by Willie Tan | Jan 27, 2025 | News
Bangkok’s real estate market has been buzzing with excitement following the launch of the Thai government’s ambitious “Home for Thais” program, aimed at making homeownership more accessible for low-income citizens and fresh graduates. The program has sparked unprecedented interest, with over 12 million people attempting to register online within hours of its opening. The overwhelming demand even caused the official website to crash shortly after registration began.
Affordable Housing with Monthly Payments as Low as ฿4,000
The program, inaugurated by Prime Minister Paetongtarn Shinawatra at an exhibition in Krung Thep Aphiwat Central Terminal, offers affordable condominiums and houses at payments starting from just ฿4,000 per month. For many, this initiative represents a long-awaited opportunity to secure a home, especially given that nearly 6 million households—approximately 27% of Thailand’s population—currently lack proper housing.
The exhibition, running until January 31, showcases model homes, drawing crowds as early as 5 a.m. Attendees eager to register expressed optimism about the initiative, which allows buyers to purchase homes on state land with leaseholds lasting up to 99 years.
Where Are These Affordable Homes Located?
Four key locations have been identified for the pilot phase, all conveniently located near mass transit systems:
- Bang Sue Km 11: Featuring 1,232 condominium units priced from ฿1.76 million for 30 sqm to ฿3 million for 50 sqm.
- Thon Buri: Offering 2,100 condominium units.
- Chiang Rak: Planned to deliver 1,795 units.
- Chiang Mai: Focused on single houses with 720 units available.
The State Railway of Thailand has earmarked over 38,000 rai of unused land nationwide for the program, with initial plots for these developments expected to be handed over by the end of the year.
Who Can Apply?
The program comes with specific eligibility requirements:
- Applicants must be Thai nationals of legal age.
- They must have never owned a residence before.
- Monthly income must not exceed ฿50,000.
- Applicants must not be blacklisted by the National Credit Bureau.
The absence of a down payment requirement makes this program even more appealing, removing one of the biggest barriers to homeownership.
Transforming Housing in Thailand
Speaking at the launch, Prime Minister Paetongtarn emphasised that the initiative is part of the government’s broader strategy to improve the quality of life for Thai families by addressing the housing gap. The collaboration between the Ministries of Transport and Finance has been instrumental in bringing this vision to life.
For those interested in condominiums in Bangkok, the “Home for Thais” program is a game-changer. Not only does it provide an affordable way to step into the property market, but it also ensures the convenience of living near transit hubs—a significant advantage in the bustling capital city.
If you’re keen to learn more or explore your eligibility, visiting the exhibition or keeping an eye on further developments could be your first step toward owning a dream home in Bangkok.
Source: Bangkok Post
by Willie Tan | Sep 25, 2024 | News
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 Willie Tan | Sep 9, 2024 | News
Thailand is set to distribute 145 billion baht (US$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 (US$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.
Source: CNA
by Willie Tan | Aug 19, 2024 | News
Paetongtarn Shinawatra was officially confirmed as Thailand’s prime minister by the king on Sunday, August 18, following her election by parliament two days earlier. This sets the stage for her to form a new Cabinet in the coming weeks.
At 37 years old, Paetongtarn is Thailand’s youngest prime minister, succeeding Srettha Thavisin, who was removed by the Constitutional Court, an institution often at the centre of the country’s ongoing political unrest. Paetongtarn is the daughter of Thaksin Shinawatra, a prominent and polarizing political figure, and she secured the position after receiving 319 votes in the House of Representatives, making her Thailand’s second female prime minister and the third member of the Shinawatra family to hold the office, following her father and aunt Yingluck Shinawatra.
The king’s approval, a formal requirement, was announced during a ceremony in Bangkok by the House Secretary, Apat Sukhanand. Paetongtarn, dressed in official attire, knelt before a portrait of King Vajiralongkorn to pay her respects and delivered a brief speech expressing gratitude to the king and parliament. She emphasized her commitment to working with legislators openly and listening to all viewpoints to ensure the country progresses with stability.
Despite her lack of previous government experience, Paetongtarn faces significant challenges, including a struggling economy and declining support for her Pheu Thai Party, which has yet to fulfil its promise of a 500 billion baht (approximately $14.46 billion) digital wallet program.
After receiving the royal endorsement, Paetongtarn embraced her father and family members. In her initial press conference, she pledged to continue the policies of her predecessor, Srettha, focusing on economic stimulus, drug enforcement, healthcare improvement, and promoting gender diversity. She reaffirmed her commitment to the digital wallet policy, although she intends to review it to ensure fiscal responsibility.
Paetongtarn stated she has no plans to appoint her father, Thaksin, to any government position but will seek his counsel. She also mentioned that her government’s policies will be presented to parliament next month.
The recent dismissal of Srettha after less than a year in office serves as a warning of the risks Paetongtarn faces in a political environment characterized by coups and court rulings that have repeatedly disrupted governments. The Shinawatra family’s political legacy and future are also at risk, as their once-dominant influence suffered a setback in the last election, forcing them to collaborate with their long-time adversaries in the military to form a government.
Recent events suggest a breakdown in the fragile agreement between Thaksin and the royalist establishment. This facilitated his return from 15 years of self-exile in 2023 and Srettha’s brief tenure as prime minister. A week earlier, the court that removed Srettha also disbanded the Move Forward Party, which had won the 2023 election, over its campaign to amend a royal defamation law, arguing it threatened the constitutional monarchy. The popular opposition party has since reorganized under a new banner, the People’s Party.
Source: CNA
by Willie Tan | Aug 14, 2024 | News
The government is advancing a bill to legalise casinos within entertainment complexes across the country. According to sources, the Finance Ministry has completed drafting the Entertainment Complex Act. The bill will undergo a public hearing as required by Section 77 of the constitution, ensuring public input before being presented to the cabinet for review.
Why the move?
Deputy Prime Minister and Commerce Minister Phumtham Wechayachai confirmed that coalition party leaders will meet today to discuss the bill, which aims to legalise and regulate casinos as part of the broader entertainment industry. The bill argues that such complexes can significantly boost tourism revenue and domestic investment.
How does it work?
Under the proposed legislation, entertainment complexes must obtain a license valid for up to 30 years, with an initial registration fee of 5 billion baht and an annual payment of 1 billion baht. The license can be renewed for an additional 10 years after the initial period. Entry to these complexes is restricted to individuals over 20 years old, with Thai citizens required to pay a 5,000 baht entrance fee.
The bill also establishes a policy board, chaired by the prime minister, to oversee regulations governing these complexes. According to Mr. Chai, the project could have a substantial economic impact, with the global casino-based entertainment complex industry projected to grow from $1.5 trillion in 2022 to $2.2 trillion by 2028. He emphasised the need for Thailand to expedite its plans to capture a share of this lucrative market.
A House committee report estimates that the project could generate at least 12 billion baht in taxes in its first year. The report examined the economic, social, cultural, and legal implications of the initiative, identifying five potential locations: two in Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket.
However, Pariyes Angkurakitti, a spokesman for the opposition Thai Sang Thai Party, criticised the project, warning that lax law enforcement could undermine efforts to properly regulate the casino industry.
Source: Bangkok Post
