SET-listed developer AP Thailand is sharpening its focus on provincial expansion this year, increasing launches outside Greater Bangkok by entering at least five new provinces, despite maintaining a cautious rollout plan.
The company plans to launch 42 new residential projects worth a combined 55 billion baht, with eight projects valued at 8 billion baht located in provincial markets.
New destinations include Hua Hin in Prachuap Khiri Khan, Hat Yai in Songkhla, Saraburi, Chon Buri and Chanthaburi, adding to the 14 provinces where AP already operates.
Ratchayud Nunthachotsophol, the company's president, said infrastructure investment and expanding transport routes are opening up new growth corridors beyond the capital.
"Although the market remains challenging, we see opportunities from the government's infrastructure investment, which is expanding to areas surrounding Bangkok and along transport routes in the provinces," he said.
"The recent interest rate cut is also good news for homebuyers and should help stimulate purchasing power."
Despite launching fewer projects, AP is targeting a 4.6% increase in presales to 49 billion baht in 2026.
Last year, AP launched 44 projects worth 59.6 billion baht, including only two provincial projects valued at 2.3 billion baht.
Total presales tallied 46.9 billion baht last year, up slightly from 46.7 billion in 2024, but less than the post-pandemic peak of 51.4 billion in 2023.
Low-rise housing remained the main driver, with presales rebounding 25.5% to 38.9 billion baht from 31 billion baht, after declining from 39 billion in 2022 to 33.5 billion in 2023.
Condo presales fell by nearly half to 7.9 billion baht in 2025 from 15.7 billion in 2024, easing from a post-pandemic high of 17.9 billion in 2023.
However, this year AP is planning its largest condo launch since the pandemic, rolling out seven new projects worth a combined 15.6 billion baht, up from 9.6 billion last year.
Condo presales are projected to rise by 44% to 11.4 billion baht, while low-rise housing is expected to edge down 3.5% to 37.6 billion baht.
As of Feb 22, AP had 212 ongoing projects nationwide, including 12 joint ventures with Japanese developer Mitsubishi Estate. Units remaining for sale were valued at 125 billion baht.
"This year, only developers with strong financial positions and readiness to continue investing will remain active, as they are not burdened by financial restructuring," Mr Ratchayud said.
AP plans to spend 15 billion baht on land acquisitions this year, up from 12.3 billion in 2025, while maintaining a net debt-to-equity ratio of no more than one time. The current ratio is 0.64 times.
The company expects total revenue of 49 billion baht in 2026, including joint ventures, up 6.5%.
Low-rise housing revenue is projected at 36 billion baht, condos 11.9 billion baht, and service income 1.1 billion.
