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Nature of Business

Structure and Operation

Pruksa Holding primarily generates revenue through its equity holdings in a diverse portfolio of companies, with a focus on two core businesses: real estate development for sale and hospital and healthcare service provider. To create new value, the Company has spun off its precast and construction businesses, transforming them into independent profit centers and expanding their client base beyond the companies within the Group and existing customers. Additionally, the Company has introduced innovative e-commerce products and services to enhance and differentiate its real estate offerings.

The Group remains committed to optimizing its real estate investment portfolio to ensure both operational efficiency and effective risk management. As part of this strategy, the Company has reduced the proportion of inventory priced below THB3 million to 40%. In addition, the Company has prioritized investment diversification and is actively seeking new business ventures to foster growth. The focus is on identifying businesses that can generate recurring income and strengthen the Company’s competitive edge. The goal is to increase recurring income to 25% within the next five years, ensuring a steady and sustainable growth trajectory.

Business activities are categorized into four main groups: 1) precast and construction, 2) real estate development for sale, 3) healthcare, and 4) e-commerce. These activities also include investments in research and development to create innovative products and services that respond to evolving economic, social, and environmental demands while strengthening the Company’s long-term competitive capabilities.

Precast Business

Products and Services

After restructuring and separating the precast business unit operated by Inno Precast Co., Ltd. (“Inno Precast”) from Pruksa Real Estate’s real estate operations, PSH now holds a 45% stake in Inno Precast and 18.26% in General Engineering Public Company Limited (“GEL”) to strengthen its precast business structure. Inno Precast has become Thailand’s largest precast producer, using advanced low-carbon precast technology and automation systems. With GEL’s marketing expertise and client base, Inno Precast has also expanded its facade construction capabilities for large projects and condominiums, enhancing its competitive abilities in all aspects.

Inno Precast manufactures and installs precast concrete slabs while operating as a “Green Factory” with a commitment to achieving zero waste and net-zero carbon emissions. It utilizes advanced German machinery and manufacturing technologies to optimize material consumption in an environmentally friendly way, such as automated mesh welding plants that precisely cut steel to design specifications, minimizing waste or zero waste. The company employs a concrete recycling system to reuse leftover concrete and has adopted the green technology CarbonCure, making it the first in Thailand’s real estate sector to produce low-carbon precast concrete slabs. This innovation reduces cement usage by 4-6%, strengthens concrete, and reinforces the company’s position as the leader in the low-carbon precast market. Inno Precast has also installed solar panels at its factories, with the Nava Nakhon facility further equipped with a closed-loop system and dust collectors to minimize dust emissions. These efforts have resulted in a reduction in greenhouse gas emissions, equivalent to planting 55 trees per precast house produced.

Inno Precast manufactures and installs high-quality precast concrete slabs for residential projects, adhering to international standards. The production process involves several key steps:

  • Steel reinforcement is produced using mesh welding plants that precisely cut the steel according to design specifications.
  • Concrete is produced in computer-controlled batching plants with closed systems.
  • The concrete is compacted using shaking machines, effectively ensuring uniform density throughout the slabs.
  • The concrete undergoes curing in automated chambers, to achieve the desired strength and durability.
  • Precast molds are formed using seamless metal casting tables imported from Germany. After casting, the concrete slabs are polished using specialized machines to achieve a uniform smoothness.
  • The sides of the precast molds are magnetically attached to the casting tables using automated robotic assembly from Germany, ensuring that each precast piece matches its design dimensions with high precision.

Inno Precast has revolutionized construction with its innovative low-carbon pre-stressed hybrid slab flooring system, the first of its kind in the country. The hollow core slabs, manufactured using automated machinery, feature air voids in the center, making them lightweight and reducing the need for additional structural support. These air voids also enhance sound and temperature insulation, improving comfort and energy efficiency. When paired with prestressed solid slabs, which are especially effective in preventing water leakage in wet areas such as bathrooms and balconies, the system offers superior durability and reliability. Overall, the precast hybrid slab flooring system not only reduces concrete usage but also ensures strength, safety, and cost-effectiveness. Its lightweight design lowers material transportation costs, contributing to more efficient and cost-effective home construction.

In 2024, Inno Precast continued to enhance its products, solidifying its position as a leader in the manufacturing of low-carbon precast solutions. This leadership is underscored by several prestigious accolades, including the Carbon Footprint Label Certificate from the Thailand Greenhouse Gas Management Organization (TGO). In particular, under this TGO’s certification, the company received recognition for Carbon Footprint Reduction (CFR) for its precast wall, becoming the first and only company in Thailand’s precast industry to achieve this distinction. In addition, Inno Precast earned the Carbon Footprint of Product (CFP) certification for its precast wall, solid slab, and hollow core slab products. Demonstrating its strong commitment to environmental conservation, the company aims to apply for CFR recognition for all its products by 2025.

To enhance its competitive edge with eco-friendly innovations, the company has implemented the precast prestressed hybrid slab system, which was awarded the 2024 Asian Technology Excellence Award by The Asian Business Review, ASEAN’s leading business and technology magazine under Charlton Media Group. This system integrates seamlessly with precast concrete slabs, columns, and beams, offering customers greater flexibility for home renovations and accessibility to spaces where heavy machinery may face challenges. Additionally, it significantly reduces construction time. In addition, ultra-high-performance concrete has been developed to address future customer needs, particularly on sustainability. These advanced products are more compact, use less concrete, and maximize resource efficiency while maintaining exceptional durability. They are particularly suitable for the B2C market, where space constraints can limit access for large construction equipment. Moreover, Inno Precast’s advancements in this area also hold the potential for expansion into infrastructure projects.

