and new business opportunities in a highly competitive property market.
   
   Integrating all subsidiaries to work in harmony and introducing AI-driven processes to improve efficiency, reduce duplication and modernize working standards.
   
   
3. Strengthen Financial Core: maintaining financial stability and sound financial management. This covers improving resource efficiency, controlling costs and building a strong financial structure to support future business expansion:
   
   Managing funding sources and cash flow while reducing debt. Interest-bearing debt stood at THB 12,750 million in 2023 and fell steadily to THB 9,900 million in 2025. The company's interest-bearing debt-to-equity ratio is currently 0.86 times. In 2026, LPN aims to reduce debt to below THB 9,000 million and keep IBD/E below 0.80 to manage liquidity, absorb risk and retain capacity for expansion, which will help improve profitability. The company also maintains a consistent dividend policy, having paid shareholders an average dividend yield of about 5–6% per year, reflecting stable cash flow and building investor confidence. In January 2026, the company fully repaid THB 682 million in maturing debentures. It plans to issue a new series of debentures in Q2/2026 and is prepared to repay the next maturing debentures in 2027.
   
   Expanding joint ventures to develop projects. LPN developed the PUNN Smart Workplace office building through Dolsiri Development Co., Ltd., a partnership between LPN and Nye Estate. Designed to the LEED Gold certification standard, the building recently won First Runner-Up in the Energy Efficient Building (New Building) category of the regional ASEAN Energy Efficiency and Conservation Best Practices Awards 2025 at the ASEAN Energy Awards 2025, reflecting the belief that modern organizations must care about sustainability.
   

"For 2026, the company has set a presales target of THB 8,000 million, about 10% growth from THB 7,200 million in 2025, which comprised THB 5,500 million in condominiums and THB 1,700 million in single-detached houses. Three projects with a combined value of over THB 3,700 million were completed and ready for handover in 2025: (1) Earn by L.P.N., a condominium in the heart of Amata City Industrial Estate; (2) Baan Lumpini Townville Pracha Uthit 90, a new series of wide-frontage townhomes with single-house functionality; and (3) Baan Lumpini Kaew In, modern-style single-detached houses near Motorway M81. The company's backlog at the end of 2025 stood at THB 1,620 million, to be recognized gradually in 2026–2027. Total revenue for 2025 was THB 6,730 million, consisting of THB 4,060 million from property sales and THB 2,670 million from rental management and service businesses. We have set a total revenue target of THB 7,600 million for 2026, or 13% growth," Ms. Daranee added.

Although the property market in 2026 still faces pressure from the economy and slowing purchasing power, LPN is confident that shifting its strategy toward more recurring income, efficient cost management and financial discipline will enable steady growth and build long-term investor confidence. LPN also believes government economic stimulus measures will help the property sector recover. For example, the Monetary Policy Committee's decision to cut the policy rate on 25 February led to lower lending rates, an important boost that reduces installment burdens, increases borrowing capacity and helps purchasing power in the property market recover.