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Iconsiam Co, the operator of Iconsiam mall, is set to invest 1 billion baht to renovate the complex, scheduled to commence in July 2024.

According to Supoj Chaiwatsirikul, the company's managing director, the renovation will focus on the M and first floors of Iconsiam, aiming to adjust the merchandise mix in the fashion and jewellery zone to better align with customer demand. The anticipated timeline for this renovation project is from July or August next year until the middle of 2025.

There are 50-60 local and international fashion, food and beverage businesses awaiting to debut at Iconsiam, he said.

"We plan to incorporate flagship stores for select luxury brands and introduce international food and beverage options in response to customer demand," Mr Supoj said.

Simultaneously, an additional 200 million baht will be allocated for the creation of a new attraction on the eighth floor, with plans set to commence in 2025.

Iconsiam sets aside B1bn to renovate luxury complex Iconsiam Co, the operator of Iconsiam mall, is set to invest 1 billion baht to renovate the complex, scheduled to commence in July 2024.

SET-listed developer AP Thailand plans to launch two new condo projects near Iconsiam and Victory Monument worth a combined 7.3 billion baht this month, aiming to secure its presales target of 13 billion baht by year-end.

Kamolthip Bumrungchatudom, chief of business group for condominiums, said the company is confident about demand for condos in the two locations.

AP is scheduled to launch Rhythm Charoennakhon Iconic on Nov 25. It is situated on a four-rai plot opposite Iconsiam, featuring a 29-storey building and 577 units priced from 159,000 baht per square metre, with the highest unit priced at 40 million baht.

"Iconsiam is a world-renowned shopping complex. We are confident the foreign quota for the project will be fully occupied," she said. "Our key foreign buyer markets include China, Taiwan and Myanmar."

Ms Kamolthip said buyers from Myanmar demonstrated robust demand for high-priced condos in Bangkok because of their domestic political situation and Bangkok's standing as a medical hub.

Their purchasing behaviour has changed from ready-to-move-in units to off-plan ones, she said.

The 5-billion-baht project marks the 23rd joint venture between AP and Japanese real estate firm Mitsubishi Estate Group since 2014.

AP keen on demand as it unveils condos SET-listed developer AP Thailand plans to launch two new condo projects near Iconsiam and Victory Monument worth a combined 7.3 billion baht this month, aiming to secure its presales target of 13 billion baht by year-end.

Condo developers are urging environmental impact assessment (EIA) reports to be reviewed based on clear standards, aiming to reduce subjective judgements because a delayed assessment process increases development costs.

Ditawat Issara, assistant managing director of SET-listed Charn Issara Development, said when evaluating EIA reports, some EIA committees occasionally raise new issues that are situational or unique.

"The EIA report for our condo project in Hua Hin, submitted for consideration in 2021, was returned based on pandemic-related waste segregation issues. We adhered to the requirements and resubmitted it," he said.

The practice of virus-free waste separation was not implemented in projects situated in different areas or recent projects as this was only a concern of a few committee members, said Mr Ditawat.

"Unclear regulations and making personal judgements leads to project delays, financial losses and wasted time," he said.

"The new issue is shading and wind obstruction, though the Building Control Act has measures to control this."

Mr Ditawat suggested clear and standardised regulations, rather than alterations that vary with each rotating committee.

"This makes us reluctant to develop high-rise buildings because of the issues involved," he said.

"A clear EIA will help to streamline the work process and prevent subsequent issues."

Developers call for clearer environmental reports Condo developers are urging environmental impact assessment (EIA) reports to be reviewed based on clear standards, aiming to reduce subjective judgements because a delayed assessment process increases development costs.

The price index of new condos in Nonthaburi and Samut Prakan declined for four consecutive quarters because of an oversupply of unsold units in older projects, primarily within price segments affected by negative factors.

Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the ongoing decline in the price index for the two provinces can be partly attributed to older projects that have been on the market since before 2021.

"There was a substantial inventory of unsold condo units in projects launched more than three years ago in these provinces. These projects had lower development costs than the newer ones," he said.