Precast Production Capacity

There are 9 precast concrete factories (PCFs), with a total production capacity of 5.2 million square meters per year.

  • Wall production factories, which use automated carousel systems, consist of 4 factories: PCF1 and PCF5 in Lumlukka, PCF6 in Nava Nakhon, and PCF8 in Chiang Rak Noi.
  • Floor and ground beam factories, which use prestressed long bed systems, consist of 2 factories: PCF3 in Lumlukka and PCF7 in Nava Nakhon.
  • Stairs, fences, and special pieces factories, which use fixed mold/battery mold systems, consist of 3 factories: PCF2 and PCF4 in Lumlukka and PCF9 in Chiang Rak Noi.

Construction Business

Products and Services

In 2024, Inno Home Construction Co., Ltd. (“Inno Home”) completed its first year of operations following the strategic separation of the construction business unit from Pruksa Real Estate. This strategic move aimed to enhance agility and enable Inno Home to serve new customers and explore opportunities in new markets. Today, Inno Home has established itself as a leader and largest provider of landed property construction services in Thailand. The company offers comprehensive construction solutions for a wide range of projects, including hospitals, elderly care hospitals, condominiums, warehouses, and more. In 2023, Inno Home constructed 3,516 fully precast houses and one elderly care hospital in Watcharapol, utilizing post-tension construction techniques. In 2024, the company completed 2,819 houses and another elderly care hospital in Bearing.

Inno Home’s strength lies in its highly skilled and experienced construction team, enabling rapid project completion with exceptional quality. The company receives a steady flow of orders from businesses within PSH and other partner companies. In addition, Inno Home effectively manages costs through a blockchain-based procurement system that facilitates annual e-auctions for long-term contracts with leading suppliers across the country. This system allows Inno Home to secure competitive prices for construction raw materials. Additionally, the company continues to expand its customer bases both B2B and B2B, explore new markets, and offer related services, creating new revenue streams and reinforcing its market position.

Inno Home is committed to being a leader in design services, construction innovations, and professional management (Inno Solution). In collaboration with PSH subsidiaries, namely Inno Precast Co., Ltd. and Synergy Growth Co., Ltd., the focus is on effective resource management to support business growth. The company also aims to promote eco-friendly construction practices and responsible raw material usage. It also conducts environmental impact assessments during construction and uses the results to find solutions that minimize social and environmental impact.

Sustainable construction innovations include the following:

  • The use of drones to survey land conditions before the construction phase and land fillings for large projects.
  • Effective resource management during construction, such as the use of Just-in-Time (JIT) material delivery, optimizing work management on site.
  • The use of alternative, eco-friendly materials in construction, including products labeled for carbon footprint reduction or SCG Green Choice Certification. These materials include TOA paint, COTTO floor tiles, SCG roof tiles, COTTO and KOHLER water-saving sanitary ware, DAIKIN air conditioners, INSEE and CPAC concrete, and PHILIPS light bulbs.
  • Conducting assessments on the environmental impact of construction activities, ensuring that the impact remains within the safety limits set by the Office of Natural Resources and Environmental Policy and Planning (ONEP). This includes managing dust, noise, odor, wastewater, and other environmental factors. Furthermore, the company utilizes an IOT system to monitor and control the operation of wastewater treatment systems.
  • Managing and reducing energy waste, such as reducing the use of energy by using smaller cranes for lifting smaller precast components (Precast-X), increasing access to construction sites in narrow alleys, installing solar roofs on sample houses, sales offices, clubs, and improving wastewater systems to enhance energy efficiency.
  • Selecting highly qualified and suitable construction contractors ensures all projects meet the highest construction standards and best practices while continuously improving construction quality.

Procurement of products and Services for Construction of Low-Rise Projects

Value Chain of Construction Business

1. Business Concept and Architecture Design

The company conducts thorough studies and analyzes customer needs to develop tailored concepts for construction projects. This process includes defining key project details such as architectural design, project layout, and other essential elements related to project development.

2. Engineering Design and Cost Estimation

Architectural design serves as the foundation for developing engineering design. Inno Precast handles the structural design, while Inno Home is responsible for designing the pile foundation and public utilities, all based on the initial business concept. The company then estimates construction costs, factoring in the latest data on construction material and labor costs to ensure accurate and efficient budgeting.

3. Business Concept and Architecture Design

Inno Home works closely with the design team, construction team, and procurement team to select construction materials and contractors based on their value score, which evaluates factors such as aesthetics, material quality, construction quality, timely delivery, and after-sales service. The selection process is periodically reviewed to ensure transparency, with the database serving as a tool for retrospective assessment verification. Reliable suppliers are chosen as the company’s partnership and offered 3-year contracts to incentivize them to maintain high-quality standards and service. Contractors receive regular training on company construction standards, and project supervisors closely monitor and inspect their work to ensure compliance and quality.

4. Procurement

The procurement process has been systematized using e-auctions to leverage economies of scale, ensure the quality of construction materials, and manage price fluctuations. The company places a strong emphasis on sourcing from major suppliers, evaluating and comparing them based on their production capacity and sourcing capabilities. Currently, Inno Home maintains a database of approximately 800 high-potential suppliers who are capable of operating in accordance with company standards.

5. Site Preparation

Soil testing and site leveling are conducted in compliance with engineering principles before site preparation begins, including the piling process—an essential component of structural development. The company employs high-quality piles that conform to TIS 396-2549 standards and performs detailed vertical and horizontal alignment inspections, blow count assessments, and last ten blow tests, adhering to recognized engineering standards and safety protocols. Seismic testing is also carried out to evaluate the structural integrity of the piles. All piling activities are executed in strict accordance with applicable safety regulations.

