by Willie Tan | Sep 25, 2024 | Bangkok Property Market Updates, Infrastructure & Urban Development
The Samyan Smart City project in central Bangkok is making notable advancements in smart energy development. The Metropolitan Electricity Authority (MEA) recently announced the successful relocation of overhead power and communication cables underground, significantly improving the urban landscape.
This initiative, which began in June 2019 in collaboration with Chulalongkorn University, saw the removal of cables along Chulalongkorn Soi 12 and near the King Rama VI Monument at Lumpini Park. This effort not only enhances the city’s aesthetics but also supports the broader goal of smart energy management in the area.
Key developments include installing a Battery Energy Storage System (BESS) and the creation of a smart grid. The BESS, which works alongside solar and wind power, ensures a consistent electricity supply despite variable weather conditions. The smart grid will enhance electricity production, sales, and consumption management, leveraging consumer behaviour data for better efficiency.
Samyan Smart City spans 1,153 rai, bordered by Banthat Thong, Rama IV, Henri Dunant, and Rama I roads. Overseen by Property Management of Chulalongkorn University (PMCU) and initially funded by the Energy Conservation Fund in 2017, the project also includes rooftop solar panels and a district cooling system developed by BCPG, a subsidiary of Bangchak Corporation.
Additionally, the project promotes smart mobility with battery-operated shuttle buses, providing eco-friendly transportation options for students and residents.
These efforts underscore the commitment to transforming Samyan into a model of sustainable urban living through innovative energy solutions and smart city technologies. The collaboration between MEA and Chulalongkorn University highlights the importance of partnerships in achieving these ambitious goals. As the project progresses, it continues to set a benchmark for smart city initiatives in the region, demonstrating how urban areas can evolve to meet the demands of modern living while prioritising sustainability and efficiency.
by Daryl Lum | Sep 24, 2024 | Bangkok Property Market Updates
Condominium transfers to buyers from Myanmar during the first half of 2024 exceeded the total transfers recorded in 2023, which had set a previous record.
According to the Real Estate Information Centre (REIC), 638 condo units valued at 3.24 billion baht were transferred to Myanmar nationals across Thailand in the first half of 2024.
This surpasses the 564 units worth 3.7 billion baht transferred throughout 2023, marking the highest level of transactions to date.
The surge in condo transfers to Myanmar nationals began in 2022, with 349 units valued at 2.55 billion baht, a significant jump from just 30 units worth 274 million baht in 2021.
“For the first time in 2022, Myanmar nationals ranked among the top 10 foreign buyers receiving condo transfers, compared to only 20-50 units annually in previous years,” said Vichai Viratkapan, Acting Director-General of REIC.
In 2022, Myanmar nationals ranked sixth in terms of the number of condo transfers, following buyers from China, Russia, the U.S., the U.K., and France, respectively.
In terms of condo transfer value, Myanmar nationals ranked third, trailing only Chinese and Russian buyers.
In 2023, Myanmar buyers moved up to fourth place in the number of condo transfers, behind Chinese, Russian, and American nationals, while maintaining their third-place ranking in transaction value.
In the first half of 2024, Myanmar buyers rose to second place in both the number and value of condo transfers, surpassing Russian buyers who had held the second spot for several years, with Chinese nationals continuing to lead.
However, a significant decline was noted in the second quarter of 2024, following a crackdown by Myanmar’s government in April 2024 on Thai condo purchases by Myanmar nationals.
Condo transfers to Myanmar buyers dropped to 246 units valued at 1 billion baht in Q2, compared to 392 units worth 2.2 billion baht in Q1.
A property industry source cited not only stricter money transfer regulations in Myanmar but also more stringent measures by Thailand’s Lands Department, which has tightened foreign exchange transaction (FET) controls.
“If an FET is not clearly documented, the transaction will be frozen,” the source explained, adding that this policy impacts not only Myanmar buyers but also Chinese buyers.
