Good property development facilitates a high standard of living at a lowest cost to humans and the environment, says Suttha Ruengchaipaiboon. The CEO of Magnolia Quality Development Corporation (MQDC)—a Thai luxury property developer known for sleek and sustainable mixed-use projects such as Iconsiam in Bangkok—earned a Master’s degree in construction engineering and management from the Illinois Institute of Technology in Chicago.
While in the US, he worked on megaprojects including Harvard University’s Allston Science Complex as well as the redevelopment of the New York World Trade Center and Los Angeles International Airport.
Upon returning to Thailand, he oversaw the construction of True Digital Park, the largest tech and startup hub in Southeast Asia. It was designed to be a smart city where users can enjoy a ‘third place’, a theory popularised by the late American urban sociologist Ray Oldenburg.
“Oldenburg analysed successful cities to find the key drivers of their social, economic, and cultural achievements, and found that they all provided a third place beyond home and work to foster community-building,” Ruengchaipaiboon explains.
He is currently leading MQDC’s completion of The Forestias, which integrates residences and green spaces with health centres, malls, offices, hotels, and entertainment venues. The visionary project spans 63.5ha and is the company’s largest to date. To ensure the outdoor environment will be as pleasant as the indoor environment, it will lower the temperature by 3 to 5 deg C through a strategic tree canopy cover, a central utility plant, and a district cooling system.
The Forestias was recently unveiled at the Singapore Property Xpo 2025 as part of a strategic partnership with PropNex International. Among all the residential projects located within the development, MQDC found it appropriate to highlight Whizdom The Forestias—a luxury condominium complex that is Bangkok’s first-ever fully pet-friendly project—to buyers in Singapore.
Given the eco-consciousness boom, Ruengchaipaiboon believes nature-based designs and climate-adaptive strategies will continue to grow in popularity, so urban wetlands, green infrastructure, and material durability will only increase in demand. Additionally, wellness-oriented and experiential homes will continue to be a major trend. “This means an increase in amenities for holistic wellness and active aging, catering to all life stages, which may encompass air quality monitors, meditation rooms, and fitness centres.”
He shares five lessons he has learnt from the property development business.
1. Do business with a purpose beyond profit
“A principle that has inspired me over the course of my career and my 15 years at MQDC is to not focus exclusively on the bottom line. If we design and build only to capture a market opportunity, we can never deliver the unique projects that move the market forward and provide the greatest value and finest quality of life.
Large-scale mixed-use projects can add to people’s lives in so many ways. For example, at True Digital Park in Bangkok, I followed the principle of a third place as a means of anchoring a community while enriching life and enhancing sustainability.
With The Forestias, MQDC follows this model in a forest district that provides a new template for sustainable urban development. By thinking beyond profit and focusing on people and the planet, we unlock our own potential for new approaches.”
2. Start with a clear vision and ensure the entire team follows it
“Property development, especially on a district scale, involves immense complexity. To achieve the best results, everyone must understand, commit to, and align with the same vision. MQDC focuses on sustainable development to achieve “For All Well-Being”. It is our founding principle that we enhance the quality of life not just for our residents, but also the local communities and the ecosystems surrounding them.
Each of our developments has a specific goal within this overarching aim. By ensuring all our teams and partners share a vision, we have achieved some of Thailand’s most ambitious projects. Iconsiam, for instance, was conceived as a global destination and symbol of Thailand.
A clear vision helped MQDC and our joint venture partners work seamlessly to complete a project that has revitalised a whole district of the city.”
3. Transparency is key
“Transparency strengthens our brand and encourages others to join our efforts. Development of any kind has an impact on the environment and communities. Buildings and green spaces have to be cleared. As a result, neighbourhoods might lose a valued resource or part of their heritage.
While MQDC recognises that development always comes at a cost, we aim to ensure community support by explaining our objectives, involving them in decision-making, and always protecting their interests. This transparency pays dividends because it helps us earn the trust and support of stakeholders.
Our commitment to sharing information promptly, fully, and accurately is enshrined in good corporate governance principles, and we aim to ensure our suppliers share these values. MQDC’s parent company, DTGO, became the first Thai business to rank among the world’s most ethical companies after adopting this approach.”
4. An organisation’s greatest asset is its people
“Businesses such as MQDC build up many physical and technical resources. The core of our success is having teams that can use these assets to further build on our success. In the complex world of property development, there is a constant need to find new solutions. No system, however welldeveloped, can constantly provide the best answers to these challenges.
As part of our commitment to sustainability, well-being, and ethics, we also need people who follow our principles as well as excel in their roles.
Since MQDC has been operating for 30 years, we have gained expertise and nurtured an ethos that allows us to achieve landmark projects that stay true to our vision. While we often turn to global expertise to ensure the highest quality of design, the core of our business is driven by teams who live and apply our values.”
5. Be ready for challenges
“Recent years have shown that challenges can strike at any time. Thai property development has not only survived the Covid-19 pandemic, but also a powerful earthquake this year.
My lesson as a developer is to work in a manner that lets us rise to such challenges. For instance, because our buildings have solid structures, MQDC was not adversely affected by the earthquake’s vibrations. Additionally, thanks to our established systems and procedures that can handle disruptions, the company was also able to bounce back from the Covid-19 crisis. Although you can never be prepared for every challenge that arises, you can enhance your resilience by applying the highest standards consistently.
Finally, as part of its future-proofing efforts, MQDC also funds the FutureTales Lab, the nation’s first private futurology centre. Its experts research potential issues that might arise in every sector, helping us safeguard our operations.”
