by Willie Tan | Nov 27, 2023 | Bangkok Property Market Updates
Driven by a desire for his sons’ return, PM Srettha aims to amplify the government’s broader agenda for a prosperous Thailand.
His appeal to his sons abroad serves as a heartfelt connection underlying a larger mission. This personal approach intends to resonate with Thai expatriates globally, fostering a collective aspiration to reconnect with their home country.
During a formal address to the Thai community in the United States, the 61-year-old Prime Minister outlined a roadmap to entice skilled professionals back to Thailand. Central to this strategy is the Land Bridge, a significant project connecting Ranong province to Chumphon. PM Srettha views this infrastructural endeavor not only as a physical link but as a means of economic revival.
The Land Bridge initiative is envisioned as a catalyst, propelling Thailand into a new era of economic prosperity. It promises not just infrastructure development but also an improved quality of life, making the idea of returning more appealing for skilled expatriates.
The Bangkok-born PM emphasized the government’s steadfast dedication to enhancing Thailand’s global standing, citing significant projects like the Land Bridge as evidence of the nation’s commitment to international competition, as reported by Thailand Business News.
Furthermore, PM Srettha highlighted Thailand’s commitment to addressing global challenges during the APEC Economic Leaders’ Retreat. This includes a focus on multilateralism, climate change initiatives, and the promotion of the Bio-circular and Green (BCG) Economy. This commitment signifies not only economic progress but also a dedication to a sustainable and environmentally friendly future.
In related news, the PM engaged with Thai students at Stanford University, encouraging them to consider returning to work in Thailand. He expressed optimism about leading companies investing in the nation and offering employment opportunities in the future.
“In the upcoming period, the establishment and expansion of reputable businesses in Thailand would facilitate the return of students residing overseas, presenting distinct advantages. The recent visit to Stanford University, renowned globally for its academic excellence, aimed to underscore the government’s earnest commitment to catalyse substantial investments.
“This endeavor intends to generate employment prospects, encouraging Thai students abroad to come back and play a pivotal role in the nation, thus securing a brighter future for Thailand.
“The government’s role is to instill in students the promising prospects Thailand offers. We endeavor to comprehend and persuade students studying abroad to consider returning to contribute to Thailand’s workforce. Should numerous reputable companies choose to establish and expand their operations in Thailand in the near future, it would encourage the return of students residing abroad, resulting in advantageous outcomes.”
The prime minister’s visit to Stanford University aimed to emphasize the government’s authentic commitment to fostering substantial investments, consequently creating job opportunities for Thai students abroad, as reported by Sanook.
“We aim to demonstrate that this government genuinely seeks to encourage substantial investments that will provide job opportunities for Thai students abroad, enabling them to return and play a crucial role in the nation, ensuring a more promising future in Thailand.”
by Willie Tan | Nov 10, 2023 | Bangkok Property Market Updates, Developer Watch, Expat Living & Relocation
CapitaLand Investment (CLI) and Pruksa Holding (PSH), Thailand’s prominent real estate entity, have disclosed the inception and successful initial closure of the CapitaLand Wellness Fund (C-WELL), a pioneering real estate fund centered around wellness and healthcare. In a collaborative effort, CLI and PSH have committed an initial equity investment of USD 350 million, aiming for a target equity size of USD 500 million. An option to expand this equity to USD 1 billion exists, with a projected asset value of USD 2.9 billion upon full deployment.
C-WELL represents the second collaborative venture between CLI and PSH, following the introduction of the CapitaLand SEA Logistics Fund the previous year. Positioned as a Southeast Asia-focused value-add fund, the newly established fund will concentrate initially on Singapore, Thailand, and Malaysia. Its investment focus encompasses single- or mixed-use assets within the wellness spectrum, encompassing residential, lodging, senior living, clinics, medical suites, and hospital facilities, along with wellness and lifestyle-oriented living solutions.
Additionally, the fund will allocate resources for strategic development opportunities in the broader Asia Pacific region. C-WELL adopts an operator-agnostic approach to investment, ensuring broad accessibility and diversity among its user base.
C-WELL’s primary objective is to meet the increasing needs of aging populations by developing purpose-built environments that foster wellness, comfort, and an elevated quality of life. This is particularly pertinent as both Thailand and Singapore are anticipated to transition into “super-aged” societies, with the senior population aged 65 and above projected to exceed 21% and 24%, respectively, by 2030.
