SCX Corporation, the recurring-income asset management arm of SET-listed developer SC Asset Corporation, turns proven warehouse performance into a platform for recurring growth.
Rachod Nantakwang, chief executive officer of SCX, said the company sees logistics and warehouse development as one of the strongest opportunities within its recurring-income portfolio, supported by structural demand from e-commerce, manufacturing, data centres and other industries requiring strategic locations.
“We are not looking at warehouse development simply in terms of how many square metres we can build. We look at whether the location can genuinely support the growth of our customers and the supply chain.”
The strategy is already showing tangible results. SCX Logistics, the company’s warehouse business, has expanded from its first 16,000-square-metre project in Nakhon Sawan in 2022 to about 200,000 sq m across its current portfolio.
The company now targets 1 million sq m by 2029, reflecting its confidence in the long-term growth of the logistics sector.
The business was initially developed as an opportunity emerging from the rapid growth of e-commerce during the Covid-19 pandemic. Its first major customer was Flash Express, which leased a 16,000-sq m warehouse in Nakhon Sawan.
From that starting point, SCX Logistics has expanded into multiple strategic locations and customer segments.
Today, its portfolio serves both Thai and international companies across manufacturing, logistics, retail and data centre-related businesses.
The latest SCX Logistics portfolio presentation shows 22 tenant companies from 10 nationalities across seven strategic locations, with customers from Thailand, the US, Japan, France, Singapore, the UAE, China, Canada, Israel and Germany.
Mr Rachod says SCX approaches warehouse development as a business solution rather than simply a property product.
MORE THAN SPACE
For SCX, the changing requirements of industrial occupiers mean that a warehouse can no longer compete simply on rental rates or floor area. Location, operating efficiency, flexibility, energy management and the ability of a landlord to understand a customer’s business are increasingly important.
Mr Rachod said SCX approaches warehouse development as a business solution rather than simply a property product.
“Space alone is not enough. What customers need is efficiency, flexibility and trust — supported by the right location and the expertise to understand how their business operates.”
This philosophy is reflected in SCX’s three core principles: Efficiency, Flexibility and Trust. Efficiency means designing buildings that allow tenants to make the best use of every square metre while helping reduce operating and transportation costs.
Flexibility means buildings can be adapted for different uses, including warehouses and factories, depending on the requirements of individual customers.
Trust, meanwhile, is built through reliability, transparency and long-term relationships. SCX has drawn on SC Asset’s more than four decades of property development experience, transferring its capabilities in design, function, customer care and project delivery into the logistics business.
The approach is particularly visible at SCX Logistics Bangna KM20, the company’s flagship project in Samut Prakan.
Located on more than 90 rai along Bang Na-Trat Road, the 80,000-sq m development was designed to serve warehouses, distribution centres and industrial users through both ready-built and built-to-suit solutions. The project has reached full occupancy.
The project is positioned as proof that SCX can convert market demand into actual leasing commitments. While the overall portfolio occupancy is around 95%, SCX says pre-leases from built-to-suit projects still under development mean its contracted occupancy has effectively exceeded 100%.
DESIGNING FOR THE CUSTOMER
The company’s proposition goes beyond the physical warehouse. SCX applies design and engineering expertise to understand how tenants will use the building, from layout and loading areas to transportation flows, energy requirements and future expansion.
Mr Rachod said this is where the company’s experience in residential development becomes relevant to a business that, on the surface, appears very different.
“Our experience is not new even though SCX Logistics is a relatively new business,” he said. “SC has more than 40 years of development experience, and we bring that knowledge of design, function, quality and customer care into every logistics project.”
The SCX Logistics approach incorporates energy-efficiency features such as skylights to reduce daytime electricity consumption, while ventilation systems are designed to improve indoor conditions for people working inside the facilities.
The company also intends to make green building principles a standard across its logistics developments.
Its sustainability strategy includes energy efficiency, responsible water management, landscaping and indoor environmental quality. SCX also highlights smart solar energy solutions as part of its longer-term strategy, including services developed through SCX 360, its joint venture focused on solar energy solutions.
This focus reflects a broader shift in the logistics property market, where occupiers are increasingly assessing total operating costs rather than looking only at headline rent.
A strategically located warehouse can shorten delivery times, improve supply-chain efficiency and reduce transportation costs, creating value beyond the physical space itself.
CORRIDOR, NOT JUST LAND
The next stage of expansion will focus on locations that play an important role in Thailand’s logistics and industrial network.
SCX calls this approach “Corridor, Not Just Land”, meaning investment decisions are based on a site’s role within the wider supply chain rather than simply the availability of a large plot of land.
Mr Rachod said SCX is targeting an additional 200,000 sq m during 2026–27, with a particular focus on Bang Na and the Eastern Economic Corridor, while also expanding into Laem Chabang, Amata and other strategic industrial locations.
“Every location has a different role. Bang Na connects Bangkok, Suvarnabhumi Airport and the EEC; Laem Chabang connects Thailand with international trade; while Amata and the EEC are important manufacturing bases. Our role is to provide infrastructure that supports each customer’s business.”
SCX plans to combine greenfield development with acquisitions of existing assets, particularly in Bang Na and the EEC, allowing the company to accelerate revenue generation while maintaining its focus on strategic locations.
By the end of 2027, SCX Logistics is targeting approximately 400,000 sq m of warehouse space, before progressing towards the longer-term 1-million-sq m milestone in 2029.
The current expansion pipeline includes a second flagship project in the Bang Na area, as well as assets in Amata and Laem Chabang.
BUILDING RELATIONSHIPS
The growth strategy is also underpinned by partnerships. SCX credits its development of the logistics business to relationships with strategic investment partners, financial institutions and customers, beginning with Flash Express as as its first client and co-developer, and extending to partners including Tokyo Tatemono Thailand, Siam Motors Group and financial partners.
For a business built around recurring income, these relationships are as important as the physical assets themselves. Long-term leases, built-to-suit developments and repeat customers can provide greater visibility over future cash flow while allowing SCX to develop assets around real operational requirements.
Mr Rachod said the company’s ambition is therefore not simply to become a larger warehouse owner, but to establish SCX as a long-term infrastructure partner for businesses expanding their operations in Thailand.
“We want customers to see SCX as a partner that can grow with them. If their business changes, their space needs to change as well. Our responsibility is to make sure our buildings and our team are ready for that next stage.”
That ambition is reflected in the company’s broader portfolio. Alongside SCX Logistics, SCX manages hospitality assets and office properties, creating a diversified recurring-income platform for SC Asset.
Its logistics portfolio currently stands at about 200,000 sq m, while SCX Working Solutions has about 120,000 sq m of office space and SCX Hospitality operates hotel assets in Bangkok and other destinations.
The strategy ultimately comes down to moving from proven performance to the next phase of growth.
SCX Logistics has demonstrated that a new business can build a meaningful portfolio within a relatively short period, while the next stage will require disciplined expansion, stronger partnerships and continued investment in locations that matter to Thailand’s industrial and logistics infrastructure.
Mr Rachod said the 1-million-sq m target is not an end in itself, but a milestone in building a recurring-income platform capable of creating long-term value for customers, partners and the SC Group.
“Our goal is sustainable growth. We will continue to build the portfolio, but we will be selective about where we invest and how we create value. For us, growth must come with quality, responsibility and relationships that last.”
From a 16,000-sq m starting point in Nakhon Sawan to a 200,000-sq m portfolio today — and a target of 1 million sq m by 2029 — SCX Logistics is positioning itself for a new phase of growth, with strategic locations, a built portfolio and trusted relationships forming the foundation of its recurring-income business.
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