The baht opened at 33.25 to the US dollar on Thursday, strengthening from Wednesday’s close of 33.31.
Krungthai Bank market strategist Poon Panichpibool predicted the Thai currency would move between 33.15 and 33.40 during the day.
Poon said the baht was likely to swing in a wide range after strengthening suddenly on Wednesday due to a weakening dollar and the Monetary Policy Committee being of the opinion that the Thai economy is recovering, while its GDP growth projection did not decrease to a large extent.
However, the baht might be pressured to weaken due to uncertainty over Ukraine-Russia peace negotiations, but Poon believes the Thai currency will not weaken much because foreigners are returning to invest in Thai stocks. They have already purchased 7 billion baht of short-term bonds in the past two days, which reflects a decrease in the baht’s weakening.
Poon expects the support level to be 33.00-33.20 to the dollar, a level importers are waiting for to purchase the US currency.
The currency market meanwhile is closely watching whether upcoming Ukraine-Russia peace negotiations will be a success after reports that a battle was raging near Kyiv. Investors are also worried that the Thai economy will shrink after signs of an inverted yield curve in the US bond market.
Principal Thailand has introduced its Principal Global Innovation Fund (Principal Ginno), which enables investment in stocks of leading businesses that grow along with megatrends for sustainable returns, the company said in a press release.
Principal Thailand has introduced its Principal Global Innovation Fund (Principal Ginno), which enables investment in stocks of leading businesses that grow along with megatrends for sustainable returns, the company said in a press release.
With the metaverse receiving a positive response from the new generation, entrepreneurs and investors worldwide, people are clearly excited about future trends.
Principal Ginno is a “fund of funds” that focuses on investment in stocks of top companies that grow with megatrends, both in innovation and technology. This fund meets the needs of investors who want to gain appropriate returns amid global changes, the firm said.
The fund invests in five global megatrends that have grabbed people’s interest amid the Covid-19 crisis in the past two years:
Metaverse: this trend has been driven by a rapid change in technology and consumer behaviour. It enables people to carry out activities together in the virtual world, such as interaction, playing games and working by using virtual reality or augmented reality.
Automation & Robotics: artificial intelligence-related innovations and machines that enable businesses to boost efficiency at the workplace.
Electric vehicles (EVs): the transition from petrol cars to electric boosts the advancement of the automobile industry along with environmental consciousness. Meanwhile, the EV industry has expanded quickly, thanks to several governments advising their people to pay attention to reducing greenhouse gas emissions.
Healthcare technology: this covers treatment, prevention and development.
Millennials: people born between 1980 and 2000 will be the majority of consumers in the near future. This group immerses itself in technologies, so businesses usually focus on launching products to meet their needs of speed, convenience and modernity.
“Many accept and include technologies amid the Covid-19 crisis, which can be seen from a rise in the Thematic ETF Performance in 2020,” Principal Thailand said, adding that the price graph is likely to rise further.
However, the company advised investors to study the product characteristics, conditions, returns and risks before investing as Principal Ginno focuses on investment in the US and Japan and investors could face loss from the foreign exchange rate.
“But the company uses derivatives to prevent foreign exchange rate risk depending on the fund manager’s discretion. A fund’s past performance is not a guarantee of future performance,” Principal Thailand said.
Centara Hotels & Resorts (Centara), Thailand’s leading hotel operator, has revealed its expansion plans and strategic direction, including multiple new hotels, fresh destinations and new brand concepts.
The growth will help the group reach its long-term goal of becoming a top-100 global hotel operator within five years, Centara said. The vision will see it reach a total of 200 hotels and resorts by 2026, up from 88 properties at present, and with approximately half of that growth coming from destinations outside Thailand.
Centara has announced its intention to open eight new hotels and resorts this year. These properties will span Thailand, with openings in Bangkok, Korat and Ubon; and international destinations including, Laos, Oman and Qatar.
The group added that a core component of its growth strategy would be through collaboration with a strong development partner, specifically to launch new projects within Thailand, under both existing and new brands, and commencing this year.
The luxurious Centara Reserve concept, which was launched in December last year with the debut of Centara Reserve Samui, will be enhanced with additional property in Krabi, and the group is also considering projects in up-and-coming Thai markets such as Koh Lanta and Cha-Am.
Centara is also exploring a new opportunity in the Medical Wellness segment with an established operator from Europe, and Koh Tao and Samui are the potential locations under discussion.
Centara Reserve Samui
Internationally, Centara said it has been given the green light to develop two new upscale resorts in the Maldives, following successful Environmental Impact Assessments for three idyllic islands in the Indian Ocean. These resorts are slated to open in 2024 and 2025, doubling Centara’s presence in the Maldives to four properties.
