Tris Rating says Bangkok floods deepen property woes as low-rise sales fall 16% in first half

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Summary · why it matters

Tris Rating assesses that flooding in Bangkok is adding pressure to an already weak housing market. On 30 September 2026, the Bangkok Metropolitan Administration announced that 21 of its 50 districts are no longer classified as flood-affected areas, after all 50 districts had been declared flood zones since 25 September 2026. However, flooding persists in eastern and low-lying areas such as Lat Krabang, Bang Kapi, Min Buri and Saphan Sung. Data from 21 rated property developers show that net sales of low-rise projects in the first half of 2026 fell 16% year on year to approximately 58 billion baht, reflecting continued weakening demand and likely prolonging the inventory clearance period and constraining cash recognition. Developers with projects concentrated in flood-affected areas and weak liquidity, such as PF, MK and KUN, will be more sensitive than others, while SA, NOBLE, PS, LALIN, SENA, ORI and LPN have moderate sensitivity. The overall credit impact remains manageable, with the main risk coming from slower sales and ownership transfers rather than damage to buildings themselves.

Impact on assets 8

Real Estate▼
Origin Property PCL
ORI
▼ NegativeDemandrelevance

Origin Property (ORI) is named among developers with moderate sensitivity to the weak housing market, where low-rise net sales fell 16% year on year in H1 2026.

Energy Transition & Power Demand▼
Sena Development Public Company Limited
SENA
▼ NegativeDemandrelevance

Sena Development (SENA) is listed among developers with moderate sensitivity as continued weakening demand prolongs inventory clearance and constrains cash recognition.

Off-coverage companies 1

Property Perfect Public Company Limitedi
Private▼ NegativeDemandrelevance

Property Perfect (PF) is flagged as more sensitive due to projects concentrated in flood-affected areas and weak liquidity amid the 16% fall in low-rise sales.