Aira Capital Plc is accelerating its expansion into the property sector, aiming for recurring income from office and hospitality assets to become the main earnings driver within a few years.
Nalinee Ngamsettamas, chief executive of the MAI-listed financial holding company, said the group's property business is expected to overtake financial services as Aira's biggest profit contributor within 2-3 years, supported by stable cash flow and recurring revenue.
"The property business has become our strongest-performing segment and we expect it to become the group's largest source of earnings within 2-3 years," she said.
Aira plans to list its property subsidiary Aira Property on the Stock Exchange of Thailand (SET) in the third quarter of 2027, subject to the company returning to positive retained earnings by the end of this year.
The group is seeking strategic investors ahead of the initial public offering (IPO), with three Japanese investors expressing interest in acquiring pre-IPO stakes.
Aira intends to retain a controlling stake of 55-60% following the listing.
The company's property portfolio is anchored by an office tower with an occupancy rate of 94-95%, supported mainly by multinational tenants.
The assets generate annual cash flow of more than 100 million baht, while the group's main office building was recently appraised at around 3.7 billion baht, excluding ongoing development projects.
Aira is also expanding its hospitality business through the development of the DoubleTree by Hilton Bangkok Silom, scheduled for completion in 2029.
The project is expected to strengthen recurring income and enhance the value of the group's property platform.
As part of its growth strategy, the company is evaluating acquisitions of hotels and apartment buildings from developers facing liquidity constraints, seeking opportunities to acquire quality assets at attractive valuations.
Ms Nalinee said Aira plans to establish a real estate investment trust (REIT) in 2028 as part of a long-term capital recycling strategy. The REIT is expected to comprise office buildings and hotels, though future assets could include Japanese hospitals if suitable investment opportunities arise.
The company is also considering a dual listing after the Thai IPO. Aira has been approached by the Tokyo Stock Exchange regarding a potential listing in Japan, though discussions remain preliminary, she noted.
The property push comes as Aira's financial businesses begin to recover following a difficult 2025.
According to SETTRADE data, the group reported revenue of 1.02 billion baht and a net loss of 108 million baht last year, partly due to the impact of the March earthquake.
The company returned to profitability in the first quarter of 2026, posting a net profit of 11 million baht.
Ms Nalinee said group revenue rose about 50% year-on-year in the first quarter and is expected to increase roughly 20% for the full year, driven by stable rental income and improving performance across its securities, leasing and factoring businesses.
She said management's priorities for the second half remain focused on strengthening its two core businesses: financial services and real estate.
Aira is also negotiating with foreign investors to jointly invest in its Silom property projects, aiming to strengthen its balance sheet and support future dividend payments.
While artificial intelligence is reshaping many industries, Ms Nalinee said it remains primarily a tool for analysing historical information and cannot replace human judgement in assessing future risks and setting business strategy.
Instead, she identified non-performing loans in the leasing business as one of the group's key challenges amid Thailand's sluggish economic recovery and geopolitical uncertainties.
The company plans to continue resolving legacy bad loans inherited from previous acquisitions while maintaining a flexible approach with borrowers.
Meanwhile, Aira Securities expects its brokerage business to improve this year as market activity recovers, with average daily trading value on the SET rising to around 62 billion baht.
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