In Japan, a landmark high-rise hotel is currently under construction in Osaka, a joint venture between Centara, Taisei Corporation and Kanden Realty & Development, which will start welcoming guests in mid-2023, and in Vietnam, COSI Phu Yen Hotel is scheduled to open in 2023, marking this affordable lifestyle concept’s first location outside Thailand, Centara said.
“Centara’s international growth focus will be centred on Southeast Asia, the Indian Ocean, Japan, China, and the Middle East primarily, including Saudi Arabia following the recent normalisation of the country’s diplomatic relations with Thailand,” the company said, adding that the group is also considering options in Europe.
Centara Reserve Samui
Centara will evolve its business strategy to focus on emerging trends and market dynamics in the coming years, such as experiential travel and “workations”.
It also foresees a strong rebound in international long-haul and leisure business in Thailand, due to the country’s reopening strategy and vaccination programme.
“However, the remaining restrictions need to be removed imminently for the required potential to be reached,” the company said.
At an operational level, Centara will continue to invest in the latest technology following its recent overhaul of its technology architecture.
The group recently revamped its entire website, booking, property management and reservation platforms and is currently concluding the rollout of its industry-leading Customer Relationship Management solution.
The group is also focusing on talent development through effective staff training programmes and is further emphasising its focus on sustainable solutions, with a target of reducing energy and water usage by 20 per cent within 10 years and certifying 100 per cent of its portfolio with respected environmental accreditation bodies by 2025.
Centara Reserve Samui
“As the world emerges from the global pandemic and travel restrictions start to ease, we are highly optimistic that the hospitality industry will rebound rapidly,” said Centara CEO Thirayuth Chirathivat.
Despite the challenges of the last two years, he said Centara can reflect on its performance with pride.
“With multiple new hotels and resorts set to open in many dynamic markets, both in Thailand and overseas, including innovative brands, this is an exciting time for our company as we strive to become a top-100 global hotel operator,” he added.
Narai Hospitality Group announced it would demolish its iconic Narai Hotel and the adjacent Triple Two Hotel in Bangkok’s Silom area in mid-2022 to build two new hotels with a budget of 10 billion baht on the 6-rai plot.
The four-star Narai Hotel had closed its doors since February 18 after 54 years in operation. When it opened in 1968, its 500 rooms made it one of the capital’s first massive hotels.
“The upcoming hotels will provide Silom with a new landmark, expected to open by 2026,” said group president Nathee Nithivasin.
“The two new hotels include the ‘new look’ 200-room Narai Hotel to be managed by the group’s foreign partners that feature entry level luxury four- to five-star services, and a 100-to-150-room six-star luxury hotel with full services comparable to international brands such as the Mandarin Oriental or Four Seasons.”
The new hotels will have a 7,000 square metre park between them and be linked by a canal and several walkways.
The park will be open to the general public too and serve as the city’s green lung.
“We had been planning this since 2017 but had to postpone it due to the Covid-19 situation,” said Nathee. “The group will use the latest technology in building demolition to minimise the impact on surrounding communities.
“The new hotels will also use a modern foundation system that is stronger and can accommodate future renovations, unlike the old Narai Hotel building, which was not flexible for adjustments.”
Room rates for the new Narai will average 5,000 baht per night. The old Narai Hotel rates were 1,000 to 2,000 baht per night for group tours.
Meanwhile, the room rate for the new six-star hotel will be at the same level as Mandarin Oriental or Four Seasons.
Narai Hospitality Group is also planning to renovate its Holiday Inn Mai Khao Beach Resort in Phuket, which was opened 10 years ago and now requires a makeover.
The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,690 and 1,710 points on Thursday amid uncertainty over peace negotiations between Russia and Ukraine, Krungsri Securities said.
It pointed out that there was concern after fighting continued on the outskirts of Kyiv and Chernihiv despite Russia’s promise to reduce military operations to facilitate peace negotiations.
“However, foreign fund inflows in response to Thailand’s economic recovery and further easing of Covid-19 restrictions would help boost the index,” Krungsri Securities predicted.
It advised investors to follow the Opec+ meeting on Thursday as the group was expected to increase oil production by 400,000 barrels per day in line with a previous decision.
Krungsri Securities also recommended the purchase of the following stocks as an investment strategy:
• GPSC, BGrim, SCGP and EPG, which would benefit from falling oil prices.
• AOT, AAV, BA, Mint, Centel, ERW, CPN, CRC, HMPro, CPAll, Makro, Amata and WHA, which would gain from further easing of Covid-19 restrictions.
• OSP, CBG, ICHI and SNC, which would benefit from the upcoming tourism season.
The SET Index closed at 1,698.40 on Wednesday, up 8.66 points or 0.51 per cent. Transactions totalled 97.88 billion baht.
Thailand and the UK will hold the first Joint Economic and Trade Committee (JETCO) meeting in June on expanding investment and trade.
