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The average price of condominiums could grow at least 8% in 2018, despite the looming land and buildings tax, says property consultant Nexus Property Marketing Co.
Managing director Nalinrat Chareonsuphong said the land and buildings tax, due to come into force in January 2019, is unlikely to harness the increase in land prices in Bangkok, allowing condo prices to keep rising.
“There is unlikely to be forced sales among landowners who are pressured by the land and buildings tax,” she said.
“If the tax is effective, they have options to apply to their assets anyway and will not need to sell the plots.”
As land prices will keep rising, condo prices will also rise next year. This year the average selling prices of new condos in Bangkok rose by 8% to 130,600 baht per square metre from 121,000 baht per sq m last year.
The average increase of condo prices in the past five years was 9% per year.
Pathumwan and Ratch…
Four active and former executives of KC Property Company have been accused by the Securities Exchange Commission of embezzlement for allegedly issuing and selling the firm’s short-term BEs (bills of exchange) for their own benefits.
An informed SEC source said that the accusation against the four was made possible after the auditor had uncovered the illegal transactions made during September 2015 and October 2016 worth about 425 million baht.
The source said that the four suspects forged the company’s meeting minutes and opened bank accounts to receive money transfers from the sale of the BEs without recording the sale in the firm’s book.
Evidence about the case will be forwarded to the Anti-Money Laundering Office and the Department of Special Investigation for further investigations.
Earlier, KC Property Company defaulted the payment of its 3-month old BEs worth about 130 million baht with 7.5 percent interest rate after the payment was due on …
Total number of new supply in 1H 2017 increased 39% to 30,493 units compared to 21,927 units in 1H 2016.
On demand front, there were 27,275 condos sold in the first half of 2017, up 11.5% from the same timeframe in 2016. New launching supply in CBD, city fringe, and peripheral were accounted of 6%, 29%, and 65%, respectively.
Majority of the new developments are in lower-end to middle market segments and situated along new mass transit routes especially BTS Light Green Line Extension (Mo Chit – Kukot and Bearing – Samrong), MRT Pink Line (Kae Rai – Minburi), and SRT Dark Redd Line (Bang Sue – Rangsit).
Condominium projects launched in 1H 2017 recorded an average take-up rate of 75%, representing an increase of 1.7% compared to the first half of 2016.
However, certain projects commanding affordable pricing, attractive down-payment packages, exceptional amenities, and convenient locations were able to achieve higher sales within weeks of launch. …