WHA raises land sales target as investors show interest

SET-listed WHA Corporation Plc, Thailand’s largest developer of built-to-suit logistics facilities, says the company has revised its industrial land sales target this year to 1,400 rai, up from the previous target of 1,000, as several investors have expressed interest to invest more, particularly in the Eastern Economic Corridor (EEC).

Chief executive Jareeporn Jarukornsakul said total revenue this year is now expected to reach 13 billion baht.

She said that among the potential foreign investors is a global aerospace company, which is now in talks with WHA to buy land in an industrial estate in the EEC.

“The aerospace company wants to expand its investment in Asean and use Thailand’s EEC as a hub for aerospace maintenance, repair and operation (MRO). That matches the Thai government’s goal to promote the EEC as an aviation hub and the aerospace hub of Asean,” said Ms Jareeporn, without naming the company.

The EEC project spans more than 30,000 rai in the three eastern provinces of Rayong, Chon Buri and Chachoengsao. It was designed to accommodate new investment in targeted industries with added value to help push the economy towards Thailand 4.0. The EEC spans 30,000 rai in the provinces of Chon Buri, Rayong and Chachoengsao.

With the government promotion and massive investment in infrastructure, Ms Jareeporn said investment value in the EEC is expected to rise substantially in the second quarter of this year (April-June) and WHA is expected to tap into the profit since it owns Hemaraj estate, which is located near the U-Tapao airport.

She said the company has developed up to 2,000 rai in the industrial estate to be ready for new investment in the EEC.

“The eastern region of Thailand has strong potential to be developed as major industrial cities as the government is pouring in massive investments to link the region to neighbouring Asean countries and the rest of the world, particularly the project to expand U-tapao airport and the major deep sea ports to help improve logistics and serve increasing trade,” she said.

WHA has up to 40,000 rai of land along the EEC area and most of the land is in the Hemraj’s industrial estate. Of the total around 30,000 rai has been sold, and is expected to help create up to 1.1 trillion baht of new investment in the EEC areas.

WHA posted a smaller profit of 80.7 million baht in the first quarter of this year, compared with a net profit of 120 million baht in the same period of last year.

Recently, the company said it was also in talks with Alibaba, the Chinese e-commerce company, which planned to buy land to develop its “fifth generation e-commerce park” in Thailand.