News

The Bank of Thailand and the central bank of China have agreed on a currency swap agreement to foster their trade and investment ties.

The People’s Bank of China announced on Monday the decision to extend the swap deal between the two central banks for another three years, the Xinhua news agency reported.

The agreement allows the Chinese central bank to swap 70 billion yuan for 370 billion baht to facilitate their trade and investments, it added.

The three-year deal was signed by the two central banks in 2014.

source: Bangkok Post

Thailand’s property market prospects are expected to be bright next year based on the country’s economic expansion, government spending on big-ticket infrastructure projects and the rise of the Eastern Economic Corridor (EEC).

Surachet Kongcheep, a property analyst, says market growth will mirror the country’s positive economic trajectory. Key factors boosting the economy are spending on the EEC and mass transit line expansion.

SET-listed contractor Ch.Karnchang Plc said new infrastructure projects that the government plans to open for bidding next year include the southern Purple Line from Tao Poon to Rat Burana — the largest one at 130 billion baht.

Other rail projects include the extension of the Blue Line from Bang Khae to Phutthamonthon Sai 4, worth 21.2 billion baht; the Orange Line from Thailand Cultural Centre to Taling Chan, worth 85 billion; and two extensions of the Green Line from Samut Prakan to Bang Pu and Ku Kot to Lam Luk Ka.

Nalinrat Chareonsuphong, managing director of property consultant Nexus Property Marketing Co, says GDP growth, which the government projects at 4% during 2017-20, will reflect overall expansion in each business sector. Kromchet Vipanpong, chief executive of property developer Asset Wise Co, says the property market will be boosted by economic growth, driven by healthy exports and a more positive political landscape.

Suwannee Wattanavekin, executive vice-president of Kiatnakin Bank Plc’s asset management department, says the property market in 2018 will continue to be dominated by large developers with their stronger financial status.

“Large developers shifted to the upper-end residential segment, where purchasing power was stronger than in the lower-end market,” she says.

She says small and medium-sized developers will be subdued next year because most of their products are in the middle- to lower-end segment or units priced lower than 3 million baht, which have seen a slowdown.

“Land prices will remain a key challenge that developers need to cope with, as they are a significant cost for property development. “Bangkok land prices tend to rise, particularly plots in prime locations. A new-high record price per square wah will definitely be reached next year.” Suphin Mechuchep, managing director of property consultant JLL Thailand, says.

Condominium sector

Mrs Nalinrat of Nexus says average condo prices in Bangkok have been healthy since 2015, when price growth for the first time outstripped Bangkok’s gross provincial product (GPP).
She says the super-luxury and luxury condo segments will keep attracting large and new developers, while prices will continue rising. More buyers will come from abroad, on top of those looking to invest in a second home.

In the high-end segment, the majority of developers will remain large firms that have the financial resources to buy land plots near mass transit lines in the inner city.

In the medium-end condo market, projects will remain in downtown locations and near mass transit lines. This market is where most buyers have stable income and really need a residential unit.

Office sector

Among all property categories, the Bangkok office sector will have the best trend in 2018, as existing supply cannot support strong demand, says Mrs Suphin of JLL. “The office market’s overall vacancy rate is only 9% this year, while office rents have risen every year over the past seven years and will continue to increase,” she says.

In 2018, all Grade A office towers in prime locations will gradually raise rental rates to higher than 1,000 baht per sq m per month.

Retail

Mrs Suphin of JLL says retail in 2018 will have limited growth as large developers like Central Group and The Mall Group focus on renovating their existing shopping centres rather than developing new ones.

At the same time, Bangkok’s discount store market is saturated, with big players like Tesco Lotus and Big C having expanded across Bangkok. These established companies will also focus on opening small-scale retail centres.

Hotels

The hotel sector has been active this year in terms of investment and the number of transactions. In the first three quarters, hotel transaction volume totalled 11.2 billion baht, the highest since 2014, Mrs Suphin says.

In 2018, hotel investment will see a positive trend as investors remain interested in acquiring them. The ability to turn a profit will remain a key factor prompting hotel owners to sell their assets.

Source: Bangkok Post

Are you smart? Earning a high-salary? If so, first, congratulations!

Secondly, you might be eligible for the new four-year professional visa, known as the “smart visa” from the middle of January 2018.

According to Lt-Colonel Thanarak Boonyaratkarin of the Immigration Bureau, the new Smart Visa will provide more benefits and privileges than any other visa. “You’ll be able to stay for up to four years at a time and also bring your family to live with you,” he said.

You’ll be able to apply for the new Smart Visa (if you meet all the requirements) in your home country or at your local immigration office.

The Smart Visa will be available for foreigners earning more than Bt200,000 per month and working in specialised industries such as IT, robotics, tech industries and health care. It will also be available for business investors, though no details are yet available about the minimum required investment.

The new visa will be available from the middle of January.

The move came in response to requests by foreign businessmen for an extended visa targeted to foreign experts and investors, allowing them to stay longer in Thailand and facilitate investment. The plan was first mooted in March 2016.