Auramon Supthaweethum, director-general of the Department of Trade Negotiations, was speaking after the department held a Senior Official Meeting with the UK on Friday.
They discussed holding the first JETCO at the ministerial level in June in London. They discussed the overall situation, economic policies, guidelines to improve trade and investment relations, and the preparation for JETCO.
They aim to improve the economic, trading, and investment relations as the UK has left the European Union. In March, Thailand and the UK had signed a memorandum of understanding to establish JETCO.
Auramon said, “The UK is advanced in digital, technology and services. It also has strict laws and regulations, especially for new areas such as environment, security and health. It is a good opportunity for Thailand to join hands with the UK, as Thailand has good products and services, and it can prepare to develop for the fast-changing world in the new era.
“The cooperation with the UK will be beneficial in exchanging experience and knowledge of research into future food, plant-based food, and regulations for the registration of health products.”
In 2021, the UK is Thailand’s 22nd biggest trade partner, the fourth biggest in Europe behind Germany, Switzerland, and the Netherlands. Trade value between the two nations was valued at US$5.533 billion (THB175.223 billion). Thailand exported to the UK goods and services worth $3.489 billion and imports from the UK were worth $2.044 billion.
Major Thai exports were processed chickens, motorcycles, jewels and accessories, tyre products, and cars. Major imported products included machines, circuit boards, paper pulp and paper scrap, and chemicals.
The Bank of Thailand’s Monetary Policy Committee (MPC) on Wednesday decided to maintain the policy interest rate at 0.50 per cent to support the country’s economic recovery.
MPC secretary Piti Disyata said that the committee forecast GDP growth at 3.2 per cent in 2022 and 4.4 per cent in 2023 due to the recovery in domestic demand and the tourism sector.
He said the Omicron variant of Covid-19 had not affected the economy as much as other waves, while the sanctions on Russia would push up the prices, but it would not affect the overall recovery.
However, economic growth might get pressured by the shortage of materials in some industries and the increasing cost for both the household and business sectors in the vulnerable group.
He added that the inflation rate might hit 4.9 per cent in 2022 but fall to 1.7 per cent in 2023. The inflation rate could be more than 5 per cent in the second and third quarters of 2022 due to the energy prices and the food costs before decreasing in 2023.
The MPC estimated that the high rate might be pressured by cost-push inflation. Meanwhile, demand-pull inflation is still at a low level as incomes are recovering.
The MPC will closely monitor the situation to ensure that the inflation rate in the mid-term will be in line with monetary policy.
He added that the overall currency situation is still stable as liquidity in the currency system is high, but the distribution might be different in each economic sector.
Regarding the exchange rate, he said that the baht has weakened due to the worry about the Ukraine-Russia conflict and forecast that central banks will increase the interest rate.
The MPC has approved close monitoring of developments in the global and Thai currency markets and push the FX ecosystem continuously, especially supporting SME operators by preventing volatility. It also approved financial measures that would support economic recovery in the right aspects, because it is important to create recovery in an uncertain situation. The government should focus on generating revenue and easing the living costs for vulnerable groups and the monetary policy should also support liquidity and help ease the debt situation.
A recent survey by the Government Housing Bank’s Real-Estate Information Centre (REIC) found that though fewer properties in Thailand were bought by foreigners last year, the value of the units they bought was significantly higher.
According to the survey, a total of 8,198 units were sold to foreigners in 2021, marking a 1.1 per cent drop from 8,287 units sold the year earlier. However, the value of the units bought by foreigners rose 5 per cent year on year to 39.61 billion baht and the size of the units also rose 4.1 per cent to a total of 355,315 square metres.
The survey also found that foreign buyers mostly bought units with a price tag of 3 million baht or less (4,046 units), followed by 1,858 in the 3 million to 5 million baht price range, 1,219 units in the 5 million to 7 million baht range, and 510 units in 7 million to 10 million range. Foreign buyers also purchased 565 units worth more than 10 million baht in 2021.
Chinese nationals were the biggest buyers, purchasing 4,867 units or 59.4 per cent of all property sold to foreigners last year. Russians came in second with 306 units or 3.7 per cent, followed by Britons at 280 units and Americans at 279 units. German and French nationals tied for fifth place with 234 units (2.9 per cent).
Chinese buyers also spent the most or 22.87 billion baht, while Americans came in second at 1.29 billion baht, followed by Britons at 1.25 billion baht.
According to the survey, the top five provinces that attracted the most foreign property buyers in 2021 were: Bangkok (4,213 units), Chonburi (2,398 units), Phuket (344 units), Samut Prakan (337 units) and Chiang Mai (313 units).
The Forestias recently reported sales of residences under the various brands at The Forestias to have exceeded 17.20 billion baht or about 40 per cent of the available residences.
