Who's who among the largest land development companies in Thailand? Dr. Sopon Pornchokchai, President, Agency for Real Estate Affairs (www.area.co.th), explains the results of the latest survey of the housing market in Bangkok and its surrounding areas as of the end of 2025.

 

 

Considering all publicly listed land development companies, both parent and subsidiary, AP (Thailand) Public Company Limited is the largest, developing 45 projects by 2025 totaling 8,844 units with a value of 63,749 million baht. With an average price of 7.208 million baht per unit, it holds a market share of 21.3%, or approximately one-fifth of the entire market, making it a true "powerhouse," twice as large as the second-ranked company in terms of the number of units developed.

 

The second largest number of units developed is by Sansiri Public Company Limited, with 14 projects totaling 4,210 units, valued at 35,933 million baht, averaging 8.535 million baht per unit, giving it a 10.1% market share. Third is Supalai Public Company Limited, with 12 projects totaling 3,236 units, valued at 19,750 million baht, or an average of 6.103 million baht per unit, representing a 7.8% market share.

 

It can be seen that these top 10 companies together account for 27,896 units, equivalent to 67% or two-thirds of the entire market. Dozens of other listed companies and hundreds more unlisted companies have very small market shares. This market is truly dominated by large players.

 

 

Considering development value, AP (Thailand) Public Company Limited remains in first place, followed by Sansiri Public Company Limited in second. Third place goes to SC Asset Corporation Public Company Limited, with a development value of 20,849 million baht, significantly higher than Supalai Public Company Limited's 19,750 million baht. It's worth noting that these top 10 companies account for 80% of the market share, or 198,722 million baht out of 290,615 million baht.

 

 

Considering the largest unlisted companies, A Best Estate Co., Ltd. developed two projects totaling 2,680 million baht and 593 units. Second is Northland Development Co., Ltd. with 558 units, and third is Vithithai Real Estate Co., Ltd. with five projects and 495 units. In terms of value, The Nest Property Co., Ltd. is second with 2,568 million baht, and third is Ruangpanya Asset Co., Ltd. with 2,110 million baht.

 

 

It can be seen that the top 10 unlisted companies account for only 5.8% of the market value and 10.1% of the total units. This group focuses on small-scale development to reduce risk and has a relatively low market capitalization.

Within the next five years, large companies will still hold the largest market share, but residential development will decrease, focusing primarily on the resale market. The development of hundreds of thousands of residential units per year in Bangkok and its surrounding areas will be limited. Large companies may need to diversify into related businesses such as hotels, apartments, hospitals, senior living facilities, wellness homes, offices, or other ventures, or even enter the agricultural industry.

For those requiring in-depth information to support decision-making in real estate development, investment, or strategy planning, the Thai Real Estate Research and Valuation Center (TRESC) offers leading national real estate valuation and research services. Certified by the Securities and Exchange Commission (SEC), TRESC has extensive experience working with government agencies, private organizations, and leading financial institutions. Our services cover market surveys and competitor analysis, project feasibility studies, traffic and pedestrian counts, and the assessment of key data to support professional decision-making. For more information, please contact Mr. Sanchai – Marketing Officer, Tel. 02-295-3905 ext. 105.