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Thailand - February 2008
Thailand still attracting major investors
by Robert Carry -
Thailand Property Report
Investment is continuing to pour into Thailand from
overseas developers and property-fund managers with the
hospitality industry in traditional holiday locations
attracting the lionīs share of foreign projects, according
to a recent study carried out by The Nation.
The study also found that foreign companies, both on their
own and via joint venture with domestic construction
firms, have shrugged off the political and economic
uncertainty of recent years and earmarked some Bt20
billion for further investment this year.
Among the biggest players to commit to Thailandīs property
industry is Singapore-based Pacific Star International,
who has formed two joint-venture firms with Asian Property
Development to build two Bangkok condominium developments,
one on Sathorn Soi 12 and the other on Ratchadaphisek
Road, at a cost of Bt6 billion. The Nation report also
revealed that Hong Kongīs Concord Property Group has plans
for an integrated property development worth up to Bt40
billion in the Pinklao area.
Singaporeīs Banyan Tree Group has ploughed massive sums
into Thailandīs burgeoning property industry of late. In a
further demonstration of faith the Kingdom, the group set
up a centre on Phuket where it trains service staff for
use in its resorts and hotels elsewhere in the world.
Another big investor is Hong Kong Real Estate
International, which has invested some Bt18 billion in
residential developments with various partners to date.
It is not just developers from other Asian countries
investing in Thailand. A number of firms from the US and
Europe are lining up to invest, predominantly in the Thai
hospitality business in tourist destinations such as
Phuket, Koh Samui, Pattaya and Chiang Mai.
With tourism continuing to boom country-wide, analysts say
the market for luxury condominiums, resorts and mixed use
residential projects is set to expand ven further in the
months to come.
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