6. Construction

Inno Home offers low-rise construction services with a dedicated team of experienced engineers who ensure compliance with engineering principles and standards. Inno Home team monitors construction progress and budgets in line with project plans, ensuring compliance with safety, occupational health, and environmental regulations. They are responsible for minimizing the environmental impact on communities and residents near the construction area and ensuring complete adherence to the contract terms. Throughout construction, regular performance evaluations and collaborative planning sessions with the sales team help manage inventory, adapt to changing plans, prevent cost overruns, and maintain continuous cash flow within the company. Inno Home has set a zero-defect target, emphasizing the importance of quality construction through effective management practices. The company selects contractors who are capable and suited for their specific tasks and establishes construction standards to ensure best practices are followed. These standards are also efficiently extended to suppliers and subcontractors. Inno Home works closely with partners to enhance the quality of products and services and relies on the Total Quality Management (TQM) model for construction quality management.

7. Delivery

Inno Home adheres to a rigorous quality inspection process at every stage of delivery. This includes thorough checks of structural integrity, electrical systems, and plumbing systems to ensure full compliance with the approved blueprints. Upon completion of construction, comprehensive testing is conducted to confirm the functionality of all electrical, plumbing, and sanitation systems, along with bathroom fixtures, doors, windows, and exterior equipment. These measures guarantee that all systems are fully operational and meet quality standards before the delivery of finished houses to Pruksa Real Estate, its primary customer, as well as other general customers.

Production Capacity of the Construction Business

Low-rise construction management is divided into a total of 45 production lines, which can build 630 two-story townhouses or 270 two-story single-detached houses per month.

Managing and Sharing Construction Resources to Optimize Low-rise Projects

Inno Home focuses on optimizing construction resource management for townhouses and single-detached houses to support business growth. The construction work within the Bangkok Metropolitan Region is divided into four zones: Northeast, Southeast, Northwest, and Southwest (excluding other provinces). This zoning strategy allows for the efficient allocation of construction labor and resources across townhouse and single-detached house projects, helping reduce project costs and enhancing competitiveness in the market.

Construction Business for Condominium Projects

Construction management for condominiums has transitioned from in-house to outsourcing to external contractors to efficiently control costs while ensuring high-quality results. Many large-scale operators in Thailand have specialized expertise in high-rise construction technology. Additionally, condominium projects are typically executed on a per-project basis rather than continuously, creating challenges in managing personnel post-construction. As a result, outsourcing to external contractors has become an effective solution in recent years. Pruksa Real Estate conducts thorough studies and analyses of consumer needs to develop condominium project concepts, define key project details, and create preliminary cost estimates. External contractors are then invited to participate in bidding for project pricing, engineering, and overall construction execution.

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Products and Services

Pruksa Real Estate develops a diverse range of residential properties, including townhouses, single-detached houses, and condominiums. The company aims to establish projects across all areas of the Bangkok Metropolitan Region, aligned with its core mission, “Live well, Stay well.” This mission emphasizes not only creating exceptional living spaces but also enhancing customers’ overall quality of life. Pruksa links its real estate business to emerging trends, promoting lifestyle-oriented and innovative residential developments. In 2024, the company shifted its business model to focus more closely on customer needs, increasing its mid-to-high-priced projects to 50% of new developments this year. The current project mix now consists of 30% low-priced, 40% mid-priced, and 30% mid-to-high-priced properties. This strategic shift targets Thailand’s real estate market’s “real demand” customers seeking homes for personal use rather than investment. Pruksa Real Estate also prioritizes launching projects in prime locations with high potential to appeal to these homebuyers. Additionally, Pruksa Real Estate has worked to refine its brand image, ensuring consistency and alignment in the management of each product group.

Pruksa Real Estate implemented targeted strategies in 2024 to achieve its property sales and transfer goals. These strategies focused on transforming employee development and internal operations by adopting the Agile Working Method and Design Thinking approaches. Additionally, the company pursued its Strengthen the Core strategy, aiming to increase the proportion of real-demand customers. Pruksa also emphasized acquiring land to support the consistent development of premium, higher-priced projects. The company leveraged synergies with Pruksa Holding and its subsidiaries, including ViMUT Hospital Holding Company Limited and Synergy Growth Co., Ltd., to enhance its capabilities in health, environmental, and residential technology. These collaborations align with emerging mega trends. Key initiatives include developing wellness residential projects for all age groups, incorporating Passive Home designs, installing solar panels for sustainable energy use, and integrating home automation technology with the MyHaus application. These efforts aim to deliver high-quality, future-ready residences that cater to customer needs.

Currently, PS divides real estate development business for sale into three product groups: townhouses, single-detached houses, and condominiums.

Townhouse Product Group: The townhouse product group includes projects available for sale under the brands below:

Townhouse/Shophouse

Pruksa Real Estate is the leader in the townhouse market within the THB1-2 million price range under its “Baan Pruksa” brand. It also serves the THB2-5 million segment with “Pruksa Ville” and “The Connect” and the premium segment, with prices over THB5 million, through its “Patio” brand. The company focuses on catering to real-demand customers in the Bangkok Metropolitan Region and other high-potential provinces.

The townhouse product group focuses on creating residential projects that provide quality living spaces tailored to diverse lifestyles. These projects emphasize both functionality and community. A Pruksa residential project can be divided into various zones, including commercial areas, residential spaces, and health and wellness sections. By leveraging the expertise of other companies under PSH, Pruksa Real Estate aims to establish itself as a true leader in living and well-being solutions. For example, The Connect Neu Town is set to launch sales in 2025.

The townhouse product group holds an approximately 12% share of the residential townhouse market in the Bangkok Metropolitan Region and contributes around 34% of the Company’s real estate revenue.

