Thongma Vijitpongpun, the Executive Vice President and Chief Executive Officer of PRUKSA Holding Company Limited (PSH), was born into an underprivileged family in Chonburi province, Thailand. The son of a fish maw trader, he faced financial hardships from a young age and had to leave formal education at grade four to help support his six siblings. At 13, he worked in a soldering shop before moving to Bangkok at 14, taking up jobs at a pharmacy and a gold shop. Determined to further his education, he saved money to attend English tutoring classes in the evenings. His perseverance led him to attain a general education diploma, allowing him to qualify for high school. While initially interested in medicine, he ultimately pursued engineering at Chulalongkorn University.
Entrepreneurial Journey into Real Estate
After graduating with a degree in engineering, Thongma worked as an engineer for a few years before realizing that his earning potential was limited. In 1985, he founded Siam Engineering, a subcontracting firm. His first contracting job was influenced by a Taiwanese businessman who taught him the importance of financial discipline and employee welfare—principles that would shape his business philosophy.
His breakthrough came in 1992 with the 230 million baht Old Siam Shopping Plaza project. With his business valued at 50 million baht, Thongma shifted his focus to real estate, recognizing the growing demand for affordable housing in Thailand. In 1994, he established PRUKSA Real Estate Company Limited with the mission of developing high-quality homes at reasonable prices. The name “PRUKSA,” meaning trees and shade, symbolized his vision of creating homes that customers could afford without compromising quality.
PRUKSA’s first project, Ban PRUKSA 1 in Rangsit Klong 8, consisted of 1,000 townhouses priced at 350,000 baht each. Despite breaking even, the project’s success solidified Thongma’s approach to delivering more value than customers expected. Over the years, PRUKSA has completed around 1,000 projects, with another 180 in progress, selling an average of 20,000 units annually.
Overcoming Challenges and Embracing Innovation
The 1997 financial crisis was a turning point for PRUKSA. Despite facing nearly one billion baht in liabilities, the company continued to deliver homes, learning valuable lessons in efficiency and financial management. This period drove PRUKSA to adopt innovative construction technologies, making it a pioneer in the industry.
PRUKSA implemented Tunnel Form construction, a method that allows walls and slabs to be cast simultaneously, and later acquired precast technology from Germany’s EBAWE Anlagen Technik GmBh. The first PRUKSA precast factory opened in 2004, followed by the introduction of fully precast low-rise condominiums in 2008. In 2012, the company adopted Building Information Modelling (BIM) to streamline operations and enhance quality control. These technological advancements positioned PRUKSA as a leader in Thailand’s real estate sector.
Guiding Principles and Leadership Philosophy
Thongma credits his success to the teachings of Buddhism, particularly the principles of the Noble Eightfold Path, which emphasize ethics, mindfulness, and wisdom. His commitment to ethical business practices ensures that PRUKSA consistently delivers high-quality homes and strives for continuous improvement.
His leadership philosophy is deeply rooted in the belief that giving leads to receiving. He applies this principle to both customer relationships and business operations, ensuring that PRUKSA remains a trusted and reputable brand. Inspired by his father’s approach to business, he believes in fairness and responsibility, prioritizing the needs of customers above profits.
Future Vision and Expansion
PRUKSA continues to grow under Thongma’s leadership, with projected revenues of 55 billion baht and an ambitious goal of reaching 500 billion baht within five years. In 2018, PRUKSA restructured to form PRUKSA Holdings (PSH), expanding beyond real estate into premium housing and healthcare investments.
Thongma remains committed to creating value, fostering customer trust, and innovating within the real estate industry. His journey from humble beginnings to industry leader serves as a testament to resilience, ethical leadership, and the power of perseverance.
