AP Thailand PCL. (SET: AP), a leading Thai real-estate developer operating under the promise “Cheevit Dee Dee Tee Lueak Eng Dai”, has started 2026 with distinction, reaffirming its number-one status in the industry. The company announced the successful completion of its debenture issuance, which was oversubscribed to more than Bht 6 billion—far exceeding the initial offering target of Bht 3.5 billion. This phenomenon reflects a high level of confidence from institutional investors in AP’s management capabilities, business direction, and financial stability, all of which have enabled the company to demonstrate resilient growth despite volatility in the real-estate market.
Mr. Ratchayud Nunthachotsophol, President of AP Thailand Public Co., Ltd., spoke about the direction and factors behind this success, stating that “2026 is the year in which AP is ready to move forward proactively in seizing new opportunities, whether through the development of new forms of quality housing products in the market or by planting our flag in new high-potential locations to respond to constantly evolving lifestyles. At the same time, we remain firmly committed to disciplined growth, alongside the strict financial management that the company has consistently upheld, enabling us to maintain a low net debt-to-equity ratio (D/E) of just 0.7 (as of Q3/2025).
The success of the latest debenture offering worth Bht 3.5 billion (conducted during 21–22 January 2026), which saw overwhelming oversubscription, serves as further confirmation of the long-term confidence that institutional investors have in AP’s stability as a ‘true market leader’ that is ready to grow steadily under any economic conditions.”
Strong Financial Health, a key factor enabling AP Thailand to stand firmly strong lies in its strategic advantage of access to diversified funding sources, including:
- Available credit lines from leading financial institutions totaling Bht 19,353 million, reflecting ample liquidity
- Funding from business partner Mitsubishi Estate Co., Ltd. through a hefty registered capital of Bht 12,619 million in its subsidiary to invest in condominium development in Thailand in a joint venture with AP.
- Strong cash inflow from sales and transfers of properties across all segments – more than 200 projects in all, comprising single detached homes, townhomes, twin homes and condominiums – will be recognized as revenue on an ongoing basis.
- Strong capital market confidence, underscored by an “A” Stable credit rating from TRIS Rating for the third consecutive year—reflecting disciplined financial management, market leadership, low debt, and high liquidity for long-term growth.
Mr. Ratchayud concluded by stating that “Strong financial management and stability are not new to us. They are embedded in the DNA that AP has consistently upheld across all market conditions. This year, AP will focus on strengthening itself from within—empowering our workforce of over 3,000 employees alongside the most precise operating systems. We believe that winning in the long-term business arena is measured by the strength of a solid foundation. This ensures our readiness to withstand any form of volatility and to stand firm as a leader capable of sustainable growth. Ultimately, this drives our goal: delivering ‘Living Quality’ under the promise ‘Cheevit Dee Dee Tee Lueak Eng Dai’ in every dimension.”
