Domestic and international operators and investors are increasingly focusing on global trends that emphasize environmental, social, and governance (ESG) issues, as well as evolving regulations impacting business operations.  This includes those in the public sector who are more interested in the impact of business activities on their health and well-being. Therefore, the Company may lose business opportunities and competitiveness if it is unable to develop products and services that can meet the changing needs of both current and future customers or that are in addition to their basic needs, such as customer needs related to climate change, energy, and greenhouse gas emissions. In addition, the high-performance newcomers in the service and utilities businesses has intensified competition in the market, which may significantly impact the Company’s revenues from products and services.


The Company has a wide range of customers who are leading companies in various industries. Through close engagement with these customers, the Company can closely monitor and adapt to changes in customer needs, increasing the opportunities to develop its products and services to meet its customers’ needs swiftly and comprehensively, along with leveraging technology and innovative products and services to effectively serve the new S-Curve industries and increase its long-term competitiveness. In addition, having products and services that incorporate green technology innovations will give the local communities confidence in the Company's operations and enable them to coexist with the industry in the long term.

Management Approach

The Company is determined to develop AMATA City Industrial Estates under the concept of a perfect city that creates value for all groups of stakeholders in accordance with the Company’s ALL WIN philosophy, which focuses on being stakeholder centric.

Therefore, the Company has been focusing on developing products and services to address the needs and challenges of its manufacturing customers and to support their business success in the long run, as well as to respond to the needs of direct stakeholders who are affected by the Company's business operations, in order to gain good experiences in coexistence with the industrial sector and create mutual economic, social, and environmental values.  

The Company has established a 'Product & Service Development Framework' aimed at maximizing the value of its products and services to customers and all stakeholders. This framework focuses on stakeholder engagement, using various methods to survey, assess, and analyze the needs of current and potential customers, both regionally and globally. It includes trend and megatrend analysis, which are crucial in the real estate development business. The framework then uses this information to evaluate the impact, urgency, and importance of different factors to define the main objectives for product and service development. Meanwhile, it prepares for market readiness, collaborates with strategic business partners, and manages strategic innovation to design products and services that create competitive advantages. This also involves being open to feedback for continuous development. To achieve these goals, the Company has formed a SPRINT team composed of talented and creative employees, tasked with accelerating the development of products and services to meet customer needs more precisely.

Customer Engagement

The Company has established the Customer Communities to serve as a major channel to engage with the current customers operating in AMATA City industrial estates for good relations and communication to explore customer opinions, needs, and concerns. The information obtained will be taken into consideration in order to develop, improve, and extend the products and services. The results of 2023 performance are as follows:

  • Customer Communities

    Objective: To serve as a business communication center for Japanese companies in AMATA City Chonburi and AMATA City Rayong Industrial Estate, where 63% and 30% of customers are Japanese, respectively.

    Member: The AMATA Japanese Society had a total of 236, consisting of 190 and 46 factory members in AMATA City Chonburi and Rayong, respectively.

    Customer Needs and Expectations

    Good quality of after sales services

    • Linking technological and innovative solutions to support customer manufacturing
    • Develop facilities and residential areas to support the increasing number of foreign customers in the industrial estate 

    Products and services developed to meet demand 

    Hotel Nikko Amata City Chonburi

    • AMATA together with Fujita Corporation Co., Ltd. and the Japanese Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN), a Japanese government entity, have been developing Hotel Nikko AMATA City Chonburi, a four-star environmental-friendly hotel and facilities to support both Thai and foreign operators and investors in the eastern region as a residence close to their workplace. The hotel opened in 2022 and has served as accommodation for various international events in 2023. For example, it officially accommodated golf competitions, such as those held at the AMATA Spring Country Club as part of the DP World Tour Thailand.

    Clean Energy Consultation Service

    • The Company provides consultation services on clean energy usage, including supporting information about clean energy service providers suitable for customers.
  • Customer Communities

    Objective: To be a center for coordinating the activities in human resource management in order to promote study and research and share of the useful academic knowledge in human resource management among factory members in AMATA City Chonburi and other organizations including government entities.

    Member: There were 325 factory members. HRA organized 9 monthly meetings.

    Customer Needs and Expectations

    • Good quality of after sales services
      Providing information on additional or newly enacted safety laws and various related safety knowledge.

    • Waste Management
      Supporting information on environmental laws and other related regulations.

