QUARTERLY HIGHLIGHTS

‒   New condominium launches in the midtown/suburban condominium areas increased to pre-pandemic levels this quarter with developers targeting end-user Thai demand. However, the downtown condominium market remained subdued with only one newly launched project this quarter.

‒   The number of international tourist arrivals in Thailand increased to 497,693 arrivals, an increase of 46% Q-o-Q  and more than the 427,869 arrivals for all of 2021.

‒   Hotel market sentiment improve further, following the gains made in the previous quarter, with average daily rate (ADR) rising to THB 2,379 from THB 2,293 in Q4 2021. The occupancy rate of hotels in Bangkok increased to 32.9%, increasing 13 percentage points (pp) Y-o-Y. Thus, the revenue per available room (RevPAR) has significantly improved by 88.5% Y-o-Y to THB 786.

‒   Net take-up in the office market continued to be negative at 33,943 square meters, with net reductions in both Grade B CBD and particularly Grade B Non-CBD submarkets, increasing the vacancy rate in the Bangkok office market to 13.5% from 13.1% in the previous quarter.