REIC reported the total number of unsold condo units in Nonthaburi amounted to 6,705 worth 14.8 billion baht as of the end of the second quarter of 2023. Of this number, construction of more than half (3,485 units) had been completed and 87% were priced at 3 million baht or less per unit.

In Samut Prakan, the number of unsold condo units totalled 5,991 worth 23.2 billion baht. Of this amount, construction of 825 units had been completed and 86% were priced at 3 million baht or less per unit.

Condo prices suffer from glut The price index of new condos in Nonthaburi and Samut Prakan declined for four consecutive quarters because of an oversupply of unsold units in older projects, primarily within price segments affected by negative factors.

The Crown Property Bureau in Thailand is seeking bidders to lease a 12-rai plot in central Bangkok, following a bribery case involving a real estate developer. The plot, located near the former Telephone Organisation of Thailand, is in high demand due to its prime location and proximity to mega mixed-use projects. The bureau is inviting developers to tender proposals for lease, with options for 30, 50, or 60 years. The first hearing is scheduled for November 16, with winners expected in January.

Crown-owned Chidlom plot linked to bribery scandal up for lease The Crown Property Bureau will start seeking bidders in December to lease its 12-rai plot in central Bangkok after a real-estate developer allegedly paid 20 million baht to try and rent it.

Bangkok's new city plan will increase mixed-use areas or orange zones for high-rise condominiums by 23% to 349.95 square meters by 2025. The plan was approved by an advisory committee of the Bangkok Metropolitan Administration. Public hearings will begin in November and cover various groups. The process may be lengthy before the new plan can be enforced by early 2025. The plan will also reduce green zones from 240.32 square km to 50.60 square km.

More space made for high-rise condos, fewer parks in Bangkok’s new city plan Bangkok’s new layout will increase mixed-use areas or orange zones for high-rise condominiums, by 23% to about 349.95 square metres when it is enforced possibly in 2025, officials said.

The real estate sector in Bangkok has seen a surplus of 206,246 units valued at 1.02 trillion baht, up 3.3% and 5.3% compared to the same period last year. However, the number and value of new units have decreased by 19.0% and 6.6%, respectively. The overall housing market faced a challenge in the second quarter, with 15,959 newly sold units valued at 83.50 billion baht, a 32.3% decrease in units and a 28.4% decrease in value. Unsold residential properties increased by 8.0% to 190,287 units, with 74,230 condominium units and 116,057 allocated house units.

Real estate sector faces a glut of residential properties High loan rejection rates, stringent financial institution policies, and rising interest rates are continuing to impact the real estate sector, with residential properties in Bangkok and surrounding areas recording a surplus of 206,246 units, valued at 1.02 trillion baht.

Chiang Mai Airport is essential to recovery Visitor

Industry aims to unleash region's potential as aviation hub expands hours

In November, Chiang Mai airport will begin to operate around the clock in an effort to maximise the potential of the northern region to receive more direct flights of foreign tourists.

Because September is a quiet month for tourists, the average hotel occupancy rate decreased to 30–35% in September from 70–80% in August, according to Sittipong Wongsomboon, general manager of Northern Smile Travel.

Following the epidemic, the Chiang Mai market moved to independent travellers, and some hotels made adjustments to secure better room prices even with a decrease in the number of visitors, according to Mr. Sittipong.

According to the founder of the "Hotels in Chiang Mai" organisation, about 35 boutique hotels in the heart of Chiang Mai as well as other associated companies came together to enhance their services rather than cut costs.

The majority of potential customers are visitors from Asia, especially those whose nations have direct flights to Chiang Mai airport. They can also assist in bringing in money for neighbouring regions, according to Mr. Sittipong.

Chiang Mai airport key to revival With Chiang Mai airport extending its operating hours around the clock starting in November, the tourism sector hopes to unlock the potential of the northern region to welcome more foreign tourists arriving via direct flights.

Bangkok residential vacancy drops to 6.5% in Q2.
21 projects are full.