Single-Detached House Product Group The single-detached house product group includes projects available for sale under the following brands:

Single-detached House

The target market for single-detached houses includes customers in the THB4–30 million price range. Products are designed to align with demand in the overall real estate market and are categorized as follows: homes in the THB4–7 million price range under “The Plant” brand, homes in the THB8–15 million price range under the “Passorn” brand, and homes in the THB15–30 million price range under “The Palm” brand. In 2024, two new projects for super-luxury homes priced over THB30 million were also launched: The Palm Residences Pattanakarn and The Palm Residences Watcharapol. A new brand, “Pine,” has been launched as the first brand under Pruksa Real Estate to offer full-scale wellness homes, in line with the “Live well, Stay well” philosophy. The first project under the Pine brand is PINE Wellness Residence Prachachuen, with a price range of THB12–20 million. This project consists of three-story single-detached houses and semi-detached houses, each featuring a backyard garden. PINE Wellness Residence is designed to cater to family members of all ages and integrates healthcare innovations and services from ViMUT Hospital and the MyHouse application, ensuring the best living experience for all residents.

For the single-detached house product group, the Company focuses on product excellence to meet customers’ needs, demonstrating functionality in terms of health, lifestyle, and sustainability. The pilot project is The Palm, a wellness residence that integrates Pruksa’s products with the needs of its customers, focusing on three key areas: 1) Medical services: in-house doctors at the project sites and health advice through telemedicine technology. 2) Preventative health services: healthcare services and innovations promoting wellness at home, including product designs developed in collaboration with healthcare experts and the use of air circulation technologies. 3) Lifestyle services: service development and innovations for everyday living in collaboration with other initiatives under PSH, such as the MyHaus Application, solar panel installations, and product ordering through Clickzy. The company plans to expand these initiatives to all single-detached house brands under Pruksa. Starting in 2024, PS aims to develop more wellness residence projects, particularly those priced at THB8 million or higher, to cater to the lifestyles of people of all ages. The company is also committed to developing products that meet recognized standards, such as the TREES Certificate from the Thai Green Building Institute. In 2024, Pruksa Real Estate applied for the TREES-Pre Home Certificate for two house models in The Palm Residences Pattanakarn, with the goal of achieving Gold-level certification.

Pruksa Real Estate has entered into a joint venture with Britania Co., Ltd., a subsidiary of Origin Property PCL. (“ORI”), to develop a low-rise housing project aimed at premium customers. Located in a high-demand, high-potential area, this project integrates PS’s expertise in low-rise housing development, residential innovations, and comprehensive healthcare services, along with the expertise of other businesses under PSH. Inno Precast and Inno Home will also contribute their precast and construction expertise to the project. Currently, the project is in the land preparation and initial construction phase, with sales expected to launch in June 2025. In addition, the Company is also actively seeking new strategic partnerships for future projects.

The single-detached house product group holds an approximately 4% share of the single-detached house market in the Bangkok Metropolitan Region and contributes around 28% of the Company’s real estate revenue.

Condominium Product Group The condominium product group includes projects available for sale under the following brands:

Condominium

The condominium product group is segmented into various price ranges, each with its respective brands. The THB1-2 million range is represented by “Plum Condo,” emphasizing value for money and meeting all the needs for comprehensive living, while the THB2-5 million range includes “Chapter One,” “The Tree,” and “The Privacy,” each designed to meet the diverse needs and lifestyles of consumers. For premium and luxury segments, Pruksa Real Estate offers the “Chapter” and “The Reserve” brands.

PS focuses on acquiring high-potential land and managing the balance between low-rise and high-rise condominiums to optimize both short- and long-term revenue. The Company’s vision is customer-centric, aiming to create product differentiation that aligns with consumers’ lifestyles. This vision is realized through the development of comprehensive facilities and services that promote a high quality of life. In 2024, Pruksa Real Estate achieved success with new projects such as Chapter One More Kaset, a condominium located near Kasetsart University. Developed with a Bauhaus concept, this project appeals to buyers due to its prime location near the university, allowing for both residential and leasing opportunities. The design has resonated with customers, and the common area spans 2 Rai. As a result, the presale by number of units in 2024 reached 48% of total number of units in the project.

There are several ongoing development projects set to launch in 2025 in attractive locations, such as Plum Condo conveniently located near a skytrain station, a premium project located on a rare urban site by the Chao Phraya River, and another project near the Blue MRT line. These projects offer both residential and leasing opportunities.

Pruksa Real Estate has also entered into a strategic joint venture with ORI for two additional projects: a condominium and a mixed-use development. Leveraging its capital and diverse business expertise in collaboration with ORI’s strength in the hospitality sector, PS will utilize its existing land to develop a new brand, expanding its client base and generating recurring income. The condominium project is set to launch in 2025, while the mixed-use project, which includes a hotel, serviced apartments, and a healthcare center, is expected to open in 2028.

The condominium product group holds an approximately 3% share of the condominium market in the Bangkok Metropolitan Region and contributes around 24% of the Company’s real estate revenue.

