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https://www.nationthailand.com/business/property/40024797

Amata powers ahead with European smart city

FRIDAY, FEBRUARY 10, 2023

Amata Corp has signed a memorandum of understanding with B.Grimm Power that paves the way for its Amata European Smart City, which will draw hi-tech investment from Europe to Chonburi province.

The industrial estate operator is collaborating with B.Grimm Power on its plan to locate the new smart city on 200 rai (32 hectares) inside Amata City Chonburi Industrial Estate. It aims to attract investment in high technology industries from Europe, in addition to the existing zones for Japan, China, Korea, and Taiwan. Amata’s partnership with B.Grimm Power will support investment in the eastern economic corridor.

Both parties intend to extend their cooperation throughout Thailand, and to Cambodia, Laos, Myanmar, and Vietnam.

Vikrom Kromadit, Chairman of Amata Corporation Public Company Limited, or AMATA, revealed that on February 9, 2023, AMATA signed a Memorandum of Understanding with Harald Link, President of B.Grimm Power Public Company Limited, or BGRIM, to jointly develop the project of “AMATA European Smart City” in AMATA City Chonburi Industrial Estate, in order to support investment in high-technology industries or so-called s-curve industries from European countries, which are likely to expand their production bases to Asia.

Thailand is also one of the key targets of this relocation and this project is expected to gear up the growth of investment in the Eastern Economic Corridor (EEC).

“Asia nowadays is considered a potential emerging market with high purchasing power. We are always looking for cooperation not only in Thailand but also in CLMVT. These countries are having promising economic growth and they are attracting European investors to relocate their production base to this region,” said Vikrom.

AMATA Group, the largest private developer of industrial cities in Thailand, has more than 1,000 customers, most of whom are investors from overseas companies. The industrial estates cover an area of approx.. 80 square kilometres; furthermore, AMATA City Chonburi Industrial Estate, which is being transformed towards a ” Smart City”, designed to maximize the synergies of the key S-curve industries under Thailand 4.0, and is located at the heart of the EEC, to contribute towards accelerating Thailand and the EEC’s ongoing transformations of a leading innovation-driven economic powerhouse in Asean.

“This MOU will lead to the implementation of future projects, and it is also regarded as the progress of a smart city, in which 15 projects are on the advancement, e.g., smart energy, smart mobility, smart manufacturing, etc. We are conducting the study on the allocation of the zone for European countries so that we will be well prepared to support entrepreneurs from Europe who has advanced technology and innovations and tend to expand their production bases to Southeast Asia, especially Thailand,” said Vikrom.

The development of the smart city is one of the main strategies to enhance the industrial town, which is expected to become a low-carbon city in the long run and in compliance with the green economy. This is also in line with AMATA Group’s business commitment to promoting entrepreneurs who manufacture non-polluting products. 

Harald Link said, “AMATA is B.Grimm’s first business partner, and we have jointly studied and pioneered the private electric power industry in Thailand since 1993. At present, B.GRIMM is operating 10 combined cycle power plants in Amata City Chonburi Industrial Estate and Amata City Rayong Industrial Estate, with a total capacity of 1,321 megawatts. Additionally, we also encourage the use of clean energy in the industrial sector of Thailand by producing and distributing electricity generated by solar rooftops for industrial customers within these two industrial estates. This is corresponding to B.Grimm’s “GreenLeap – Global and Green” strategy, aiming to become a leader in sustainable and safe energy development with social and environmental responsibility based on B.GRIMM Power’s business commitment to ‘Empowering the World Compassionately’.”

“Referring to this MOU, B.GRIMM shall play an important role in the development of utilities and energy innovations. We will promote the use of renewable energy, increase clean energy storage with efficient technology and modern innovations, and strengthen business competitiveness for the customers in AMATA European Smart City. This will also bring about more confidence among foreign investors and meanwhile expand the growth in Eastern Economic Corridor (EEC), leading to Thailand’s economic enhancement and achievement of greenhouse gas reduction as well as the target of Net-Zero Carbon Emissions by 2050,” added Link.

