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Top Thailand Property News Of The Week 13 November 2023
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.
November 17, 2023
The top residential and commercial real estate news of the week - 13 November 2023
U.S. giant Mars to buy Britain's Hotel Chocolate for $662m
Britain's Hotel Chocolat (HOTC.L) agreed to a 534 million pound ($662 million) takeover offer from Mars Inc, as the specialist chocolatier succumbs to the U.S. food giant to help it grow internationally, netting its founders a tidy profit.
World’s best performing office market has occupancy of over 98%
From London to New York, nobody wants to be a commercial landlord these days. But in the South Korean capital, owners of office towers are living the boom life.
Tech giants to invest B300bn in Thailand
The government has announced it has successfully courted Amazon Web Services (AWS), Google and Microsoft to invest in Thailand, with a total investment worth about 300 billion baht.
Krabi tourism struggles with flight shortage
Luxury tourists are travelling less but spending more money, while Krabi tourism is struggling with a shortage of international flights, particularly from China, according to Pimalai Resort and Spa, a hotelier operating on Koh Lanta.
Industrial sentiment slumps
The Thailand Industry Sentiment Index continued its decline to 88.4 points in October, the lowest level in 16 months, on the back of lower sales by manufacturers and unpleasant domestic circumstances, says the Federation of Thai Industries (FTI).
Interest rate increases hit demand for residential units
Interest rate hikes have affected demand in the lower-end segment for residential units, resulting in a consecutive decline in transfers in the third quarter of 2023.
CRC posts 26% gain in net profit over first 9 months
Central Retail Corporation (CRC) reported a 26% increase in net profit in the first nine months of this year, aiming to record a new high in the fourth quarter with the launch of the "CRC Celebration of Happiness" campaign.
China retail sales, industrial data grow faster than expected in October
China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened.
Little impact from extending stays
Extending the length of stay for all markets enjoying visa exemptions may not create much impact except for longhaul markets, while the government might have to hike costs to look after foreign tourists, say hoteliers.
CPN profit jumps 45% in Q3
Central Pattana (CPN) reported a strong performance in this year's third quarter, thanks to its new strategic plan supporting Thailand's transition towards a lowcarbon society.
Residential market records tepid growth
The residential market this year will have lower than expected growth, primarily because of the relatively poor performance in the third quarter caused by numerous negative factors, notably higher interest rates, says Supalai.