AP (Thailand) PCL: Registration, Ownership and What the Delivery Record Shows

AP (Thailand) Public Company Limited is registered with the Thai authorities as company number 0107537000149, trades on the Stock Exchange of Thailand under the ticker AP, and reported a sales backlog of 36,789 million baht at the end of the first quarter of 2026 against 208 active, ready to move projects in the Bangkok metropolitan area. For a foreign buyer trying to work out whether a Thai developer can finish what it sells, those three facts are the starting point, and all three can be checked against documents the company is required to publish.

This matters because the usual question about a Bangkok condominium developer is not whether it exists. It is whether the building will be completed, registered, and transferred, and whether the company behind it will still be solvent when the transfer date arrives. AP (Thailand) answers that question through disclosure rather than marketing, which makes it a useful case study in what a verifiable developer record actually looks like.

The registered entity

The company files under the name AP (Thailand) Public Company Limited, registration number 0107537000149, with a registered address at 170/57 Ocean Tower 1, 18th Floor, Ratchadaphisek Tat Mai Road, Khlong Toei, Bangkok 10110. Paid-up capital stood at 3,145,899,495 baht as of 31 December 2025, represented by 3,145,899,495 ordinary shares at a par value of one baht. The appointed auditor is EY Office Limited.

Those details are worth writing down before any site visit. A sales office can describe a project in any terms it likes, but the entity that signs the sale and purchase agreement is a specific registered company with a specific number, and the number on the contract should match the number on the filings. Where it does not, the buyer is contracting with a different company than the one whose track record they researched.

Who owns it

The largest shareholder in AP (Thailand) is Anuphong Assavabhokhin, who held 676,984,861 shares, or 21.52 percent, as of 3 September 2026. The remainder of the register is heavily institutional. Nortrust Nominees Limited held 9.98 percent, Thai NVDR Company Limited 8.40 percent, Bank of Ayudhya Public Company Limited 3.26 percent, South East Asia UK (Type C) Nominees Limited 2.73 percent, and State Street Europe Limited 2.07 percent. The company reported 32,670 shareholders in total, with 98.90 percent of holdings in scripless form.

Anuphong Assavabhokhin also sits on the board as Vice Chairman and Chief Executive Officer. The chairman of the board is Assoc. Prof. Dr. Naris Chaiyasoot, who serves as an independent director. Pichet Vipavasuphakorn is a director, chief executive officer and executive director. The board also includes Siripong Sombutsiri, Wason Naruenatpaisan, Kittiya Pongpujaneegul, Anyada Assavabhokhin and Jiraporn Linmaneechote, alongside independent directors Pornwut Sarasin, Yokporn Tantisawetrat, Phanporn Dabbaransri and Somyod Suteerapornchai. Ratchayud Nunthachotsophol was named president with effect from 1 September 2025.

A founder holding roughly a fifth of a listed developer is a double edged fact. It aligns the person running the company with the shareholders, and it concentrates a great deal of decision making in one person. Neither reading is a verdict. It is simply a structural feature a buyer should know about before committing to a unit that will not be delivered for three years.

The Mitsubishi Estate joint venture

The most consequential thing in AP's ownership structure is not on the share register. Since 2014 the company has developed condominiums in Thailand jointly with Mitsubishi Estate, the Japanese property group, through a joint venture entity called Premium Residence Company Limited, which carries registered capital of 12,619 million baht. In a July 2025 statement marking twelve years of the alliance, the partners said the venture had produced 31 condominium projects with a combined value of 137,000 million baht and had drawn in more than 100 partner companies across the Thai property and construction industries.

Anuphong Assavabhokhin, chief executive of AP, and Yuji Okamoto, managing director of Mitsubishi Estate (Thailand) Co., Ltd., were both quoted in that statement. For a buyer, the relevance of a partner like Mitsubishi Estate is not prestige. It is that a second institutional balance sheet is committed to the projects built through the venture, and that a Japanese listed parent brings its own reporting obligations to bear on the Thai entity.

Buyers should still check which company is actually developing the specific project they are looking at. A developer group may build some projects through a joint venture and others on its own balance sheet, and the two are not the same counterparty.

The delivery record

AP reported total revenues of 20,940 million baht and net profit of 1,870 million baht for the first half of 2025, with a net debt to equity ratio of 0.73 and an available credit line of 18,619 million baht, in results released on 13 August 2025. For the first quarter of 2026 it reported revenue of 10,554 million baht including full consolidation of joint ventures, net profit of 903 million baht, and the 36,789 million baht backlog noted above. The company said it planned to launch 42 new projects during 2026.

Backlog is the number that matters most for a buyer. It represents units sold but not yet transferred, which is to say contractual obligations the developer has taken on and has not yet discharged. Read next to the available credit line and the debt to equity ratio, it gives a rough sense of whether the company has the financing capacity to build out what it has already sold. A developer with a large backlog and thin liquidity is a different proposition from one with a large backlog and headroom.

None of this guarantees any individual project completes on schedule. Quarterly results describe a company, not a building. The specific checks for a specific unit remain the construction permit, the environmental impact assessment approval where required, the land title, and the progress of the actual structure.

What a foreign buyer should still verify

Thailand restricts foreign ownership in a condominium building to 49 percent of the total saleable floor area, and that cap binds regardless of how large or well capitalised the developer is. Before signing, a buyer should confirm in writing that the specific unit sits within the foreign quota, and should understand how the 49 percent rule is administered at the land office. Quota is allocated per building, and a developer that has already sold its foreign allocation cannot create more.

Beyond quota, the standard checks apply to a listed developer exactly as they do to a small one. Confirm the registration number on the contract. Ask which entity within the group is the developer of record. Ask for the escrow or payment protection arrangements. Compare the completion date in the contract against the construction progress you can see. For context on how AP sits among its peers, Bektu maintains a ranking of Thai developers and a guide to the most common property scams targeting foreign buyers in Thailand.

The useful conclusion about AP (Thailand) is narrow and worth stating plainly. The company publishes enough for an outside buyer to check its registration, its ownership, its financing position and its outstanding delivery obligations, and nothing in that public record contradicts what the company says about itself. That is a meaningfully better position than most developers in the region, and it is still not a substitute for verifying the individual project. Bektu (https://bektu.com) keeps developer delivery histories so buyers can make that comparison themselves, and AP's own entry sits at bektu.com/companies/ap-thailand-pcl.