Magnolias Ratchadamri Boulevard, a mixed-use development offering 316 luxury residences on Ratchadamri Road in Bangkok, has noted a particular uptick in interest by buyers from the Lion State, Singapore.

Saturday, 02 November 2013 22:09

New Condo Projects Launch in the City

Thailand developer Supalai has introduced two new condominium projects worth Bt1 billion each in Rayong and Chon Buri provinces.

Proud Real Estate is the real estate development arm of Prayoonwit Group, one of the largest and oldest civil construction companies in Thailand, has budgeted up to Bt10 billion for a Bangkok residential project called Park 24 on Sukhumvit Soi 24 that will take at least three years to develop.

Thai Property firms have welcomed the Finance Ministry's plan to tax unused or empty land at a rate of at least 0.5% of the value of the plot, which should increase the availability of land for development to create economic value.

According to a survey by the Agency for Real Estate Affairs, new residential-project launches in Bangkok in September dropped by 50% from the previous month in terms of number of projects, by 9% in terms of units and by 16% in terms of value.

On October, Prime Minister Yingluck Shinawatra of Thailand and Premier of the People’s Republic of China, Li Keqiang, recently presided over the signing ceremony for a THB 11.6 billion (US$373 million) Financial Framework Agreement (FFA) to develop a “Landmark Waterfront” project in Bangkok.

According to CBRE Thailand, rents for expatriate-standard apartments and condominiums are likely to rise for the first time in more than 20 years, amid shortage of accomodations with 2-3 bedrooms.

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