Business

Bangkok’s luxury housing segment continues to rise steadily

Published

8 months ago

April 21, 2024

According to the most recent data, the most costly luxury residence in the top-tier category located in the…

Large property development corporations are aggressively investing in luxury housing developments, as this market sector continues to grow gradually and is unaffected by banking institution restrictions.

According to the most recent data, the most costly luxury residence in the top-tier category located in the Bangkok metropolitan area cost 297 million baht. The tenth most expensive project cost 105 million baht.

Sophon Phonchokchai, chairman of the Thai Real Estate Research and Valuation Information Centre, Agency for Real Estate Affairs Co Ltd, revealed the latest survey data on residential projects in Bangkok and its vicinity as of December 2023.

The data presented luxurious detached houses priced at 105 million baht and above, with available units in Bangkok totalling seven projects, two projects in Samut Prakan province, and one project in Nonthaburi province.

These projects are situated in convenient transportation locations with expensive land prices. The houses are designed to have spacious living areas and come with comprehensive amenities such as swimming pools and elevators.

– No 1: Price 297 million baht, Aliyah Reserve project, project location Soi Phatthanakan 32, Phatthanakan Road, Suan Luang district, Bangkok. Type: three-storey detached house, usable area 1,900 square metres, size six bedrooms, seven bathrooms, parking for six cars, one passenger elevator, one food delivery elevator, private swimming pool. Project developed by Aaliyah Corp Company Ltd.

– No 2: Price 210 million baht, Mulberry Grove The Forestias Villa project, project location Bangna-Trat Road, Bang Phli district, Samut Prakan. Three-storey detached house, usable area 1,246 square metres, size five bedrooms, seven bathrooms, parking for five cars. Project developed by MQDC Town Royal Residence Company Ltd.

– No 3: Price 170 million baht, Mavista Prestige Village Project, Krungthep Kreetha, project location Krungthep Kreetha Road, Saphan Sung district, Bangkok, three-storey detached house, usable area 914 square metres, size five bedrooms, five bathrooms, parking for six cars. Project developed by MJP Property Company.

– No 4: Price 163 million baht, Lake Legend Bangna-Suvarnabhumi project. Project location: Soi King Kaew 37/5, King Kaew Road, Bang Phli district, Samut Prakan. Three-storey detached house, usable area 656 square metres, size five bedrooms, five bathrooms, parking for four cars. Project developed by PFHKL 3 Company Ltd.

– No 5: Price 150 million baht, Nirvana Collection Krungthep Kreetha project, location: New Krungthep Kreetha Road, Bang Kapi district, Bangkok, three-storey detached house, usable area 1,005 square metres, size five bedrooms, five bathroom, four parking spaces, project developed by Nirvana Development Public Company Ltd.

– No 6: Price 127.857 million baht, Lake Legend Chaengwattana Project, Phase 2, project location on Chamber of Commerce Road, Pak Kret district, Nonthaburi, two-storey detached house type, usable area 523 square metres, size four bedrooms, five bathrooms, parking for four cars, project developed by Property Perfect Public Company Ltd.

– No 7: Price 122.8 million baht, Ark Sukhumvit 39 project, project location Soi Sukhumvit 39 (Prachankhi), Sukhumvit Road, Watthana district, Bangkok, six-storey detached house, usable area 829 square metres. Project developed by Enrich Development Company Ltd.

– No 8: Price 120 million baht, Granada Pinklao-Phetkasem project. The project location is next to Kanchanaphisek Road, Bang Khae district, Bangkok, two-storey detached house, G-Theodosius style, ultra-luxury mansion in Classic Simplicity style inspired by Granada, Spain, usable area 935 square metres, six bedrooms, seven bathrooms. Parking for five cars. Project developed by SC Asset Corporation Public Company Ltd.

– No 9: Price 110 million baht, project Issara Residence Rama 9, project location Soi Rama 9-13, Rama 9 Road, Huai Khwang district, Bangkok, three-storey detached house, Modern Tropical style, usable area 726.2 square metres, size: five bedrooms, six bathrooms, five parking spaces. Project developed by Chan Issara Development Public Company Ltd.

– No 10: Price 105 million baht, project Ninety Five East One. Project location: Soi Yothin Phatthana 3, Pradit Manutham Road, Bang Kapi district, Bangkok, 3.5-storey detached house, usable area 842 square metres, four bedrooms, seven bathrooms, parking for six cars. Project developed by SC Asset Corporation Public Company Ltd.

