Top Thailand Property News Of The Week - 12 October 2020
The top residential and commercial real estate news of the week - 12 October 2020
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.
Industrial estates mushrooming in EEC despite virus crisis
Industrial estate operators are ploughing ahead with development plans in the Eastern Economic Corridor (EEC), unfazed by the impact of Covid-19, said Industrial Estate Authority of Thailand deputy governor Attapon Jirawatjanya.
DC, KTBST launch B2.5bn hotel equity trust
Destination Capital (DC) and KTB Securities Thailand (KTBST) have joined forces to launch the DESCAP 1 Private Equity Trust for hotel and resort acquisition in Thailand, with a project investment value of 2.5 billion baht.
Cash-strapped developers urge tax waiver
The government is being urged to waive the special business tax for property transactions between cash-strapped developers and new investors to avoid possible non-performing loans (NPLs) as the fallout from Covid-19 hits the economy and property market.
We Company reverts to WeWork name
The We Company, parent of money-losing shared office provider WeWork, which last year yanked plans to go public after harsh criticism over its business model and erratic management, is dropping the "we" moniker to revert to its better-known name, according to an internal memo seen by Reuters.
UHG makes proactive downturn moves
Low debt, mixed-use properties and speedy adjustments have helped commercial developer UHG survive the crisis, allowing it to acquire a serviced apartment on Soi Sala Daeng.
Land appraisal price growth below 8%
The new land appraisal prices, used as a base for the land and building tax collection, may not expand by the previously assessed rate of 8% because of the impact of Covid-19, says the Treasury Department.
Elite Card to dangle more privileges for foreign investors
The Tourism Authority of Thailand (TAT) plans to boost foreign investment in real estate via its Elite Card long-stay visa programme, said governor Yuthasak Supasorn. The TAT-owned Thailand Privilege Card, which runs the programme, aims to lure more investors with two stimulus schemes it will propose to the Centre for Economic Situation Administration (CESA).
Bangkok Bank warns of glut in low-rise housing
Bangkok Bank has warned of a possible oversupply in the low-rise housing market in Greater Bangkok as many developers flee the sluggish condo sector for the segment.
Property heir makes big bets on troubled Hong Kong
From building Hong Kong's largest shopping mall to constructing a sprawling US$3.9-billion sports centre, Adrian Cheng has been one of the most aggressive property investors in town. It's a costly expansion strategy that is poised to test one of the territory's oldest real-estate empires.