The Bank of Thailand says they’re concerned about the double-digit growth in loans for cars last year. The central bank is now monitoring the trend and will keep track of statistics for the rest of 2019. Their concerns about the Thai mortgage market the year before resulted in new regulations coming into effect this April.
Loans for cars were up nearly 13% in 2019, up from 8% growth in 2017 and much smaller growths in the years before.
They reported that commercial bank auto loans rose to 1.07 trillion baht last year, a rise of 12.6% from the previous 12 months. Defaults on loans has also risen during 2018 but the BoT says the rate is still “manageable” at 1.66%.
The BoT says they will need to continually monitor the business of loans for cars for at least the rest of 2019.
Last year they put the spotlight on property mortgages. The study resulted in more stringent conditions for the loan-to-value ratio, especially for second or subsequent housing loans.
Mortgage lending expanded nearly 8% in 2018, compared to 5.5% in 2017. The more stringent requirements for housing mortgages comes into force on April 1 this year.
Generally, the loan sector for commercial banks rose by 6% last year, again a rise from the previous year where the rise was 4.4%.
But the BoT reports that the profitability of the banking sector remains in positive territory. Interest income is now the main source after the fee-based income of some banks, particularly fund transfer fees, declined.
Ocean Property launch first Phuket development
Thai real estate developer, Ocean Property, are continuing to expand outside of the capital with the launch of their first real estate development in Phuket – a townhome and modern commercial home office project “Ocean Town Muang-Ratsada”.
Located in the heart of Phuket providing owners with easy access to all major infrastructure and island facilities, prices start from just 2.69 million baht.
With property interests in Bangkok, Pattaya and Khon Kaen already, Ocean Property recognises central government’s considerable investment in the island’s infrastructure and Phuket’s strong tourism fundamentals, and are investing in Phuket confident of residential demand on the island.
“Ocean Property is confident in Phuket’s property market. We see a trend of future growth and market expansion on the back of the island’s ongoing development and tourism industry growth. Our research has identified a number of buyer groups, for example, civil servants, private-sector employees and entrepreneurs, that we believe will be interested in our Ocean Town Muang-Ratsada project,” said Mr. Napong Paripontpochanapisuti, Acting Managing Director of Ocean Property Company.
“Government investment in the island is set to continue with planned expansion of the island’s transportation network such as enlarging Phuket’s international airport as well as a Light Rail Transit system from Phang Nga to the south of Phuket.”
Ocean Town Muang-Ratsada is a quality townhome and modern commercial home office development located on more than 20-rai in Phuket City and with a total development value of 700 million baht.
The project comprises 187 units including two types of two-storey townhomes: “Tide” (116 units) and “Shallow” (55 units). Tide’s architectural plan offers four bedrooms, three bathrooms and two parking spaces with a 5.7-metre wide frontage.
Sizes start from 20 square-wah with a usable area of 155 sq.m. Shallow’s architectural plan offers three bedrooms, two bathrooms and one parking space, also with a 5.7 metre wide frontage, and sizes start from 20 square-wah with a usable area of 115 sq.m.
In addition, there are 16, three-storey commercial home office buildings known as “Crest”.
All have a 5-metre frontage, sizes start from 23.80 square-wah and have usable area of 195 sq.m. The townhome prices start from 2.69 million baht and the commercial home office’s from 4.89 million baht.
The properties use warm and relaxing colour tones together with quality materials, and include home innovations that help reduce the use of electric lighting through smart roofing systems which allow more natural light inside (Smart Touch Tech Roof and Sky Light Roof), the latest LED Panels which use considerably less electricity than more traditional bulbs, as well as new tech glass which allows 75% of natural light through and only 49% of the heat, helping to keep the property cooler.
There are additional green areas around the development and security onsite includes CCTVs, a key card system, Smart Home Security System and 24-hour guard team, giving resident’s peace of mind.
Ocean Town Muang-Ratsada is located on Srisuthat Road in Phuket City. The area offers convenient travel to schools, universities, government offices, hospitals and shopping centres. Construction has started and is expected to be completed in the third quarter of 2020 with show homes to be open for visiting this coming May.
Units at Ocean Town Muang-Ratsada are available for reservation and purchase.
