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Failure rate for Bangkok condos nears 50%

Legacy Phuket Gazette

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Failure rate for Bangkok condos nears 50% | Thaiger

BANGKOK (The Nation): The chance of failure for condominium developers in Bangkok has grown to almost 50 per cent as competition heats up amid a glut of fresh supplies, warned Aquarius chief executive Yongyuth Chaipromprasert.

After conducting a study over the past five months, the building consultant said even the inner Sukhumvit area, once deemed immune to downturns, “no longer guarantees success”.

“The average take-up rate for Bangkok condominiums is now 54 per cent,” he said. “That is considerably lower than about 70 per cent for last year.”

“Of the 50,000 units that are expected to be launched this year, about 46 per cent won’t be sold,” he deduced from recent statistics. “One out of every two developments could fail.”

“The inventory left over from last year should also add to current stock, making the situation even tougher for sellers, especially newcomers,” he said.

With 15,000 unsold units from last year and 25,000 units from this year, the market will have an additional 40,000 units to clear in 2009.

Because of the worrying trend, he expected new supplies to fall to 40,000 units next year. Yesterday TCC Land said it was halving the number of new projects from 5 to about 2.

Yongyuth said most of the current buyers are in the outer zones of Bangkok where land is cheaper. “If developers can sell units for 1 or 2 million baht, they should survive. It is the large units which face difficulty with rising inflation and oil prices,” he said.

Supharat Development managing director Sumet Sukapanpotharam agrees. “Even with the government incentives to boost home sales by suspending the sales and purchase tax, the developers who will benefit are those who have completed projects and can transfer the units within the year.”

“We are building for urban workers with limited spending power. There’s no point selling expensive units when purchasing power has fallen,” said Ananda CEO Chanond Ruangkritya.

Ananda’s Ideo Mix near Sukhumvit 103 is commanding sales as the units are priced from 1.5 million baht.

Yongyuth said the worst hit would be developers who bought land recently at high prices and were forced to construct at escalated costs.

 

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Coronavirus (Covid-19)

Phuket visitor Covid-19 rapid antigen testing may end May 15th

Neill Fronde

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PHOTO: Covid-19 rapid tests may be discontinued in Phuket. (via Wikimedia)

In a live broadcast interview, Phuket Vice Governor Piyapong Choowong said they will consider discontinuing Covid-19 rapid antigen testing for people arriving into Phuket after May 15th. The interview from the Phuket Check Point at Tha Chatchai yesterday seems to contradict a recent statement from the governor launching the rapid tests from today.

Entry to Phuket since April 22nd has been limited for travellers from red zone provinces, requiring proof of vaccination or a negative Covid-19 test within the last 72 hours. Anyone arriving without either of these would be screened on the spot with rapid antigen tests. Though originally offered for 300 baht per person, controversy arose over Thailand’s 2-price system as it was announced that testing would be free for Thai people and 500 baht for foreigners.

The National Health Security Office provided 40 billion baht for testing in Phuket, allowing free testing for nationals, but as that funding is used up, Phuket Governor Narong Woonciew announced that the testing will no longer be free for Thai people after May 15th. Phuket does not have the budget for free rapid antigen testing so they will likely be forced to require payment after that date.

The current testing has seen a decline in positive Covid-19 infections, not finding any new cases for several days, prompting the government to rethink whether the current system of rapid testing those who are not vaccinated or holding a recent negative test certificate is worth the money spent. Over 40,000 people have been tested since the program began April 22nd until the current figures on May 5th, with only 22 covid infections identified. Furthermore, 5 of those infections turned out to be false positives.

The vice-governor conceded that Phuket has Covid-19 outbreak problems with growing infections every day, but explains that the infections are from within the community and not from outside visitors. The latest infections stem in large part from gambling get-togethers without proper Covid-19 safety.