    Products and services developed to meet demand 

    Occupational Health and Safety training service:

    • The Company has expanded its coverage of training courses on occupational health and safety in compliance with regulations and to address potential risks according to various safety standards. It operates under legal registration requirements. Currently, a total of 21 courses are available, and a training center with practical training facilities has been developed with increased equipment readiness.

    Environmental and Relevant Laws training service:

    • Training on "New Announcement on Industrial Waste Management and Material Disposal System”.
    • Training on "Inspection and Assessment of Industrial Waste Disposal Contractors".
  • Customer Communities

    Objective: To advise and provide support and coordination to the members, employers, employees, government agencies, and other organizations. This will lead to success in handling problems in occupational safety, health, and the working environment. ASEG aims to ensure that all workplaces have safety, occupational health, and working environment standards in accordance with the law.

    Member: There were 215 members in AMATA City Chonburi Industrial Estate.

    Customer Needs and Expectations

    Risk and Crisis Management

    • Training courses that meet customer needs

    Products and services developed to meet demand 

    Environmental and Safety Training service

    • Training on "Safety Officer Supervisory Level "
    • Training on "Safety Instructor, Train the Trainer"
  • Customer Communities

    Objective: To be a center for sharing useful information, especially human resources management information, and providing consultation and guidance about operating businesses in accordance with legal requirements among the factories in the AMATA City Rayong Industrial Estate.

    Member: There were 98 factory members, which is 19.5% of all factories in AMATA City Rayong, and they organized 10 meetings in 2023.

    Customer Needs and Expectations

    Risk Management and Emergency Preparedness for Industrial Estates and Factories

    • Comprehensive fire evacuation training and collaborative emergency prevention plan development.

    Information Exchange of Human Resource Management

    • Support for knowledge sharing on various aspects of human resource management.

    Products and services developed to meet demand

    Firefighting Training Service

    • The Company develops training programs for comprehensive factory fire evacuation and firefighting. This includes creating emergency management plans in collaboration with customers to prevent and mitigate potential future impacts.

    Knowledge Exchange Platforms

    • Organizing meetings for exchanging information on emergency management measures and employee management strategies during emergencies.
    • Holding sessions to exchange information on human resource management, such as compensation and benefits policies, relevant laws, retirement planning, etc.

    Safety and Related Legal Training Service

    • Training course on "Professional Occupational Health and Safety Management".
  • Customer Communities

    Objective: To establish a CSR networking platform among factories, hospitals, educational institutions, and communities in the vicinity of the AMATA City Industrial Estate Chonburi, focusing on collaboration to care for and develop the surrounding communities sustainably. The aim is to promote awareness of social responsibility activities and community relations for sustainable development. This initiative aims to enable each participating organization to conduct activities more efficiently and systematically.

    Member: There were 194 factory members, which is 27.7% of all factories in AMATA City Chonburi Industrial Estate, and they organized 3 meetings in 2023.

    Customer Needs and Expectations

    Good quality after-sales service

    • Supporting knowledge dissemination on activities related to understanding, conducting social responsibility initiatives, creating shared value, and fostering community relations for sustainable development and organizational sustainability.
    • Collaboratively creating social responsibility and community relations activities with businesses to care for and assist communities surrounding the AMATA City Industrial Estate Chonburi.

    Products and services developed to meet demand

    Organizing knowledge exchange platforms

    • How to achieve successful and sustainable CSR initiatives.

    Hosting academic forums

    • The Company, in collaboration with its corporate sustainability consultants who is a GRI Certified Sustainability Professionals, arranged a forum on "From CSR to ESG for Sustainable Development".

    Organizing Community initiatives and activities

    • Three events under the name 'CSR Club' were held in 2023 to jointly develop the community's educational quality and enhance youth access to better educational opportunities in the local community
  • Customer Communities

    Objective: To establish a CSR networking platform among factories, hospitals, educational institutions, and communities in the vicinity of the AMATA City Industrial Estate Chonburi, focusing on collaboration to care for and develop the surrounding communities sustainably. The aim is to promote awareness of social responsibility activities and community relations for sustainable development. This initiative aims to enable each participating organization to conduct activities more efficiently and systematically.

    Member: There were 108 factory members, which is 28% of all factories in AMATA City Rayong Industrial Estate, and they organized 3 meetings in 2023.

    Customer Needs and Expectations

    Good quality after-sales service

    • Supporting knowledge dissemination on activities related to understanding, conducting social responsibility initiatives, creating shared value, and community relations for sustainable development and organizational sustainability.
    • Collaboratively creating social responsibility and community relations activities with businesses to care for and assist communities surrounding the AMATA City Industrial Estate Rayong.