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Products and Services

ViMUT Hospital Holding Company Limited (“ViMUT”) always conducts its business according to the Group’s business strategies:

  1. Providing comprehensive healthcare services, create healthy communities, promote healthcare and lifestyle programs that are suitable for customers of all ages. ViMUT serves as the super tertiary care health facility, with expertise in every field, to offer top-notch and comprehensive services.
  2. Enhancing capacity to align with prestigious international medical standards, including Hospital Accreditation (HA), Joint Commission International (JCI), and the American Accreditation Commission International (AACI), with a focus on elevating service excellence and fostering exceptional customer engagement.
  3. Driving sustainable development through a dynamic profitability and growth strategy, leveraging business acquisitions to ensure steady revenue streams, expanding scale through strategic joint ventures and partnerships—particularly with healthcare funds both domestically and internationally—and fostering innovation by cultivating new business models within Pruksa Holding.
  4. Transforming into a smart organization by advancing employees expertise to deepen a data-driven culture, enhancing digital platforms and virtual hospital innovation, and further solidifying the ViMUT brand’s prominence. This commitment is paired with a strong focus on sustainable energy practices and excellence in energy efficiency, exemplified by achieving the prestigious Platinum-level MEA Energy Saving Award.

These strategies are implemented across extensive offline and online platforms:

  1. Hospital group: ViMUT Hospital, ViMUT-Theptarin Hospital, and specialized hospitals
  2. Wellness hospitals: elderly care hospital and Clinic Baan Mor ViMUT
  3. New investments through strategic partnerships both within and beyond PSH, extending across domestic and international markets.

Hospital Group

ViMUT Hospital

ViMUT Hospital serves as the flagship facility of the ViMUT Group, situated on an approximately 4 rai land along Phahonyothin Road, near Saphan Khwai Intersection. Officially opened in May 2021, the hospital boasts a state-of-the-art design that emphasizes safety and well-being. Advanced air ventilation systems, enhanced by cutting-edge UV-C air disinfection technology, significantly reduce the risk of respiratory tract infections. Its infrastructure, including fire safety and waste management systems, strictly adheres to JCI international standards, ensuring a secure and healthy environment for both patients and staff.

ViMUT Hospital is a distinguished general hospital providing tertiary care, with 235 registered beds (currently operating with 178 beds). ViMUT Hospital addresses a wide range of medical needs, from general to complex conditions. Over the past year, ViMUT Hospital has proudly attained the third level of Hospital Accreditation (HA) and the Joint Commission International (JCI) standard. In late 2024, the hospital further elevated its international care standards by unveiling world-class facilities on the 14th to 16th floors, specifically designed to cater to international patients from countries including Arabic nations, Australia, China, and the CLMV region. The hospital has seen a significant increase in international clientele in the past years.

ViMUT Hospital stands equipped with cutting-edge technology and highly skilled medical experts. The hospital has 25 service centers: Heart & Vascular Center, Bone & Joint Center, Diabetes and Endocrine Center, Neurology Center, Womens Health Center, Health Check-up Center, International Medicine Center, Otolaryngology Center, Gastrointestinal and Liver Center, Post Crisis Rehabilitation Care Center, Eye Center, LASIK Center, Mental Health Center, Surgery Center, Dental Center, Skin & Aesthetic Center, Children’s Health, Hemodialysis Center, Rehabilitation Medicine Center, X-Ray Center, Emergency Center, Urology Center, Breast Center, Maxillofacial Contouring Center, and Corporate Health Check-up.

In 2024, ViMUT Hospital is dedicated to expanding its specialized expertise by establishing Centers of Excellence (COE) focused on complex medical conditions, including cardiovascular diseases, orthopedic surgery, brain and neurological disorders, gastrointestinal health, and eye care, including LASIK. Additionally, the hospital has introduced the maxillofacial contouring surgery service, further enhancing its comprehensive range of specialized care. The hospital has carefully chosen cutting-edge technologies and medical devices to deliver exceptional, world-class outcomes for all patients while addressing the needs of the population group that serves as the primary driving force behind the nation’s progress. In this regard, ViMUT Hospital has opened four specialized clinics: Headache Clinic, GERD and Constipation Clinic, Cardiac Arrhythmia, and Nose and Sinus Clinic. These clinics are dedicated to treating common health conditions prevalent among the working population, preventing silent health threats, and ensuring the well-being of the workforce—an essential pillar of the nation’s economic strength. ViMUT Hospital proudly offers the FEMTO LDV Z8, an innovative bladeless laser technology for advanced eyesight correction and LASIK procedures, minimizing the risk of complications and promoting faster healing. ReLEx CLEAR is another advanced technique utilized in LASIK, creating a minimal incision of only 2.6 to 3.0 millimeters. Another exceptional technology offered is iNAP (Intraoral Negative Airway Pressure Therapy), a cutting-edge treatment for snoring—a common indicator of sleep apnea, a condition affecting the health of over 3 million people in Thailand. The Maxillofacial Contouring Center provides comprehensive health and aesthetic care, aligning with the growing trend of prioritizing both physical and mental well-being. Moreover, the hospital also utilizes UROLIFT technology for the treatment of Benign Prostatic Hyperplasia (BPH), offering a swift procedure that takes only 30 minutes to 1 hour. UROLIFT is accredited by the FDA in both the USA and Thailand, and ViMUT Hospital is among the pioneering institutions in Thailand to adopt this innovative technology.

ViMUT Hospital consistently upholds its status as a Smart Hospital, seamlessly integrating the Hospital Information System (HIS) to connect and centralize patient data across the entire facility. This innovative approach enhances operational efficiency, elevates the hospital’s ability to provide fast, accurate, and comprehensive services, and fosters the creation of healthy, thriving modern communities. In this regard, ViMUT Hospital extends its services beyond traditional in-hospital care. The hospital has partnered with Naluri, Malaysia’s leading provider of corporate healthcare solutions, to transform Thailand’s healthcare landscape. Through this collaboration, ViMUT helps business clients design tailored healthcare plans for their employees. Employees can easily access a wide range of health services via an intuitive mobile application, allowing them to manage all aspects of their healthcare. Through ViMUT Application, users can now receive comprehensive care from the comfort of their homes, including addressing physical illnesses and mental health issues and tracking and managing chronic conditions such as diabetes, blood pressure, and weight management. This application also offers expanded service channels, Additionally, it facilitates medicine delivery andallows patients to conveniently schedule appointments with medical doctors. Digital innovations empower ViMUT Hospital to develop the data center and networkbetween ViMUT Hospital and ViMUT-Theptarin Hospital. This digital solution enhances data management, streamlines coordination between departments with precision and security, and enables the analysis of patient data to personalize care based on individual needs and behaviors.

