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Developers need to clear stock, heavy discounting in property market

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Property prices are expected to decline by double digits in the next few months as Thailand’s property developers begin to offer more sales incentives in response to post Covid-19 markets.A recent survey by leading property portal FazWaz indicated that 50% of Thailand’s property developers are considering discounting at least 20% off minimum benchmark prices.

Brennan Campbell, CEO at FazWaz. says the measures are a long-term response, with the pandemic arguably giving a much-needed push to developers to clear their stock of unsold units.

“This will be a great opportunity for first time home buyers; we predict that this demographic will benefit from lower prices in the market as well.”

City-fringe condominiums that were previously marketed for 150,000 baht/sqm are now reduced to 115,000 baht/sqm for a one bedroom unit. Putting that into perspective, the total price of an apartment has dropped from 4.8 million to 3.6 million. Projects that launched in Q4 2019 are offering attractive buyer incentives to achieve their sales quotas, with the strategic move aligning with their pending loan applications for construction.

These are brand new condos in excellent locations being put up for sale at heavily discounted prices. Some listed companies are also starting to offer reductions of up to 50% on selected units, aiming to maintain some form of momentum in the market and cash flow for their businesses.

Brennan says it’s definitely a buyer’s market.

“Since early 2020 we’ve seen an increase in inquiries from savvy investors looking specifically for undervalued listings, the so-called bargain hunters. Many of these active property seekers are cash rich and seeking a fast acquisition process.”

Developers are also becoming aware that extraordinary commissions aren’t going to drive results; buyer incentives are where the market is heading. In response to this developer sentiment, FazWaz Group and The Thaiger have teamed up to host Flash Thursday Online Property Sale on June 18.

It will be one of Thailand’s largest online sales events, offering exclusive discount deals for a limited time period. The heavily discounted prices are genuine and are a real opportunity to find some outstanding value in Bangkok’s property market, as well as some of Thailand’s other property hot spots. Registration is free and reservation fees for properties are refundable.

Developers need to clear stock, heavy discounting in property market | News by The Thaiger

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2 Comments

2 Comments

  1. Avatar

    Phil

    Thursday, June 4, 2020 at 2:01 pm

    Property prices still too high in current market conditions in my view. This is not just “unsold” condo units. Condos, Houses and villas on resale are still being advertised at 2018 prices, which is just not realistic.

  2. Avatar

    Anthony

    Sunday, June 7, 2020 at 7:27 pm

    ha ha ha you fools

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Crime

Bangkok police raid house where model died after playing hostess

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Bangkok police raid house where model died after playing hostess | The Thaiger

Bangkok police are investigating a model’s death after raiding a Chatuchak district house where the model died after being hired as a hostess. The model, Whitchayaporn ‘Wa’ Visessombut, was hired along with other women to serve drinks and entertain guests at a private residence last Monday. Then, the next day, she died of respiratory failure after being brought unconscious to Paolo Hospital Kaset.

Investigators say they obtained a text chat history between the 33 year old model and her agent the day she was hired for the job. The chats revealed a receipt for a 30,000 baht money transfer to 4 hostesses, including Whitchayaporn, for their work. 6 other hostesses from a different agency were also hired to work the party.

Police say between 5 and 7 men were at the party along with 10 women with the use of drugs allegedly being involved.

Upon raiding the 4 storey‐high home, investigators say it featured an “unusually high wall” which stood about 2.5 metres tall. The house had security cameras but no one was home at the time of the raid. Officers say a luxury car was parked at the residence along with a BMW motorcycle.

Police say they are still are waiting for the autopsy results of the dead woman. Her relatives have already begun seeking assistance as they are afraid her case could turn out to be as complicated as that of model Thitima ‘Lunlabelle’ Noraphanpiphat, who was found dead in a similar situation back in 2019.

SOURCE: The Phuket News

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Coronavirus (Covid-19)

PM to receive AstraZeneca vaccine on Sunday

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PM to receive AstraZeneca vaccine on Sunday | The Thaiger
PHOTO: Thai PBS World

The Thai PM, Prayut Chan-o-cha will receive the AstraZeneca Covid-19 vaccine on Sunday, while Health Minister Anutin Charnvirakul will receive the Chinese jab. According to a Bangkok Post report, Sopon Mekthon from the sub-committee on vaccine management says both politicians will receive their vaccines at the Bamrasnaradura Infectious Disease Institute. On Monday, the vaccination of priority groups in specific provinces will get underway.

Speaking about the arrival of the long-awaited vaccines yesterday, Anutin said the first batch would be distributed free of charge, with costs covered by the government.

“The vaccines are for Thais and those living in the country. Anyone who charges for the vaccine will face legal action.”

Thailand has taken delivery of 200,000 doses of the Chinese Sinovac jab and 117,600 doses of the AstraZeneca vaccine. The arrival of the AstraZeneca jab took many by surprise, with no mention of its imminent arrival, unlike the PR hoopla surrounding the arrival of its Chinese counterpart. Another 800,000 doses of the Sinovac vaccine are expected next month, followed by a further 1 million in April. After that, the rest of Thailand’s vaccines will be from AstraZeneca, with 26 million locally-manufactured doses expected to be available from May to June and another 35 million after that.

Nakorn Premsri from the National Vaccine Institute says the AstraZeneca vaccines arrived this week as a result of a commitment by the pharmaceutical giant to ensure equal access to Covid-19 vaccines.

“The AstraZeneca vaccines that arrived in Thailand must receive a lot release certificate from the Department of Medical Sciences before distribution to priority groups designated by the Department of Disease Control.”

Meanwhile, Thares Karasnairaviwong from the Department of Health Service Support says over 1.5 million village health volunteers are educating local residents about the importance of vaccination and establishing how many people fall into the priority groups who will be first to be inoculated.

SOURCE: Bangkok Post

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Tourism

Day trip to Bangkok’s closest island – Koh Si Chang | VIDEO

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Day trip to Bangkok’s closest island – Koh Si Chang | VIDEO | The Thaiger

Ko Si Chang (or Koh Sichang) is a district of Chon Buri Province, Thailand. It consists of the island of Ko Si Chang and its adjoining islands. Ko Si Chang is in the Gulf of Thailand, 12 kilometres off the shore of the Si Racha District coastline. It’s the closest island to Bangkok and a popular weekend away for Bangkokians. Pangrum takes us on a quick visit to the island with today’s latest Thaiger Vlog.

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