Previously, there were projects priced higher than these, but they were sold out.

“However, considering the single house priced at 297 million baht and the average price of houses currently sold being 5.513 million baht per unit, the median could be as low as 4 million baht,” Sophon said.

“This means that at least the wealthiest individuals, who can afford the most expensive houses, are approximately 74 times richer than the average person (according to the median). However, many billionaires have evaluated properties where houses and land could be priced up to 2 billion baht, equivalent to the price of 500 houses purchased by ordinary villagers.”

Business

Thailand Commits to Becoming an AI Learning Hub

Published

3 weeks ago

December 5, 2024

Wadi

Ministers Announce Plans for AI Governance Collaboration

Thailand is dedicated to advancing global trust in artificial intelligence (AI) governance and establishing itself as a learning hub for AI through collaboration with UNESCO, according to Prasert Jantararuangthong, the Minister of Digital Economy and Society (DES). This initiative aims to enhance the ethical application of AI technologies while fostering skilled professionals in the field.

Goals for AI Workforce Development

The Ministry of Higher Education, Science, Research and Innovation (MHESI) has set ambitious goals to increase the number of AI-skilled workers by adding 30,000 engineers over the next three years. This plan includes generating 100 AI innovations valued at 40 billion baht and promoting AI adoption across 600 agencies nationwide.

Significant Increase in AI Adoption Rates

According to the AI Readiness Measurement 2024 report by the Electronic Transactions Development Agency and the National Science and Technology Development Agency, AI adoption plans among Thai organizations have reached 73.3%, reflecting an increase of nearly 20 percentage points year-on-year. This surge indicates a growing recognition of the importance of AI in various sectors.

Hosting the UNESCO Global Forum on AI Ethics

On Wednesday, the DES Ministry, MHESI, the Education Ministry, and UNESCO announced their partnership to host the 3rd UNESCO Global Forum on the Ethics of AI 2025, themed “Ethical Governance of AI in Motion.” This event is scheduled to take place from June 24 to 27, 2025, in Bangkok and will serve as a platform for knowledge exchange and collaboration on AI governance.

Commitment to Ethical AI Implementation

Prasert emphasized that Thailand’s commitment aligns with UNESCO’s AI Readiness Assessment framework, which is recognized globally. The country has recently introduced key frameworks such as the AI Governance Guideline for Executives and the Generative AI Governance Guideline for Organizations. These resources aim to ensure responsible and transparent implementation of AI at all organizational levels.

Multilateral Collaboration for Developing Countries

The upcoming forum is expected to foster multilateral collaboration and build AI governance capacity in developing countries. It highlights Thailand’s dedication to global trust in AI governance while positioning itself as a leader in ethical AI practices.

Integration of AI Technologies Across Industries

Suphachai Jaismut, vice-minister for MHESI, stated that Thailand is prepared to integrate AI technologies across various industries, driven by a commitment to advancing research and development (R&D). This integration is crucial as Southeast Asia’s digital economy continues to grow rapidly.

Addressing Challenges in the Digital Economy

While advancements in AI infrastructure are promising, challenges such as the digital divide and job displacement due to automation remain significant concerns. Xing Qu, deputy director-general for UNESCO, emphasized that building peace through education, science, and culture is vital in an era where AI increasingly influences societies and economies.

Business

Thailand to Finalise Free Trade Agreement with EFTA by January 2024

Published

4 weeks ago

December 1, 2024

Ashley Wings

Thailand is preparing to finalise a landmark Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) by January 2024. The agreement marks Thailand’s first FTA with a European trade bloc and is expected to bolster exports, attract investments, and enhance Thailand’s position in the global economy.

EFTA Partnership: A Milestone in Thailand’s Trade Strategy

Who Are EFTA Members?

The EFTA comprises Switzerland, Norway, Iceland, and Liechtenstein, offering Thailand access to lucrative European markets.

Commerce Minister Pichai Naripthaphan highlighted the FTA’s importance, describing it as a pivotal step for economic growth and trade expansion.

“This is Thailand’s inaugural FTA with a European bloc, setting a precedent for modern trade standards and sustainable development goals,” said Pichai.

Comprehensive Scope of the Agreement

What Does the FTA Cover?