The aforementioned MOU shall be effective for two years, ending on 9 February 2025. The two parties will join forces to develop the area of 200 rai so as to accommodate investment from European countries, including the high-potential industrial clusters. This project, thus, will have a very significant role in attracting more foreign direct investment (FDI) to Thailand.

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Amata aims to sell 1,000 rai of industrial estate land this year

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https://www.nationthailand.com/blogs/business/property/40024617

WorldHotels​ announces plan to add 50 new properties in 2023

SATURDAY, FEBRUARY 04, 2023

Tammy Tameryn Somhar

The WorldHotels Group plans to open 50 new properties worldwide this year, including 14 in the Asia-Pacific region, executives at the group said at its annual conference in Bangkok.

“We will increase our visibility and build customer relationships,” group CEO Larry Cuculic told the 110 global managers and leaders attending the conference at the Carlton Hotel Bangkok Sukhumvit.

In 2019, Best Western Hotels & Resorts acquired the WorldHotels brand, adding about 300 hotels and resorts to its global portfolio.

The deal helped rapidly expand Best Western’s diverse properties with an e-commerce platform and expand its portfolio.

WorldHotels says its key strengths are in its partnerships, a loyalty program, and sales and marketing.

Last year, WorldHotels had 50 hotels in the Asia-Pacific region, with a combined 19,400 rooms. It also had a strong development pipeline in the region, specifically in Vietnam where several projects were underway.

WorldHotels Asia-Pacific strategy this year will see it focus on Southeast Asia due to emerging star Vietnam. Vietnam is​ expected​ to​ continue ​to be its​ priority despite the government’s​ tougher regulation on hotels, resorts, and condotels.

While there is plenty of potential for Thailand, several resort spots are de-branding themselves. These indications are regarded as possibilities, according to executives at the meeting.

They confirmed that two new projects will open in Thailand this year.

Ron Polh, president of WorldHotels, said the company would focus on raising its profile and investing in technology this year:

“We are going to concentrate on a few essential points. First, by working with international PR firms, we hope to raise our profile’s visibility and the number of hotels joining our group. Second, we must make investments in technology, since it is vital to the operation of the company. This year, we’ve made an investment of US$85 million in technology alone. To build the revenue management platform, we collaborated closely with Sabre Hospitality Solutions. As a result, we can guarantee that the backend system will better serve all hotels.”

Nation Thailand had exclusive interviews with Cuculic, Polh and vice-president Olivier Berrivi.

[From left to right] Mr. Olivier Berrivin, VP, International Operations ASPAC, Mr. Larry Cuculic, President & CEO, BWH Hotel Group, Mr. Ron Polh, President, International Operations & WorldHotels, Mr. Wytze VanDenBerg, VP,International Operation EMEA, and Mr. Gregory Habeeb, President, North American WorldHotels.

I was wondering if you are one of the very few CEOs in the global hotel industry with a background in law.

Cuculic: Yes, I was a lawyer before. It teaches me to think strategically, and that skill set is transferred to my new responsibilities. Being a lawyer allows me to be involved across all responsibilities, including brand management, financial matters, and so on. I used to look at everything from a lawyer’s viewpoint, but now I look at things differently from a business perspective because I have a lawyer who works for me. There is still a part of me that will never forget that I am a lawyer. I am maybe more conservative by nature, I think.

You came to Thailand in 2015. What are the most important changes you’ve seen in Bangkok and in the hotel business since then?

Cuculic: The growth of Bangkok is evident as you can see all the buildings outside. It is phenomenal how the city can grow as much as it has in the several years that I have been here. In terms of the hotel business, I think the hotel industry here in Bangkok has grown tremendously because of the demand for travel. Lots of people want to visit Thailand.

Berrivi: The number of hotels joining WorldHotels is increasing, and there are also more international hotel chains coming to Thailand. Back then, five years ago, Thai hospitality was No 1, as people knew it as the land of smiles. However, we rarely see the Thai flavour in the huge hotel chain service, whereas we try to retain that best quality in Thai hospitality at all levels.

Mr. Larry Cuculic, President & CEO, BWH Hotel Group

When WorldHotels was acquired in 2019 and then got hit by COVID-19, what were the biggest changes in how you ran your business and managed it?

