TRIS Says Floods Have Not Yet Affected Most Property Credit, Warns Prolonged Flooding Could Pressure Sales, Transfers and Liquidity

Money & Banking··TH·Read original
3▲0 ▼8Impact / 5
Summary · why it matters

TRIS Rating assessed on October 2, 2026, that the flood situation in Bangkok and surrounding areas has not yet had a significant impact on the credit ratings of most property developers, as physical damage to projects has been limited and many operators have projects spread across multiple areas, along with diversified businesses and liquidity buffers. Overall credit sensitivity remains low to moderate. However, TRIS said the flood situation could pressure short-term operations, including access to projects and construction sites, a decline in the number of customers visiting projects, construction delays and postponed ownership transfers, which could slow sales, lengthen the time needed to clear remaining inventory and temporarily reduce operating cash flow. If flooding is prolonged or recurs, the impact could be more severe, especially for operators with projects concentrated in affected areas, weak residential sales or tight liquidity. TRIS identified the highly sensitive group as Property Perfect, Munkong Housing and Villa Kunalai. Meanwhile, Siam Asset, Noble Development, Pruksa Holding, Lalin Property, Sena Development, Origin Property and L.P.N. Development have moderate sensitivity. TRIS said the flooding occurred at a time when the low-rise housing market was already experiencing weak demand. Data from 21 rated property developers showed that net sales of low-rise projects in the first half of 2026 fell 16% from the same period a year earlier to about 58 billion baht.

Impact on assets 9

Real Estate▼
Villa Kunalai Public Company Limited
KUN
▼ NegativeSupplyrelevance

TRIS identifies Villa Kunalai among the highly sensitive group where prolonged flooding could disrupt project access, construction and transfers, pressuring sales and liquidity.

Lalin Property Public Company Limited
LALIN
▼ NegativeSupplyrelevance

Lalin Property is listed in TRIS's moderate-sensitivity group facing flood-related construction delays, fewer project visits and postponed ownership transfers.

Origin Property PCL
ORI
▼ NegativeSupplyrelevance

TRIS lists Origin Property among developers with moderate sensitivity to flooding, which could delay construction and ownership transfers and slow sales.

Siamese Asset Public Company Limited
SA
▼ NegativeSupplyrelevance

Siam Asset is identified among the moderate-sensitivity developers facing potential project-access, construction-delay and transfer-postponement pressure from the floods.

Aging Population▼
Pruksa Holding Public Company Limited
PSH
▼ NegativeSupplyrelevance

Pruksa Holding is named in the moderate-sensitivity group, with flooding risking construction delays, postponed transfers and slower sales.

Energy Transition & Power Demand▼

Off-coverage companies 1

Property Perfect Public Company Limitedi
Private▼ NegativeSupplyrelevance

Property Perfect is named in TRIS's highly sensitive group, most exposed to flooding-related construction delays, postponed transfers and weak liquidity.