Real estate bonds are a key fundraising tool for businesses in this sector due to the high capital investment required and the long project development timelines. As a result, many developers use the bond market alongside bank loans as sources of financing.
However, amid a weak economic recovery and fragile purchasing power, liquidity has become an increasing concern in the market, especially for real estate firms that must manage sales, transfers, and debt obligations maturing at different times.
Thairath Money invites readers to examine the status of real estate bonds through data on new bond issuances, maturing bond obligations, and the situation of some companies signaling tightening liquidity, which may require investors to be more selective.
After five months of 2026, despite ongoing pressures on Thailand's real estate sector, many developers continue to raise funds through bond markets to manage capital and maintain business liquidity.
Data from the Thai Bond Market Association (as of 27 May 2026) show that since the start of the year, real estate developers have issued 45 bond series totaling about 42,062 million baht, reflecting the bond market's ongoing important role despite a more challenging fundraising environment than in the past.
Major bond issuers this year remain large companies, such as Land and Houses Public Company Limited (LH) with the highest issuance of 6,000 million baht; Sansiri Public Company Limited (SIRI) with 5,000 million baht; Supalai Public Company Limited (SPALI) with 4,950 million baht; and AP (Thailand) Public Company Limited (AP) issuing 3,500 million baht.
Additionally, several companies continue fundraising, including Frasers Property (Thailand) Public Company Limited (FPT), SC Asset Corporation Public Company Limited (SC), Magnolia Quality Development Corporation Limited (MQDC), Sena Development Public Company Limited (SENA), as well as many medium and small developers issuing bonds to support business plans and manage existing debt.
Another focus for investors and the market is bonds maturing this year, as these figures indicate each company's cash flow pressures and may serve as a gauge of liquidity management capability going forward.
The total value of bonds maturing in 2026 for real estate developers, commercial areas, and industrial estates is approximately 68,550.61 million baht across 73 series, with the highest maturities held by the following companies:
In particular, in June 2026, bonds totaling 739.9 million baht will mature, including:
This period will be a challenge for some developers as bonds continue to mature amid a bond market where investors are increasingly cautious, making investor confidence a key factor to watch.
The tight liquidity situation has led to several bonds being marked as DP (Default) or having requests for payment deferrals since early 2026. Companies currently defaulting or undergoing processes include:
Some companies have requested debt deferrals or bond maturity extensions, including:
For investors, this period calls for greater selectivity and caution. Considering returns alone is insufficient; comprehensive review of bond issuers' financial status, maturing debts, and bond conditions is essential.
Kitipon Praipaisalkit, Deputy Managing Director of Securities Analysis at UOB Kay Hian Securities (Thailand) Public Company Limited, told Thairath Money that Thailand's real estate sector faces severe challenges from structural factors, including an aging society and a birth rate lower than the death rate, reducing housing demand and limiting overall market growth.
Furthermore, the nature of real estate business involves high capital turnover and debt. Post-COVID-19, liquidity in the system has shrunk, causing many developers, including the country's top five, to face heavy refinancing burdens on existing bonds.
Liquidity problems have become a significant risk, especially for smaller developers or financially weaker companies. When market conditions worsen and investors become cautious, these companies struggle to issue new bonds to refinance existing debt.
In addition, when companies report losses and share prices fall, options for bank loans or capital increases close, leading to defaults or requests to defer debt payments.
Despite concerns, he believes "real estate bonds remain investable" if investors exercise caution, sharing three key screening criteria to identify safer bonds, starting with:
1) The company must be profitable. Although profits may decline due to economic conditions, continuous losses are unacceptable.
2) The debt-to-equity (D/E) ratio must be low. It should not exceed 2 times; ideally, it should be below 1 time.
3) Assess the company's maturing bond obligations. Investors can check data on the Thai Bond Market Association website to see how much debt is maturing this year compared to the company's cash flow and profits.
Investors should also monitor the success of new project launches and focus on large developers with credit ratings. Though returns may be lower, such investments are safer than smaller firms at risk of financial distress.
Read more on stocks and investments at Thairath Money:
Follow the Facebook page Thairath Money at: