1,973 Thai businesses close shop for good in October
TUESDAY, NOVEMBER 29, 2022
As many as 1,973 businesses with a total registered capital of 7.3 billion baht ceased operations last month, the Business Development Department said.
Jittakorn Wongkhetkorn, deputy director-general of the department, said on Tuesday that the top three businesses that shut down were:
• General construction: 166 firms (8% of total)
• Real estate: 125 (6%)
• Restaurants: 44 shops (2%)
He said most of the businesses that closed operations in October had a registered capital of 1 million baht or less.
The registered capital of the 1,973 companies was:
• 1 million baht or less: 1,417 (71.82%)
• 1-5 million baht: 472 (23.93%)
• 5-100 million baht: 78 (3.95%)
• Over 100 million baht: 6 (0.30%)
However, Jittakorn said, 5,911 new businesses were set up in October with a total registered capital of 34.61 billion baht.
He said the top three types of newly registered businesses in October were the same as those that closed down in the month.
• General construction: 502 companies (9%)
• Real estate: 479 (8%)
• Restaurants: 273 (5%)
As of October, 849,958 businesses with a combined registered capital of 20.56 trillion baht were still in operation, Jittakorn said.
Despite the closure of so many businesses in the month of October, the Bank of Thailand and commercial banks maintain their projection of a 3.2-3.3% economic growth in Thailand.
Baht plunges as China Covid protests rock investor sentiment
TUESDAY, NOVEMBER 29, 2022
The baht opened at 35.75 to the US dollar on Tuesday, plunging from Monday’s close of 35.54.
The currency will likely move between 35.65 and 35.90 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.
Poon said the baht is fluctuating under pressure from China’s Covid-19 situation and protests. The protests added to concern over economic slowdown in China, Southeast Asia’s top trading partner.
Poon said short-term downward pressure on the Thai currency will persist while the currency market remains in a risk-off state.
Purchases of gold after the price dropped were also causing the baht to weaken, he said.
However, the currency is unlikely to test its resistance level at 36 to 36.10 per dollar since concern over foreign sell-offs of Thai assets had not materialised. Instead, foreign investors began buying more short-term bonds on Monday, Poon said.
He added that investors might not adjust their positions until the US Federal Reserve’s announcement on Wednesday, which is expected to signal a slower pace of policy rate hikes.
Poon advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Ex-Korean taekwondo coach receives Thai ID card, is now ‘Chatchai Choi’
MONDAY, NOVEMBER 28, 2022
National taekwondo coach Choi Young-seok received his Thai national ID card at Bang Kapi district office in Bangkok on Monday.
The Royal Gazette had announced an order granting him Thai nationality in October this year.
Choi reportedly came to Bang Kapi district office with two Thai taekwondo exponents, namely Chutchawal Khawlaor and Chanatip Sonkham.
The national taekwondo coach’s ID card indicated his name “Chatchai Choi”, which was given by Somdet Phra Maha Rajjamangalamuni (Somdet Thongchai), the assistant abbot of Wat Traimit in August.
Choi said he feel relieved after receiving his ID card as he no longer needs to request a visa, work permit or other documents for work in Thailand.
He said he will purchase a house in Thailand to live with his family.
“Apart from being a national taekwondo coach, I want to participate in the election similar to other Thais,” he said, confirming that he will do his best in his duty to train Thai taekwondo exponents.
He said he will go to Nong Khai province on Saturday (December 3) to oversee the taekwondo promotion exam in the Northeast in a bid to inspire children.
He added that he would lead Panipak Wongpattanakit, the taekwondo exponent whom Choi guided to Thailand’s only gold medal at the 2020 Tokyo Olympics, to participate in the World Taekwondo Grand Prix in Saudi Arabia on December 6.
Substitute Niclas Fuellkrug’s close range strike late in the second half rescued Germany a valuable 1-1 draw against Spain in a World Cup Group E showdown on Sunday (November 27), a result which left the group wide open.
Alvaro Morata beat his marker and flicked the ball in at the near post past goalkeeper Manuel Neuer following a low cross from Jordi Alba in the 62nd minute to give Spain the lead.
But Fuellkrug levelled in the 83rd minute, smashing home a loose ball inside the box.
Spain top the standings with four points and now need only a draw in their final Group E game against Japan to progress. A win would send them through to the knockout round in first place.