The number of inpatients and outpatients at ViMUT Hospital continues to grow, driven by the introduction of healthcare packages and the effective treatment of health conditions identified during annual health check-ups. This has significantly enhanced the hospital’s reputation while generating a steady revenue stream. The hospital has further strengthened its capabilities by establishing Centers of Excellence and specialized care center. Additionally, ViMUT Hospital collaborates with esteemed medical professionals, allowing them to deliver exceptional patient care within ViMUT’s facilities. Through the Ramathibodi-ViMUT partnership, the hospital extends its services, enabling patients from Ramathibodi Hospital to undergo operations at ViMUT Hospital.

ViMUT Hospital continues to expand its client base through strategic partnerships with large corporations and insurance companies, while increasing insured patients’ capacity under the Protection for Motor Vehicle Victims Act. The hospital offers a diverse range of attractive services and promotions, including surgery packages tailored for leading insurance providers both domestically and internationally, comprehensive health check-up packages, community clinics, and mobile health check-up services. Additionally, the hospital collaborates with specialized doctors from renowned medical schools to meet the needs of its patients. ViMUT Hospital has introduced dedicated services for international patients through collaborations with embassies and international client agencies. To further enhance accessibility, the hospital has established an agency office aimed at attracting regional clientele. Currently, ViMUT Hospital is actively serving clients from Arab nations, Australia, and China.

Service Volume as of December 31st

Inpatients 2024 2023
Number of Registered Beds 235 235
Available Beds 178 100
Occupancy Rate of Available Beds (percent) 42.0* 50.3
Outpatients 2024 2023
Average Number of Outpatients per Day 485 410

*In 2024, Occupancy Rate of Available Beds was calculated from 100 available beds in the first half of the year and 178 available beds in the second half of the year.

ViMUT-Theptarin Hospital (“Theptarin Hospital”)

Theptarin Hospital began operations in 1985 as Thailand’s first dedicated diabetes and thyroid clinic. Located on Rama 4 Road and operated by Thep Tanyapa Co., Ltd., the hospital later expanded into a full-service general hospital with an 80-bed capacity. In 2021, ViMUT acquired a 51.57% stake in Thep Tanyapa Co., Ltd. Subsequently, in 2024, the hospital was rebranded as ViMUT-Theptarin Hospital.

Theptarin Hospital excels in providing comprehensive care, particularly for diabetes, thyroid, and endocrine-related conditions. The hospital has also enhanced its services in the management of non-communicable diseases (NCDs), offering a continuum of care from prevention to the treatment of complications and support for daily living. These advancements align with the vision and mission of ViMUT-Theptarin’s founder, as well as ViMUT’s overarching business strategies. Theptarin Hospital has attained the third level of Hospital Accreditation (HA). With over 40 years of experience and a team of highly skilled doctors from both Thailand and abroad, the hospital is also accredited by the for its exceptional expertise in diabetes and thyroid care. In addition to its renowned Diabetes, Thyroid, and Endocrine Center, Theptarin Hospital stands out for its exceptional services in the Cardiovascular Center, Foot Clinic and Wound Care, and Dental Center.

Theptarin DM Academy continues to offer educational courses aimed at providing valuable knowledge to diabetes patients, caregivers, healthcare providers, and the general public. These sessions are held monthly. Moreover, the Academy welcomes personnel from both domestic and international hospitals and educational institutions to observe its work in diabetes, thyroid, and endocrine care, as well as its holistic approach to nutrition and healthcare. The Academy is renowned for its exceptional academic knowledge, producing highly qualified nutritionists and healthcare professionals. The hospital has carefully selected advanced technologies and medical devices to deliver outstanding outcomes. And with a deeper understanding of their conditions, patients are empowered to better manage their health, utilizing tools such as continuous glucose monitoring (CGM) and insulin pumps to maintain optimal care.

After four years of joining forces with the ViMUT group, the hospital was rebranded as ViMUT-Theptarin Hospital, continuing to uphold its excellence in the fields of diabetes and endocrine care. ViMUT-Theptarin Hospital is equipped with cutting-edge innovations and technologies from the ViMUT group, enabling the treatment of complex diseases. ViMUT-Theptarin Hospital has expanded its services to encompass a wide range of specialties, including heart surgery, balloon angioplasty, thyroid care, diabetes management, accident treatment, health check-ups, and vaccine packages. This strategic diversification aims to significantly enhance its revenue stream. ViMUT-Theptarin Hospital is currently in the process of constructing a new building to support growth in the next stage with a maximum of 10 floors and a 53-bed capacity. This facility is expected to open its doors by 2027.

Service Volume as of December 31st

Inpatients 2024 2023
Number of Registered Beds 80 80
Available Beds 67 67
Occupancy Rate of Available Beds (percent) 55.2 52.2
Outpatients 2024 2023
Average Number of Outpatients per Day 322 321

Specialized Hospitals

ViMUT Group is advancing its efforts to expand its business and establish the Trusted Healthcare Platform, broadening its medical ecosystem to promote better health for Thai people and deliver comprehensive medical services. In 2024, ViMUT Group, in collaboration with renowned medical partners specializing in orthopedics, established ViMUT Orthopedic Hospital Thonglor. Located in the prime strategic area of Thonglor, the hospital is dedicated to providing specialized orthopedic care to both Thai and international patients. In its initial phase, ViMUT Orthopedic Hospital Thonglor will feature 18 registered beds, equipped with state-of-the-art medical devices and technologies, including MRI, CT scan, robotic surgery, and tertiary care-level physiotherapy and sports medicine services. The hospital is scheduled to commence operations in 2027.

