CEO Statement
AP (Thailand) Public Company Limited remains committed to conducting business
integrating sustainability into corporate strategy, corporate governance, and enterprise risk management in a systematic manner. This covers economic, social, and environmental dimensions under the principles of good corporate governance, transparency, and accountability to all stakeholder groups.
In 2025, the real estate sector faced structural challenges, including a gradual economic recovery, tightened credit conditions, volatile project development costs, as well as increasing risks from climate change and more severe disasters. This context reflects that “sustainability” is a fundamental foundation for competitiveness, business resilience, and long-term growth.
AP (Thailand) Public Company Limited remains committed to conducting business under its mission of “Empower Living,” integrating sustainability into corporate strategy, corporate governance, and enterprise risk management in a systematic manner. This covers economic, social, and environmental dimensions under the principles of good corporate governance, transparency, and accountability to all stakeholder groups. Over the past year, the Company has placed importance on enhancing the quality of life of customers, employees, Suppliers and contractors, communities, and society through the development of quality, safe residential projects that respond to changing lifestyles. At the same time, the Company has applied innovation and technology to improve operational efficiency, reduce environmental impacts, and promote the efficient use of resources across all business processes.In terms of climate change, the Company has set a long-term target to achieve “Carbon Neutrality by 2050” to support the transition toward a low-carbon economy and align with global climate-related regulatory trends. The Company has integrated climate-related risk management, covering both physical risks and transition risks, into its enterprise risk management framework. This is to strengthen adaptive capacity, protect long-term asset value, and support stable growth.
Through its continuous sustainability efforts, the Company has been selected for inclusion in the Stock Exchange of Thailand’s list of sustainable stocks and has received an ESG Rating for the fourth consecutive year. The Company also participated in the FTSE Russell ESG Scores assessment for the second year and was invited to participate in the S&P Global assessment for the first time, achieving a score higher than the industry average. These achievements reflect the Company’s progress in sustainability management, which has gained increasing recognition.
For more than 35 years, AP Thailand has remained committed to developing residences that not only respond to people’s ways of living, but also take into account quality of life, safety, the environment, and the creation of shared value for society. Going forward, the Company will continue to develop itself as a leader in real estate development that integrates sustainability into its core corporate strategy, with the aim of creating stable and sustainable returns for shareholders while supporting the long-term growth of Thai society and the country.
Mr. Anuphong Assavabhokhin and Mr. Pichet Vipavasuphakorn
Chief Executive Officer AP (Thailand) Public Company Limited
The Company places importance on the design and development of projects that comprehensively take into account quality of life, safety, resource efficiency, and environmental impacts,
for customers and surrounding communities.
AP (Thailand) Public Company Limited, as a leader in residential real estate development in Thailand, is committed to integrating sustainability into the Company’s core strategy in a concrete manner, covering economic, social, and environmental dimensions. This ensures that residential development not only responds to today’s way of living, but also creates long-term value for all stakeholder groups.
The Company places importance on the design and development of projects that comprehensively take into account quality of life, safety, resource efficiency, and environmental impacts, with the aim of truly creating a “sustainable good life” for customers and surrounding communities.
In 2025, the Company had 213 projects under sale and development, including 15 projects expanded into various regions. This reflects the Company’s strong growth potential, alongside sustainable operational standards in every area where the Company undertakes development.
Environmental Operations
"Choosing to Act for a Better Environment" the Company has integrated sustainability concepts into all projects, including both existing projects and new project developments. This is carried out through the most efficient use of resources, such as the selection of environmentally friendly and low-carbon construction materials, the design of energy-efficient homes, and collaboration with Mahidol University to develop guidelines for designing common green spaces in housing and condominium projects that are appropriate for ecosystem services.
In 2025, the Company received four energy-efficient home awards from the Electricity Generating Authority of Thailand (EGAT). In addition, the Company initiated the development of a Biodiversity Action Plan to manage risks related to project development areas that may affect biodiversity.