Germany, who lost 2-1 in their opener against Japan, are bottom of the table on one point. They need to win against Costa Rica on Thursday and their hopes then depend on Japan losing. If Japan draw it would come down to goal difference or goals scored by Germany and Japan.
Interested in exploring Bangkok’s Ratchaprasong intersection? Richa can be your guide
MONDAY, NOVEMBER 28, 2022
A virtual influencer, “Richa”, is ready to act as a guide to people interested in visiting attractions in the Ratchaprasong intersection of Bangkok.
Richa was developed by the Ratchaprasong Square Trade Association (RSTA) and Thailand Convention and Exhibition Bureau (TCEB) under the concept of “taking people to visit attractions online”.
“This move aims to enable people of all generations to visit attractions in the Ratchaprasong intersection without using Google Map application,” the RSTA and TCEB said.
Richa will provide information about the Ratchaprasong intersection, such as routes, eateries, and places where eight Hindu gods and goddesses are enshrined.
“Richa is a young woman with youthful characteristics, such as being friendly and liking to learn new things,” the RSTA and TCEB said, adding, “People can enjoy travelling and spending time in the intersection.”
Extensive projects, multifaceted developers triumph at the 17th PropertyGuru Thailand Property Awards
MONDAY, NOVEMBER 28, 2022
Diverse, desirable developments from coast to countryside honoured at long-running awards programme
SC Asset wins Best Developer, one of five golden statuettes for the company
Several titles presented for the first time, including the Best Mega Mixed Use Development award for One Bangkok by Frasers Property Holdings (Thailand) Co., Ltd. (FPHT)
Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited, accepts the Thailand Real Estate Personality of the Year award
Bangnkok, November 25, 2022 — A wide array of real estate developers and projects emerged triumphant today from the gala dinner and presentation of the 17th Annual PropertyGuru Thailand Property Awards at The Athenee Hotel, A Luxury Collection Hotel, Bangkok.
The 17th PropertyGuru Thailand Property Awards, presented by Mitsubishi Elevator and supported by IHI and JLL, set the Gold Standard of real estate in 55 categories, giving recognition to diverse segments, niches, and locations across the nation.
SC Asset won Best Developer, a title the company had last won in 2015. SC Asset garnered a total of five wins, including titles for its projects Reference Sathorn – Wongwianyai, The Gentry Kasetnawamin, and Venue ID Motorway Rama 9.
SC Asset, Winner of the Best Developer (Thailand) at the PropertyGuru Thailand Property Awards 2022
Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) won the never-before-presented title of Best Mega Mixed Use Development for the integrated district One Bangkok. The large project includes One Bangkok Office Tower 4, which won the Best Office Development title.
Frasers Property Industrial (Thailand) Company Limited won Best Industrial Development for the Havi Thailand Cold Chain and Food Distribution Center while the company itself was honoured with the Special Recognition in Sustainable Design and Construction.
Multi-award winner Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) receives the Best Office Development title for One Bangkok Office Tower 4
Former Best Developer award winner Magnolia Quality Development Corporation Limited garnered two titles, including the coveted Best Condo Development (Thailand) award, for The Aspen Tree at The Forestias. Whizdom the Forestias by MQDC Town Royal Place Limited was honoured Best Pet-Friendly Residential Development.
The Best Housing Development (Thailand) title went to Aquella Lakeside Villas in one of three wins for Paradise Group. Fynn Development Co., Ltd also gained three wins, including the Best Boutique Developer award, plus titles for the project Fynn Asoke.
Other winners in the Developer categories include Comfort Max, the first recipient of the Best Mini Factory Developer title, and Aestima Asset Company Limited, recipient of this year’s Best Breakthrough Developer title.
Outstanding real estate companies from the countryside to the coast were honoured at the gala celebration. Tropical Life Real Estate was named Best Developer (Samui) while Pearl Island Property Co., Ltd. won the Best Developer (Phuket) title. The Riviera Group won the Best Developer (Eastern Seaboard) title.
The 2022 Thailand Real Estate Personality of the Year award is presented Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited. The award was received by Mrs. Wannipa Wuthiwatana, Assistant Managing Director, Sena Development.
Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited, received the Thailand Real Estate Personality of the Year award. The editors of Property Report by PropertyGuru, the official magazine of the Awards, selected her to receive the award for her innovations and initiatives in the space of renewable energy and carbon neutrality.