Bangkok condominium market confidence improved in 2Q23, notably for completed projects. JLL reported that while domestic demand remained the key driver, the tourism industry has strengthened and condo unit sales have surged, making the rental market particularly attractive.

Condominium unsold rate fell 45 bps q-o-q to 4.4%, with 3,247 units available. The survey also showed that 21 residential projects were entirely occupied, lowering the vacancy rate to 6.5%. Some expats have moved to larger units before their families arrive.

Scope Langsuan (158 units) and Tonson One (80 units) were completed in 2Q23, increasing CBA Prime condominium stock to 73,006 units. No other projects were started. Therefore, 5,674 units from 19 projects are planned for development.

After GM Residence Ekkamai and The Pentacle renovations, there were 4,793 apartments. The owner is trying to sell Garden View, thus it may close soon. No new initiatives have been planned, however renovated The Pentacle 2 units will arrive in coming quarters.

Capital values rose in 2Q23 due to rising inventory prices without new building. Several Sukhumvit projects have upped their prices by 10% to 20%. Market capitalization reached THB 132,196 per sqm in 2Q23.

With more expatriates and foreigners, buy-to-let condo rates have risen to THB 604 per sqm, per month. Flat rents fell marginally due to increasing demand for premium locations in the quarter. Thus, monthly flat rents averaged THB 374 per sqm.

Rate hike would likely hurt housing market.
Programme to attract foreign buyers touted.

Interest rates in Thailand should not be raised because doing so would adversely affect the housing market where demand is weak, say analysts.

Therdsak Thaveetheeratham, executive vice-president for research at Asia Plus Securities, said the Thai economy recently passed its valley and is projected to grow by 3.3% in 2023.

"To achieve that, the economy needs to grow by 3.8% in the second half," he said. "It is possible, with the fourth quarter anticipated to be the strongest of the year, as the tourism sector continues to grow and exports are rebounding."

Under such circumstances, interest rates should stop rising because the baht is one of the world's most resilient currencies, while monetary policy was excessively tight, said Mr Therdsak.

Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the condo market this year was unfavourable due to weak demand among local buyers.

Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the condo market this year was unfavourable due to weak demand among local buyers.

Rate hike would likely hurt housing market Interest rates in Thailand should not be raised because doing so would adversely affect the housing market where demand is weak, say analysts.

Thai government will tax all foreign income for tax residents in 2024.

Thai revenue officials have announced that all foreign income, whether earned or saved, will be taxed as personal income.

A senior Ministry of Finance official verified a revenue department document released over the weekend was accurate.

The agreement states that individuals with foreign earnings or assets brought into Thailand must include them in their personal income tax calculation.

Only tax residents of Thailand will be included by the programme starting January 1, 2024. Tourists and temporary employees are exempt. Taxpayers from countries with a Double Tax Agreement with Thailand will also be exempt.

Overseas earnings targeted The Revenue Department has ruled that a person who resides in Thailand for up to 180 days a year and earns overseas income from work or assets will be subject to personal income tax, according to Section 48 of the Revenue Code.

PM orders massive tax review.

To address income inequality, Prime Minister Srettha Thavisin instructed the Finance Ministry to study the new land and building tax and inheritance tax.

Mr. Srettha, Finance Minister, ordered the review after the government named a new Revenue Department director-general on Monday. The inheritance tax collection of 200 million baht per year appears insignificant and symbolic.

"Many people may be dissatisfied that inheritance tax was discussed after every political change," Mr. Srettha remarked.

PM orders sweeping review of taxes Prime Minister Srettha Thavisin has ordered the Finance Ministry to review the new land and building tax, as well as inheritance tax, in an effort to reduce income disparity.

Hotel demand in Chiang Mai cooling...

Extended international airport operations.

Due to the slow tourism recovery post-pandemic, hotels and the Chiang Mai international airport still have many rooms and spare capacity, despite concerns about PM2.5 dust during the high season.

Prime Minister Srettha Thavisin visited the airport over the weekend to check its readiness to receive travellers after lifting Chinese tourist visas from Sept 25 to Feb 29, 2024.

