Aira Capital Public Company Limited (AIRA) announced its plan to expand the "AIRA Property" empire, aiming to build recurring revenue after proving its capability with the Spring Tower project. The company recently partnered with Hilton to develop the "DoubleTree by Hilton Bangkok Silom" hotel in the heart of Bangkok's Silom area, valued at over 2.3 billion baht.
It also unveiled plans to establish a REIT fund and study “Token REIT” for future fundraising, paving the way for "AIRA Property" to launch an IPO on the stock market, which will be a key piece driving long-term business growth.
Nalinee Ngamsetthamat, Chief Executive Officer of Aira Capital Public Company Limited (AIRA) said that currently the company operates as an investment holding company with two main business groups: comprehensive financial and investment services, and real estate, which it began expanding into 10 years ago. This move was based on the view that real estate investment is stable and has clearer management cycles compared to the highly volatile financial institution business.
AIRA Property Public Company Limited is the flagship responsible for developing and managing office buildings and hotels, focusing on generating steady recurring income. Previously, it developed the Spring Tower office building near Ratchathewi intersection, which currently has an occupancy rate of about 93-94%, expected to rise to 97-98% by the end of this year.
For the next step, the company is targeting a prime location in the Silom area by leasing land from the Crown Property Bureau for a 30-year term.
Janwit Rungkitworasatein, Chief Executive Officer of AIRA Property Public Company Limited, said the DoubleTree by Hilton Bangkok Silom project is a key highlight in business expansion, valued at over 2.3 billion baht. Designed as a green building meeting LEED Hospitality standards, it will be a 29-story building with 303 rooms.
Construction is expected to start in 2026, with the hotel opening by the end of 2029. He added that Hilton was chosen as a strategic partner from over 20 brand proposals because of its strong track record and alignment with the company's business philosophy.
This investment aligns with current real estate market trends emphasizing Flight to Quality, where tenants and users are willing to pay higher prices for buildings that meet criteria for location, safety technology, and sustainable environmental friendliness.
Regarding the company's growth strategy, it plans to drive its "Next ERA" strategy through four dimensions: 1) economic development, 2) social and community development, 3) promotion of Thai culture, artists, and services, and 4) sustainability (ESG).
Besides expanding its portfolio in prime locations to generate recurring income, Nalinee Ngamsetthamat, Chief Executive Officer of Aira Capital Public Company Limited (AIRA) also outlined the company’s long-term financial strategy,
aiming to convert company assets such as the Spring Tower office building into a Real Estate Investment Trust (REIT) to raise funds and improve liquidity. This capital will also support future project development, including the DoubleTree by Hilton Bangkok Silom hotel.
Additionally, the company is studying the feasibility of a "Token REIT" fundraising model in collaboration with Kenedix, a major Japanese partner, having researched and collected data over nearly two years.
However, since token issuance in Thailand faces market liquidity challenges, Nalinee revealed a personal concept planned to be presented to the company's board: if the company’s asset size is sufficient, AIRA may become the first company to list a “Token REIT” in Japan to seek new financial opportunities and promote sustainable growth for the group.
Furthermore, AIRA Group has a major plan to enable AIRA Property Public Company Limited to raise funds and grow independently, targeting to list the company on the stock exchange once its projects are completed and its income structure is stable and growing. Currently, it is studying listings on both the Stock Exchange of Thailand and international markets.
This preparation to enter the capital market will be a crucial factor in unlocking business value, strengthening financial stability, and reinforcing transparency to support the real estate empire’s rapid growth in the Next ERA.
Prasert Boonsampan, Chairman of Aira Capital Public Company Limited (AIRA) said that on the occasion of AIRA Property Public Company Limited's 10th anniversary, the company has demonstrated commitment and discipline in business operations, successfully developing premium office and hotel projects in the central business district with high quality.
This decade-long success reflects the capability of the management team and staff who have built a strong foundation. As the parent company, AIRA Capital fully supports moving forward into the “Next ERA” to enable AIRA Property to continue growing steadily.
He also emphasized the company’s vision, stating that the company prioritizes careful risk management and adheres to good corporate governance. The company’s progress may not be rapid, but every step will be stable and create wealth for all stakeholders.
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