Leading Thai property developer MQDC (Magnolia Quality Development Corporation) announced on Monday that it is introducing a new home-ownership concept.
The 398-rai, 125 billion baht mixed-use project – “The Forestias” – being constructed on Bang Na-Trat KM7 is Thailand’s largest private sector property development project.
The new concept, developed under The Aspen Tree brand, aims to not just provide a home, but also a lifetime of first-class healthcare and wellness services, 24/7 care support, housekeeping services, as well as health insurance and many other facilities for residents aged over 50 years. All of these facilities are covered in the home-buying payment as part of a new “Holistic Lifetime Care” concept of homeownership.
“People want uncertainty taken out of their lives, especially as they get older and at a time when the world is living through multiple issues that make the future increasingly unpredictable. With a one-time investment in purchasing an Aspen Tree home, we are essentially removing all the worries and uncertainties of what will happen to many of the living costs that are constantly going up around us, year after year. It is a great value-for-money offer for true peace-of-mind,” Kittiphun Ouiyamaphun, project director, said.
He added that as part of assuring a worry-free future for homeowners, even common area fees that are liable to keep increasing are waived under the new concept.
Kittiphun added that Aspen Tree branded homes complement The Forestias’ other residential offerings which are under the Whizdom, Mulberry Grove, and Six Senses brands and that they are “a part of our masterplan to create a community that allows multiple generations with different lifestyles to live within easy reach of each other and close to nature”.
Hye June Park, president of The Aspen Tree at The Forestias, said: “We’re offering 290 Aspen Tree lifetime care residences ranging from 83 square metres to around 253 square metres, with gardens. They are in a 23-rai district that is located at the heart of The Forestias giving almost every home a refreshing view of the development’s 30-rai forest.”
According to Park, The Aspen Tree targets a rapidly growing group of affluent over-50s who are looking for a home that is both right for them now, as well as one that will “allow them to live independently and with full health, wellness, and professional care services readily accessible when they reach their golden years in decades ahead”.
The new homeownership concept includes a lifetime service package that provides healthcare and wellness services, housekeeping services and catering for special dietary needs, as well as access to communal dining areas and a clubhouse where social activities such as art and crafts workshops and regular physical and mental fitness programmes are organised. Many of these are provided without any extra charge and on top of the health insurance programme that covers medical and nursing needs until the age of 99.
The Aspen Tree includes a health and brain centre where more specialised medical needs are provided.
The unique design features being introduced in the homes are extra-spacious bathrooms, wider-than-usual corridors and doorways, and a special emphasis on safety and easy maintenance. The homes offered are fully-fitted and partially furnished.
“During the introductory period until May 31, we are inviting friends to book units together as part of a limited ‘Best Friends Forever’ package that gives each buyer up to 1.8 million baht discount on their unit, as well as cash credit of 300,000 baht each, which can be used at the various shopping outlets, restaurants, and other facilities at The Forestias,” Park said.
She added that people who have purchased residences in other parts of The Forestias can also introduce their friends and relatives to The Aspen Tree and buyers coming with such a reference would qualify for the discounts and the credits, while the referring resident would also receive a special cash award of up to 400,000 baht.
The Forestias recently reported sales of residences under the various brands at The Forestias to have exceeded 17.20 billion baht or about 40 per cent of the available residences.
The Forestias is located in the rapidly developing Eastern Economic Corridor and includes large areas of parkland, residential properties under multiple brands that appeal to different lifestyles and generational needs, as well as numerous commercial and community components with a focus on healthy living and environmental quality.
The State Railway of Thailand (SRT) is seeking bidders for the development of its 5.88-rai plot of land along the Bang Sue-Khlong Ton railway line in Bangkok, an SRT source said.
The source added that interested parties have until April 24 to submit their bids and that SRT will announce the shortlist by May 24 and the final choice on May 27. The source said SRT wants the 9,400-square-metre plot to be developed for commercial use and is coordinating with relevant government agencies to amend city-planning regulations accordingly.
The source said SRT decided to go ahead with seeking a developer even though the regulations have not been amended. To prevent conflicts in the future, SRT has added a condition to the terms of reference, saying that if the regulations are not amended within five years, the bid will be revoked.
Meanwhile, once the amendment is announced in the Royal Gazette, the bid winner will be required to submit a blueprint of the development plan to SRT within a year.
The source said SRT also plans to collect 172.24 baht per square metre per year as fees for the use of the plot as commercial land. This fee will be bumped up by 5 per cent every year, and the land can be leased for a maximum of 30 years a time.
The developer will also be charged for renting the land to construct buildings in the second, third and fourth years. SRT expects to earn 404,764 baht, Bt809,528 baht and Bt1.214 million baht in the second, third and fourth years.
Centara Reserve Samui
Centara Reserve Samui
Centara Reserve Samui
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