Wellness Extension

To elevate service experiences, expand its client base, address the growing health trends among seniors seeking holistic care, promote preventive healthcare, and establish new medical service standards positioning Thailand as a premier long-term care destination in Southeast Asia, ViMUT has partnered with K.P.N. Senior Hospital Co., Ltd. (“KPN Senior”), in which Pruksa Holding holds a 25% share, with the potential to reach the 35% maximum in the future. ViMUT and KPN Senior launch Chersery Home International Hospital, a facility dedicated to elderly healthcare and rehabilitation. There are 3 centers. 1) Bangna-Wongwaen Zone (50 beds): the center is located in front of Pruksa Avenue. There are also other residential projects under Pruka in Bangna-Wongwaen Zone, encompassing approximately 1,700 households. 2) Watcharapol Zone (49 beds), featuring 12 fully equipped hemodialysis units, located in front of a Pruksa residential project with about 300 households. 3) Bearing Zone, set to launch in mid-2025, will offer a 54-bed capacity and 20 hemodialysis units.

Moreover, KPN Senior also operates Chersery Home, specializing in elderly care and rehabilitation, as well as The Senizens, a center dedicated to elderly health promotion and rehabilitation. In addition, KPN Senior manages 8 other centers within the group, with a combined bed capacity of 184. The company aims to expand to a total of 600 beds across its facilities within the next three years. KPN Senior is accredited by Hospital Accreditation (HA), Joint Commission International (JCI), and American Accreditation Commission International (AACI). Today, KPN Senior stands as one of the key players in the elderly care market, committed to offering comprehensive health solutions for individuals of all ages. The organization provides a wide array of services, including specially designed vans with wheelchair seating for elderly transport, homecare services for elderly care and physiotherapy, and post-operation rehabilitation for patients in the palliative stage of brain diseases. KPN Senior is a pioneer in facilitating health insurance claims for both Thai and international patients.

ViMUT’s business extension also includes Clinic Baan Mor ViMUT, which is dedicated to offering accessible medical services to local communities. The clinic has been in operation since 2018 in Rangsit, Pathum Thani, offering consultations for general and chronic diseases, blood tests, health check-ups, vaccinations, and health consultations provided by family medicine doctors. In 2024, Clinic Baan Mor ViMUT is focusing on community clinic operations in collaboration with Pruksa Real Estate villages and surrounding communities. The clinic also offers comprehensive traditional Chinese medicine services, creating an additional revenue stream. Looking ahead, the clinic plans to expand its offerings by incorporating applied Thai traditional medicine, further enhancing its range of healthcare services, including the introduction of hemodialysis services for patients in need.

Strong partnerships and collaborations within the Pruksa Holding Group are focused on enhancing the quality of life for residents of Pruksa Real Estate projects, embodying the “Live well Stay well” philosophy. This exceptional wellness housing model seamlessly integrates health and living through thoughtful design of homes, common areas, facilities, and services. ViMUT Group plays a pivotal role in advising on this model, which incorporates the Universal Design concept to ensure safety and accessibility for people of all ages. Residents can enjoy a wide range of wellness activities, including medical services, health promotion activities, online medical consultations via the ViMUT Application, and personal assistant services tailored to meet their needs.

New Investments through Partnerships Inside and Outside the Group

ViMUT invests in healthcare-related businesses both within and outside the Group, as well as domestically and internationally, to further expand its innovative missions. Under the partnership with Ramathibodi Hospital, patients from Ramathibodi Hospital can undergo operations at ViMUT Hospital. In addition, ViMUT has entered into a joint venture with Namwiwat Medical Corporation Public Company Limited, a manufacturer, importer, and distributor of medical tools, devices, and disinfection and sterilization services for healthcare equipment. This collaboration aims to provide disinfection and sterilization services, initially serving facilities within the ViMUT Group, with plans to extend these services to private and public hospitals and medical equipment companies across the country.

Moreover, ViMUT, in collaboration with PSH companies, offers expanded channels for patients and clients to access healthcare services through both online and offline platforms, under the “Livewell” brand. Patients can easily contact or schedule appointments with doctors, as well as conveniently purchase medicines and healthcare products online. A dark store, located behind ViMUT Hospital, features pharmacists who provide expert advice and telepharmacy services for general customers.

ViMUT also expands its international footprint by investing in Pathology Asia Holdings, a leading diagnostics service provider in Southeast Asia. A joint venture was subsequently established through the acquisition of, aimed at advancing state-of-the-art research laboratory management. Moreover, ViMUT has invested in and partnered with Amili, a leading HealthTech company in Singapore specializing in gut microbiome technology and research laboratories for the development of new medicines. As a result, ViMUT has launched a personalized gut microbiome balance test program and introduced probiotics supplements designed to support the treatment of GI tract diseases, irritable bowel syndrome, and obesity. This program also serves as an additional revenue stream for the Gastrointestinal and Liver Center at ViMUT Hospital. Moreover, the joint venture with Naluri offers healthcare services through digital platforms, providing 24-hour advice on both physical and mental health. This platform helps predict health risks and monitor treatment from the onset of illness to the rehabilitation stage. The joint venture targets big corporations and aims to expand its reach to both B2B and B2C segments in Thailand.

