Eastern Star

What Eastern Star does

Eastern Star PCL (ticker: ESTAR) is a publicly listed Thai residential real estate developer founded in 1989 and listed on the Stock Exchange of Thailand since 1994. The company operates three business segments: (1) real estate development for sale, its primary revenue stream, comprising condominiums, single-family homes, and townhomes under the QUINTARA, VELANA, TERRA PRIMA, ESTON, and BREEZE sub-brands; (2) rental properties, including the Eastern Star Plaza building leased to Tesco Lotus since August 2007 and rental units near the Ban Chang golf course; and (3) an 18-hole international standard golf course, Eastern Star Country Club & Resort, in Ban Chang, Rayong. The company maintains dual-market operations across Greater Bangkok and the Eastern Seaboard, serving individual homebuyers and urban professionals.

The product portfolio spans the affordable to luxury segments, with condominium starting prices from 2.39 million baht (QUINTARA MHy'ZEN Phrom Phong) up to single-family homes starting at 20.9 million baht (Grand Velana Crown Kanchana). QUINTARA, launched in 2018 with the QUINTARA MHy' series launched in 2022, targets younger urban professionals with Japanese-inspired design near BTS/MRT stations; the VELANA brand addresses luxury buyers, including golf-frontage residences within the Eastern Star Country Club community. Go-to-market is direct-to-consumer through sales galleries at each project site, a centralized customer service center (091-949-0000), digital channels (website, Facebook, LINE Official @estarpcl, YouTube, X/Twitter), a STAR FAMILY mobile app, and periodic promotional campaigns. The company has 101-250 employees and is headquartered in central Bangkok.

FY2028 (Buddhist calendar 2568) revenue reached 2,022 million THB with 7% year-over-year growth and a 262% profit increase, supported by a 705 million THB backlog to be recognized in FY2029. Management has guided FY2029 revenue of approximately 2,235 million THB (~10% growth) and presales of 1,770 million THB, with two new project launches worth approximately 3,000 million THB in planned value. Leadership includes CEO Pairoj Watthanaworadom and Acting CFO Raweewan Phadungjai, with Pothitat Piriyawirut recently appointed as Independent Director and Audit Committee member effective April 28, 2026; the 2026 AGM approved a 0.02 baht per share dividend totaling 100.44 million baht.

Name

Eastern Star

Legal name

บริษัท อีสเทอร์น สตาร์ เรียล เอสเตท จำกัด (มหาชน)

Website

https://estarpcl.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

101–250 employees

Short description

Eastern Star PCL (ESTAR) is a publicly listed Thai residential real estate developer (founded 1989, SET-listed 1994) that develops and sells condominiums, single-family homes, and townhomes across Greater Bangkok and the Eastern Seaboard under brands including QUINTARA, VELANA, ESTON, TERRA PRIMA, and BREEZE, while also operating a golf course and rental properties.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. Real Estate Development for Sale: Development and sale of residential properties including condominiums, single-family homes, and townhomes. Primary revenue stream generating 2,022 million baht in FY2028 with 7% growth and 262% profit increase.
2. Rental Properties: Rental of Eastern Star Plaza building and parking spaces to Ek-Chai Distribution System (Tescolotus) since August 2007, valued at 97.26 million baht for 25 years 5 months. Additionally, rental of single-family homes and apartments managed by C-Star Properties near Eastern Star Country Club.
3. Golf Course Business: 18-hole international standard golf course operated by Eastern Star Resort Co., Ltd. under the brand 'Eastern Star Country Club and Resort' in Ban Chang, Rayong

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Eastern Star PCL is a Thai residential real estate developer that builds, markets, and sells condominiums, single-family homes, and townhomes across the Bangkok metropolitan area and the Eastern Seaboard (Rayong). The company also generates recurring revenue by renting the Eastern Star Plaza building and operating the 18-hole Eastern Star Country Club & Resort golf course in Ban Chang, Rayong. Primary product lines include the QUINTARA condominium brand, the VELANA/BREEZE single-family home brands, and the ESTON townhome brand.

Product overview

Eastern Star Real Estate Public Company Limited (ESTAR) operates as a full-service real estate developer offering a diverse portfolio of residential properties across Thailand. The company's product portfolio includes three main categories: (1) QUINTARA branded condominiums - mid to high-rise projects targeting urban commuters near BTS/MRT stations, featuring Japanese-inspired design elements and modern amenities; (2) Single-family homes under the VELANA brand sub-series (Maison, Hyde, Crown, Amoda) - ranging from luxury French-inspired residences to golf course homes in Rayong province; and (3) ESTON branded townhomes. The company also operates related businesses including golf courses (Eastern Star Country Club & Resort) and rental property services. Founded in 1989 and listed on the Stock Exchange of Thailand since 1994, ESTAR focuses on developments in the Eastern Seaboard (Rayong) and Greater Bangkok areas.