Accepting her award, Asst. Prof. Dr. Kessara Thanyalakpark encouraged peers to make climate action a priority in their endeavours. She said: “On behalf of Sena Development, we would like to thank you, PropertyGuru, the organiser of the Thailand Property Awards. This is the most respected and longest-running real estate awards programme in the industry. This prestigious award helps raise the bar for real estate to provide quality housing to consumers, ensuring quality of life and environmental protection. PropertyGuru is the leading resource for assisting home buyers in gaining insight and assisting domestic and international investors in making decisions. We are so honoured to receive this award and would like to take this opportunity to congratulate all the other companies that received awards as well.”
Hari V Krishnan, CEO and managing director of PropertyGuru Group, said: “PropertyGuru has deepened its commitment to the Thailand property market over the last year as part of the company’s journey towards becoming Southeast Asia’s Trust Platform. As we continue to explore the best proptech solutions for Thailand, the Awards remain the benchmarks of excellence for the country’s developers and projects. In this, the 17th year of the PropertyGuru Thailand Property Awards, we congratulate all the companies that have created these dream homes and desirable developments.”
The annual gala dinner’s host, Mr. Jules Kay, General Manager of the PropertyGuru Asia Property Awards and Events
Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “As part of the region’s most established and respected real estate awards series, the PropertyGuru Thailand Property Awards have recognised industry achievements through numerous market challenges, as well as during periods of impressive economic growth. After 17 years, the Awards still stand as a testament to Thai developers’ determination, and showcase their ability to face challenges head-on, putting the needs of property seekers first. As Thailand emerges from the global pandemic, we are proud to celebrate the strength and resilience of this year’s Winners and Highly Commended awardees.”
Welcome remarks by Ms. Suphin Mechuchep, chairperson of the PropertyGuru Thailand Property Awards, and chairperson of JLL Thailand
The list of award recipients was decided by an independent panel of judges consisting of Suphin Mechuchep, chairperson of the Awards in Thailand and chairperson of JLL Thailand; Chaiyuth Pete Thirangoon, director, Akatan Company Limited; Chaivut Saengaram, Ph.D, managing director, Chuchawal–Royal Haskoning, Dutch Design & Engineers Consulting Firm; Leong Choong Peng, director, Australian Institute of Quantity Surveyors, and advisor, Mentabuild Limited, Consultant Chartered Surveyor; Marciano Birjmohun, director, The Singapore-Thai Chambers of Commerce; Dr. Phongthon Tharachai, CEO, Project Planning Service Public Company Limited; Precha Suphapetiporn, president, Thai Real Estate Sales and Marketing Association; Sasivimol Sinthawanarong, design principal, Jarken Co., Ltd; and Professor Sonthya Vanichvatana, Ph.D, MRICS, associate architect, chairperson of the Department of Real Estate, MSME School of Management and Economics, Assumption University.
The regional panel judges consist of Alan Whitley, principal, Alan Whitley & Associates; Bobby Birt, managing director, Samui Island Realty; Bobby Brooks, founder, director, and advisor director, Bobby Brooks Property Advisor Co. Ltd.; Clayton Wade, managing director, Premier Homes Real Estate; George Willoughby, managing director, Form Realty Thailand; Mesa Wongsida, managing director, North Shore Property Co., Ltd.; Piti Suebwonglee, managing partner, Attorney Expat Pro Law; Robert Krupica, partner, Hughes Krupica; Russ Downing, managing director, Hot Hua Hin Co. Ltd.; and Sirikwan Tan, senior associate, Hughes Krupica Consulting Co., Ltd.
The selection process was made fair, transparent and credible under the supervision of Paul Ashburn, co-managing partner of HLB Thailand, member of HLB International Real Estate Group.
Established in 2005, the PropertyGuru Thailand Property Awards is one of the longest-running real estate awards programmes in Asia. Major winners of the Awards in Thailand qualify for the 17th PropertyGuru Asia Property Awards Grand Final in Bangkok, Thailand on 9 December. The finale of the 2022 awards series takes place after the 2022 edition of the PropertyGuru Asia Real Estate Summit, the thought leadership platform of PropertyGuru, on 8 December.