Cuculic: We were there when they needed us the most. We were very thoughtful with our hoteliers, making sure that they had the support they needed to sustain themselves through the pandemic. We did whatever we could to support them in terms of providing them advice and the brand standard, which would help the safety department not just welcome customers but take care of their health and well-being. So we are establishing the program to provide hoteliers with the protocol to get through the pandemic. So we did that very differently, and we adapted it very quickly. We work with the hotel to make sure that they have that kind of support. We understand if some hotels want to close. Because of the pandemic, we worked with them and knew the epidemic would end eventually. We were really focused on the relationship between the hoteliers and us. We also focused on sales as best as we could because there were still some sales opportunities … Some of our hotels turned themselves into safe lodging for Covid victims who needed a place to stay for a period of time, or a place for quarantine. Also, in Europe, some of our partners turned themselves into refugee housing units; they were escaping from Ukraine. That’s a good story to tell.

Polh: What WorldHotels had I think you wouldn’t see from other hotel chains. All hoteliers in the conference room this morning could pick up the phone and call Olivier, me or Larry anytime and we answered the phone. This is not a push it down to someone else in the organisation [style of management]. We are available to any owners, any general managers who want to call us.

Mr. Ron Polh, President, International Operations & WorldHotels

You once went on a “listening tour” to hear what your employees had to say. Did you do that while you were here? So far, what have you learned?

Cuculic: No, I haven’t, but that is a great idea. I probably should have done that. When I took over the job, I went on a listening tour across North America. All the hoteliers can come and provide me with some feedback, and I will create the atmosphere that will help the employees feel free to give me their real comments. If they want to criticise the marketing team, then the marketing team should not be in the meeting. I just want them to know that they can tell me the truth without any pressure or hurting someone’s feelings.

As I heard your speech at the conference, it gave me that vibe of winning spirit. Can you tell me how to pass that on to your employees?

Cuculic: I am a very social person. Every day I will walk around the building and put on a smile. I interacted with them and asked, ‘How was your day going?’ I enjoy that interaction of getting to know people. I even held the campaign, ‘Lunch with Larry’, which allows me and employees to have lunch together, one on 25 employees, and last week we just talked about rock and roll during lunch. We just want to make sure that we care about them and that they are making a difference. I also encourage a work-life balance, and I think it is tremendously important that you take care of your family. The other thing you have to do is have a plan to take care of your employees; make sure their compensation is fair; make sure they have a benefit program; and everything else … you have to go beyond the smiling face.

WorldHotels is getting a lot bigger. Can you tell me what makes independent hotels want to join your group?

Polh: The short answer to that is you got the support of the global organisation behind them without all the costs they would have if they tried to do it themselves … The independent hotels could have a loyalty program, but how many people are going to be a part of that? The cost is too expensive to do it on their own with limited returns. Connect to [us] and now you have access to 55 million rewards members. We have invested $85 million dollars this year just in technology alone, so you have all of these resources available for hotels, including education and training for the staff that help you navigate all of that, so there is no downside to doing it. The service at WorldHotels is very flexible. We want to do what makes you more profitable, not just charge you.

One last question is: How does Thailand play a role in WorldHotels’ portfolio?

Cuculic: One of our top priorities is to open as many properties as we can. We have one more hotel that will be opening soon in Phuket. We just want to make sure that we have the right products in the right places. We do not want to develop too much so that we don’t create unnecessary competition.

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https://www.nationthailand.com/pr-news/business/property/40024123

Upmarket developer sets sights on condo projects in prime locations

MONDAY, JANUARY 30, 2023

Nongluck Ajanapanya

Frasers Property Home (Thailand) is entering the condo market as part of its effort to reach its revenue target of 13 billion baht this year, the developer announced on Wednesday.

Saenphin Sukhee, CEO of the company’s Residential Property Business unit, told a press conference that it is adding condominium development due to promising growth trends in the segment.

Saenphin said the company will focus on price and location. The price will range between 3 million and 5 million baht per unit to tap demand from young workers, its primary target for condo sales, he added. Each project will be located within 300 metres of a skytrain or subway station, as well as a department store or shopping mall, Saenphin said.

