It made the report regarding the execution on the memorandum of understanding for the purchase with the Pace Development Group as per a reference letter, which extended the due diligence period to until February 5.

It said: “The company would like to inform that as the company has conducted the due diligence on the assets until the end of due diligence period on 5 February 2018. However, the company has not received certain information sufficient for the company to consider the purchase price and relevant risks properly.

“The company already requested to extend the due diligence period in order to obtain such pending information but the agreement to extend such period was not agreed.

“Therefore, today the Company notified Pace Development Group that the company is not satisfied by the due diligence investigation, and the company will not offer the purchase prices for the assets. Consequently, the company will receive the deposit in the amount of Bt322.82 million in full.”

An exclusive sales exhibition will be held on March 10-11 at the Anantara Siam Bangkok Hotel.

Located in London’s historic Sun Street conservation area, the development is set to deliver a total of 246 private apartments, a boutique hotel, 130,800 square metres of premium office space, retail units totalling 650 square metres and a historic Georgian terrace that will be fully restored as part of the scheme.

Prices at the launch start from £888,000 (Bt39.2 million) for a one-bedroom apartment, and the first residents will move in to One Crown Place upon completion in the latter part of 2020.

Tee Kim Siew, chief executive officer of AlloyMtd Group, said on Tuesday: “The launch of the South Tower at One Crown Place is an exciting moment for us, and represents a real landmark scheme in an area that is continually evolving for the better. The development is truly mixed-use, offering the highest standards in both residential and retail with top British design, creating a new live-work hub right on the edge of the City of London, in the greater London metropolis.

“One Crown Place is set to become a vibrant destination seven days a week. Thais will be among the very first to have the opportunity to purchase these superb units in this dynamic and sought-after location.”

Designed by award-winning international architectural practice Kohn Pedersen Fox Associates, One Crown Place includes two striking terracotta-clad towers, the tallest of which is 33 storeys, and a beautiful restoration of the last remaining Georgian terrace in the area, which will house a clubhouse for the residents and a 5-star boutique hotel.

Henry Robinson, development director for One Crown Place, said: “London is a global city with truly international appeal. We are confident the world-class product on offer at One Crown Place will continue to attract interest from both the UK and many global markets.”

One Crown Place is a development by AlloyMtd Group, with CBRE acting as development manager and sales broker for the residential and commercial units.

Registration for next month’s sales event and more information can be obtained through CBRE Thailand.

The real estate firm has cited the impact of the removal of the capital gains tax exemption for overseas investors in UK commercial property as a temporary blow to the market, but believes that the new regime will not deter investors in the long term. JLL also predicts that the UK, and London in particular, is likely to be a key destination for Japanese and Korean capital.

Jon Neale, head of UK research, JLL, said: “Undoubtedly there will be investors who are dissuaded by the capital gains tax changes, but the change only aligns the UK with most other developed countries. In spite of this, the major reasons for investing in UK property remain – liquidity, lot sizes, landlord-favourable leases, the strong economic and leasing fundamentals, and at present, relatively high yields and a weak currency.”

“We also expect Korean investors to add weight to the broader push from Asia this year. While they have held back from adding to their UK exposure in the aftermath of the referendum, we expect a return in 2018, attracted by the market’s resilient performance and high pricing in other global markets.”

Finally, amid continued political uncertainty, 2018 will be the year in which many companies finally make decisions about their business strategies post-Brexit, according to JLL. Nevertheless, GDP growth looks set to be around 1.5 per cent in 2018, roughly in line with 2017 and well ahead of some of the more pessimistic forecasts produced at the time of the referendum.

Neale added: “A deal with the European Union, even if it only covers transition, is likely to emerge towards the end of the year, but this means that this will be another year of Brexit uncertainty, with many in property still unable to make informed decisions.

“But in spite of this mood music, inflation will fall back, base rates will remain unchanged and employment growth will be solid, suggesting that the economy will grow at roughly the same rate as in 2016.”

In January this year, JLL surveyed nearly 400 guests at its predictions event held in London where they were asked what they expect returns in the UK property market to be in 2018.

About 60 per cent of respondents said 4-8 per cent, in line with JLL’s own 6.4 per cent prediction. Attendees were also asked what they expect their level of investment in business or property to be by 2021, with 46 per cent saying somewhat larger than levels seen today.

Land prices along the Purple Line mass transit route have risen by more than 40 per cent over the past five years. Homes near Bang Yai, Tao Pun and Wong Sawang stations have been highlighted as being the most attractive.

Anukul Ratpitaksanti, managing director of Plus Property, said the company – based on the population growth statistics for Bangkok and its surrounding areas, has found that the population in Bangkok itself grew by just 1 per cent during the 20 years from 1997. But the population in Bangkok’s vicinity grew 21 per cent, Anukul said.

