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Major condo developers in Bangkok are looking for rental clients

The Thaiger

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Major condo developers in Bangkok are looking for rental clients | The Thaiger
PHOTO: Bangkok skyline overlooking Chao Phraya - thebangkoksathorn.com
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As sales have taken a nosedive since last year, major condominium developers in Bangkok are looking for rental clients.

As an example, L.P.N. Development, which developed condominiums and houses under the Lumpini brand, is offering newly-launched condos for rent. The company plans to attract tenants by offering lower or slightly lower rents than the market price for a 3 year contract. The rented units are then combined and sold together to investors with 5-6% guaranteed rental returns which LPN adds on top to boost sales.

The strategy has been rolled out as some newly-built projects have seen less than 50% sales. Rents that are collected will be used for room maintenance. LPN condominiums that offer this strategy include Lumpini Township Rangsit-Klong 1 (2,700 units), Lumpini Place Rama 3 Riverine (100 units), and Lumpini Park Phahon 32 (100 units), or the total of 2,900 units worth 2 billion baht.

Another Bangkok developer, Supalai, has also unveiled Supalai Smart Solution, which offers a 30 year lease as an alternative to buying freehold, with the price 35-40% lower than purchasing the units. Buyers can pay 20-40 installments to Supalai with 0% interest within the period of 60 months.

Supalai believes this will meet the demands of high-earning customers, senior customers, and foreigners. Condominiums that offer Supalai Smart Solution are in Bangkok, Pattaya, Chiang Mai, Phuket, and Rayong such as Supalai Oriental Sukhumvit 39.

Many developers have seen sales plummet since last year, due to internal and external factors, including slowing economic growth, tighter mortgage regulations, and the strong baht which affects Chinese buyers, who are the major condo investors in Thailand.

SOURCE: positioningmag.com

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Business

The post-Covid-19 era: Radical changes in Bangkok’s property market

The Thaiger

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The post-Covid-19 era: Radical changes in Bangkok’s property market | The Thaiger

Property consultants CBRE have come up with their own evaluation of the current Bangkok office market, already getting pounded by regional trends and a high baht, now suffering another challenge – the Covid-19 coronavirus outbreak. They report that this situation will “create another split in our historical timeline – pre and post Covid-19” in Thailand.

“At present, people are talking about how a 100 year event like the Covid-19 global outbreak will affect Bangkok property,” says CBRE property consultants.

“For many years now, companies have been exploring remote work or work-from-home strategies to either minimise costs or cope with the changes of Millennial behaviour during the pre-Covid-19 period. At this time, almost every company, even those who are underprepared, is being forced to undertake this new way of working without a choice,” according to Ms. Roongrat Veeraparkkaroon, Head of Advisory & Transaction Services, CBRE Thailand.

Companies are experimenting a work-from-home policy and perceive an opportunity that it could work when applied to certain business functions and set the right balance between empowering and monitoring teams. This could mean that the future workplace will have a combination of agile workplaces which could be a permanent office as well as work-from-home, and co-working space.

The outbreak is acting as a catalyst that will give a company a clear view whether its remote working policy, which it has been considering, works. Once businesses realise what platform or infrastructure they are missing to support remote work, tech services companies will be one of the first beneficiaries after the storm has passed.

“Many organisations will be looking for satellite offices and cloud-based platforms as a Business Continuity Plan to ensure their businesses will not go dark if their headquarters could not be accessed. Co-working space will be one of the best choices in this case as the company can rent space on demand only when needed. However, in the post-Covid-19 world, co-working space operators will need solid measures to satisfy users that their space are safe and well-prepared.”

CBRE found that while some hotels in Bangkok have decided to shut down during the lockdown period as occupancy rates were in a single-digit level, some organisations have been renting meeting or conference rooms within hotels for weeks to be their backup meeting space when needed.

“Agile workplace has been a hot topic in the pre-Covid-19 world, where collaboration and engagement are encouraged. Initially, agile workplace might sound like a high-risk option for companies at this time; however, as the name suggests, agile workplace or Activity Based Work areas can be easily reconfigured to support social distancing strategies and split teams within offices. Paperless office makes this transition even more seamless.”

In a bigger picture, CBRE Research witnesses many office developments in Bangkok will be delayed as construction activities are halted or postponed as developers take a more defensive stance to assess the situation on a daily basis.

It is also possible that development plans will be revised to make projects more appealing in the Post-Covid-19 era with better property management system, air filtration (as PM2.5 still lingers in the Bangkok skyline) or a well-thought-out BCP to support the tenants.

“Agile and adaptive will be key words in the post-Covid-19 office market, not only to increase efficiency of a workplace but to prepare a business for any unforeseen changes that could occur in the future.”