    Products and services developed to meet demand

    Organizing Community initiatives and activities

    • Three events under the name 'CSR Club' were held in 2023 to collaboratively develop educational facilities in the community, enhance youth access to better educational opportunities, improve community environment, and restore and maintain the quality of community water sources.

In 2023, the Company collected information by conducting in-depth interviews with customers who are representatives of various industries to use the insights for analyzing and improving the Company's strategies and efficiently developing products and services that meet customer needs. The Company found that the environmental crises have become more severe, especially with climate change, leading to a global awareness of addressing environmental management across all sectors to mitigate the probability and severity of negative impacts. This has become a driving force for government agencies in many countries worldwide to declare and enforce more significant policies, and regulations, including new laws, and an increased demand for sustainability disclosure to prevent and mitigate negative environmental impacts.

Factory operators in the AMATA Industrial Estate are crucial production hubs for major global investors who import and export to various countries.  Therefore, it is essential for them to comply with the laws and regulations of important trading partners and their importing countries and strictly adhere to the environmental policies of their parent companies. Moreover, they must manufacture products and provide services that meet the growing environmental, social, and governance demands of their global customer base. Thus, factory operators seek products and services that prioritize social and environmental responsibility, adhere to the principles of circular economy principles, and provide transparent and verifiable data for sustainability disclosure.

AMATA Smart City Development

The Company is committed to becoming a Smart City developer to respond more efficiently to global emerging trends and risks. This includes business development that addresses economic, social, and environmental challenges, as well as adapting to the changing needs of future lifestyles in the post-COVID-19 era, also known as the 'Next Normal'. To achieve this goal, the Company has begun developing new investment zones that adhere to international standards with a focus on social and environmental development. Additionally, the Company aims to develop a quality workforce, positioning AMATA Smart City as an ideal investment area within the Eastern Economic Corridor (EEC) and establishing it as a regional learning center. By doing so, the Company hopes to stimulate economic growth in the region and enhance Thailand's economic value. The concept of AMATA Smart City will start with the upgrade and development of the Company’s existing industrial estates, namely AMATA City Chonburi Industrial Estate, and will eventually extend to other Company-owned industrial estates in the future.

  • On 9 February 2023, the signing ceremony of the Memorandum of Understanding between AMATA Corporation Public Company Limited and B.Grimm Power Public Company Limited marked the beginning of a feasibility study for the AMATA European Smart City project, which aims to support high-tech industry investors from Europe.
  • On 10 September 2023, the signing ceremony of the Memorandum of Understanding between AMATA Corporation Public Company Limited and Dajia International Investment Co., Ltd. took place to explore the feasibility of the AMATA Taipei Smart City project and its smart innovation development.
  • On 13 September 2023, the signing ceremony of the Memorandum of Understanding between AMATA Corporation Public Company Limited and the Federation of Hong Kong Industries took place to support industrial development in both Thailand and Hong Kong and to enhance understanding and cooperation between their business communities.
  • On 18 September 2023, The signing ceremony of the Memorandum of Understanding between AMATA Corporation Public Company Limited, Guangdong Mechanical and Electrical Polytechnic, and the Science-Based Technology Vocational College (Chonburi) aimed to enhance workforce capabilities to drive the digital economy.

Business Development in Foreign Countries

The Company has foreseen opportunities in CLMV countries where its strategic locations have high potential in connection to global supply chains and are now the focus of leading investors. Besides, the CLMV’s policies promoting regional economic development have become increasingly interconnected, presenting a high potential to support sustained economic growth in the future. The Company, therefore, has expanded its Eco-Industrial City business to CLMV countries by implementing its expertise and experiences in city development and introducing its AMATA Smart City model to open new business opportunities in some of those countries.

Projects in Vietnam

Over the past few years, Vietnam has been distinguished by its foreign direct investment (FDI) in the manufacturing sector, which has increased consistently, especially by investors from China, Korea, and Japan. After the outbreak of COVID-19, Vietnam continued to expand its economic growth steadily.  Especially in 2022, the gross domestic product (GDP) rose to more than 8% due to the expansion of the manufacturing base in high-tech industries such as the leading companies in the smartphone and semiconductor technology group from the United States and Korea, which showed considerable interest in investing in Vietnam. However, in 2023, the country's GDP decreased to 5%, primarily attributed to a reduction in export values, while foreign direct investment (FDI) had a growth rate of up to 30% from the year before. According to the World Bank’s forecast, Vietnam's GDP is expected to expand significantly in the long term, with a projected growth of 5.5% in 2024. Consequently, Vietnam has become a key target in the Greater Mekong Subregion for project development and corporate investment.

