Top Thailand Property News Of The Week - 2 Aug 2021

The top residential and commercial real estate news of the week - 2 August 2021

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.

Thailand, Australia mull economic deal
Bangkok Post
Thailand and Australia have agreed to pursue a strategic economic partnership to boost bilateral trade and investment, with the deal expected to be signed next year.

Sandbox seen as the sole hope for revival
Bangkok Post
The long road to recovery for Thai tourism marked a milestone following the first month of operation of the Phuket sandbox scheme. The Andaman island welcomed 14,055 international travellers, contributing 829 million baht, which created a multiplier effect of 1.9 billion baht for the local economy and led to 2,719 full-time jobs, according to the Tourism and Sports Ministry.

Hotels face sluggish recovery
Bangkok Post
Revenue per available room (RevPAR) for Bangkok hotels will not return to the pre-pandemic level until 2025 due to the gradual rebound of tourism demand compared to supply, according to an estimate by Horwath HTL

Thai Airways selling assets to raise cash
Bangkok Post
Thai Airways International (THAI) is selling 10 properties and buildings around the country in a bid to raise funds to rehabilitate its ailing business, according to an airline source.

Hotels struggle amid lockdown extension
Bangkok Post
The extended lockdown is leading to more hotel closures and unemployment, while some hoteliers are transforming their hotels into hospitels to avoid the massive slowdown in tourism.

Centara, True Digital Park unveil startup sandbox
Bangkok Post
Centara Hotels & Resorts and True Digital Park are launching startup sandbox, a competition and three-month incubator programme that supports startups and entrepreneurs with co-working spaces, facilities, mentorship and funding.

Permit U-turn a costly error
Bangkok Post
On Friday, the Administrative Court ruled to withdraw the permit for the 6.5-billion-baht Ashton Asoke condominium project, a swanky 50-storey high-rise residential building -- saying the project violated the Building Control Act as it does not have an exit onto Asoke Road.

Developers crucial in sustainability effort
Bangkok Post
Real estate developers play an important role in green and sustainable development, with major players stepping up to invest in the concept. Chai Srivikorn, president of the Ratchaprasong Square Trade Association, said the Ratchaprasong area, which covers one square kilometre, which has nine members of the association from the retail, hospitality and commercial property sectors in the area, will become a sustainable district.

Copperwired to buy IBIZ Plus
Bangkok Post
SET-listed digital lifestyle product distributor Copperwired (CPW) has announced its intention to acquire IBIZ Plus Network, a distributor of mobile devices and accessories, for up to 1 billion baht as it aims to drive sales through outlet expansion.

Ananda to appeal court's condo ruling
Bangkok Post
SET-listed Ananda Development plans to appeal the verdict of the Central Administrative Court, which revoked a notification document to allow the construction or modification of Ashton Asoke, a joint venture luxury condo project with Japanese developer Mitsui Fudosan.

Alibaba Profits Trimmed in First Quarter Following Regulatory Crackdown
Yahoo
Chinese e-commerce giant Alibaba should be well positioned to take advantage of the early recovery of China’s economy. But its results for the three months to June, published on Tuesday, did not show the full extent of that potential.

Pattaya reopening likely to be delayed
Bangkok Post
Pattaya is likely to delay its reopening plan as Thailand may not be able to give enough vaccinations until the fourth quarter. Thanet Supornsahasrungsi of the Chon Buri Tourism Council said the plan to reopen two districts to international tourists in September may be delayed as the country faces a severe vaccine shortage.