The post-Covid-19 era: Radical changes in Bangkok's property market | News by The Thaiger

PHOTO: Ms. Roongrat Veeraparkkaroon, Head of Advisory & Transaction Services, CBRE Thailand – CBRE

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Weather

Summer storm warning for 55 of Thailand’s 76 provinces

Greeley Pulitzer

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Summer storm warning for 55 of Thailand’s 76 provinces | The Thaiger

Today Thailand’s Meteorological Department warned people in 55 northern, north-eastern, central and eastern provinces to prepare for possible “strong winds and hail from summer storms”, that are expected through until Sunday. This time of the year is also know as the bridging season between the annual dry and wet seasons. Weather can be unsettled in parts of thailand during this time.

According to the forecast, the storms are due to the convergence of southerly and south-easterly winds, driven by the cold front over Vietnam, Laos and the South China Sea, and the increasingly warm weather over northern Thailand.

Summer storms, some severe, could affect the following provinces from today…

  • Nan
  • Phrae
  • Uttradit
  • Tak
  • Kamphaeng Phet
  • Sukhothai
  • Phitsanuloke
  • Phichit
  • Phetchabun
  • Loei
  • Nong Bua Lamphu
  • Nong KhaiBung Karn
  • Udon Thani
  • Sakhon Nakhon
  • Nakhon Phanom
  • Chaiyaphum
  • Khon Kaen
  • Kalasin
  • Muk Dahan
  • Maha Sarakham Roi-et
  • Yasothon Amnat Charoen
  • Nakhon Ratchasima
  • Buri Ram
  • Surin
  • Si Sa Ket
  • Ubon Ratchathani
  • Nakhon Sawan
  • Lop Buri
  • Saraburi
  • Ayutthaya
  • Bangkok
  • Nakhon Nayok
  • Prachin Buri
  • Sa Kaew
  • Chachoengsao
  • Chon Buri
  • Rayong
  • Chanthaburi

Summer storm warning for 55 of Thailand's 76 provinces | News by The Thaiger

On Saturday and Sunday, the storms are forecast in:

  • Chiang Mai
  • Lamphun
  • Lampang
  • Phayao
  • Phrae
  • Uttradit
  • Sukhothai
  • Tak
  • Kamphaeng Phet
  • Phitsanuloke
  • Phichit
  • Phetchabun
  • Roi-et
  • Loei
  • Nong Bua Lamphu
  • Nong Khai
  • Bung Karn
  • Udon Thani
  • Sakhon Nakhon
  • Nakhon Phanom
  • Muk Dahan
  • Chaiyaphum
  • Kalasin
  • Khon Kaen
  • Maha Sarakham
  • Roi-et
  • Yasothon
  • Amnat Charoen
  • Nakhon Ratchasima
  • Buri Ram
  • Surin
  • Si Sa Ket
  • Ubon Ratchathani
  • Uthai Thani
  • Nakhon Sawan
  • Lop Buri
  • Chainat
  • Ang Thong
  • Sing Buri
  • Saraburi
  • Ayutthaya
  • Bangkok
  • Nakhon Nayok
  • Prachin Buri
  • Sa Kaeo
  • Chachoengsao
  • Chon Buri
  • Rayong
  • Chanthaburi
  • Trat

The weather department says people should beware of severe weather and keep off unsecured buildings and wilderness areas. Farmers should beware of crop damage. Ships at sea should proceed with caution and watch the forecast in their area..

SOURCE: Thai PBS World

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Thailand

Bangkok Airways cancels all domestic flights from April 7

Anukul

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Bangkok Airways cancels all domestic flights from April 7 | The Thaiger
PHOTO: Facebook@FlyBangkokAir

Bangkok Airways has announced today that they will cancel all it domestic flights from April 7 – 30. The company’s vice president, Tresarum Sitakalin says the flights that are being cancelled are…

  1. Bangkok – Chiang Mai
  2. Bangkok – Phuket
  3. Bangkok – Trat
  4. Bangkok – Sukhothai
  5. Bangkok – Samui
  6. Samui – Phuket

“The company had previously decreased flight frequencies on these routes and also using some of their smaller ATR aircraft instead of their Airbus 320 aircraft.”

“From April 7 onwards until April 30, we will cancel all flights.”

Requesting for a refund can be done at www.bangkokair.com/refund or contact their ticketing offices at +662 270 6699 or Bangkok Airways Call Centre on 1771 . For passengers who purchased their tickets through travel agencies, please contact their travel agency directly.

SOURCE: The Nation

Bangkok Airways cancels all domestic flights from April 7 | News by The Thaiger

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