Industrial land: WHA sold 1,199 rai, Amata leans on China
WHA is nearly halfway to its 2,500 rai goal, while Amata, at 14% of 2,800 rai, is counting on a second-half rush of contracts and year-end transfers.
WHA Corporation sold 1,199 rai of industrial land in the first half of 2026, and Amata Corporation sold 378 rai. Against annual targets of 2,500 rai and 2,800 rai, WHA is close to halfway, and Amata is at 14%.
WHA's figures, published in its second-quarter results on 11 August, also show 217 rai under signed memorandums, 505 rai transferred in the half and a backlog of 1,464 rai. Asia Plus Securities values that backlog at nearly THB10 billion.
Sales are not profit yet
A sale becomes revenue when the land transfers. WHA transferred 208 rai in the second quarter, down from 296 rai in the first, and about 60% of them sat in the lower-margin WHAIER estate. Property sales margin fell to 28.6% from 47.6% a year earlier. Net profit for the quarter was THB659 million, down 33% on the year.
The company expects the backlog to convert later. WHA ESIE 5, a 7,370 rai estate, was scheduled for its first land transfer in the third quarter, WHA said on 11 August, and asset sales of THB3.7 billion to its two property trusts are planned for the second half.
Amata's quarter looked better. Its company results show second-quarter net profit of THB1,795 million, up 565%, helped by 288 rai of land transfers worth THB2,206 million, 271 rai of them in Thailand and 17 in Vietnam, and by a THB366 million gain on selling its investment in a Vietnam subsidiary. The transfers were in high-margin phases in Chonburi.
Who is buying
WHA names demand from digital and technology, semiconductors, advanced manufacturing, clean energy and automotive customers. It does not break buyers down by country.
Amata does, through its chief financial officer, Dendao Komolmas. Kaohoon International reported on 27 August that 70% to 90% of the clients Amata is negotiating with are Chinese. Of 22 high-potential clients, about six are data centres and about four are electronics. Amata has fielded inquiries from roughly 20 data centre operators in eight months. Maybank says about 100 rai of second-quarter presales went to a major Chinese electronics manufacturer, and that the first 119 rai transferred in Amata's Smart City project fetched THB12 million to THB14 million per rai.
Chinese demand is also moving prices. Cushman & Wakefield Thailand says Chinese buyers have pushed land prices in Chonburi and Rayong up 20% to 30% in two years, The Nation reported. The same report quotes land at about THB9.5 million per rai in Chonburi and THB7.5 million in Rayong, and Board of Investment data showing Chinese investors applied for promotion on 2,449 projects worth THB608.7 billion from 2021 to September 2025.
The risk in the pipeline
Maybank cut its own forecast for Amata to 1,600 rai in 2026, well below management's 2,800 rai target, citing delays in approvals for Chinese overseas investment. Maybank also notes negotiations for more than 1,000 rai of land, including about 300 rai for data centre projects. Amata management views the Board of Investment's delay in approving new data centre projects as helpful, since it lets estates allocate power and infrastructure more clearly.
The Nation also flagged a zoning concern. A project called Hengtu Industrial Park, 60% Thai-owned and 40% Chinese-owned, was reported to be assembling land in Bo Thong district, Chonburi, in a zone the 2019 EEC land-use plan designates for rural community use. It reportedly uses the "industrial park" label, which avoids approval from the Industrial Estate Authority of Thailand. The details come from anonymous sources, and a source at the Industry Ministry said no application had been found, while the authority also found no record of one.
What to watch
Year-end transfers decide both companies' 2026. WHA's backlog of 1,464 rai and Amata's THB18.4 billion backlog need to convert, and Amata needs to sign the more than 1,000 rai Maybank says is in negotiation. The nearest dated event to check is whether the first transfer at WHA ESIE 5, which WHA scheduled for the third quarter, has happened.
FAQ
How much industrial land did WHA sell in 2026?
WHA reported 1,199 rai of land sales in the first half of 2026, against a full-year target of 2,500 rai, and 505 rai transferred.
Who is buying industrial land in eastern Thailand?
Amata's chief financial officer says 70% to 90% of its clients in negotiation are Chinese, with data centre and electronics operators prominent. WHA names digital, semiconductor, automotive and clean energy customers.
Have land prices risen?
Cushman & Wakefield says Chinese buying lifted prices in Chonburi and Rayong by 20% to 30% over two years.
Sources
- Kaohoon International: WHA reports resilient 2Q26 earnings performance (11 August 2026)
- Kaohoon International: Asia Plus maintains Buy call on WHA (13 August 2026)
- Kaohoon International: WHA rises 2% as analyst sees optimism over increasing land transfers and data center expansion (Globlex Securities, 15 September 2026)
- ThaiPR.NET: Amata second-quarter and first-half 2026 results (21 August 2026)
- Kaohoon International: AMATA soars 12% as broker ups target price on data center investment outlook (27 August 2026)
- Kaohoon International: AMATA to book profit growth in 2Q26, Maybank (22 July 2026)
- The Nation: Chinese land deals in EEC expose industrial park loophole (25 June 2026)