The most noticeable growth was in Pathumthani province, with a 40 per cent expansion, while Nonthaburi’s population grew 21 per cent and Samut Sakhon’s by 19 per cent. Factors that contributed to this population growth include the locations not being far from Bangkok, prices that have held steady, and the ease of commuting into Bangkok for work.

Homes in Bangkok’s outer areas will become increasingly attractive, especially for condominiums along the Purple Line electric train route. These properties are located near junction points for Bangkok’s transport loops. Meanwhile, commuters from the Blue Line electric train service will use the Purple Line (Bang Sue-Hua Lamphong) for greater reach, when they take the train from Tao Pun station along the Bangkok-Nonthaburi Road, Tiwanon Road and Rattanathibet Road, before reaching the terminal station on Kanchanaphisek Road in Bang Yai district, the company said.

Anukul said that considering that the Blue Line electric train route is undergoing expansion from Bang Sue to Tha Phra and from Hua Lamphong to Bang Khae, the area along the Purple Line will soon become part of an important loop that links important locations together. Consequently, those living near the Purple Line train route will have access to increased transport coverage as well as greater convenience. From the Purple Line, commuters can transit to three other electric train lines. At Bang Son station, they can switch to the Light Red line (Taling Chan-Bang Sue).

At Tao Pun station, passengers can switch to the Blue Line’s Bang Sue-Tha Phra section. At the Tao Pun-Ratchaburana section they can also switch to the South Purple Line. Although the Purple Line was not very popular with commuters when it began service in 2016, the number of users has risen after the proper station link with the Blue Line was completed in August 2017, Anukul said. According to the Mass Rapid Transit Authority of Thailand, around 48,000 people use the Purple Line trains each day, and this number is expected to grow to 100,000 within 2018.

Regarding residential properties along the Purple Line electric train route, 69,761 units at 56 condominium projects were on sale in 2017. Of this number, 91 per cent have already been sold – the rapid selling having resulted from developers boosting their promotions after the government completed the linking of Bang Sue (Blue Line) and Tao Pun (Purple Line) stations. Projects that buyers find attractive are usually located no more than 500 metres from a Purple Line station. Plus Property believes the prospects are bright for such residences during this year and next.

The company has also found that land prices and condominium selling prices along the Purple Line train route have risen by an average of 41 per cent from 2013 to 2017. However, prices of units at condominiums near the three most popular Purple Line stations – Tao Pun, Bang Sue and Wong Sawang stations – have risen only between 15-29 per cent; this is determined to have resulted from developers’ pricing strategies.

Therefore, now is a good opportunity for buyers and investors to purchase Purple Line condominiums, the company said.

“Transit points will be very important for those choosing to live in condominiums and travel by electric trains,” Anukul said. “The three stations nearest Bang Sue station, namely Tao Pun, Bang Son and Wong Sawang, stand to receive many benefits in the future.

With the locale serving as a transit point for Greater Bangkok’s electric-train loop, land prices along the Purple Line have risen more than 40 per cent over the past five years, managing director Anukul Ratpitaksanti said on Monday.

Residences near Bang Yai, Tao Pun and Wong Sawang stations have been the most attractive.

Over half of the investment budget from the firms will come from their initial cash while others will issue debentures worth a combined nearly Bt50 billion, along with seeking project financing from the commerฌcial banks, according to the survey.

For example, Land & Houses Plc plans to issue debentures worth Bt14 billion this year, while Sansiri Plc issued debentures for Bt4 billion early this year, and Pruksa Holding Plc is planning to raise Bt5 billion from issue of debentures this year.

“We are confident the property market will experience strong growth of 510 per cent this year, thanks to the country’s estimated economic growth of 4 to 4.5 per cent in the year, while the country’s exports and tourism have seen strong growth following the global ecoฌnomic recovery,” said Naporn Sunthrnchitcharoen, Land and Houses chairman of the board of directors.

The strong economic indicators explain the company’s strong investment this year to both develop residential projects and invest in new business to boost its recurring income.

Meanwhile, the government has expanded investments worth over Bt2 trillion from 2018 to 2020 to develop infrastructure projects nationwide.

That will boost the demand for residential project growth from this year through the next three years, said Pruksa Real Estate Plc’s chief executive officer premium, Prasert Taedullayasatit.

With the nationwide infrastructure expansion, most listed property firms have continued to develop residential projects around both existing and new mass transit routes.

Following the trend, land prices around existing and new mass transit routes have increased by double digits this year compared with last year.

“With land prices rising, it will boost residential price increases this year by five per cent,” said Pruksa’s Prasert. “Land price rises were the main factor affecting residential price increases last year, while other cost factors such as construction and labour moved slightly.”

A January 2 announcement of the Treasury Department of the Finance Ministry noted that land prices nationwide were rising by double digits, especially in the central business districts of Bangkok.

