- AP Thailand, under the promise of Cheevit Dee Dee Tee Lueak Eng Dai, would like to thank all customers for their continued confidence and trust, which have enabled the company to remain the number one real estate company and brand in customers’ hearts. This is reflected in the company’s first-quarter performance, which remained strong and stable, recording the highest total revenue in the industry at Bht 10,554 million, an increase of 11% year-on-year
- AP’s low-rise backlog remains robust, reflecting the company’s deep understanding of customer insights and its success in driving growth through AP CODE – The Code of Living Quality, which combines discipline with in-depth customer understanding in every market situation. This has enabled AP’s low-rise portfolio, comprising single detached homes, twin homes and townhomes, to continue receiving strong market response and steady ownership transfers. This momentum was further strengthened by 2 new projects, PLENO Future-Rangsit and PLENO TOWN Thammasat-Rangsit, which together generated recognised revenue of Bht 250 million
- Ready-to-move-in condominiums continue to prove the presence of real demand. AP’s condominium business has maintained positive momentum, particularly through ownership transfers at the first 2 new condominium projects of the year, ASPIRE Itsaraphap Station and GOOD DAY Sukhumvit 93. Their performance clearly demonstrates that the condominium market can continue to move forward when a brand is able to deliver products that respond to real quality-of-life needs, together with pricing packages that are both well understood and genuinely accessible
- Reinforcing customer trust, AP successfully sold out six projects in the first quarter, with a combined project value of Bht 6,175 million. This achievement reflects the strong confidence consumers continue to place in the AP brand. The successful sell-out of these projects further proves AP’s ability to deliver living quality that truly meets real residential needs
- #APThaiNo1RealEstateCompany remains committed to delivering quality residential projects across every dimension, from confidence and care to service excellence, ensuring that every AP project remains the best choice in customers’ minds. In the second quarter, AP will continue this commitment with the launch of 12 new projects worth a combined Bht 17,150 million, covering a wide range of customer needs. These comprise nine low-rise projects, together with a highlighted joint-venture condominium in a prime city-centre location, LIFE Sukhumvit–Rama 4, as well as the expansion of AP’s standards to serve demand in regional markets through 2 new APITOWN projects in Saraburi and Hua Hin
Mr. Ratchayud Nunthachotsophol, President of AP Thailand Public Co., Ltd., stated that
“Today’s real estate market is not a race for those who move the fastest, but a field for those who understand the game, maintain the right pace and demonstrate the strength to go the distance. AP Thailand is driving its business with a long-game strategy, building an organisation that is prepared for the long term under the CODE OF IN-DEPTH UNDERSTANDING strategy. We recognise that real demand remains in the market, particularly among customers purchasing homes for actual residence. However, as customers in certain segments face greater limitations in accessing mortgage loans, our role is not merely to offer residential projects, but to stand alongside them from the pre-finance stage, helping them prepare and increasing their opportunity to truly own a new home.
Beyond our commitment to designing and developing quality projects, this dedication to deeply understanding customers, combined with comprehensive discipline in business operations, is the key to earning customer trust across more than 200 quality residential projects under the AP portfolio in Bangkok, its surrounding areas and regions nationwide. This has enabled AP to achieve total revenue, including 100% of joint ventures, of Bht 10,554 million in the first quarter of 2026, an increase of 11%, with a net profit of Bht 903 million. The company also continues to maintain strong financial stability, with a net debt-to-equity ratio of only 0.64 times.”
For more than 35 years, AP Thailand has remained committed to delivering a better quality of life for Thai people under the concept of ‘AP CODE – The Code of Living Quality’, a core DNA that drives the organisation towards sustainable growth. In the second quarter of 2026, the company is set to further reinforce its leadership in Living Quality through the launch of 12 new projects worth over Bht 17,150 million, spanning single detached homes, twin homes, townhomes and condominiums, as well as expansion into new high-potential locations in Hua Hin and Saraburi, to comprehensively meet the needs of consumers across all segments.
Strengthening AP’s low-rise portfolio with ‘AP CODE – The Code of Living Quality’ to decode customer insights
AP’s low-rise business, which covers single detached homes, twin homes and townhomes, continues to reflect significant growth potential. The portfolio has maintained strong ownership transfer momentum since the beginning of the quarter, underscoring the trust customers place in AP. Key projects contributing strongly to revenue, or Top Revenue Contributors, include THE PALAZZO Krungthep Kreetha, THE CITY Ratchapruek–Phrannok, CENTRO Bangna, THE CITY Bangna 2 and CENTRO Phetkasem–Bangkhae.
At the same time, AP continues to advance new residential innovations through the launch of the Nature Architect series for single detached homes under THE CITY and CENTRO brands. The series is designed to elevate Space Quality through the concept of Natural Intelligence, seamlessly connecting indoor living spaces with the natural environment outside to support the Hybrid Living lifestyle of modern families. Meanwhile, the townhome business has launched Baan Klang Muang Sathorn–Kallapapruek 2, the first project to introduce the Foyer House concept with a Double Height Connected function, enhancing openness and creating a new dimension of usable space inside the home.
In addition, 2 new projects, PLENO Future–Rangsit and PLENO TOWN Thammasat–Rangsit, have begun gradually transferring ownership in this quarter, generating combined revenue of Bht 250 million. At the same time, PLENO TOWN represents another key strategy to capture real demand in high-potential locations, building on the success of the brand across multiple locations and reflecting AP’s ability to develop products that accurately understand consumer behaviour and purchasing power.
City-centre condominiums close to Mass Transit, including ready-to-move-in and under-construction projects, continue to receive strong market response, proving real demand through quality
AP’s condominium business has delivered strong growth and serves as clear proof of the presence of real demand in the market. AP’s ready-to-move-in condominium portfolio has continued to build positive momentum, supported by a strong backlog from newly completed condominiums, which has further strengthened ownership transfers. This includes the first 2 new condominium projects of the year, ASPIRE Itsaraphap Station and GOOD DAY Sukhumvit 93, both of which began transfers in March. This development clearly demonstrates that the condominium market can continue to move forward when a brand is able to deliver products that respond to quality-of-life needs, together with pricing packages that are well understood and genuinely accessible. The company has also maintained transfer momentum across both projects, with positive signs of continued revenue recognition going forward.
In the second quarter of 2026, AP is also preparing to continue expanding in the market through its joint-venture condominium project, LIFE Sukhumvit–Rama 4, which aims to redefine city-centre living. The project features sky-high common areas that open up to sweeping views of the Bang Kachao river bend, while offering a leisure experience designed to meet the lifestyle needs of modern urban residents.
In this quarter, the company continues to maintain a strong financial position, with total assets of Bht 87,646 million and a low debt-to-equity ratio of only 0.64 times. As of 30 April 2026, AP recorded a backlog of approximately Bht 39,626 million, comprising Bht 18,476 million from low-rise projects, which will be gradually recognised as revenue throughout the year, and Bht 21,150 million from condominiums, with revenue from 5 new projects scheduled to be recognised during the year. This will support the company’s continued revenue growth in the future.
Amid economic volatility and intense competition, AP Thailand remains confident that a good quality of life remains a key factor consumers look for when choosing a residence. The company continues to develop products, services and innovations that respond to people’s real-life needs under the concept of ‘AP CODE – The Code of Living Quality’, with the aim of creating stable long-term growth while maintaining financial discipline, competitiveness and confidence among customers, partners and stakeholders across all sectors. AP remains committed to being an organisation that not only builds homes, but also creates a better quality of life for Thai people at every stage of life in a sustainable way.