The Company has been investing in Vietnam since 1994, giving them 29 years of investment experience in the country. Currently, the Company has developed six industrial estates and cities in Vietnam based on the concept of “Perfect Smart City”, covering a total of 2,616 hectares, or 16,350 rai of land. All of these lands have been approved for Investment Registration Certificates in the southern and northern regions of Vietnam.  In 2023, the Company's projects in Vietnam, which are managed by AMATA VN Public Company Limited, experienced growth due to the expansion of the technology and clean energy industries, which were positively affected by changes in consumer behaviors during the COVID-19 crisis as well as an increase in purchasing power due to the overall economic growth of the domestic market.

Investment trends in Vietnam, encompassing both domestic investments and foreign direct investment (FDI), have continued to grow steadily. This growth supports the demand for industrial park leasing, particularly in eco-friendly, high-tech industrial development areas such as AMATA City Halong Industrial Estate in Quang Ninh Province and AMATA City Long Thanh Industrial Estate in Dong Nai Province, located in the northern and southern regions of Vietnam, respectively. These areas consistently attract investors due to several advantages, including strategic locations, investment incentives, international-standard infrastructure, and related services. The influx of investment into these regions significantly contributes to the development of Vietnam’s industrial sector and improves the capabilities and quality of life for local workers. It is anticipated that these developments will create more than 1,000 job opportunities.

In 2023, AMATA City Bien Hoa Industrial Estate was honored with the Top 10 Sustainable Businesses in the Trade-Services Sector Award. This award, organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Council for Sustainable Development (VBCSD), received oversight from various government agencies, including the Ministry of Labor, the Office of the Social Welfare Council, and the Ministry of Natural Resources and Environment in Hanoi, Vietnam. This accolade reflects the Company's pride in its consistent and continuous sustainable business practices. It marks a significant milestone in advancing the Company's capabilities and competitiveness, ensuring its sustainable growth and resilience.

Project in Laos P.D.R.

Following the announcement of China’s Belt and Road Initiative (BRI) in 2013 to enhance the connectivity of the Chinese economy with other regions of the world, Laos is one of the land routes connecting the transportation of goods from Kunming in Yunnan, China, through northern Laos to Southeast Asia via a 1,035-kilometer-long medium-speed rail. This has resulted in investment in infrastructure development, particularly the China-Laos railway from Boten, on the border between China and Laos, to the capital city, Vientiane. This Vientiane-Boten railway has been officially operated since December 2021.

The emergence of the China-Laos railway presents a significant opportunity to connect the high potential economies of both China and Southeast Asia. This has inspired the Company’s vision to develop a perfect city that creates opportunities for all stakeholders. As a result, AMATA City Lao Sole Co., Ltd. was established in 2020 to develop a Smart and Eco City in Laos.  In each project, it is possible to connect to Lao’s electricity grid, with a source of renewable energy production (hydropower) and the development of a smart network within the project to fulfill the business’s renewable energy demands.

On 14 March 2023, Mr. Malaithong Kammasit, Minister of Industry and Commerce of the Lao People's Democratic Republic (Lao PDR), Mr. Arsa Sarasin, Chairman of AMATA City Laos Company Limited, and Mr. Vikorn Kromadit, Chairman of AMATA Corporation Public Company Limited, together with senior executives of the Lao People's Democratic Republic and the AMATA Group, acted as witnesses in the signing ceremony of the Memorandum of Understanding (MOU) on the development of modern and environmentally friendly industrial estate between the Ministry of Industry and Commerce of Lao PDR and AMATA City Laos Company Limited, with Mr. Buavanh Vilavong, Acting Permanent Secretary of the Ministry of Industry and Commerce of Lao PDR, and Mr. Varong Tangpraprutkul, Managing Director of AMATA City Laos Company Limited, are the signatories of the cooperation. This MOU signing aims to foster cooperation in promoting the development of the modern and environmentally friendly industrial estate “Smart & Eco City” initiatives in Lao PDR. This includes development related to AMATA projects in Luang Namtha and Oudomxay Provinces, ensuring successful outcomes in economic, social, and environmental aspects under sustainable development principles.

