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Land prices in Bangkok’s Central Business District soar to $13,194 per square meter

Thailand’s real estate market continues to show strong demand for prime development sites and income-producing properties, according to a recent report by CBRE. The report highlights several key transactions that have taken place in the market, indicating the robust activity in the sector.

One notable transaction mentioned in the report is the record land price set in Bangkok’s CBD. SC Asset Corporation PCL purchased a 1.19-acre site in Chidlom for THB 2.3 billion (USD 63.9 million) to develop a high-rise condominium project. This transaction underscores the high demand for prime development sites in the city.

Another significant deal mentioned in the report is the purchase of a 355.7-acre site in Rangsit, Pathum Thani Province by IKEA and Siam Future Co., Ltd. This transaction, involving undisclosed partners, highlights the interest in developing mega retail centers in Thailand.

The report also mentions the acquisition of Glow Hotel on Sukhumvit 16 by Clover Hotel Singapore for over THB 400 million (USD 11 million). This transaction indicates the interest in prime income-producing properties in the market.

Despite slow economic growth in Thailand, the demand for prime Bangkok CBD sites and income-producing properties remains strong. Developers are actively seeking prime downtown sites, even with a limited supply available for sale. The report notes that residential developers in both Bangkok CBD and midtown have launched fewer projects compared to the previous year, focusing instead on clearing inventories and transferring units.

The report also highlights the new inheritance tax that will be effective in 2016. The tax will only be charged to beneficiaries inheriting more than 100 million baht in assets, with rates of 5% for „lineal“ relatives and 10% for others. While there were concerns that the tax would force asset-rich landowners to sell their properties, the high tax-free allowance and low tax rates make this scenario unlikely.

Overall, the Thailand real estate market continues to attract strong interest from investors and developers, with a focus on prime development sites and income-producing properties. The market remains active despite economic challenges, and the outlook for the sector remains positive.

Source: Thailand Investment MarketView Q3 2015 | CBRE Research.

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