In 2025, Thailand’s Gross Domestic Product (GDP) grew at a rate of approximately 2.0–2.2%, reflecting a gradual recovery that remained below the country’s economic potential. This was primarily constrained by a persistently high level of household debt, exceeding 90% of GDP, which continued to limit domestic purchasing power and borrowers’ debt capacity. Under these conditions, financial institutions continued to maintain stringent housing loan approval criteria, resulting in a high loan rejection rate of approximately 70–75% throughout 2025. This, in turn, exerted direct pressure on sales and property transfer volume in the real estate sector.
Furthermore, the real estate development sector faced additional pressure from project development and financing costs, as well as the earthquake that occurred in the first quarter of the year. As a result, developers prioritized safety inspections and project quality, which in turn affected new project launch plans and cost management. Although supportive factors emerged in the final quarter of the year, including a 0.25% reduction in the policy interest rate to 1.25%, the relaxation of loan-to-value (LTV) requirements, and a reduction in transfer and mortgage registration fees to 0.01%, these measures were still insufficient to fully stimulate market demand due to constraints on purchasing power and a cautious recovery in consumer confidence.
According to a survey conducted by the Real Estate Research and Development Department of LPN, a total of 244 new real estate projects were launched in Bangkok and its peripherals in 2025, comprising 40,638 units, representing a decline of 30% compared with 2024. The total launch value amounted to 289,835 million baht, decreasing by 29% year-on-year. This reflected developers’ strategic adjustments to slow down new project launches and place greater emphasis on inventory management and liquidity management.
Under such challenging market conditions, LPN conducted its business in line with the “Healthy Resilience” concept, focusing on strengthening the organization on a sound foundation and avoiding expansion beyond market potential. In 2025, LPN launched a total of two new projects with a combined value of approximately 2.1 billion baht. These comprised a residential condominium project, Lumpini Park on 19, with a project value of approximately 1.5 billion baht, and a residential home project, Baan Lumpini Kaew In, valued at approximately 600 million baht. LPN placed strong emphasis on prudent project selection, alongside accelerating inventory liquidation, increasing revenue from service businesses, and effectively controlling costs in order to strengthen cash flow and profitability. The Company believes that operating under this approach will help maintain financial stability, enhance competitiveness, and support sustainable organizational growth, while enabling the Company to cope with volatility in the business environment.
Sales and Revenue Targets
Under Thailand’s economic conditions in 2025, with Gross Domestic Product (GDP) growth of approximately 2.0–2.2%, while the real estate sector continues to face purchasing power constraints stemming from a high level of household debt and the continued stringency of housing loan approval by financial institutions, LPN has set its sales and revenue targets with an emphasis on prudence and the preservation of financial stability. In 2025, LPN recorded total sales of approximately 7.204 billion baht, comprising sales from residential condominium projects of 5.538 billion baht, representing 77%, and sales from residential home projects of 1.666 billion baht, accounting for approximately 23%. Total revenue from all business segments was 6.734 billion baht, representing a decrease of approximately 16% from total revenue of 8.011 billion baht in 2024. Total revenue in 2025 consisted of revenue from residential property sales of 4.063 billion baht, a decline of approximately 26% compared to the previous year. Meanwhile, revenue from project management, rental, and service businesses was to 2.654 billion baht, reflecting an increase of approximately 6% from 2024. As of the end of 2025, the Company had a backlog from residential condominium and residential home projects with a total value of approximately 1.620 billion baht, which would be gradually recognized as revenue during 2026–2027.
In 2025, three projects with an approximate combined value of 3.7 billion baht were completed and ready for handover. These comprised one residential condominium project and two residential home projects, as follows:
Residential condominium project, with an approximate project value of 2.1 billion baht :
Residential home projects, with an approximate combined project value of 1.6 billion baht :
Cost management and operational efficiency enhancement
In 2025, LPN operated under gradually recovering economic conditions, while the real estate sector continued to face constraints on purchasing power and stringent loan conditions. Accordingly, the Company emphasized effective cost and resource management under the “Healthy Resilience” concept, with a focus on maintaining a balance between expense control, cash flow generation capability, and readiness for the next phase of business operations.
LPN adjusted its operating approach from a focus on expansion to prioritizing efficiency in existing projects and assets. The Company placed emphasis on the effective management of projects under construction and completed projects in order to accelerate handovers and property transfers, as well as on systematic inventory management to reduce financial cost burdens and strengthen liquidity.
At the same time, the Company exercised prudent cost control across all levels, including project development costs, administrative expenses, and non-value-adding expenses. This was supported by the adoption of technology and the streamlining of work processes to enhance operational flexibility, enabling the Company to align the scale of operations with prevailing market conditions.
In term of financial position, LPN continued to maintain financial discipline, placing importance on cash flow management and keeping debt levels within an appropriate range in order to preserve debt serviceability, enhance financial flexibility, and maintain organizational stability amid ongoing business environment uncertainty.
Caring for Stakeholders and Social Responsibility
Since employees have been the heart and engine of the organization, LPN has had an approach to take care of employees by encouraging them and providing them opportunities to learn new technology and innovation. In addition, the Company has continued to focus on social care through L.P.C. Social Enterprise Co., Ltd., a subsidiary company that creates job opportunities for underprivileged women and elderly people. The Company employed 1,984 underprivileged women and elderly people with an aim to employ and create opportunities for at least 2,000 underprivileged women and elderly people in 2026.
Based on the revised business plan and the performance results for 2025, The Board of Directors’ Meeting No. 1/2026, held on 26 February 2026, resolved to declare an annual dividend for the 2025 fiscal year at the rate of 0.10 baht per share. On 11 September 2025, the Company paid an interim dividend at the rate of 0.05 baht per share. The remaining dividend will be paid at the rate of 0.05 baht per share. The ex-dividend date (XD) is fixed on the 11 March 2026 and the record date is set on 12 March 2026. The dividend will be payable on 6 May 2026. This is subject to approval by the Annual General Meeting of Shareholders 2026. This is subject to approval by the Annual General Meeting of Shareholders 2026.