Register now at www.oceanproperty.co.th for more information.
The Patong Bay Hill Resort – where your holiday begins!
Nestled into the hills above Phuket’s popular Patong Beach, the modern Patong Bay Hill Resort is a luxurious resort which overlooks the ocean and the eclectic neighborhood below.
Set in a beautifully landscaped garden, Patong Bay Hill Resort is set amongst the natural, tropical environment of Patong’s Hasib-pee Hill. The resort offers majestic panoramic city and ocean views over the Andaman Sea. While private and secluded, Patong Bay Hill Resort is a just a few minutes away from Patong Beach and all of the nightlife, dining and entertainment this popular tourist destination has to offer.
The atmosphere of Patong Bay Hill Resort is tranquil and serene. If you are looking for total relaxation while on holiday, Patong Bay Hill Resort is where your holiday begins! The resort consists of 16 buildings with 383 units. 138 of those units are on the ground floor and have direct access to a refreshing swimming pool.
The 2 bedroom suites at Patong Bay Hill Resort are luxurious. Each suite is built in a modern style with fine, contemporary furnishings. Each suite boasts a terrace or balcony with either a garden or sea view, and full amenities are provided for guest’s comfort and relaxation. A few of the suites even have a private jacuzzi!
A full range of amenities are offered to guests staying at Patong Bay Hill Resort. The 2 bedroom suites have a kitchenette and microwave, as well as a minibar. For the tech savvy, each suite has both satellite and cable TV. Free high speed WiFi is also available throughout the resort, allowing those who need to work while on holiday to remain connected to the outside world.
To ensure guest’s utmost comfort, bathrobes and bedroom slippers are provided along with toiletries. There is also an evening turndown service, which is a hallmark of high quality hotels and resorts. Let us prepare the bed, so that when your day is done, all you need to do is slip in!
Delicious food & beverage offerings are available at Patong Bay Hill Resort. The on-site restaurant at Patong Bay Hill Resort serves a delectable range of traditional Thai cuisine as well as a variety of international favorites. Breakfast at the resort is a splendid affair. The breakfast buffet features a live egg station as well as a mix of Asian and international breakfast choices. Lunch and dinner options are also available at the on-site restaurant. For those looking to sate their thirst, the restaurant features an extensive beverage menu which also includes cocktails & spirits. Fresh juices and soft drinks are also available.
Ready to book your stay at Patong Bay Hill Resort? For further queries and questions, get in touch with us. We look forward to welcoming you to Patong Bay Hill Resort, a modern, luxurious resort on the tropical island of Phuket, Thailand.
Visit www.patongbayhill.com to learn more!
Hong Kong property tzars team up for new Phang Nga development “Aquella”
Two of Hong Kong’s leading entrepreneurs Allan Zeman and Richard Li are developing a mixed-use project in Thai Muang, Phang Nga named Aquella.
The initial phase of the development includes a par 72, 18 hole golf course, resort pool villa residences with two to four bedroom unit configurations back of a massive land site that offers over 2.5 kilometres of white sand beach.
Previously, the approximate 1,000 rai site was the home of the Thai Muang golf course. After acquisition the course was closed, and the master planned Pinetree project that was to contain a marina and luxury Park Hyatt hotel stopped when land zoning issues changed in Southern Phang Nga.
Today, the new golf course has been reconfigured and Zeman’s Paradise Group who developed Kamala’s posh Andara ultra villa resort in Phuket are collaborating with Li’s Pacific Century Premium Developments (PCPD) group.
South West Phang Nga hosted some of Asia’s most significant luxury villa sales in the mid 2000’s given it’s close access to Phuket International Airport, over the Sarasin Bridge.
Changes in the zoning regime stunted the area’s growth over the past decade but a new wave of interest has been born in projects such as Charn Issara’s Baba Beach Club.
Land prices in Koh Pilai and Koh Kloy have sharply escalated in recent months on the announcement of a second Greater Phuket airport by Thai aviation authority AoT.
That said, the area has a rich history in demonstrated luxury residential sales in projects such as Aleenta and Sava.
With Phuket bursting as the seams, and prime oceanfront plots limited, the recent transaction of the former greenfield site of the Ritz-Carlton Reserve has indicated positive sentiment.
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