Is Thai Property Developer “MQDC” in Liquidity Crunch?

Magnolia Quality Development Corporation Limited (MQDC) has been under the radar in recent weeks after several media outlets reported that it is facing a liquidity problem.

The report (update: from Thai Enquirer) cited sources in the financial sector, saying that the Thai developer is facing a liquidity crunch, but did not disclose reasons that led to the issue and only stated that it is currently not known.

Some media outlets stated that they had talked with MQDC’s suppliers that claimed the Thai developer dishonored the cheque and asked to delay the payment.


MQDC is not listed in the Thai stock market, but is considered a big developer in Thailand owned by the Chearavanont Family, which also owned CP Group.

The property developer is currently developing The Forestias, a mixed-use project that is located just a few miles from the capital.

According to its website, The Forestias offers every amenity for an upscale lifestyle in a forested neighborhood across 398 rai at Bangna-Trad Road Km 7 with a project value of THB125 billion. Designed with an ‘intergeneration’ concept to build family bonds and connect all generations, the development features 4 distinct residential concepts: Mulberry Grove (Villas & Condominiums), Whizdom Condominiums, The Aspen Tree Residences, and Six Senses Residences.

The Forestias will be also home to a 6-star boutique hotel, a community and family center, and a host of leisure and lifestyle amenities, including shops, restaurants, markets, offices, community spaces, and 30 rai of forest to explore together.

The project is expected to be completed in 2025.


As for MQDC’s obligations, it has a total of 53.8 billion baht in outstanding debt until 2026 through long-term debentures. One series of debentures at a value of 1,379 million baht will mature this November. Meanwhile, nearly 10,000 million baht of outstanding is due in January next year through seven series of debentures.


The official statement from MQDC was not published in the company’s website, but according to Bangkok Post, which cited an official statement from MQDC, the developer reassured that it has strong financial status and business operations are proceeding without disruption in all aspects.


According to Refinitiv, MQDC had a total revenue of 1,875 million baht as of the end of 2022 and 64,292 million baht worth of total assets.

Sumitomo Mitsui Trust Bank Ltd of Japan, a unit of Sumitomo Mitsui Trust Holdings Inc, officially announced an investment of $10 million (approx. 335 million baht) in The Forestias Project in May this year.