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Bangkok property trends continue to point upward

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Bangkok property trends continue to point upward | The Thaiger

Bangkok’s property market continues to show price growth with an eight-point increase in the DDproperty Property Index from 205 to 213 in the first quarter of 2018.

A strong opening for 2018, this growth is on the back of an improving economic outlook and an expected increase in Gross Domestic Product (GDP) this year to 4.2 percent (up 0.3 percent year on year), and in part due to the rising cost of developing projects in the popular but densely built-up areas in Bangkok.

The Index increased by 213 percent over the last three years, fuelled by escalating land prices, which are in turn dictating the type of projects being built. As a result, affordable residential projects are shifting to the city fringe and suburb areas, especially along the mass transit extension lines.

“The sophistication of Bangkok’s property market is more apparent now than ever,” said Mrs. Kamolpat Swaengkit, Country Manager for DDproperty.

“As values continue to move upwards, property’s reputation as a valuable investment asset strengthens further. Developers are therefore taking note and it is no wonder that the year has welcomed joint ventures between local and foreign developers eyeing potential across the city. They have become a lot more selective on the kinds of projects they work on, with the focus on building the ‘right’ property for the location and ensuring it is suited to its target audience. We have seen a real shift in the market with this renewed attention to detail.”

INFRASTRUCTURE IS KEY
The market has also been shaped by several external factors, with infrastructure being one of the most important and the ongoing development of the country’s public transportation networks pivotal to future values.

“The government continues to inject investment into mass transit networks, opening up new corners of Bangkok and even further afield. I am sure we will continue to see a flurry of activity along these routes as investors plan to cash into the capital appreciation brought about by infrastructure growth. Nowhere is this more apparent than Chatuchak, a district that continues to lead the pack. Here our Index shows growth of 10 percent since the last quarter of 2017, and an eye-watering 80 percent over the last three years. The extension of the BTS Green Line is the primary catalyst for such rapid price appreciation,” Mrs. Kamolpat explained.

Neighbouring Din Daeng, is also one to watch showing an impressive price increase of 39 percent over one year.

APPEAL OF VERTICAL LIVING
Supply has ramped up a few notches too. The DDproperty Property Index saw an 11 percent increase in the first quarter of 2018. Developers announced new project plans at the beginning of the year with condominiums making up 89 percent of this supply. This property class has become popular among developers due to better profit opportunities, as multiple units can be packed into one plot of land unlike landed houses.

Watthana remained the district with the highest supply volume for condos, accounting for 23 percent of all condo supply, followed by Klongtoey and Ratchathewi.

Meanwhile, Lat Prao and Prawet had the highest supply of townhouses and single-detached houses respectively in the first quarter of 2018.

“At the moment, buyers have considerable choice. Developers are trying to entice them to dig into their pockets by offering attractive promotions on their properties, which keeps the market moving forward. Coupled with the existing low interest rates and the potential for capital appreciation, we do not think that oversupply will be a concern going forward,” Mrs. Kamolpat concluded.

Bangkok property trends continue to point upward | News by The Thaiger


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Bangkok

‘Monk’ tries some alternative enlightenment

The Thaiger

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‘Monk’ tries some alternative enlightenment | The Thaiger

Thai Rath has shared a widely viewed CCTV clip featuring a man, apparently a monk, in saffron robes swinging a beer bottle at a man in a food market. The alleged monk appears to be holding a beer bottle.

According to Thai Rath, the layman, believed to be a store-holder, confronted the monk asking why he was drinking beer in the market at 9am and not praying in the temple.

The reporters even questioned whether the man was a real monk as his behavior was not befitting of a Buddhist monk.

They said that real monks should not be drinking beer, at any time, and should be in their temple after the morning alms round.

The incident is believed to have taken place in a Bangkok food court.

SOURCE: Thai Rath

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Bangkok

Instagrammer apologises for doing handstand at Wat Pho

The Thaiger & The Nation

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Instagrammer apologises for doing handstand at Wat Pho | The Thaiger

A foreign tourist has apologised on his Instagram page for posting a photo of himself doing a handstand in front of a key Buddha image inside the Wat Pho in Phra Nakhon, Bangkok.

The tourist, whose Instagram account is soseguri that has 546 followers, deleted the photo and published an apology early on Friday.

“I am very sorry for the picture that I posted yesterday. I want to apologise to all the Thai and Buddhist people that have been harmed by my acts. It was not my intention,” he posted.

His picture was widely shared and drew a lot of criticism. In the pictutre posted he typed “Presenting my respect to Buda … #thailand#buda # handstand #workinghard #have fun.”

Instagrammer apologises for doing handstand at Wat Pho | News by The Thaiger

STORY: The Nation

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Bangkok

Key suspect arrested in 800 million baht bitcoin ‘scam’

The Thaiger & The Nation

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Key suspect arrested in 800 million baht bitcoin ‘scam’ | The Thaiger

Parinya Jaravijit, a key suspect in an alleged 800 million baht bitcoin investment scam, was arrested last night at Suvarnabhumi Airport when he arrived back in Thailand.

Parinya – who continues to maintain his innocence – was taken to Ratchadapisek Criminal Court today to apply for his first 12 day detention period (October 12-23). Police have objected to his bail release on the grounds that he was a flight risk and that the case has caused considerable damage.

Parinya’s relatives and his lawyer had prepared assets worth 20 million baht to apply for his bail release.

The 35 year old Parinya, who’s facing charges of colluding in money-laundering and colluding in fraud, was apprehended as he was going through the Suvarnabhumi International Airport’s Immigration Police checkpoint at 11.30pm.

He was then interrogated at the CSD head office throughout the night with his lawyer present.

CSD deputy chief Pol Colonel Chakrit Sawasdee said that Immigration Police in the US denied Parinya’s entry as his passport was revoked, so he was forced to return to Thailand.

Parinya, along with other family members, including his younger siblings – actor Jirapisit “Boom” Jaravijit, Thanasit Jaravijit and Supitcha – are suspects in the fraud case.

Police say the actors and relatives’ bank accounts showed millions of baht in deposits reportedly derived from the conversion of the cryptocurrency units transferred by Finnish owner Aarni Saarimaa for bogus investments in Thai stocks and other assets.

Initially, the suspects in the case included businessman Chakris Ahmad and well-known stock investor Prasit Srisuwan, both of whom maintained their innocence. But the damaged person later dropped the charges against the two men following settlement talks in September.

According to Chakrit, Parinya’s parents, Suwit and Lertchatkamon Jaravijit, were summoned to hear the charge of colluding in money-laundering on October 17.

STORY: The Nation

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