The Company also implemented energy conservation measures, reducing energy consumption by 273.03 MWh, or approximately 18.36% compared to 2024. In addition, the Company continued to promote the installation of alternative energy systems in common clubhouses of both low-rise and high-rise projects. As a result, electricity consumption from solar energy increased by 12.54% from 2024, reducing greenhouse gas emissions from electricity consumption by 394.23 tCO₂e and lowering electricity expenses by up to THB 3,669,823.96.
Furthermore, the Company reduced greenhouse gas emissions from Scope 1 and Scope 2 by 204.69 tCO₂e, representing a 14.91% reduction compared to 2024. The Company also collaborated with partners and business partners to promote the circular economy concept through various projects aimed at reducing operational waste sent to landfill.
These initiatives include the Waste to Value project, which gives leftover materials a new purpose, and the Know Waste, No Waste project, implemented in collaboration with the Bangkok Metropolitan Administration under the “This House Does Not Mix Waste” activity. More than 7,378 households participated in the activity, promoting efficient resource use and reducing waste sent to landfill. As a result, the Company was able to divert 49 tons of waste from landfill and reduce carbon dioxide emissions by approximately 100.3 tCO₂e.
Social Operations
"Choosing to Reduce Social Inequality", one of the principles that our Group has always upheld, in addition to conducting business with integrity toward all stakeholders, is the belief that promoting education can enhance human potential, create social opportunities, and help reduce inequality. This year, the Company continued to support community and social development in collaboration with partners such as SATI Foundation, creating opportunities for vulnerable children and youth to develop skills and build careers. In addition, the Company continued to provide educational opportunities and life skills development through various initiatives to support a better quality of life for all. These initiatives include AP Open House, which provides students with the opportunity to gain first-hand experience and learn about the real estate development process, as well as AP Public Course Training, which shares knowledge with the general public in areas such as construction, design, sales, and real estate services. The Company also firmly believes that building sustainability in human capital is a key driving force behind organizational success. We cultivate an Outward Mindset and Design Thinking culture to shape leaders and teams who look beyond themselves, understand stakeholders from multiple perspectives, and make decisions based on data and shared responsibility. This approach supports innovation, competitiveness, and strong, sustainable growth. The Company also places importance on promoting employees’ human rights and supporting diversity within the organization.
Governance Operations
"Choosing to Build a Transparent Organization", We conduct business based on the principles of good governance, transparency, and social responsibility. We are committed to enhancing corporate governance in alignment with international standards, while carefully managing risks, preventing corruption, and strengthening an organizational culture that adheres to business ethics.
To reinforce this commitment in expanding a transparent business network to business partners, the Company has encouraged its business partners to join the collective action against corruption. As a result, in 2025, the Company received the CAC Change Agent 2025 Award for the second consecutive year from the Thai Institute of Directors Association (Thai IOD) and the Thai Private Sector Collective Action Against Corruption (CAC).
The Company was also continuously rated as a listed company with corporate governance under the CGR Checklist at the 5-star level, or “Excellent,” by the Thai Institute of Directors Association (IOD). In addition, the Company received a corporate credit rating of “A” with a “Stable” outlook from TRIS Rating for the third consecutive year. The Company also received the Best CEO, Outstanding CFO, and Best IR Awards in the real estate development sector from the Investment Analysts Association (IAA).
Building on the Company’s achievements across all dimensions over the past year, I would like to express my sincere appreciation to all stakeholder groups for their continued support in driving the Company’s operations forward. In particular, I would like to thank all employees, who are the heart of this AP home. Our collective energy, dedication, and unity are the driving forces that enable the Company to overcome challenges, create new opportunities, and grow stronger.We still committed to developing single detached houses, semi-detached houses, townhomes, and condominiums under the concept of “Sustainable Life,” with the aim of creating a balance between today’s living and long-term sustainability, while delivering a “sustainable livinng” in a tangible way across all dimensions of living and the surrounding society.
Mr. Ratchayud Nunthachotsophol
President AP (Thailand) Public Company Limited
