On December 17, 2025, industrial estate stocks were driven by the mega trend of data center investments, following increased interest from foreign investors in purchasing land and renting ready-built factories.
As of 3:45 P.M. (GMT+7), the share price of Amata Corporation PCL (SET: AMATA) was at THB 16.60 per share, up THB 0.50 or 3.11%, with a trading value of THB 381.96 million. Meanwhile, the share price of WHA Corporation PCL (SET: WHA) was at THB 3.30 per share, increased by THB 0.02 per share or 0.61%, with a trading value of THB 267.49 million.
Krungsri Securities Public (KSS) stated that the outlook for data center investments in Thailand is expanding rapidly due to rising demand for processing power and AI-supporting space, forming a new economic mega trend for the next 3-5 years.
Thailand’s infrastructure technology (Infra Tech) sector continues to see growth, especially in data center investments. As of December 11, 2025, total investment value surged to approximately THB 578.09 billion, a significant increase from around THB 375.23 billion before 2025.
New investments have also accelerated in 2025, with Chinese investors playing a major role, led by ByteDance (TikTok) with an investment value of THB 126 billion and Beijing Haoyang Cloud Data Technology at over THB 72.67 billion. There has also been ongoing investment from Singapore, Japan, Malaysia, and the United States.
For operators directly connected to Thailand, several high-value projects, such as Zenith Data Center (Thailand), worth about THB 54.90 billion, and GSA Data Center Company Limited (a GULF-Singtel-AIS joint venture), worth over THB 30.61 billion, have been noted, as well as other projects from Thai companies and partners in the energy and infrastructure groups.
This has had a positive impact on industrial estate stocks, especially AMATA and WHA.
AMATA, as another major industrial estate developer, stands out for its comprehensive infrastructure and capacity for regional hi-tech projects. Major investors are interested in relocating or expanding due to geopolitical advantages and stable electricity costs, resulting in the possibility to see increased land sales and ready-built factory rental deals.
WHA benefits from surging demand for industrial land from global data center providers. Several projects require large spaces with complete utilities, driving up land sales and infrastructure service growth. In addition, WHA’s electrical, water, and data communication networks within its estates specifically cater to technology operators.
Bualuang Securities stated that the first phase of data center investments, following Board of Investment (BOI) approval, will have a direct positive impact across key sectors, including the industrial estate groups, such as AMATA and WHA.