Business development in Lao PDR prioritizes environmental preservation and local economic development. The Company places importance on maintaining environmental quality and fostering local economies. Therefore, the Company has adopted the environmental care, conservation, and management practices from its projects in Thailand for application in Lao PDR projects. This includes policies on water and waste management, development and management of green areas within industrial estates, and stakeholder engagement, to achieve balanced growth. The Company has initiated a concept to encourage companies operating within the project to share profits from operations to contribute to environmental impact reduction, protection of nearby forest areas, and promote the participation of businesses within the project according to the Company's ALL WIN business philosophy.

Business development aimed at meeting the needs of stakeholders and society

Human Capital Development

Based on customer feedback from the AMATA Industrial Estate, the Company has learned that factory operators within the estate place a strong emphasis on skilled labor issues. These operators are concerned with maintaining a sufficient, quality workforce for continuous business operations and with the ability to respond to future business technologies and innovations. Consequently, the Company has initiated human resource development in the Eastern region to enhance skills, knowledge, and abilities in alignment with customer demands. The following initiatives were implemented in 2023:

  • On 25 January 2023, the Company collaborated with Ms. Trinuch Thienthong, Minister of Education, to drive cooperation in vocational education management between the public and private sectors through the Public-Private Joint Sub-Committee for Production and Development of Vocational Manpower. This collaboration positions us as model industrial estate groups and aims to produce a skilled workforce, elevate workforce education and development, and meet industrial demands. As emphasized by the government and the Ministry of Education, vocational education management is considered a vital mechanism in the country's manufacturing sector, strengthening and promoting the skills of vocational students for the professional world.
  • On 18 September 2023, the Company and its partners jointly enhanced digital-era workforce capabilities by signing a memorandum of understanding on vocational education cooperation with Mr. Jiang Weigang, Director of Guangdong Mechanical and Electrical Polytechnic (GDMEP) in the People's Republic of China, and Mr. Peerapong Pansoda, Director of the Science-Based Technology Vocational Collage (Chonburi). The objective of this initiative is to upgrade workforce readiness for driving the digital economy. Initially, the project will utilize the training program of GDMEP, jointly developed with the industrial sector. GDMEP, ranked as the 2nd vocational college in Guangdong Province, China, focuses on developing the abilities and potential of students from the Science-Based Technology Vocational Collage (Chonburi) and extends to workforce development for future industries in both AMATA and the Eastern Economic Corridor (EEC) under Thailand 4.0 policy.
Development of clean energy

Clean energy is a high-impact topics for customers, who are increasingly setting targets to reduce greenhouse gas emissions and achieve carbon neutrality. This heightened demand for clean energy is significant. Therefore, the Company has taken proactive steps to meet customer needs, as follows:

On 9 February 2023, AMATA Water Co., Ltd. has signed an agreement with AMATA B.Grimm Power Co., Ltd. (AMATA B.Grimm Power) to develop a large-scale floating solar farm project in the AMATA City Chonburi Industrial Estate. This project will generate and distribute electricity from solar panels installed on floating platforms. The first phase, sized at 19.5 megawatts, is designed to meet the electricity demands of the customer group within the estate. It will utilize efficient and innovative technologies to enhance business competitiveness for customers, mitigate environmental impacts, and contribute to the long-term goal of reducing greenhouse gas emissions. The commercial operation date (COD) for the first phase is anticipated in the third quarter of 2025.

Development for better customer quality of life

The Company prioritizes the quality of life for those working in industrial estates. To meet the needs of both Thai and foreign workers, as well as to accommodate the many domestic and international investors who come to the estate, the Company has developed the Nikko AMATA City Chonburi Hotel. This joint venture involves AMATA Corporation Public Company Limited, Fujita Corporation Co., Ltd. (part of the Daiwa House Group), and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN). Managed by Okura Nikko Hotel Management, a renowned international hotel chain from Japan, it is the first hotel in Thailand to be jointly invested by the Japanese government. Operating under the concept of 'Home for people away from home’, it offers comprehensive services to support the activities of its guests.

 Hotel Nikko AMATA City Chonburi is the first and only hotel located within the industrial estate area in Chonburi province, serving as an internationally recognized center of Japanese-standard accommodation. It caters to the needs of over 450 Japanese factories operating within the AMATA City Industrial Estate Chonburi, as well as investors who are considering investment opportunities in the company's new phase and in the development area of the Eastern Economic Corridor (EEC).

Strategic Innovation Management

The Company has emphasized the significance of the innovation management process to make a difference and increase the value-added to the its products and services. This includes a focus on refining and improving work processes for greater efficiency, thereby reducing operating costs and mitigating the negative impacts on society and the environment.