Vijit Keawsaitiam, general manager of Chiang Mai International Airport, said the airport will extend its operating hours to 24/7 in November to accommodate international flights that usually depart after midnight and arrive before 6am, especially Chinese, South Korean, and Japanese carriers.

Airports of Thailand (AoT) indicated that the passenger terminal bottleneck caused congestion, not the flight slots, which allow the airport to host 25 planes per hour.

The airport's capacity is half of 2019's, but Mr. Vijit said there is opportunity to grow. AoT is investigating a long-term project to build a second Lamphun airport in 2029.

Suladda Sarutilavan, director of the Tourism Authority of Thailand (TAT) Chiang Mai office, said domestic tourism has almost fully rebounded while international tourism has recovered more slowly.

Before the epidemic, Chiang Mai had 26 foreign flights per week; now it has 10—50% less than in 2019.

Airport capacity is 8 million people per year, however peak traffic in 2019 exceeded 11 million. AoT plans to raise capacity to 16.5 million.



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Chiang Mai hotels facing lukewarm demand Hotels in general and the international airport in Chiang Mai still have a large number of rooms available and spare capacity due to the relatively tepid resumption of tourism post-pandemic, while concerns over PM2.5 dust during the high season still remain.

Foreign demand rises in H1.

Despite a slowdown in local condo purchasers, overseas demand rose to 24.6% of the overall transfer value in the first half of 2023, up from 20.5% last year, led by Chinese buyers.

The Real Estate Information Centre (REIC) interim director-general Vichai Viratkapan said foreigners received more condo transfers nationally in the first half than 20% for the second.

Foreign demand continues to surge in H1 While the number of local buyers in the condo market has slowed, foreign demand continued to surge, accounting for 24.6% of the total transfer value nationwide in the first half of 2023, up from 20.5% last year, led by Chinese buyers.

New pier in Surat Thani costs B60m.

Surat Thani governor Witchawut Jinto said a 60 million baht pier to encourage tourism in Chaiya district will be built shortly.

He said the Marine Department authorised the pier design near a public park in tambon Phum Riang, and the province administrative body will build and operate it.

Mr. Witchawut said Chaiya, near Surat Thani airport, offers several attractions. He added the provincial government fully supported the pier project since it may benefit the local economy.

Cultural visitors will use the dock to visit Wat Phra Borommathat Chaiya. One of the south's top three historical landmarks, the temple is 900–1,200 years old and famed for its architecture.

Surat Thani touts B60m for new pier Surat Thani: A budget of 60 million baht has been set aside to build a pier to boost tourism in Chaiya district, with construction set to begin soon, said Surat Thani governor Witchawut Jinto.

Phuket promotes health hub PM says Andaman Wellness Economic Corridor makes money.

Phuket's tourism and property development sectors want Prime Minister Srettha Thavisin to immediately evaluate their Andaman Wellness Economic Corridor (AWC) proposal to stay up with the global wellness trend and enhance investment and tourism.

The call follows Mr. Srettha's August 25–26 journey to Phuket and Phangnga after taking office to meet with people and private sector representatives to promote tourism in the two provinces.

The AWC idea was presented to him by a group of businesspeople led by Kan Prachumphan, CEO of the Beach Group and Andaman City Development Co. and head of a Phuket economic investment stimulation research project.

The Prayut Chan-o-cha government proposed an AWC corridor across six Andaman provinces (Phuket, Krabi, Phangnga, Ranong, Trang, and Satun) similar to the Eastern Economic Corridor.

It will assist the economy recover from the COVID-19 pandemic and generate income in the high-growth wellness and medical tourism sector.

Phuket pushes health hub plan Phuket's tourism and property development sectors have urged Prime Minister Srettha Thavisin to quickly consider their proposal for an Andaman Wellness Economic Corridor (AWC) to keep pace with the global trend in wellness and boost related investment and the tourism industry.

PM backs new Chiang Mai airport, 24/7 flights.