For example, land on Silom Road showed the highest appraisal value at Bt1 million per square wah, up 15 per cent from its price of Bt850,000 per square wah four years ago. Ploenchit was next at the price of Bt900,000 per square wah, up 12.5 per cent from its price of Bt800,000 per square wah four years ago, while Sathorn Road price was Bt750,000 per square wah, up 15.3 per cent from Bt650,000 per square four year ago

Meanwhile, the purchase last week of 25 rai (4 hectares) of land on Wireless Road, formerly part of the UK embassy grounds, topped out at Bt1.86 million per square wah. Central Group partnered with Hongkong Land to buy the properฌty to develop a mixeduse project. The price had risen by 95.78 per cent from 10 years ago, when Central Group acquired a ninerai (1.44hectare) slice of the UK embassy land. The opening bid in 2007 was Bt950,000 per square wah.

The company says it expects heightened competition in previously less accessible zones of Bangkok, especially areas along the BTS Light Green Line Extension (Mo Chit-Kukot), MRT Blue Line Extension (Taopoon–Thapra-Hualamphong), MRT Pink Line (Kae Rai–Minburi), MRT Orange Line (Rama 9–Ramkamhaeng), and MRT Yellow Line (Ladprao-Huamak).

Rent and sale prices in those aforementioned areas are foreseen to increase substantially based on a project’s proximity to convenient transport.

“The amount of new supply launched in Bangkok is expected to mount continuously and big-name developers will be key players in the market supported by their solid capital structure, high bargaining power, and innovative amenities that focus more on experiences and future lifestyle,” KFTR said.

“While selling prices in the peripheral is expected to be stable on the back of land abundance and affordable land prices in the areas, prices for future supply in the CBD is anticipated to increase in line with land scarcity and soaring land prices.”

In 2018, more affordable units are expected to enter the market, especially those between Bt3 million to Bt5 million that will continue to draw attention from buyers in the mid-range market segment, KFTR said.

“However, developers should be cautious in starting new projects in the lower-end to middle market segments along new mass transit routes in the suburbs to cushion against the risk of oversupply.

“On the demand front, demand across the market will continue to be driven upwards by domestic home buyers and expatriates. Moreover, one trend that is helping drive demand is an influx of foreign buyers, especially those from China who are looking for a safe place to store their wealth.”

Thanapol Sirithanachai, president of Golden Land Property Development, said the firm in collaboration with Frasers Property, a Singapore-based property company, has

collaboration under the name “Golden Land-Frasers Synergy.” This is aimed at achieving its corporate mission of becoming one of the top five real estate companies in Thailand in terms of revenue by 2020’.

He added that this year, the firm aims to “add value” as its annual strategic business plan focusing on the integration of expertise and management knowledge about developing real estate in Thailand together with international development, investment and management experience from Frasers Property. The collaboration between the companies is growing continuously and is more tangible in the form of co-investment and co-development. The firm will utilise know-how from Frasers Property to develop mixed-use property projects.

The main products for this year are middle class low-rises, including single houses, with units priced at Bt7 million to Bt10 million, semi-detached houses with units priced at Bt4 million to Bt7 million, and townhomes with units priced at Bt2 million to Bt4 million. Moreover, the company expects that Samyan Mitrtown, the mixed-use project development at the Phya Thai-Rama IV intersection, which is under construction, will achieve 60 per cent completion within this year.

“Thailand’s real estate market is still growing, especially middle class low-rise residential developments. We have strengthened our collaboration with Frasers Property Limited, a multi-national company that owns, develops and manages a diverse, integrated portfolio of properties, to expand its knowledge in retail business to an international level,” said the president.

The firm by the end of this year expects to gain revenue of Bt17.8 billion, growing 37 per cent year on year.

“Urban and real estate development in Singapore are globally recognised, specifically commercial developments in the heart of the city. Due to the exorbitant land price, the developers have to maximise land use, which has led to the creation of many interesting innovations in the real restate industry.

“We believe that we can apply those innovations to our project development in Bangkok with an annual average land price growth of around 10-15 per cent. Moreover, other properties such as residential and Grade-A offices are among assets which interest Singaporean investors.

They tend to consider investing in those assets via a Real Estate Investment Trust [REIT]. By integrating the international management know-how in REIT from Frasers Property and applying to Thailand’s business model, it will boost the competency in sustainable growth of Golden Land,” added Thanapol.

Frasers Property’s assets range from residential, retail, commercial and business parks, to industrial and logistics in Singapore, Australia, Europe, China and Southeast Asia. Its well-established hospitality business owns and/or operates serviced apartments and hotels in over 80 cities across Asia, Australia, Europe, the Middle East and Africa.

Frasers Property became a shareholder of Golden Land in 2016, and presently Frasers Property Holdings (Thailand) holds approximately 39.9 per cent of the shares.

The project has a total of 108 units, targeting Japanese and overseas customers interested in owning a condominium unit at the resort, said company’s chief executive officer Chainid Adhyanasakul.