Top Thailand Property News Of The Week - 4 January 2021

The top residential and commercial real estate news of the week - 4 January 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.

IEAT plan for Chon Buri to forge ahead
Bangkok Post
The new coronavirus outbreak, which has spread to 56 provinces in less than a month, is threatening to affect short-term investment in Thailand as it is sapping business confidence, says the Industrial Estate Authority of Thailand (IEAT).

New land appraisal price delayed for another year
The Nation
The Finance Ministry has delayed the new land appraisal price base for another year, said Treasury Department director general Yuttana Yimgarund on Wednesday. The ministry's permanent secretary signed the order to suspend the 2020-2023 price base in late December, said Yuttana. This means the department will adopt the 2016-2019 land appraisal price this year.

Developers to get power direct via IPS
Bangkok Post
B.Grimm Power (BGRIM) is poised to start a new business by selling electricity directly to real estate developers, including mixed-used building owners, under captive independent power supply (IPS) model.

Singha Estate sells stake in NVD
The Nation
A group of Nirvana Daii (NVD) shareholders led by Sornsak Somwattana on Wednesday confirmed they had purchased Singha Estate’s entire shareholding in NVD of 711,855,320 shares, or 51.56 per cent of the total stock of NVD, at Bt2.52 per share.

Condo discounts continue into Q1
Bangkok Post
Discounts on condo prices should continue into the first quarter of 2021 as developers want to drain unsold inventory as much as possible, says a property website.

Cabinet okays Bt10bn to expropriate land for Khon Kaen-Nakhon Phanom railway
The Nation
The Cabinet on Tuesday approved a draft law for expropriation of land to build the 336-kilometre Northeast railway between Khon Kaen and Nakhon Phanom. The plan hands the State Railway of Thailand a budget of Bt10 billion to requisition land along the route linking Ban Phai in Khon Kaen, Maha Sarakham, Roi Et, Mukdahan and Nakhon Phanom.

Space Optimisation – Office Market’s Big Move in 2021
CBRE Thailand
The long-term impact of the global pandemic on workplace is yet to be fully comprehended with many predictions across different industries. CBRE, a leading international property consultant revealed that companies will be reconsidering a new role for office space as a place for collaboration, flexibility, and community culture.

Saha Group joins Tokyu in expanding Si Racha stake
Bangkok Post
Saha Group has partnered with Japan-based real estate firm Tokyu Corporation to invest an additional 800 million baht in expanding its real estate investments in Chon Buri's Si Racha district.

Tiny Apartment Sales Soar in World’s Priciest Home Market
Bloomberg
In the world’s least affordable housing market, one in eight homes sold is a nano apartment, a term widely used to describe tiny homes in Hong Kong. A record 13% of apartments sold in 2019 were less than 260 square feet (24 square meters), or smaller than two car-parking spaces, according to a report by Liber Research Community released Monday. These tiny units accounted for just 0.2% of total sales in 2010.

Developers glimpse potential for slight recovery in 2021
Bangkok Post
After sharp falls across the board in 2020, the residential sector in 2021 is forecast to see only a slight improvement as unsold inventory remains high and many risks from the previous year are likely to spill over into 2021.