Differentiator

Problem solved

Functional benefit

Brands

• QUINTARA: Brand targeting modern lifestyle needs; includes sub-series such as QUINTARA MHy'ZEN, QUINTARA MHy'DEN, QUINTARA MHy'GEN, and QUINTARA PHUME
• VELANA
• TERRA PRIMA
• ESTON
• BREEZE

Products and services

• QUINTARA MHy'ZEN Phrom Phong
• QUINTARA MHy'DEN Pho Nimit
• QUINTARA MHy'GEN Ratchada - Huai Khwang
• QUINTARA Phum | Sukhumvit 39
• Velana Maison Burapaphat - Sukhumvit
• Velana Hyde U-Tapao - Ban Chang
• Grand Velana Crown | U-Tapao - Ban Chang
• Grand Velana Crown Kanchana - Sai 1
• Velana Amoda U-Tapao - Ban Chang
• ESTON Latkrabang - Suvarnabhumi
• BREEZE CHALET Burapaphat - Sukhumvit
• Grand Terra Prima Burapaphat - Sukhumvit
• Eastern Star Country Club & Resort (Golf Course Business)
• Eastern Star Plaza Rental Property

Quantifiable outcome

• Revenue of 2,022 million baht in FY 2028 with 7% growth
• +2 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Ek-Chai Distribution System (Tesco Lotus)minorOthers · 23 August 2007Eastern Star Plaza building and parking spaces rented to Ek-Chai Distribution System for operation as Tesco Lotus hypermarket. 25-year 5-month lease valued at 97.26 million baht.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Sansiri PCL: One of Thailand's largest residential developers, active across Bangkok condos, single-family homes, and townhomes with multi-brand positioning. Most directly comparable to Eastern Star on product mix (condos + houses) and Bangkok-centric GTM, though at materially larger scale.
• AP (Thailand) PCL: Major Thai residential developer with multi-brand portfolio targeting mid-market and premium segments, including BTS-adjacent condos and single-family homes. Directly comparable to Eastern Star on segment coverage and Bangkok mass-affordable to mid-market positioning.
• Land and Houses PCL: Thailand's largest listed residential developer by market cap, with extensive single-family home and condo projects. Comparable product categories but at significantly larger scale and balance sheet capacity than Eastern Star.
• Major Development Real Estate PCL: Thai developer of luxury single-family homes and low-rise residences, including Bangkok and surrounding provinces. Comparable to Eastern Star's VELANA Maison and Grand Velana Crown luxury house offerings at similar premium positioning.
• Ananda Development PCL: Bangkok-focused condominium developer with multiple sub-brands targeting urban professionals near BTS/MRT. Closely comparable to Eastern Star's QUINTARA condo portfolio strategy, though Ananda is condo-pure-play and larger.
• Supalai PCL: Long-established Thai developer with broad condo and townhouse portfolio, including projects on the Eastern Seaboard and around Bangkok transit. Comparable to Eastern Star on dual Bangkok/Eastern Seaboard geographic footprint and mixed townhome/condo product.
• Pruksa Real Estate PCL: Affordable-to-mid Thai housing developer with townhomes, condos, and single-family homes across Bangkok and suburbs. Comparable to Eastern Star on multi-format housing strategy at the more affordable end (TERRA PRIMA, ESTON price points).
• Origin Property PCL: Thai residential developer with condo and townhome projects in Bangkok and EEC-adjacent areas. Comparable to Eastern Star on BTS-adjacent condo positioning and exposure to Eastern Seaboard growth themes.
• Quality Houses PCL: Thai residential developer focused on single-family homes, townhomes, and select condos across Bangkok and suburbs. Comparable to Eastern Star on multi-brand home/townhouse focus and similar mid-market price band.
• Raimon Land PCL: Bangkok luxury and ultra-luxury high-rise condominium developer. Comparable to Eastern Star's high-end VELANA Crown projects and QUINTARA MHy'DEN high-rise in terms of premium Bangkok condo positioning.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EstarPcl
• YouTubeyoutube.com/channel/UC31pYkAGts4_RQ5wrjBzMVg
• Facebookfacebook.com/easternstarthai
• LinkedInlinkedin.com/company/eastern-star-real-estate-public-company-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eastern Star