The FTA includes 15 broad areas designed to modernise trade relations and foster sustainable development. Key areas include:

Trade in Goods
Rules of Origin
Investment Opportunities
Trade Facilitation
Intellectual Property Rights
Sustainability and SMEs Development

Future Expansion Opportunities

The FTA is seen as a stepping stone toward future trade agreements with other significant partners, including the European Union, advancing Thailand’s global trade ambitions.

Economic Impact of the Thailand-EFTA Trade Partnership

Surging Trade Figures

Between January and October 2023, trade between Thailand and the EFTA exceeded US$10 billion, accounting for 2.03% of Thailand’s global trade and reflecting a 23.22% year-on-year growth.

Key Thai Exports and Imports

Exports to EFTA: Jewellery, watches, canned seafood, machinery, cosmetics, and rice.
Imports from EFTA: Gems, gold, pharmaceuticals, scientific equipment, and fresh seafood.

The agreement is expected to further diversify and increase Thailand’s trade portfolio.

Next Steps: Approval and Implementation

High-Level Signing at WEF Davos

The FTA will be presented to the Thai Cabinet for approval before its official signing at the World Economic Forum (WEF) in Davos, Switzerland, in January 2024. Prime Minister Paetongtarn Shinawatra and Commerce Minister Pichai will attend the signing ceremony.

Ratification and Rollout

Following Parliamentary approval, the agreement will be ratified, paving the way for implementation and significant contributions to Thailand’s GDP growth.

A Strategic Vision for Thailand’s Future

The Thailand-EFTA Free Trade Agreement aligns with Prime Minister Paetongtarn Shinawatra’s vision of positioning Thailand as a global trade hub. By establishing this partnership, Thailand is set to achieve:

Increased export opportunities
Enhanced foreign investment
Strengthened trade ties with Europe

As the January deadline approaches, Thailand’s first European trade agreement symbolizes a bold step toward economic transformation, underscoring its commitment to modernisation, sustainability, and global collaboration.

Business

Thai Airways Secures 44 Billion Baht to Propel Post-Rehabilitation Future

Published

4 weeks ago

December 1, 2024

Ashley Wings

Thai Airways International (THAI) has secured approximately 44 billion baht through a share rights offering, marking a significant milestone in its recovery journey. The move is set to bring the national carrier closer to exiting its court-supervised debt restructuring process and resuming stock trading by mid-2025.

Thai Airways is offering 9.82 billion new shares to existing shareholders at 4.48 baht per share. This capital infusion represents the final phase of its restructuring, aimed at ensuring financial stability and market re-entry.

“This marks a critical step before the airline resumes operations as a publicly traded entity,” said a Cabinet source.

Government’s Role: Strategic Investment Without State Enterprise Status

Maintaining a National Flag Carrier

The Thai government has announced plans to increase its investment in Thai Airways while ensuring it does not revert to a state enterprise.

Current Stake: The Finance Ministry holds 47.9% of THAI shares.
Post-Restructuring: The ministry, the Vayupak Fund, and the Government Savings Bank will collectively own around 40% of the airline.

“This structure ensures Thai Airways remains a national flag carrier while avoiding direct state control,” confirmed Finance Minister Pichai Chunhavajira.

Debt Conversion and Shareholder Dynamics

Debt-to-Equity Swap Secures Creditor Support

Thai Airways’ creditors have agreed to convert approximately 53 billion baht of debt into equity as part of the rehabilitation plan. This move aligns with THAI’s efforts to stabilize its financial position.

The Council of State approved the recapitalization as a legitimate component of the restructuring process.
Despite debates over the Finance Ministry’s voting rights during the creditor meetings, officials clarified that the debt-to-equity swap remains incomplete, allowing the ministry to retain creditor status.

Path to Recovery

THAI is expected to exit rehabilitation by February 2025.
The airline plans to resume stock trading by May 2025, paving the way for a return to the public market.

Broader Implications for Thai Airways

Strengthened Financial Position

The successful share rights offering bolsters Thai Airways’ financial resilience, ensuring the airline’s ability to navigate post-rehabilitation challenges.

National Pride and Strategic Vision

The government’s balanced approach highlights its commitment to preserving Thai Airways’ status as a national carrier while encouraging operational independence.

Soaring Toward a Brighter Future

Thai Airways’ 44 billion baht share rights offering symbolizes its steady progress toward financial recovery and operational excellence. With strong government support and strategic restructuring, the airline is poised to regain its position as a leading player in the global aviation market by 2025. This pivotal moment underscores THAI’s resilience and its importance to Thailand’s economic and cultural identity.