The first Frasers Property Home (Thailand) condominium project will be located on Ratchada Road, with sales commencing in the middle of this year. Saenphin said many more projects are planned for “great locations” in the coming years. He said they would be built in Ladprao, Ramindra, and Charansanitwong roads.

Thailand’s recovery from the pandemic, combined with the tourism industry’s rapid recovery, is contributing to increased domestic consumption and demand for housing, the CEO said. Young workers prefer their own space, while foreign nationals, particularly those from China, will increase demand, Saenphin added.

He made the announcement while unveiling the company’s business plan and strategy for maintaining its status as one Thailand’s top real-estate developers.

Saenphin Sukhee

“Our primary focus will remain on the premium segment group, which is [where buyers are] looking for detached houses with more luxury and privacy. The price ranges from 15 million to 150 million baht,” he said.

As the purchasing power of Thailand’s middle class strengthens, the condo market will expand and this is why Frasers is entering the segment, Saenphin said.

Frasers Property Home (Thailand) will launch 11 new projects with a combined value of more than 17.5 billion baht this year, he said. They comprise seven luxury detached housing projects, two townhouse projects, one semi-detached housing project, and one condominium project, he said.

The company will grow 14% this year and reach its revenue target of 13 billion baht, Saenphin said. Single detached housing will generate the most revenue (39%), followed by townhouses (32%).

Saenphin said the company is also looking at new locations outside of Bangkok. It plans to purchase more land in the east, where the government’s Eastern Economic Corridor is developing rapidly.

Frasers Property Home (Thailand) is a subsidiary of Frasers Property Group, a global integrated real estate company. It owns residential, industrial, commercial, and hospitality properties in Thailand.

Frasers Property Home (Thailand) saw net profit increase 63% year on year last year to 1.47 billion baht, primarily through sales of luxury single-detached housing.

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https://www.nationthailand.com/business/property/40024390

Singha Estate’s new project selling homes for up to 180 million baht

FRIDAY, JANUARY 27, 2023

Singha Estate Plc is entering the top end of the detached-housing market with unit prices ranging up to 180 million baht in a new project in the Pattanakarn area east of Bangkok.

Nattavuth Mathayomchan, the company’s chief residential development officer, said Siraninn Residences marked a milestone in his company’s entry into a new market segment.

Siraninn Residences’ 28 two-storey units range in price from 80 million to 180 million baht. The gated community covers 23 rai of land in the Pattanakarn area, about five kilometres from Thonglor.

The project offers convenient access to urban facilities in an area where prices are rising, the company says.

It said about 95% of the 2.9 billion baht project had already been reserved and that pre-sales reached more than 830 million baht.

The developer has numerous residential brands: from highrise to detached homes. They include The ESSE and The EXTRO brands, SANTIBURI the Residences, and home-office projects under the SENTRE brand.

Launched in early 2022, SANTIBURI The Residences sold out in record time, the company said. Singha Estate is known for investing in quality projects as well as intense branding.

“Singha Estate is determined to develop housing that fulfils diverse lifestyles while maintaining a proper housing balance and perfect living,” Nattavuth said.

It plans to launch five new projects this year with a combined value of 10 billion baht, the company said.

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Singha Estate announces 92% increase in total revenue to THB5.79 billion for 1H2022

Singha Estate sets strategic push to nearly double revenue in 2022

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https://www.nationthailand.com/business/property/40024035

Thai condo developers hope return of Chinese tourists will help clear outstanding stocks

SUNDAY, JANUARY 15, 2023

Major condo developers are delighted that Chinese tourists are finally returning to Thailand after nearly three years, and are hoping they will clear the outstanding stock.

Thansettakij spoke to several developers and learned that they are all happy that Chinese tourists are returning now that China has lifted travel restrictions.

Apa Ataboonwong, president of Richy Place 2002, said Chinese tourists returning boded well for developers, especially when it came to unsold units and projects that are close to completion.

She also believes that the return of Chinese travellers will also bring the property market back to its feet and benefit the country’s economy.

Richy Place has five projects with 50 units in the heart of Bangkok and is hoping they will get snapped up by Chinese buyers.

The developer also has a 32-storey condo project with 800 units on the Thonburi side of Bangkok near the Wutthakat BTS station that Chinese buyers may also find attractive, Apa said.