ViMUT not only seeks new business opportunities to expand its ecosystem but also actively pursues partnerships across diverse fields, including with startups, to help them reach the market. The “Accelerate Impact with PRUKSA” campaign opens opportunities for startups to showcase their potential. Notable startups under this initiative include Agnos, LabMove, Pharmcare, and findTEMP. As part of this project, ViMUT has extended its reach to 110 people in Phayathai District through mobile health check-ups and blood test services.

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Synergy Growth Co., Ltd. (“SGC”), a subsidiary established in June 2022, focuses on investing in enterprise technology companies to create added value by developing technology for the Company’s affiliated group. Its mission is to develop technology solutions for PSH that enhance the living-at-home experience, creating seamless connections to meet a diverse range of consumer needs with access to a customer base of over 100,000 from Pruksa Real Estate and ViMUT hospitals.

During the first year of business, SGC launched two main businesses: Supply Chain Management - Clickzy to serve retail customers and ClickBiz to serve business clients and Facility and Property Management- MyHaus, an application aimed at enhancing residential living through technology, allowing residents to interact with juristic offices and manage electronic home systems.

In 2024, a new entity, ZDecor, was established and subsequently registered as Wizlah TH Co., Ltd. This venture expanded the furniture business into the online space, leveraging advanced technologies such as 3D design and augmented reality to showcase products. Meanwhile, SGC scaled up the MyHaus application, transforming its former electronic device management and home maintenance business into a comprehensive facility and property management platform. This transformation enhances the efficiency of resident support services and the platform’s client base has now broadened to encompass the wider real estate sector. Moreover, Livewell Pharmacy Solution Co., Ltd. was established to drive business in telepharmacy and health products.

The e-commerce and digital platform segment comprises four sub-businesses, which include: Supply Chain Management, Electronic Facility and Property Management and Home Maintenance, Decoration and Design Platform and Health Technology (HealthTech). The other business under the management of SGC is business related to Online Marketing.

Products and Services

Supply Chain Management

SGC launched the Clickzy platform to provide home-related products and services to individual and corporate customers, covering a wide range of offerings from house construction to lifestyle products for living. Building on its success, Clickzy introduced a new platform, ClickBiz https://clickbiz.clickzy.com), transitioning from a B2C e-commerce model to a highly efficient B2B SaaS (Software-as-a-Service) platform. ClickBiz delivers specialized solutions for the construction and contractor sector through its Supply Chain Management Solutions and E-Procurement systems. These solutions enhance workflows, improve liquidity management, streamline project bidding, integrate financial services to optimize operations for business clients, and enhance efficiency in handling document management and complex systems.

E-Procurement System from B2B Supply Chain Management Solutions

Electronic Device Management and Home Maintenance

MyHaus application has been developed to provide residential services and the best residential experiences tailored for Pruksa residents. By incorporating IoT technology, the application enhances the value of the Company’s real estate business, enabling seamless connectivity between home devices and the platform. This allows users to conveniently manage and control devices within their homes. Following its initial success, MyHaus took a significant step forward in 2024 by launching an online property management platform. This new feature enables users to easily interact with juristic offices, further enhancing convenience and efficiency in property management. In addition, SGC emphasizes its commitment to Sustainable Development Goals (SDGs), particularly in the areas of sustainable and renewable energy. To advance this mission, SGC established a new entity to operate a solar energy business under the MyHaus brand. This initiative focuses on generating clean, renewable energy as an alternative for businesses within the Group. Solar panels are installed to harness sunlight and convert it into electricity, offering a cost-effective energy solution for residents and contributing to the reduction of greenhouse gas emissions.

Decoration and Design Platform

In 2022, ZDecor was launched as part of the Innovation Project by Pruksa Real Estate, aiming to refine decoration and design approaches to better align with customers’ needs and preferences. In September 2023, a subsidiary under SGC, originally named ZDecor Co., Ltd., was established and later renamed Wizlah TH Co., Ltd. (WZ). This joint venture between SGC and Wizlah Venture from Singapore, a leading company specializing in online platforms for interior design featuring advanced 3D and augmented reality (AR) technologies, developed the Wizlah Super App to enable customers to own a home tailored to their preferences while allowing them to control design costs independently. Additionally, Wizlah TH is the sole authorized distributor in Thailand for furniture from the Sunray Group, a Singapore-based company renowned for its design expertise.

HealthTech

SGC established Livewell, a HealthTech business in collaboration with ViMUT Group, to help people live longer, healthier lives by ensuring rapid access to services and reducing wait times in emergency situations. Additionally, livewell.co.th was launched to offer health and beauty products, featuring a range of items from ViMUT Hospital, including health products such as BeMe and V Plus. In addition, Livewell has collaborated with certified partners whose applications for telepharmacy services are accredited by the Pharmacy Council. This ensures that its services are safe and officially recognized. Residents of Pruksa can easily access this service, ensuring quick delivery of medications to their doorstep. Furthermore, a pharmacy called Livewell by ViMUT was opened near ViMUT Hospital, offering a range of health products and services to general customers.

Other Business: Online Marketing

The service was officially launched in September 2022 as a central platform for offering products and services through Key Opinion Leaders (KOLs). Utilizing the Social Commerce marketing, everyone can access tools to start their own business easily and at a low cost. Tapping into the growing trend where consumers are more likely to follow recommendations from trusted individuals rather than traditional advertisements, purchasing decisions are increasingly influenced by word-of-mouth and the trust placed in certain products or services. The Pandai platform enables sellers to easily sell their products or services by providing a comprehensive support system, including features such as a payment system and inventory management tools. In 2024, Pandai transitioned its business model to become an online marketing consultancy firm.