Prime Minister Srettha Thavisin supports Airports of Thailand (AOT)'s plan to develop a second Chiang Mai airport in seven years and operate 24/7 flights at the present airport to meet rising tourist demand.

AOT submitted its second Chiang Mai airport proposal to the prime minister on Sunday. It was predicted to cost 70 billion baht and take seven years to complete.

The new airport, to be built on 11 square kilometres of land in Ban Thi district of Lamphun, will increase Chiang Mai's passenger capacity to 20 million from 8 million.

Prime Minister Srettha said the seven-year timeline was appropriate and officials should build the new airport on time.

"The government will try to help the project," he stated.

PM supports new Chiang Mai airport, around-the-clock flights CHIANG MAI: Prime Minister Srettha Thavisin supports the Airports of Thailand (AOT) plan to build a second airport for Chiang Mai in seven years and welcome flights at the existing airport around the clock to serve the growing demand of visitors to the northern tourist province.

At a Saturday conference at Chiang Mai University, business leaders pushed Prime Minister Srettha Thavisin to develop a second airport and increase its hours.

They wanted the second airport to be named Lanna International Airport and Chiang Mai International Airport to be open 24/7 to boost tourism. It shuts at midnight.

Airports of Thailand Plc (AOT), which manages Chiang Mai International Airport, is building a new international passenger terminal and renovating the domestic passenger terminal in phase 1. The airport will handle 18 million passengers per year after this 10 million baht extension.

Chiang Mai Airport averages 150 flights each day, 15 per hour. After Phase 1, the airport can handle 30 planes per hour.

AOT is also studying the viability of building a second airport in Lamphun's Ban Thi area near Chiang Mai. It will cost 50–60 billion baht and encompass 2,767.6 acres.

The feasibility study may not be considered until Chiang Mai International Airport's expansion is complete.

Srettha listed the topics discussed with Chiang Mai entrepreneurs after the discussion.

1. Expanding Chiang Mai Airport hours to accommodate more international flights and tourists.

2. Second Chiang Mai airport construction.

3. Advocating for "12 months, 12 events" to boost tourism year-round.

4. Supporting international conferences and exhibitions and promoting Chiang Mai's culture to attract tourists.

5. Government policy based on soft power.

6. Helping talented northern chefs become world-class.

7. Addressing the Northern PM2.5 fine dust crisis immediately.

8. Give startups additional state support, finance, and worldwide market access.

Pine Grove attempts a fourth S$1.95 billion collective sale.

Pine Grove Condominium is scheduled for public tender again with a reserve price of S$1.95 billion (US$1.43 billion).

ERA Realty Network announced in a news release on Wednesday (Sep 13) that this is the fourth en bloc attempt for the Ulu Pandan building since 2008 and the third time the condominium development has reached consensus. Collective sales of buildings over 10 years old require 80% owner consent.

ERA claims Pine Grove is the largest residential site for sale this year in terms of land size and price. The former HUDC estate has 660 homes on 82,982.8 sq m. The 1984-built estate was one of the first two privatised in 1996.

Pine Grove is second in land size among the 18 former HUDC estates built between 1974 and 1987, after Braddell View. ERA stated the land is eligible for 2,050 new residential units with a 2:1 gross plot ratio, pending government permission.

Pine Grove's owners will get S$2.39 million to $3.20 million if the development sells at the minimum price. Site reserve price of S$1.95 billion corresponds to land rate of S$1,434 per sq ft per plot ratio. This includes the 10% extra gross floor space under incentive programmes and an expected land improvement charge of over S$1 billion for intensification and lease upgrade for a new 99-year lease.

ERA managing director of investment sales Tay Liam Hiap said: “With the site overlooking the lush greenery of the Dover Forest to the south and the Clementi Forest to the north, and the Dover MRT station being within reasonable walking distance, Pine Grove offers an attractive proposition for developers looking for sizeable sites with excellent attributes.”

