Industrial estate developer Pinthong Industrial Park Plc (PIN) expects its land sales in the eastern provinces of Chon Buri and Rayong to reach 420 rai, driven by investment from China in electric vehicle (EV) manufacturing.
The sales growth comes as the government continues to promote EV production and consumption through tax cuts and subsidies this year.
Investments from other industries, including data centre development, are also expected to boost industrial land sales, said Pira Patamavorakulchai, chief executive of PIN.
"The Thai and Chinese governments have opened their countries. This has played a key role in supporting more investment in Thailand," he said.
Mr Pira said increased land sales, together with other sources of revenue, including its business that leases factories and warehouse facilities, will further grow the company this year.
In 2022, PIN saw its total revenue soar by 94% year-on-year to 1.1 billion baht while profit skyrocketed by 125% year-on-year to 325 million baht.
Mr Pira attributed the strong business performance to the increase in industrial land sales and revenue from the factory and warehouse business as well as infrastructure services.
According to PIN, most of the manufacturers based in its industrial estates are in the auto parts industry, accounting for 27% of total producers. Coming second are metal producers (21%), followed by plastic producers (9%), machinery and household product manufacturers (8%) and electronics producers (7%).
Manufacturers from other industries, including logistics, chemicals and packaging, together represent 28% of the total.
In terms of nationality, most investors came from Japan (63%), followed by Thailand (11%), China (6%), Taiwan (4%) and South Korea (2%).
PIN expects the installation of rooftop and floating solar panels at its industrial estates under a 1.6-billion-baht budget to be completed in 2023.
The floating solar power facility is being built on a reservoir covering 300 rai of land.
