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Top Thailand Property News Of The Week - 13 November 2017
17 Nov 2017
The top residential and commercial real estate news of the week - 13 November 2017
CBRE’s weekly property news snapshot features the latest residential and commercial real estate stories in Thailand and elsewhere that you cannot afford to miss - be it regarding residential, industrial, retail, office, hotel, land, or investment property
Seacon eyes rising home sales next year
Large homebuilder Seacon Home Group aims to fetch 1.5 billion baht in sales in 2018, up from 1.3 billion estimated for this year, saying overall market sentiment has picked up since late last month.
Pace ordered to clarify assessment
The Securities and Exchange Commission (SEC) has asked Pace Development Corporation Plc to clarify the assumptions used to determine the fair value of two investment projects, as the valuation process affects the company's financial statements.
Somkid says 2018 marks turning point
Next year will be Thailand's turning point, says Deputy Prime Minister Somkid Jatusripitak, as much-touted infrastructure projects, international broadband development and investment in the Eastern Economic Corridor (EEC) are scheduled to get started.
Demolition of Aetas Hotel expected to begin in February
The demolition of the Aetas Hotel and serviced apartment in Bangkok's Pathumwan district is expected to begin in February next year, according to Bangkok governor Aswin Kwanmuang. He said yesterday that work cannot begin sooner due to City Hall regulations on hiring a contractor to demolish the building, noting it will take about three months to complete the hiring process.
Stores report rosy results
SET-listed retailers reported healthy results in the first nine months this year. Robinson Plc's revenue for the period increased by 4.2% to 7.5 billion baht, with 611 million baht net profit, up 19.8% from the same period last year. The company attributes the growing income from new store expansion, store renovation, higher rental income from stores and a high occupancy rate of 99%.
Pace reports Q3 net loss of B962m, citing F&B woes
Pace Development Corporation Plc yesterday reported a consolidated net loss of 961.7 million baht in the third quarter, widening 20% year-on-year, because of a decline in gross profit of the company's food and beverage business.
Retail gougers warned
The government has threatened to take legal action against retail shops and department stores who raised their products' price ahead of the shopping tax break period. Deputy Commerce Minister Sontirat Sontijirawong said the ministry had assigned the Internal Trade Department's authorities to investigate immediately after complaints that at least one department store was found to take advantage of consumers by raising prices prior to the yearend shopping tax breaks.
Residential Developments Reshaping Bangkok Riverside
The transformation of Bangkok’s Riverside from ports and warehouses to residential and other uses has continued with more and more luxury residential developments being launched in the area. Magnolia Waterfront Residences Iconsiam, launched in Q3 2014, has accelerated this transformation.
Charn Issara downbeat, turns focus to hotels after weak sales
SET-listed developer Charn Issara Development Plc (CI) will next year focus on selling remaining units at existing residential projects and expanding its hotel business as housing sales in the first nine months were not as good as expected.weblink
Nod for QR code payment
The Bank of Thailand has given the green light for the first five banks' quick response (QR) code payment services to exit its sandbox, enabling them to commercially roll out the much-touted system that scans a bar code on smartphones. The five banks - Kasikornbank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank and Government Savings Bank - met all the criteria to provide PromptPaybased QR code payment services.
Origin eyes mixed-use project
SET-listed developer Origin Property Plc (ORI) will spend 4-5 billion baht to develop a mixed-use project on a leasehold plot of Sukhumvit Soi 24.
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