He noted its proximity to The Clementi Mall, The Star Vista, Holland Village, Henry Park, Pei Tong, Methodist Girls', and Nan Hua elementary schools and shopping and restaurants. “With limited upcoming residential supply in Ulu Pandan, the new development will surely appeal to many home buyers,” he said.

Due to last year's better-than-expected tender result for a government land sales (GLS) site in Pine Grove, ERA said owners are hopeful this time around. United Venture Development, a UOL Group-Singapore Land Group joint venture, won the 22,534.7 sq m tender in June 2022 for S$671.5 million.

The Pine Grove tender closes at 3pm on Nov. 29.

Pine Grove launches fourth collective sale attempt at S$1.95 billion SINGAPORE: Pine Grove Condominium is up once again for collective sale via public tender, this time with a reserve price of S$1.95 billion (US$1.43 billion). This is the fourth en bloc attempt for the Ulu Pandan development since 2008, and the third time that the condominium development has achieved...

District utility systems to play a role in property development.

The district utility system will play a major role in green real estate development, a new private district utility design and implementation venture said on Wednesday that will spur green real estate development.

Innovative district cooling systems (DCS) use chilled water to cool every structure in a project, according to Unisus Green Energy. A central utility plant produces chilled water, which is piped to an energy transfer station to cool air-conditioning units. This innovation reduces heat, carbon gas emissions, balcony noise, and usable space.

Meanwhile, the district drinking water system (DDWS) gives inhabitants international-standard tap water from their homes. The water management system includes a drinking water facility, distribution network, and smart water tap distinct from tap water. This technique dramatically lowers bottled water and filter replacement plastic waste.

A smart metre tracks actual usage of cooling energy and drinking water, allowing residents to monitor their water consumption on their cellphones. These devices help property developers decrease expenses, reduce energy usage, improve inhabitants' quality of life, and make the world greener, according to Unisus Green Energy chairman Kecha Thirakomen.

He remarked, “In recent years, we have witnessed increasing urgency to address the climate crisis.” “To help create a more sustainable and livable world, we believe our innovations must bring about real change.”

He noted that the corporation is exploring greener ideas including waste to energy, zero water waste, carbon capture, and electric vehicle charging stations. However, he noted that greener real estate development requires a shift in thinking and legal changes.

Two mixed-use projects, The Forestias in Samut Prakan and Cloud 11 in Bangkok, have district utility systems, according to CEO Kamol Tanpipat. He added Magnolia Quality Development Corporation (MQDC) will use the method at more projects and discuss it with other developers.

"Unisus Green Energy, Thailand's private district utility design and implementation expert, provides a complete one-stop solution for the entire utility system lifecycle," he said. Our services are designed to suit project developers' needs, promote an eco-friendly lifestyle, and build a sustainable society.

How district utility systems play a role in property development The district utility system will play a major role in green real estate development, a new private district utility design and implementation venture said on Wednesday.

Real estate developer Sena advances energy-efficient dwellings.

Sena Development (Sena) is creating “zero energy” residences to follow Thailand's green tendencies.

On Wednesday, the company's managing director Kessara Thanyalakpark said people are now more environmentally conscious and striving towards sustainable goals.

Sena believes that living at home, like cultivating trees, will help prevent global warming over time.

Sena and Chulalongkorn University are developing zero-energy dwellings to help Thailand reach net-zero emissions.

Three dimensions of cooperation, said Kessara:

• Active design: Applying technology or equipment in the house design to boost energy efficiency, like electricity and lighting control sensors and energy-saving air conditioners.

• Passive design: Ensuring property designs align with environmental conditions like wind and sunlight.

• Using renewable energy generators to produce electricity, such as solar cells..

She added the new zero-energy dwellings can save 38%, or 1,627 baht per month, on power.

She stated these houses save greenhouse gas emissions similar to growing 163 trees every year.

"It is not possible to make all houses energy neutral, but the company's long-term goal," she said.

Property developer Sena takes big strides towards energy-efficient homes Real-estate company Sena Development (Sena) is building “zero energy” houses in line with Thailand’s environment-friendly, sustainable trends.