In alignment with its asset-light strategy, CLI will maintain a sponsor stake in C-WELL, contributing to its funds under management and fee-related earnings, according to Patricia Goh, CLI CEO of Southeast Asia Investment. Meanwhile, Uten Lohachitpitaks, CEO of PSH Group, highlights the company’s commitment to elevating the lives of the elderly through multi-sectoral and community-level care initiatives in purpose-driven spaces. He emphasizes that the partnership with CLI is more than a mere investment, underscoring their dedication to redefining standards for wellness-focused real estate where individuals can thrive.
by Daryl Lum | Nov 3, 2023 | Bangkok Property Market Updates, Investment Analysis
In the first half of 2023, there was a remarkable surge in international demand for condominiums, offsetting a slowdown in local buyer activity. Foreign buyers, predominantly led by those from China, accounted for a substantial 24.6% of the total transfer value nationwide, marking a notable increase from 20.5% in the previous year.
Vichai Viratkapan, acting director-general of the Real Estate Information Centre (REIC), noted that the influx of foreign buyers was a consequence of the complete reopening in the latter part of the prior year. This enabled foreign purchasers, particularly those who had bought pre-sale units, to finalize their unit transfers.
There was also a noticeable rise in the number of foreign buyers acquiring completed units from developers, indicating a growing trend in the market.
This surge in foreign demand has been a continuing trend since the second half of 2021, with the proportion of foreign buyers receiving condo transfers in terms of value rising steadily. For instance, in the first half of 2023, this figure stood at 24.6%, up from 21.5% in the second half of the previous year.
The Thai market, however, experienced sluggish demand from local buyers. To revitalize the real estate sector and the economy, Vichai suggested that the government should consider strategies to attract more foreign buyers, such as potentially increasing foreign ownership quotas in select areas like Pattaya and Phuket.
The first half of 2023 saw a substantial increase in the number of condo transfers to foreign buyers, amounting to 7,338 units valued at 35.2 billion baht, indicating a notable surge of 65.6% and 57.8% in units and value, respectively, compared to the previous year.
Chinese nationals maintained their dominance in condo purchases, followed by Russians and Americans. Notably, Myanmar buyers, who were not among the top 10 before 2022, have risen in rank to eighth place, reflecting their increased interest in the Thai property market.
Chon Buri province surpassed Bangkok for the first time in the number of condo transfers to foreigners, with 43.4% of the total, while Bangkok accounted for 37.7%. Together, these two areas represented 81.1% of all nationwide transfers.
Regarding value, Bangkok led the pack with 20.2 billion baht, followed by Chon Buri with 9.84 billion baht, solidifying its dominance in the market.
The most popular category among foreign buyers remained units priced below 3 million baht, with 44.5% of the total, while units with sizes ranging from 31 to 60 sq m or having 1-2 bedrooms continued to be the preferred choice, making up 53.6% of the market.
Mr Vichai highlighted that while the foreign market showed significant improvement, it has yet to reach pre-pandemic levels.
Yours sincerely,
The editorial team at IBP Real Estate Co., Ltd.
by Eddie Yii | Nov 1, 2023 | Bangkok Property Market Updates, Infrastructure & Urban Development
Thailand intends to accelerate the development of the China-Thailand railway, a significant project within the framework of the China-proposed Belt and Road Initiative (BRI), as announced by Thai Prime Minister Srettha Thavisin during a live discussion on Thailand’s future in 2024.
In pursuit of BRI alignment, Thailand aims to establish a railway network connecting Bangkok, Khon Kaen, Nong Khai, pivotal transport hubs in Thailand’s northeastern region, and extending all the way to China.
Srettha emphasized the pivotal role of logistics in Thailand’s BRI cooperation and expressed the nation’s commitment to strengthening the link between its domestic rail system and the China-Laos Railway, which is a prominent BRI initiative in the region. This was conveyed during an interview with Xinhua before his official visit to China, where he also participated in the third Belt and Road Forum for International Cooperation.
The China-Thailand railway, a crucial component of the trans-Asian rail network, is poised to become Thailand’s inaugural standard-gauge high-speed railway.
Upon completion, this railway line will facilitate train travel from Bangkok to the border town of Nong Khai. There are plans for a bridge to connect it with the China-Laos Railway, thus enabling train travel from Bangkok, through Laos, all the way to Kunming in Yunnan Province, southwestern China.
Yours sincerely,
The editorial team at IBP Real Estate Co., Ltd.
