Frasers Property Thailand Reports Over 6.3 Billion Baht in Revenue for the First Half of 2023, Closing Land Sales Deals Exceeding 400 Rai, Driving Profit Growth of 190%

May 07, 2026 | view 413

Frasers Property Thailand has released its financial report for the first half of the fiscal year (October 2023 – March 2024) showing total revenue of 6.372 billion baht, an increase of 0.7% compared to the same period last year, with a net profit of 1.597 billion baht, up 190%. For the second quarter of fiscal year 2024 (January – March 2024), total revenue reached 2.830 billion baht, comprising 1.534 billion baht from property sales, 791 million baht from rental and service income, and 504 million baht from other income, resulting in a net profit of 1.268 billion baht.

Mr. Hwa Tien Lim, Chief Executive Officer of Frasers Property (Thailand) Public Company Limited, or “FPT,” stated that despite the economic slowdown, the company has maintained its ability to achieve stable growth, reflecting its strength from a diverse Multi-Asset Class Portfolio that drives business resilience. The company continues to focus on the industrial and logistics sectors, as well as industrial estate development. Currently, over 50% of the portfolio consists of industrial assets, indicating the company’s direction towards businesses that can create added value throughout the supply chain, which is a key driver for future growth.

The growth in the second quarter was supported by the industrial property sector, particularly ARAYA – The Eastern Gateway, a comprehensive industrial and innovation ecosystem, which achieved excellent results by selling over 400 rai of industrial land. This was driven by demand from foreign clients relocating their production bases to Thailand, which significantly boosted the company’s net profit by 190% compared to the same period last year.

Additionally, the company acquired all shares in Nong Sue Chang Chonburi Co., Ltd., which holds over 2,200 rai of land, in February, preparing to develop a new industrial estate. This reinforces Frasers Property Thailand's strength in the industrial estate business, with strategic locations to meet increasing industrial demand. Meanwhile, the industrial and logistics business, including factories and warehouses, achieved a rental rate of 92% at the end of the second quarter, both domestically and internationally. The company is currently developing a 65,000 square meter automated sorting center for SPX Express (SPX) at Frasers Property Logistics Center (Samut Sakhon 2), as well as a 40,000 square meter Built-to-Suit warehouse for clients in the trading sector and an 18,000 square meter Built-to-Function warehouse for logistics service providers (3PL).

The residential property sector launched two new projects in the second quarter, with a total value of 4.55 billion baht, including The Grand Riverfront Ratchaphruek – Rama 5, a luxury riverside home certified with LEED Gold standards, making it the first residential property in Thailand and Southeast Asia to achieve LEED v4.1 Residential Single Family Home certification, and Grandio Rama 2 – Taksin, a luxury home located just 1 kilometer from Central Rama 2. For the second half of the year (April – September 2024), the company plans to continue its strategy by launching premium townhome and single-family home projects worth approximately 2.8 billion baht, including Goldina Ngamwongwan – Prachachuen and Guthe Sathorn. Meanwhile, the commercial property sector, including office buildings and retail spaces, maintained a rental rate of 87% despite an oversupply in the market, due to ongoing improvements in building quality and strong relationships with tenants.