Therefore, innovation is an important mechanism driving the Company to grow sustainably. Consequently, the Company has prioritized innovation development within the organization. This began with the development of innovative thinking skills, knowledge, and competency among the Company’s personnel, as defined in the attributes of the AMATA DNA, regarding innovative creativity and trying new ideas for development, which are also applied as indicators of employee performance evaluations at all levels.

In 2023, the Company has developed a strategic innovation management process to enable its innovation management to support its business strategy, create value-added products and services, enhance work efficiency, minimize negative environmental impacts, and leverage the quality of life of all groups of stakeholders.

In this regard, the Company has two approaches to acquiring business innovations (INPUT), which are 1) collaborating with strategic partners to develop innovations (EXTERNAL) and 2) promoting its employees to be the creators of business innovations (INTERNAL). The obtained innovations, either concepts or already implemented projects, will be supported with the resources required for further development to create additional value before delivery to customers and stakeholders.

1) Collaborating with strategic business partners to develop innovation

The Company has established strategies for the development of smart cities and supports projects through its strategic business partners to achieve high-quality business development rapidly. Consequently, the Company has collaborated with leading companies and organizations, both domestically and internationally, that are renowned in various fields, to develop new business projects under the AMATA Smart City concept. The AMATA Smart City area covers approximately 10 square kilometers, divided into smart city zones based on business partnership cooperation from countries such as China, Taiwan, Japan, Europe, and others. The goal is to support economic growth by attracting investment in target industries and research and development, as well as enhancing the quality of life for workers, promoting business ecosystem innovation, and facilitating research and development activities.

The cooperation with these leading companies and organizations will not only concretely drive the development of a smart city through various projects but also benefit Thai entrepreneurs in related industries. They will learn new technology concepts from foreign experts via the technology transfer process and apply these insights to research and develop their own technology. This will become a crucial mechanism for driving sustainable development in Thailand.

2) Promoting employees to be innovation creator

The Company has promoted and given opportunities to employees of all levels to demonstrate their potential and create innovations for business, society, and the environment, as well as to engage in the development and improvement of the Company's work procedures. Every year, the Company will organize an “Innovation Project & Idea Contest” as a stage for the employees to show their potential and present their ideas to develop innovative products, services, and effective team collaboration in the workplace.

In 2023, the Company organized the "AMATA INNO Awards 2023" competition, in which potential projects were considered and selected by a committee consisting of the Chief Executive Officer and senior executives for future extension and development. The competition aimed to motivate employees to submit projects and innovative ideas, with a total prize of 2.5 million baht, supported by a private fund from the AMATA Foundation of 2 million baht. This year, there were 17 teams and a total of 21 entries, including 7 innovation projects and 14 innovation ideas, that participated in the competition.

According to the innovation projects implemented between 2020 and 2022, the Company has saved a total of 19.33 million baht in operating expenses. This amount can be further categorized into 4 projects aimed at reducing environmental impacts and 3 social innovation projects.

Economic Performance

In 2023, the Company recorded total revenue of 9,698.81 million baht, marking a 20.49% increase from 2022. However, its net profit was 1,884.76 million baht, reflecting a 19.50% decrease compared to the previous year. The revenue structure is composed of three parts: property sales generated 4,804.05 million baht, utilities and services contributed 3,875.59 million baht, and leasing and other activities accounted for 1,019.17 million baht.

Revenue from
Real Estate


million baht

Revenue from
Public Utility & Services


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Revenue from
Rental & Others


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In 2023, various factors contributed to the increased real estate purchases. These included significant advancements in infrastructure and government policies aimed at reducing transfer and mortgage fees (effective from 1 January 2023). Moreover, there was a surge in demand from customers as the world recovered from the COVID-19 pandemic. Despite the pandemic not being fully resolved, the situation gradually improved as countries reopened and most social distancing measures were lifted, leading to a rise in international travel and a return to normalcy. Driven by the Company's dedication to meeting customer and stakeholder needs, initiatives such as developing smart cities in the Eastern Economic Corridor to international standards, expanding environmentally-friendly industrial city projects to CLMV countries, and continuous innovation and improvement of products and services through innovative management processes. As a result, a 66.77% increase in the Company's revenue from real estate sales compared to 2022 was primarily due to the increased transfer of land both domestically and internationally and the expansion of its projects. The growth in real estate development also led to  to a 38.37% rise in revenue from utilities and services compared to 2022. However, revenue from ready-built factories for rent and other sources declined by 56.96% compared to 2022. This decline was due to the sales of ready-built factories for rent in Vietnam, with 2 sold in 2023 and 24 sold in 2022.

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