Top Thailand Property News Of The Week - 30 Aug 2021
The top residential and commercial real estate news of the week - 30 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.
Restrictions stymie hotel recovery
The hospitality business in Bangkok is nowhere near a full recovery as the industry remains challenged by government restrictions. Jesper Palmqvist, area director for Asia-Pacific for STR, a market data firm, said if a domestic sandbox becomes available, people from Bangkok can travel to nearby destinations such as Hua Hin, which previously saw 75-80% occupancy during weekends before it was designated a dark red zone.
How office occupiers adapt after a year-long pandamic
More than a year into the pandemic, Bangkok’s office market is changing right before our eyes. Despite the slower market activity, new office building supply continues to increase every quarter, with new projects consistently being announced.
CP Group targets reorganisation, expansion
Charoen Pokphand (CP) Group, the country's biggest agribusiness conglomerate, has vowed to rapidly expand the number of its retail and wholesale stores in the region, including cash-and-carry stores operated by its SET-listed subsidiary Siam Makro Plc, as well as other formats within the CP Group.
Singha Estate plans 3 low-rise projects
Singha Estate Plc plans to launch three high-priced, low-rise housing projects from 2022 onwards, after freezing its new condo projects for the past 18 months. Chairath Sivapornpan, chief financial officer at the SET-listed developer, said the first project slated for the third quarter of next year will have units priced between 50-100 million baht, a segment the company had an expertise in.
Luxury billionaire Arnault sells out of retailer Carrefour
French luxury goods billionaire Bernard Arnault has sold out of supermarket group Carrefour (CARR.PA), the retailer he first invested in 14 years ago and whose potential takeover by Canada's Couche-Tard unravelled earlier this year.
Origin diversifies for growth
With a dramatic rise in e-commerce business, SET-listed developer Origin Property Plc has diversified into logistics and warehouses through a joint venture with JWD InfoLogistics Plc, planning to develop 200,000 square metres per year.
Dusit Thani banking on revenue from overseas
SET-listed Dusit Thani Plc is focusing on revenue driven by overseas hotel operations which outperformed hotels in Thailand. However, hotel revenue should recover from the Covid crisis by 2023-24 as travel activities are expected to be limited, said Sukit Ngansangnapong, Dusit's chief financial officer.
Paradise islands ready to rebound
Thailand's shattered tourism industry set its sights on reopening destinations to foreign travellers in the coming months, assuming various destinations can reach 70% vaccination rates and complete Phuket-style procedures.
New land appraisals likely postponed
The Treasury Department is expected to ask the land appraisal committee to postpone the adoption of new appraisal prices by another year. The move aims to ease the burden of landowners, who are struggling to cope with the impact of the pandemic, said department director-general Yuttana Yimgarund.
Eyes back on London property market
While many sectors in Thailand’s property market struggle to keep afloat from yet another COVID-19 wave, unburdened buyers in the upper market are expanding their property portfolios to the international arena, especially London, The United Kingdom.
CLMVT strategy refined
With the Covid-19 pandemic expected to leave long-term impacts on global investment patterns and consumer behaviour, the CLMVT countries are counting on closer economic cooperation within Southeast Asia to help them benefit from each other's strengths.