Overall, the REIC reported that total condo transfers to foreign buyers in Thailand during Q2 2024 declined by 6.2% year-on-year, with 3,342 units transferred valued at 14.8 billion baht, a 17.7% drop.
As a result, the proportion of condo transfers to foreigners fell to 11.8% by unit volume and 21.1% by value, compared to 13.6% and 24.6%, respectively, during the same period last year.
by Daryl Lum | Sep 11, 2024 | Site Visit
4th September was the Wish Signature II Midtown Siam Agency Day. The IBP team made a visit to the development.
Here is the payment scheme for the development. There is a 2% discount off the listed price.
The lobby looks grand.
Looks like what the brochure made the development out to be.
The development is already completed. Therefore, the title to the units that are purchased by the buyers will be transferred to the buyers in a very short period of time.
Very nice looking pool with amazing sky views.
For the latest availability list and pricing, contact the IBP Real Estate team at +66 66 112 8862 (WhatsApp) or email [email protected].
by Daryl Lum | Sep 11, 2024 | Bangkok Property Market Updates, Developer Watch, New Launches & Project Previews
Nue Epic Asok-Rama 9 launched over the weekend that just passed. This project was hotly anticipated. It is located in the very popular Rama 9 business district. It is walking distance to the Phra Ram 9 MRT station.
Before this launch event, there were pre-launch sales. These sales were only to clients of certain agencies. Even then, sales were strong due to the good location and attractive pricing. Imagine a freehold condominium in the Rama 9 area for about THB 3.xx million.
Here are some pictures of the launch event.
More than 100 units were sold over the weekend! There are still some available launch units available. If you are interested in a unit, do contact the IBP Real Estate Sales Team at +66 66 112 8862 (WhatsApp) or email [email protected].
Here is the Nue Epic Asok-Rama 9 sales site: https://nueepicasokrama9.com/
Here is a review of Nue Epic Asok-Rama 9: https://daryllum.com/my-review-of-nue-epic-asok-rama-9/
Yours sincerely,
The editorial team at Invest Bangkok Property
by Willie Tan | Sep 9, 2024 | Bangkok Property Market Updates
Thailand is set to distribute 145 billion baht (USD 4.2 billion) from its “digital wallet” handout program earlier than initially planned, aiming to support vulnerable groups and provide short-term economic stimulus. This announcement was made by Deputy Finance Minister Julapun Amornvivat on Monday, September 9.
During a budget debate in the Senate, Julapun highlighted that the government has allocated a total of 450 billion baht (USD 13.29 billion) for this flagship handout initiative. The program is designed to boost economic activity by transferring 10,000 baht to 50 million Thai citizens for local spending.
Originally scheduled for the last quarter of this year, the handout scheme is a key component of Thailand’s strategy to revitalize Southeast Asia’s second-largest economy, which saw a growth of 2.3% in the second quarter.
The recent change in government, following the unexpected removal of Srettha Thavisin as premier by the court, has created uncertainty about the timing of the promised stimulus measures. However, Paetongtarn Shinawatra, Srettha’s ally and successor, confirmed last week that part of the handout will now be distributed in cash.
Julapun noted that 32 million people, including vulnerable groups, have registered for the program so far. However, those without smartphones, who were supposed to receive funds via an application, are not included in this count. It remains unclear whether the first tranche of payments, expected later in September and sourced from the 2024 budget and other funds, will be in cash.
Paetongtarn, the daughter of influential billionaire Thaksin Shinawatra, recently assured that the new government would immediately stimulate the economy and adhere to Srettha’s policy agenda. Her administration published a policy statement on Sunday, which she will present to parliament later this week.
Despite criticism from economists, including two former central bank governors, who deem the handout scheme fiscally irresponsible, the government maintains that the policy is essential to invigorate the economy. The central bank projects a modest growth of 2.6% this year, up from 1.9% in 2023, but still lagging behind most regional peers.