Organised by Southeast Asia’s leading property technology company, PropertyGuru Group (NYSE: PGRU), the 17th PropertyGuru Thailand Property Awards programme is supported by platinum sponsor Mitsubishi Elevator; gold sponsors IHI and JLL; official portal partner DDproperty.com; official channel partner History; official magazine Property Report by PropertyGuru; official PR partner Infinity Communications; media partners Discover Pattaya, Hot Magazine, Luxuo, Palace, Pattaya Trader, REm, Think of Living, and Yacht Style; official ESG partner Baan Dek Foundation; supporting association Green Building Consulting & Engineering; and official supervisor HLB.
For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com.
The Thai capital market is still the main lever that drives sustainable development in the country and pushes its competitiveness in the Asean region, a study by the Capital Market Development Fund (CMDF) and Mckinsey & Company shows.
CMDF and McKinsey & Company (Thailand) Co. Ltd., a global management consulting firm has introduced a white paper report on “Improving Thailand’s Capital Market Competitiveness and Efficiency”.
They studied the opportunities and limitations of the Thai capital market structure in terms of competitiveness and efficiency to cope with changing trends and challenges in the areas of technology, economy, society and environment, both nationally and globally.
CMDF is a unit under the Securities and Exchange Act B.E. 2535, aimed at promoting the development of the capital market, organizations, and infrastructure.
The Thai capital market is also a source of long-term funding that promotes economic development and innovation, in addition to being a source of knowledge in savings and investment.
The Thai capital market benefits the country in many ways, whether it is helping people who are transitioning into an ageing society to have savings for retirement or creating an environment that is conducive to startups and small and medium businesses (SMEs).
However, the cost of doing business in certain types of capital markets, such as the cost of trading shares in the secondary market (with the current cost being the second highest in Asean, calculated by excluding Financial Transaction Tax that may apply) or mutual funds is still higher than the Asean average. As a result, the Thai capital market must adapt in order to compete with more cost efficiency. Moreover, this report provides 10 additional policy proposals for the sustainable development of the Thai capital market in the future as follows:
(i) Promote sustainable financing to help Thailand move towards Net-zero carbon emissions by advocating for Green Finance innovation in the Thai capital market.
(ii) Develop a pension fund to support an ageing society by supporting the development of the National Pension Fund.
(iii) Promote small and medium enterprises (SMEs / startups) through funding, consulting, platform creation and fundraising agreements.
(iv) Expand digital assets. Various applications should be explored and confidence in risk management should be developed.
(v) Improve financial literacy through the cooperation between public and private sectors, new types of investment projects and by promoting awareness of investing from an early age.
(vi) Promote retail investor investments: Reduce the complexities of starting out in investing. Adopt digital technologies to increase the number of retail investors in the Thai capital market.
(vii) Attract long-term investments from foreign institutional investors: Create a more open environment that is on par with regional leaders and has infrastructure to support new economic sectors.
(viii) Develop domestic institutional investors: Strengthen domestic institutional investors by diversifying investments into a wider variety of assets.
(ix) Unlock data analytics: By investing in data standardization and collecting data resources for investment.
(x) Attract and nurture talent: By attracting personnel with in-demand skills into the Thai capital market and upgrading personnel in the current Thai capital market to have the expected skills.
Developing the Thai capital market according to this approach, while maintaining cost competitiveness can help the Thai capital market to build on the success of the past and create a Thai capital market that can meet the needs of a new generation.
However, successfully creating Thailand’s capital market of the future will require committed support and cooperation from all stakeholders in the public and private sectors.
Stiebel Eltron eyes Thailand as manufacturing hub for region, Down Under
MONDAY, NOVEMBER 28, 2022
Nongluck Ajanapanya
Stiebel Eltron, German manufacturer of heating appliances, has announced plans to expand its manufacturing facilities in Thailand to serve as a hub for ASEAN as well as Australia and New Zealand.
Roland Hoehn, managing director of the company’s Asian operations, told the press on Monday that the expanded facility will focus on producing heat pumps.
Demand for Stiebel Eltron’s eco-friendly heat pump technology has picked up in Europe as people are moving away from the use of gas and oil to generate heat due to concerns over climate change.
“Our heat pump manufacturing facilities are currently located primarily in Germany and Sweden. However, due to the increased demand in this region, particularly in Australia and New Zealand, we have considered establishing a second facility in Thailand to meet the demand,” Hoehn said.
Stiebel Eltron’s heat pumps use energy generated by the air to produce hot water, making them ideal for countries where heating is required, he said.