She said her company expects to sell at least 300 to 400 units to Chinese investors.

Meanwhile, Pruksa Real Estate’s CEO Piya Prayong said his company has completed 10 condominiums with a total of 3,000 units just in time for the return of Chinese tourists.

He reckons the projects will be attractive to Chinese buyers because they are either in the heart of the capital, near public transport or along the Chao Phraya River.

Wongsakorn Prasitvipat, chief business development officer at Property Perfect Plc, however, said his company does not develop property in the heart of Bangkok, so it is not relying on Chinese investors.

Thai Real Estate Association president Meesak Chunharakchot said he believes the lifting of restrictions in China will help revive Thailand’s property market.

Wichai Wiratkaphan, acting director of Government Housing Bank’s Real Estate Information Centre, said the pandemic did not appear to have much of an effect on Chinese investors’ interest in Thailand. He said this was reflected by the high number of property transfers.

The first half of last year saw 4,433 condo units being transferred to both Thai and foreign buyers, marking a 1.4% increase from the same period in 2021. Of the 4,433 units, 1,124 or 48% were transferred to Chinese buyers.

Wichai said the value of the condo units transferred in the first half of 2022 stood at 22.33 billion baht, 9.1% higher than the same period in 2021.

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https://www.nationthailand.com/business/property/40023866

2022, A Year of Revival for Low-rise Housing

TUESDAY, JANUARY 10, 2023

CBRE, a leading international property consultant, revealed that after more than a decade of consistent growth in the supply of condominiums in Bangkok, 2022 witnessed the return of low-rise housing as the home of choice for Thai buyers.

In 2021 the supply of new low-rise housing exceeded that of the new condominium supply in the Bangkok Metropolitan region for the first time since 2011. In 2022, although the supply of low-rise housing increased by at least 25% compared to 2021, there was also an increase in new condominium supply, especially in midtown and suburban areas, targeting the “first jobber” market.

The residential market saw strong levels of activity, particularly in the housing sectors, and while most activities in the condominium sector remained focused on the midtown and suburban markets, many developers appeared positive about plans to launch new condominium projects in downtown Bangkok. Despite this optimism, however, confirmed downtown condominium launches have remained limited.

A key feature of the low-rise housing market in 2022 was the increasing number of luxury and super-luxury housing projects launched. The impact of the pandemic has boosted demand for larger spaces that have specific functions for new ways of working and living.

CBRE Research found that most newly launched luxury and super luxury housing projects in 2022 were concentrated in Eastern Bangkok, primarily along Krungthep Kreetha, Pattanakarn, Srinakarin and Bang Na roads, such as Malton Gates, Aliyah Reserve, Park Heritage, and Nirvana Collection.

The luxury and super luxury market has proven resilient during the pandemic, and this year will see even more units for sale in the luxury and above grades, such as Grand Bangkok Boulevard by SC Asset or Narasiri by Sansiri.

This new supply of luxury housing with better design and functionality will make developer-built units more popular. Entry-level low-rise housing projects, especially townhouses, are competing for market share with mid-range grade condominiums in the midtown/suburban area.

As land prices have continued to rise, many newly launched midtown condominium projects have asked for prices similar to those of townhouse units located not far away. Additionally, the changing lifestyles of home buyers raise questions about the necessity of living in the city.

“Many potential buyers have adapted to new ways of working. They have taken up new hobbies and made plans to start a family; these things require the kind of space a condominium unit generally cannot offer. Buyers are willing to locate themselves further from the city to access the greater living space of low-rise housing, knowing that such homes cost roughly the same as smaller, downtown condominium units,” Chotika Tungsirisurp, Head of Research and Consulting, CBRE Thailand, stated.

She added “This scenario is also playing out in the luxury housing market in the midtown area, which now competes with high-end and above-grade condominium units downtown. Again, while the price point is often similar, the key is that very few condominium developments provide large family-sized units, something that developers have addressed in their low-rise housing products.”

In contrast, in the downtown condominium market, developers are cautious about introducing new projects to the market while existing-but-unsold inventory remains, and beyond the competition between low-rise housing and condominiums, the downtown market has been seriously impacted by the weakened spending power of buyers together with lower numbers of foreign buyers, especially Chinese. The market continues to be price-sensitive, focusing on domestic buyers.