Instead of one-year extensions, holders of a Smart Visa will be eligible for a four-year stay in the Kingdom. Wives and children will also automatically get four-year extensions.

There are no age limits or restrictions for the new Smart Visa.

According to an article we published on August 17, ministry officials said there would be no need to apply for a work permit under the new visa. Also, unlike other Thai visas requiring holders to report every 90 days, officials suggested in August that the Smart Visa would require only an annual advance report to Immigration. We haven’t been able to confirm whether those last two advantages have survived the approval process for the programme.

The Smart Visa might also cover the burgeoning digital nomad trend seen in cafes, in which travelling entrepreneurs tap into free wifi to run their offshore investments and other IT businesses.

source: THE NATION

New Year’s celebrations took place all over Thailand – without any reported major hitches – after a record number of arrivals were recorded in 2017.

For the first time the TAT held countdown celebrations simultaneously in five provinces nationwide, including Lampang in the north, Sakon Nakhon province in the northeastern region, Kanchanaburi in the west, Phuket in the south and Rayong in the east.

“Last year we have 35 million foreign visitors to Thailand, but most of they would like to spend lot of time in major cities such as Bangkok, Pattaya, Chiangmai and Phuket. TAT is trying to create the flow from the major destinations to secondary provinces,” Tanes Petsuwan, deputy governor for marketing communications from TAT told Xinhua.

The 35 millionth visitor last year disembarked from a Qatar Airways flight from Doha on Dec 29, according to the Tourism Authority of Thailand.

Both the Tourism and Sports Ministry and the Tourism Authority of Thailand (TAT) have reiterated that their focus is more on quality tourists than quantity, but they also aim to receive 35 million tourists in 2018, up from 34 million in 2017.

Thailand is spending billions to upgrade its infrastructure, open up new islands and cities to travelers, and tone down its image of cheap shopping, hotels and sex that underpinned the industry for half a century.

But the change will take years and even then may fail to keep up with soaring visitor numbers that have given the Land of Smiles a reputation for delays, overcrowding and government crackdowns.

More than 10,000 people joined the Amazing Thailand Countdown 2018 in the heart of Phuket Town last night to usher in the New Year.

The focal point for the event, which ran for the two nights leading up to the countdown, was the Standard Chartered Building on Thalang Rd, where crowds massed to count down in unison the final seconds of 2017.

Phuket Governor Norraphat Plodthong led the countdown, joined by Kanokkittika Kritwutikon, Director of Tourism Authority of Thailand (TAT) Phuket Office, among a host of other VIPs.

“We wish all of you a happy, healthy, healthy and happy all year round,” Governor Norraphat told the crowd.

The Phuket edition of the Amazing Thailand Countdown was held “retro style”, with many live music and other performances honouring the more classic styles of music and dance in the hopes of generating the most interest and attracting visitors from a wide range of interests.

In total, the event in was expected to generate more than B200 million for the island’s economy.

Source: Thailand Business News、Phuket News

Thailand and China jointly inaugurated the construction of Thailand’s first high-speed railway from Bangkok to northeastern province of Nakhon Ratchasima on Dec.21

Chinese Premier Li Keqiang said in a congratulatory letter that the China-Thailand high-speed railway is a flagship project in jointly realizing the Belt and Road Initiative in the spirit of “wide consultation, joint construction and shared benefits.”

The 253-km first phase of the railway links Bangkok with Nakhon Ratchasima province. China is responsible for design of the railway, supervision of construction and manufacturing of trains and signal systems among others.

Once completed, the railway with a maximum speed of 250 km per hour will be the first high-speed railway of Thailand.

Chinese Premier Li Keqiang said in a congratulatory letter that the China-Thailand high-speed railway is a flagship project in jointly realizing the Belt and Road Initiative in the spirit of “wide consultation, joint construction and shared benefits.”

The 253-km first phase of the railway links Bangkok with Nakhon Ratchasima province. China is responsible for design of the railway, supervision of construction and manufacturing of trains and signal systems among others.

Once completed, the railway with a maximum speed of 250 km per hour will be the first high-speed railway of Thailand.

Wang Xiaotao, deputy director of the National Development and Reform Commission of China, Chinese Ambassador to Thailand Lyu Jian, Thai Prime Minister Prayut Chan-o-cha, Transport Minister Arkhom Termpittayaphaisith, Interior Minister Anupong Paochinda among other officials from both countries attended a ground-breaking ceremony.

Thai Prime Minister Prayut said the Thailand-China high-speed railway will connect Thailand with other countries and help Thailand merge into the grand transport network under the Belt and Road Initiative. It will also help the kingdom become a regional transport and logistic hub.

Prayut emphasized that Thailand will work with the Chinese side to move the project forward in a bid to realized sustainable development.

Transport Minister Arkhom told Xinhua after the ceremony that the project will greatly help the development of Thailand’s northeastern region and the first phase of the project is set to be operational late 2022 or early 2023.

source: XINHUA NET