Mr Pairoj says the EEC is a long-term initiative that will continue regardless of changes in the government or premier.

SET-listed developer Eastern Star Real Estate (ESTAR) aims to grow its revenue by 5% to 2 billion baht by the end of this year, focusing on high-demand locations as it shifts to the upper-end segment amid a stagnant market.

Managing director Pairoj Wattanavarodom said three of the four new projects planned for launch this year are located in Ban Chang in Rayong, largely due to development of the Eastern Economic Corridor (EEC).

"The EEC is a long-term initiative that is continuing regardless of changes in the government or prime minister," he said. "Rayong province has received the highest level of investment under this programme."

Mr Pairoj said housing demand in Rayong has continued to grow, particularly the luxury segment, as the province boasts the highest per capita income in the country, averaging 1.03 million baht in 2024, with a gross provincial product of 1.08 million baht.

Housing demand has increased significantly due to expansion of U-tapao airport and the development of the Eastern Aviation City covering more than 6,500 rai, which was officially contracted for construction last month. The project, slated to open in 2029, is projected to generate over 50,000 jobs.

"Investment in infrastructure is a key driver of housing demand, even amid an economic slowdown," he said. "Since the motorway reached Ban Chang three years ago, we've successfully sold out units in several of our existing projects in the area."

One of the three new projects in Rayong, Grand Velana Crown U-Tapao Ban Chang, is located within the Eastern Star Golf Course.

This 1.15-billion-baht development comprises 84 single detached houses priced between 11 and 20 million baht.

"Thanks to the motorway, some buyers at this project are foreigners who relocated from Pattaya, which has become overcrowded and where they would have to pay 20–30 million baht for homes the same size as ours," said Mr Pairoj.

The other two projects in Rayong will be located on Burapapat-Sukhumvit Road, also in Ban Chang. Both will feature single detached houses priced between 5 and 9 million baht, with launches scheduled for the second half of 2025.

The remaining project is in Bangkok, in the Phutthamonthon Sai 1 area, with a total value of 1.5 billion baht.

Units will be priced between 20 and 30 million baht, targeting a segment where purchasing power remains strong.

"High mortgage rejection rates are affecting the market for homes priced at 5 million baht and below, and this trend is now extending into the 5–10 million baht range," Mr Pairoj said. "By shifting to the upper-end segment, we are confident in meeting our performance targets."

This year ESTAR expects to generate 2 billion baht in revenue, up from 1.91 billion baht in 2024. In the first quarter it recorded 294 million baht, exceeding its target for the first half of the year.