Amid geopolitical tensions and mounting trade policy pressures, the global economy in 2025 expanded by only 3.3 percent, remaining close to the previous year’s level. Thailand’s economy grew by 2.1 percent, reflecting a gradual recovery, yet continued to face both domestic and external headwinds. Household purchasing power remained subdued, household debt levels stayed elevated, and U.S. tariff policies continued to impose constraints.
As a result, Thailand’s residential real estate market continued to experience a prolonged slowdown, driven by weakened demand and intensified price competition. The mid- to lower-income segments were particularly affected by high living costs and tighter mortgage lending criteria imposed by commercial banks. Housing prices became the primary consideration for buyers, intensifying price competition throughout 2025. In an environment of economic volatility, some consumers opted for rental alternatives rather than homeownership. Although government measures to stimulate the market, including the reduction of transfer and mortgage registration fees to 0.01 percent for homes priced below THB 7 million and the relaxation of LTV regulations beginning in the second quarter, the impact was limited to specific segments. As a result, the value of residential ownership transfers in Bangkok and the Metropolitan Area declined by 18 percent, while nationwide transfers contracted by 12 percent. The property market continued to decelerate, with new project launches in Bangkok and the Metropolitan Area decreasing by 33 percent across all residential categories and nearly all price segments. Presales slowed by 17 percent, reflecting weak demand, excess supply in the low-rise housing segment, and the earthquake incident, which further dampened the condominium market.
The private hospital sector, however, continued to benefit from healthcare trends and medical tourism, Thailand’s transition into a fully aged society, expansion into new foreign patient segments, broader access under public healthcare programs, and upward adjustments in reimbursement rates under the social security scheme. Nevertheless, growth moderated following several years of strong expansion. In 2025, the sector recorded growth of 3.2 percent, reflecting pressure from a slowing economy that affected purchasing power. Additional factors included copayment conditions in health insurance policies, resulting in increased cost-consciousness among patients, greater access to purchasing medications outside hospitals, and reduced Cambodian patient volumes due to Thai–Cambodian border tensions. Still, growth from other international patient segments remained positive.
Advancing Strategy and Business Structure for Long-Term Growth
Given the prolonged market slowdown, PSH has responded by integrating strengths across its businesses while expanding new recurring revenue models and exploring new markets to strengthen its competitive advantage. In 2025, Pruksa Group focused on reshaping its portfolio toward the mid- to upper-market segments, with over 45 percent of new launches concentrated in these segments. The Company leveraged data-driven insights into customer needs and residential experiences to develop high-quality housing, while accelerating the sale of lower-priced residential projects to reduce long-standing inventory. The Group optimized asset utilization across its residential development and commercial rental businesses, alongside accelerating the divestment of non-core businesses to enhance liquidity amid a market slowdown.
Brand positioning was strengthened
Reinforcing its core strengths
Expanded revenue opportunities
Future-oriented people development
Maintaining Liquidity and Financial Discipline
Pruksa Group has maintained strong financial discipline, placing emphasis on preserving liquidity amid prevailing uncertainties. The Group has carefully controlled and managed expenses in alignment with market conditions, while reducing debt exposure related to non-essential and non-core businesses in accordance with its strategic direction. Furthermore, the Group has implemented proactive risk management measures to address heightened risks stemming from the economic slowdown and increased market concerns over credit risk. In this regard, the Group secured THB 16,500 million in credit facilities from commercial banks, with more than 50 percent of the facilities remaining undrawn. While total credit lines decreased compared to the previous year, the Group successfully mitigated this by reducing non-core investments. Furthermore, financing was supplemented through project-specific facilities for new 2025 developments, ensuring the Group maintained a robust credit position aligned with current market conditions. Financial cost management remained prudent, benefiting from lower policy rates and accelerated repayment of higher-interest debt. The Group continued enhancing its cash pooling system to optimize cash management across subsidiaries. As a result, the net interest-bearing debt to equity ratio remained low at 0.28 times, supported by net cash generated from operating activities of THB 1,383 million. During the year, both hospitals under the ViMUT Group demonstrated obvious improvement in operating performance, driven by a strong commitment to service excellence and the successful expansion of both domestic and international patient bases. As a result, the healthcare group’s EBITDA for 2025 increased to THB 232 million, more than doubling from the previous period.
Advancing Toward a Low-Carbon Organization and Integrated Sustainability
Despite external challenges, Pruksa Group continues to advance its Lifetime Well-Living concept by integrating customer insights into the development of housing products and services. The brand is further strengthened through enhanced functionality, energy efficiency, and quality standards that serve customers across diverse segments and life stages.
In the healthcare business, energy-saving practices implemented at ViMUT Hospital Phahonyothin have been extended to ViMUT–Theptarin Hospital through the internally developed iFEMs application. This initiative enhances knowledge sharing in energy management across the Group, while strengthening environmental, safety, and integrated building management capabilities. These efforts support the Group’s target of achieving net-zero greenhouse gas emissions by 2065 and contributing to Thailand’s transition toward a low-carbon economy over the long term.
On the social front, beyond enhancing customer well-being, the Group strengthened its data protection capabilities. Pruksa Contact Center achieved ISO 27001 certification, reinforcing its information security framework and commitment to personal data protection. Just as the Group safeguards customer interests, employee well-being remains a core priority. The Group adopts a holistic human capital management approach, including cross-functional job rotation to enhance flexibility, build capabilities, and prepare the workforce to adapt effectively to future industry developments.
In 2025, the Company was selected for the SET ESG Ratings at the AAA level—an upgrade from BBB and AA within just two years—and received an “Excellent” CGR rating for corporate governance, the highest distinction under both recognitions. These achievements reaffirm Pruksa Group’s commitment to sustainable growth while enhancing the quality of life and creating long-term value for Thai society.