As of now, the rapid antigen testing will continue until the May 15th cut off, but government officials are still debating whether to continue testing and whether funding will exist for it after that date. The NHSO has recently hinted that they will approve more funds to continue testing, a signal that had not been received before the governor’s announcement on Wednesday about the rapid antigen testing.

The vice-governor stressed that the situation is constantly evolving and that new information it’s shared frequently, and often out of local control. He urges everyone to pay attention to forthcoming announcements.

SOURCE: The Phuket News

 

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Thailand

Phuket to rollout rapid Covid-19 testing campaign for visitors

Tanutam Thawan

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Photo via Flickr

A rapid Covid-19 antigen testing campaign for visitors to Phuket is being rolled out to quickly detect cases in an effort to prevent the spread of the virus. The island province is set to reopen to foreign tourists in July, that is if the virus is contained and if at least 70% of the population is vaccinated against the coronavirus.

The rapid testing campaign will start today and go until May 15. Visitors from Krabi, Ranong, Trang, and Phatthalung will be tested, according to deputy Phuket governor Piyapong Choowong. After May 15, those entering Phuket through official checkpoints will under Covid-19 tests funded by the National Health Security Office.

If daily new Covid-19 infections are more than 20 after the rapid testing campaign ends next week, then local officials will impose stricter disease control measures to help contain the virus.

In the recent wave of infections over the past month, there have been 493 confirmed Covid-19 cases in Phuket with 229 currently in treatment, according to the chief of the provincial public health office, Koosak Kookiattikul. To help contain Covid-19 in Phuket, the governor has also ordered local officials to find at-risk groups and carry out active case finding campaigns.

Despite the recent Covid-19 outbreak, Phuket is still scheduled to reopen under the so-called sandbox model, allowing foreign tourists who are vaccinated against Covid-19 to travel to the island without undergoing quarantine. A mass vaccination campaign is being rolled out on the island province in an effort to vaccinate 70% of the population, reaching herd immunity, by the end of June. Expats in Phuket with a valid work permit will be able to register for a vaccine starting next week.

SOURCE: Bangkok Post

 

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Tourism

Tourism Minister says Phuket must reach zero infections before July re-opening

Maya Taylor

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PHOTO: Flickr

The Tourism and Sports Minister insists the southern island of Phuket must record zero Covid-19 cases if a planned July re-opening is to go ahead. Phiphat Ratchakitprakarn adds that, should new infections be reported once 70% of the island is vaccinated, the Tourism and Public Health Ministries will work together to decide what action to take.

Tourism operators in Phuket are desperately clinging to the hope that the island’s July re-opening will go ahead, with many businesses seeing it as their last chance. The so-called “sandbox model” would see the island reopened to vaccinated foreign tourists without mandatory quarantine. Phiphat says tourism officials hope to attract between 3 and 4 million international visitors.

The Bangkok Post reports that in the last quarter of the year, the model will be extended to other parts of the country, including Phang Nga, Krabi, Koh Samui, Pattaya, Chiang Mai, and Bangkok.

“We have to speed up inoculations, particularly in Bangkok, to achieve herd immunity by the fourth quarter. The number of daily infections should be below 200 by the end of this month to restore international tourism confidence.”

Given that many people may need a lot of persuasion to travel, particularly if it means mandatory quarantine once they get home, there may be some raised eyebrows at the government’s decision to charge foreign arrivals a 300 baht “tourism fee”. Yes, you read that correctly…

Phiphat says that particular initiative will launch in January, with the proceeds used to create a fund to help the tourism industry survive any future calamities. He calculates that if Thailand gets 20.8 foreign tourists in 2022, the fund will have 6.2 billion baht to future-proof the sector.

According to the Bangkok Post, once Thailand gets its Covid-19 outbreak under control officials plan to re-open travel bubble discussions with neighbouring countries, including Hong Kong, Singapore, Laos, Malaysia, and Vietnam.

SOURCE: Bangkok Post

 

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