He added that since the company already has a manufacturing facility in Ayutthaya, adding a new production line will be easier and faster. The company entered Thailand in 2006.
However, he said, the plan is still in its early stages and reckons the new line will be available in the market within the next three years.
“We are looking for a suitable location. We are also debating whether the new plant should be rented long-term or purchased outright. If purchased, it may cost around 100 million baht, but half the price if rented,” he said.
This initiative is also part of Stiebel Eltron’s strategy for 2023, which includes the introduction of renewable energy products like air ventilators and heat pumps.
Hoehn added that Thailand’s economic recovery has also prompted Stiebel Eltron to boost its production capacity. He said the company recently set up a subsidiary in Vietnam and plans to use its 20 years of experience in Thailand to penetrate the neighbouring country’s growing market.
This strategy was devised after the company announced a better-than-expected performance in the first 10 months of this year.
He said the company’s domestic sales performance for the first 10 months has risen by 12% versus the same period last year.
“We are targeting the C-segment customer group this year with the launch of the Safe Save Series 2 campaign. This will help boost our Q4 water heater unit sales by 25%,” he explained.
The C-segment refers to middle-income groups who are willing to spend up to 3,500 baht on a product.
Vijitra Kaweetanapokin, Stiebel Eltron’s sales and managing director, said more than 300,000 Stiebel Eltron water solutions units have been sold in Thailand so far. Water heaters are still the company’s main product, accounting for roughly 70% of total sales.
“We are confident in our ability to maintain our position as the market leader in water heaters in Thailand. We expect the B2C [business to consumers] and B2B [business to business] sales to jump by 15% by the end of next year,” she said.
Steibel Eltron has nearly 100 years of experience in environmentally friendly water solutions and employs over 5,400 people worldwide. The company’s turnover surpassed 1 billion euros in 2021, with roughly half of that coming from overseas.
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Chiang Wan-an wins over voters to become youngest Taipei mayor with his good looks and charisma
MONDAY, NOVEMBER 28, 2022
Whenever Chiang Wan-an did his rounds on the campaign trail, young women clamoured to take selfies with him. His good looks and charisma are why many people have said they voted for him in the Taipei mayoral race on Saturday.
At 43, he is set to become the city’s youngest mayor, in an election that observers say could help restore the popularity of his opposition party, the Kuomintang (KMT).
With just 3 per cent of its members under the age of 40, the KMT is deemed to be facing increased political irrelevance.
The once-dominant party, whose charter calls for unification with China, has also seen support wither amid Beijing’s increased military aggression towards the island. China views Taiwan as a breakaway province to be reunited, by force if necessary.
But it is not just his youthful vigour that is behind his popularity. Mr Chiang has been very much in the spotlight also because of his family background.
He is the son of Mr John Chiang (formerly surnamed Chang), a former foreign minister and vice-premier who claims to be the illegitimate son of the late president Chiang Ching-kuo.
This would make the mayor-elect a great-grandson of the late Chiang Kai-shek, the head of the KMT government of the Republic of China who led the retreat to Taiwan in 1949 after losing the civil war on the mainland to the Communist Party of China, and ruled the island until his death in 1975.
Still, the family name was seen as a potential liability during Mr Chiang Wan-an’s election campaign, and he had been careful about brandishing it. Chiang Kai-shek is remembered by many Taiwanese as a dictator.
Instead, the former legislator, who resigned from his position just two weeks before Saturday’s polls, made repeated promises to revitalise Taipei and raise the city’s international profile.
They include pledges to bring innovation to the capital and make it a high-tech place for residents to live in.
Before entering politics, Mr Chiang, who has two children and another one on the way, worked as a corporate lawyer in the United States.
SC Asset, Winner of the Best Developer (Thailand) at the PropertyGuru Thailand Property Awards 2022
Multi-award winner Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) receives the Best Office Development title for One Bangkok Office Tower 4
The 2022 Thailand Real Estate Personality of the Year award is presented Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited. The award was received by Mrs. Wannipa Wuthiwatana, Assistant Managing Director, Sena Development.
The annual gala dinner’s host, Mr. Jules Kay, General Manager of the PropertyGuru Asia Property Awards and Events
Welcome remarks by Ms. Suphin Mechuchep, chairperson of the PropertyGuru Thailand Property Awards, and chairperson of JLL Thailand
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