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Thailand’s construction market is now driven by public infrastructure

Thailand’s construction market is driven by public investments in infrastructure as Government spending continues to focus its efforts in developing a robust transportation system.

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Thailand is currently one of the most exciting hubs for contractors in Southeast Asia today, with a construction market value estimated at USD41.4 billion last year, according to a white paper released last week by corporate strategy consulting firm Solidiance.

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New buildings and infrastructures amassed throughout the kingdom at a faster clip over the last few years, a trend that would indicate an especially busy year ahead for Thai real estate.

Overall, the number of buildings in the country increased 1.4 percent on average every year between 2012 and 2014.

Overview of Thailand’s construction sector

Thailand’s construction market is estimated to reach up to USD 41.4billion by 2016, with about USD 17.9billion coming from private investments and about USD 23.4 billion from the public sector, which includes the infrastructure segment.

Public infrastructure

Of the USD41.4 billion siphoned into Thai construction last year, USD23.4 billion can be traced to the public sector.

This mainly covers lavish public expenditure on infrastructure, aligning with the Thai government’s renewed thrust toward improving the country’s transportation system.

Since 2015, transport officials have executed plans to increase infrastructure investments in Bangkok’s mass rapid transit line, although delays have been widely reported.

 

Growing condo market in metropolitan Bangkok

Such increase in public works have literally widened the path to residential construction in the Thai capital. With public transit lines currently under construction, Bangkok’s city center is gradually expanding, Solidiance researchers contended.

The government has also approved the development of the Eastern Economic Corridor, which concentrates on construction of transport infrastructure, sea, and rail. This move will further support Thailand’s position as a major economic zone in ASEAN.

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Tourism

First group of foreign tourists completes 14-day Golf Quarantine in Thailand

Thailand’s golf quarantine was created in line with the government’s strict COVID-19 prevention and control measures that required golfers to follow a set of Standard Operating Procedures (SOP) from the Thai Department of Health Service Support

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First group completes 14-day Golf Quarantine in Thailand

Bangkok, 07 March, 2021 – The Tourism Authority of Thailand (TAT) is pleased to report that the first group of 42 golfers (41 South Koreans and one Japanese) arrived in Thailand and entered golf quarantine on 19 February, 2021, have successfully completed their 14-day golf quarantine and have started their journey around the country from 6 March, 2021.

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Business

Thailand ranked 3rd in ASEAN on Economic Freedom Index

Thailand has a business freedom index of 85.3 out of 100. This is a big improvement over last year, which helped to increase the country’s overall score to 69.7, a 0.3 point jump from last year.

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Thailand ranked 3rd in ASEAN, 9th among 40 Asia-pacific countries and 42nd in the World on the most recent on Economic Freedom index. Singapore tops the list for the second consecutive year, followed by New Zealand and Australia.

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Economics

Finance Ministry Considers Additional Incentives to Increase NSF Members

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BANGKOK (NNT) – The Finance Ministry is considering additional incentives to increase members in the National Savings Fund (NSF) as Thailand is projected to become a “super ageing society” by 2031.

Finance Minister Arkhom Termpittayapaisith said increasing state contributions to the NSF and extending the maximum membership age to 65 years old from 60 as stipulated by law are among the considerations.

He said Thailand is projected to become a fully aged society this year, meaning 20% of the total population is 60 or older. The country is projected to be a super ageing society by 2031, meaning 28% of the total population is 65 or older.

Mr Arkhom said retirement savings are vital because 20 million informal workers in Thailand are without mandatory savings programs.

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