Chotika concluded that “Ultimately there remain significant challenges for the residential sector, as the temporary Loan-to-Value (LTV) relaxation measures expired at the end of 2022, and elevated construction costs eat into developer margins. Rising consumer debt levels and the lack of investor demand will continue to impact not only project sales rates but developer confidence in launching large-scale projects too.”

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https://www.nationthailand.com/business/property/40023660

Thailand’s property sector unfazed by inflation, expects a profitable 2023

MONDAY, JANUARY 02, 2023

As many as 120,000 residential units are expected to be snapped up this year despite rising inflation, property firm Supalai said in its latest prediction.

Supalai director Prasas Tangmatitam said that listed real-estate companies had sold 115,902 units last year compared to 75,364 in 2021. He said this was a clear indicator of the property market’s expansion.

Prasas reckoned that the sale of property had risen because homebuyers in the 26-30 age group had not been affected by the economic fallout of the Covid-19 crisis.

He said he expects the Thai property market to regain confidence thanks to a pick up in tourism and investment since the third quarter of 2022.

He also said that the rising prices of construction materials and high mortgage rates triggered by inflation should not affect the property market much.

“Taking all factors into account, demand for new homes is expected to stand at 120,000 units this year,” he said.

Prasas said property firms will probably be working hard on promotions to woo young homebuyers this year to stimulate the sale of residences.

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https://www.nationthailand.com/business/property/40023461

3 trends shaping Thailand’s new condos and housing projects

MONDAY, DECEMBER 26, 2022

New real estate projects must address people’s rising concern over energy prices, the environment, and health issues, a leading property advisory firm cautioned on Monday.

Lumpini Wisdom and Solution Co Ltd, the research arm of SET-listed property developer LPN, said developers need to incorporate energy-saving, eco and health standards in their new housing and condo projects if they want to attract the new generation of buyers.

Praphansak Rakchaiwan, CEO of Lumpini Wisdom, said prospective buyers are increasingly focused on these three standards amid the pandemic and energy price crisis.

LPN expects to see more housing and condo projects adopt energy-saving features, including so-called passive designs to reduce cooling and lighting needs.

The trend for solar-cell panels and construction materials that help cool buildings and save on electricity for air-conditioners will also rise, it said. New projects will come with charging points for electric vehicles, as well as energy monitors to check real-time electricity cost and usage, Praphansak said.

To reduce environmental impacts, real estate developers will turn to eco-friendly and recyclable construction materials and seek to cut their carbon emissions, he added.

A survey by Bangkok’s Baramizi Lab, which researches future trends, found that 85.2% of Thais prefer natural and environment-friendly designs, so developers should increase green areas in their projects, Praphansak said.

And Covid-19 prompted has heightened health concerns among buyers, meaning developers must add facilities that promote healthy living, including furniture and decor, he said.

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https://www.nationthailand.com/blogs/business/property/40022570

Analysis: Thailand’s property market landscape in post-Covid era

TUESDAY, NOVEMBER 29, 2022

Marciano Birjmohun, Vice President of Business Development for Magnolia Quality Development Corporation Ltd, provides his market update results.

Living in Thailand since 2011, I have seen firsthand the exponential growth of infrastructure, tourism and real estate. No longer is Onnut is the last stop on the Sukhumvit line, but far extension into a neighboring province is possible. Following primary observations in the Real Estate sector come from my intrinsic involvement in this industry as executive and engagement on both sides of the value chain.

Post Covid…New Normal?

Covid has reconditioned our behavior and living habits indefinitely. Post Covid means larger living spaces, more privacy and a demand for projects that compliment individual lifestyles. The foreign market has always been attracted to the Thai real estate market, and Thailand is one of the few countries in the region that can offer a variety of property choices based on geographical preferences such as coastal, metropolitan or mountain areas. A unique value proposition that makes Thailand still one of the top destinations for real estate.

