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CB Richard Ellis’ Wish List for the New Government

The property industry is one that many past governments have neglected and left to fend for itself, although it is a crucial element of the economy and forms the basis of many other businesses. A boost in the industry will assist in job creation and stimulate related industries such as tourism, banking, construction, raw materials, etc. As today is election day, we have prepared a checklist for whoever forms the incoming government to consider. INCREASE DEMAND FOR OFFICE SPACE Prior to 2004, demand for office space ranged from 200,000 to 300,000 square metres per year.

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The property industry is one that many past governments have neglected and left to fend for itself, although it is a crucial element of the economy and forms the basis of many other businesses. A boost in the industry will assist in job creation and stimulate related industries such as tourism, banking, construction, raw materials, etc.

INCREASE DEMAND FOR OFFICE SPACE

Prior to 2004, demand for office space ranged from 200,000 to 300,000 square metres per year. However, in 2005 demand dropped to below 100,000 square metres and reached the bottom in 2009 at 46,000 square metres.The office sector is stagnant and lacks the stimulus to grow, but it is an important sector that directly affects other property sectors and offers jobs for new graduates. The majority of office tenants are multinationals, which create not only job opportunities and transfer of technology, but also rental demand from expatriate tenants for apartments and condominiums.

This is an extract from the article “A Wish List for the New Government”, to read more please click here.

SPUR FOREIGN DEMAND FOR THAI PROPERTY

The Thai property market has great potential to draw in foreign investment and appeals to investors in terms of location, price point and lifestyle. Since the 2008 global economic crisis,foreign demand has slumped and has yet to return. There are multiple ways the government can stimulate foreign demand for Thai properties.

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With a 49% foreign freehold ownership quota, many condominiums in a foreign-dominated market face a halt in sales as the quota is filled

The idea of leasehold term extension has been floated time and again, but no government has seriously considered it.

A market such as Phuket is losing its competitiveness to regional rivals such as Cambodia and Malaysia which both offer 99-year lease terms. An extension of the lease term will lift demand for luxury and high-end villa properties,which will then generate additional tourism receipts.

An increase in foreign ownership quota for condominiums can also be applied to selective resort destinations where the majority of property demand is foreign, such as Pattaya and Phuket.

With a 49% foreign freehold ownership quota, many condominiums in a foreign-dominated market face a halt in sales as the quota is filled,while no local demand is generated for the remaining units. An increase in the foreign quota beyond 49% would assist developers in these markets.

A key factor that will facilitate foreign investments is for local banks to offer mortgage facilities to foreign purchasers. Amending the 1991 Condominium Act to relax the requirement for fund transfers from abroad for property purchases by a non-resident will open up the sector to a wider foreign market as this would allow foreigners to obtain and use local funding for their purchases. The laws should be relaxed;local banks should be encouraged to offer foreign purchasers mortgage facilities, albeit at a premium and with stricter repossession  rules. This will trigger growth in demand ad prices, and boost the local banking industry.

Published on Bangkok Post dated 3 July 2011 by Aliwassa Pathnadabutr, Managing Director of CB Richard Ellis Thailand.

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Tourism

The Bachelor Japan Season 4 showcases Thailand

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Bangkok, 2 December, 2021 – The Tourism Authority of Thailand (TAT) is pleased to report that Thailand features as the main location in the Japanese reality TV show ‘The Bachelor Japan Season 4’, of which the first episode aired on 25 November, 2021.

In cooperation with the TAT Tokyo Office, a film crew from Amazon Prime Japan and YD Creation Japan comprising 65 actors, production staff, technicians and others travelled to Thailand to shoot for the show in the spectacular Southern provinces of Phuket, Phang-Nga, and Krabi between April and June 2021.

A total of six out of the 10 60-minute episodes of ‘The Bachelor Japan Season 4’ were filmed in Thailand.

 Aside from the valuable promotional exposure the destination will receive in Japan, a key source market for visitors from the Asian region, the foreign production also generated much-needed income and employment opportunities in the local tourism and film-related sectors of the three chosen locations.

Phuket, Phang-Nga’ and Krabi were among the first destinations in Thailand to reopen to tourism under the Sandbox programme, and the TAT Tokyo Office has capitalised on the interest of foreign filmmaking to promote the world-class tourist appeal and public health safety standards of these destinations.

Mr. Yuthasak Supasorn, TAT Governor, said “Popular TV shows like ‘The Bachelor’ are an effective way to deliver promotional messages directly to international markets, in this case Japan, which is among the 63 countries and territories from which fully vaccinated visitors can enter Thailand through the Exemption from Quarantine (TEST & GO) programme. With Thailand featuring so significantly in ‘The Bachelor Japan Season 4’, this helps us to promote travel to Thailand now that entry rules are being relaxed and tourists are once again welcomed.”

Fully vaccinated visitors from every country around the world can also visit Thailand via the Living in the “Blue Zone” Sandbox destinations programme. Meanwhile, partially or unvaccinated visitors are also much welcomed via the Happy Quarantine programme. However, to prevent and control the spread of the new Omicron COVID-19 variant, Thailand currently imposes travel restrictions on arrivals from Africa.

Photo Credit: Instagram: @BachelorJapan外部リンク, @bachelorjap外部リンク

The post The Bachelor Japan Season 4 showcases Thailand appeared first on TAT Newsroom.

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Asean

ASEAN commemorates Youth in Climate Action and Disaster Resilience Day 2021

An intergenerational dialogue titled ‘Teaming up with You(th) for a Disaster-Resilient and Climate-Friendly ASEAN’, was moderated by the ASEAN Youth Forum’s Programme Manager, Rastra Yasland.

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JAKARTA, 30 November 2021 – The ASEAN Secretariat hosted an interactive webinar to commemorate ASEAN Youth in Climate Action and Disaster Resilience Day on 25 November.

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