CBRE’s weekly property news snapshot features the latest residential and commercial real estate stories in Thailand and elsewhere that you cannot afford to miss – be it regarding residential, industrial, retail, office, hotel, land, or investment property.
Motorists face Green Line traffic chaos
Traffic chaos on Phahon Yothin Road is expected to worsen when construction of the Green Line rail extension from Mor Chit to Pathum Thani starts this month. Traffic conditions are expected to deteriorate particularly from the Ratchayothin intersection and the Kasetsart University intersection when the flyovers at the two intersections will be removed to pave the way for construction of the 19km of elevated rail track.
Developers focus on luxury condos in Bangkok CBD as land prices rise
Units in a luxury condominium in Bangkok will go on the market at a record-high price of at least Bt500,000 per square metre next year when Sansiri launches its ready-to-stay project on Wireless Road. “We will offer a starting price of Bt500,000 per square metre, or perhaps more, when launching the project to the market in the middle of 2016,” said Srettha Thavisin, president of the residential developer.
Property tax back on agenda
The much-touted land and buildings tax is expected to be at the top of the cabinet’s agenda over the next two months after a delay since March based on public concerns about burdensome taxation. The draft bill on the new property tax is pending Finance Ministry consideration before seeking approval from the cabinet and the National Legislative Assembly (NLA), said Finance Minister Sommai Phasee.
Source: Top Thailand Property News