In post Covid, we have seen a notable shift in buyer behaviors from overseas, second homes and end-users dominate the scene in any region of the country. The uptake of premium assets with a higher grade of specifications, extended facilities, low density, limited units per floor, privacy and accessibility to primary and secondary necessities such as transportation, shopping centers, education and healthcare are high in demand. Perhaps one of the most appreciated demands have been in the housing sector (“Moobaan”) despite the absence of freehold ownership allocation for foreigners, this has not been a threshold for buyers and developers. Taking Phuket as example, where villas are acquired by foreigners through either a BVI structure (British Virgin Islands), Leasehold agreement or Thai company formation. A common practice that does not withhold foreigners to continue acquisitions in the foreseen future.

From a global perspective, Thailand still holds one of the lowest closing costs to acquire real estate. This is often overlooked during the project marketing pitch but worth mentioning again. Most importantly, these costs are uniform across the kingdom, making it comfortable for investors to make acquisitions in different provinces. Foreign buyers welcome Thailand’s closing cost structure with much enthusiasm.  

The sentiment to acquire property as mean of investment vehicle is no longer the main objective, Covid teaches us that even established property markets CANNOT withstand this economic impact. Therefore, foreign buyers are now securing assets that provide their families long term security in the sense of generational living. Generational living is simply clarified where 2 or 3 generations life together in one household.

The condominium market

Buyers have become more sophisticated, in the capital Bangkok we have seen a healthy up take of units with larger living spaces; multiple bedrooms, extended facilities, better unit functionality and most of all privacy. The sophistication can be explained deeper, because post Covid buyers are willing to pay more to satisfy their needs. 

From a developer perspective this is where service aptitude plays an important role. In short, this entails a developers’ ability to recognize opportunities to exceed customers’ expectations. Thailand is the land of smiles and when dealing with foreign buyers the high and low cultural context plays an important role in the communication. Developers that have bi-lingual sales teams tend to attract more successful foreign transactions than traditional companies. 

The demand

So where does the foreign demand 2022 come from? Well, this is subjective to the ability of the sales team at each developer, but a few buyer groups have been notable:

• Overseas Chinese holding a foreign passport. Many Chinese families from Cambodia have been flocking the Thailand market to seek a better life for their families. Education, Healthcare and Infrastructure is one of the key drivers
• Myanmar, with ongoing political unrest, the Burmese have been the top-ranking buyers in the capital. With a variety in purchase power, both resales to newly build projects are of demand. Thailand provides them a safe haven not far from home
• The new money or “Nouveau Riche”, buyers who acquired their wealth within their own generation. Many of them are in the technology and venture capital space trying to secure assets that accommodate their aspirational lifestyle
• Expats have always been and remain an intrinsic part of the foreign sales quota, many of them have seen the transition and upgrade of Thailand’s real estate market. Enabling them to make sound decisions with a long-term objective
• From Russia with love, it has not gone unnoticed that the Russian Ruble has kept its strength in the last quarters of the year, benefiting the coastal locations such as Phuket, Pattaya and Hua Hin

B2C Relations – The Agent

The vast majority of foreign transactions are the result of agent efforts. For foreign buyers, new or not familiar to Thailand’s real estate landscape, agents are often the first point of contact and an essential part of Thailand’s real estate market. For many foreigners, the agents are not just a salesperson, but also their tour guide, translator, legal counsel, troubleshooter and most importantly a new friend.

The trust and dedication real estate agents provide foreign buyers cannot always be leveled on the developer side. Many agents go up and above to accommodate foreign buyers to their best ability, and most important they remain a consistent contact for years to come. This is not a trend, but a given fact that agents are the engine behind foreign transactions (note to developer).   

Thailand going forward

Thailand has been raising its living standards for the better and despite skeptics the country remains a top destination. The residential sector has gone through a revolution, not only in asset class diversity but also strategic locations and architecture. Branded residences have made their entry a decade ago, placing Thailand in the spotlight for lifestyle-oriented investments – attracting a wealthy demographic.

Overseas markets have changed their property taxations drastically, but Thailand remains a consistent role model. Foreign buyers will diversify further away from the capital, and peripheral areas will see a growing demand from overseas.

Although still in early stage, developers will receive more demand from foreign buyers for sustainability and carbon neutrality in real estate. A good initiative that will strengthen the competitiveness level of Thailand’s real estate market going forward.

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/property/40022511

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.