Real Estate

The fresh investment measures including a sweeping plan to allow rich foreigners to enjoy a long-stay visa for up to 10 years, own land and property, and pay a 17% personal income tax on local earnings are yet to be settled, as the Finance Ministry is still resisting the thorny tax reduction proposal. The government considers a number of investment measures to woo rich foreigners to Thailand. (Bangkok Post photo) According to a source from Government House who requested anonymity, the fresh investment stimulus measures were proposed at a meeting of the Centre for Economic Situation Administration(Cesa), chaired by Prime Minister Gen Prayut Chan-o-cha, on Friday. He said the Cesa meeting approved in principle the proposed measures but asked Deputy Prime Minister Supattanapong Punmeechaow to consult more related agencies, particularly about the tax reduction and related law improvement and resubmit at Cesa’s next meeting. The proposed measures will be offered mainly to four target groups comprising rich global citizens, wealthy retirees, rich professionals who work from Thailand and highly-skilled professionals. The measures were prepared by an ad-hoc committee to handle investment acceleration headed by Mr Supattanapong’s adviser, ML Chayotid Kridakorn, former senior country officer and managing director for

Ms Abdullah says hotels have to rely on the domestic market for the rest of this year as international tourists may not arrive until the fourth quarter. Oakwood’s extended-stay business model has helped it withstand the lack of international arrivals as it remains on pace to have 12 properties in its Thailand portfolio by 2023.”Our core business focuses on extended-stay guests and this has allowed us to survive the pandemic,” said Lina Abdullah, regional general manager for Cambodia, Myanmar and Thailand at Oakwood, a fully-owned subsidiary of Mapletree Investments. This model applies to Oakwood Hotel and Residence Si Racha, which is its most resilient property with 230 long-term expat guests, contributing 25% of its occupancy. She said the hotel in Si Racha has maintained a 55-57% occupancy rate during the current wave. Its hotels in Bangkok

Developers take cautious approach Several significant projects delayed An artist’s rendition of the Golden Neo Khon Kaen – Bueng Kaen Nakhon project that Frasers Property Thailand launched on May 8. Property developers have become more careful in launching new residential project this year and are focusing on segments where demand is strong as the daily number of Covid-19 cases continues to escalate.Thongchai Busrapan, chairman of Noble Development Plc, said the company delayed the launch of a new luxury condo project on Wireless Road — The Embassy at Wireless — from the second quarter to the fourth quarter as it is a big project worth 10.7 billion baht. “This project was earlier planned to launch after the Songkran holidays. But with the recent pandemic, we have to wait and see but the postponement would be no longer than six months or when foreign

Workers spray disinfectant inside MBK shopping centre which is helping tenants by charging them for water and electricity only. Many shopping centre operators have extended their relief measures to help enable tenants to continue with their businesses amid the unabated Covid-19 crisis.Somphol Tripopnart, managing director of shopping centre business at MBK Plc, the operator of MBK, Paradise Park and The Nine Rama 9, said the company started helping its tenants on April 26 by waiving the rental fee for the hardest-hit tenants who could not settle any of their invoices, charging them only for water and electricity. Early this month, the company extended its relief measures to cover other tenants at all three shopping complexes by reducing the rental fee by between 30-70% to mitigate the impact of the fresh wave of Covid-19 pandemic on the tenants. “It remains necessary to waive the rental fee for some tenants. We want to support

Move into nature and be soothed and healed As urban centres spread their borders, chewing up green and undeveloped land, one company has realised something. Despite all the conveniences and advantages of living in a thriving metropolis like Bangkok, there is more than a little value in a return to living amid nature — in fact, there is magic! Combining the best of modern, sophisticated urban living and a rural setting is The Forestias, a 398-rai (64-hectare) development located on Bang Na-Trat Road in Bangkok. In consultation with leading global experts, from diverse fields such as architecture & design, healthcare and even theme park design, the owners have created a rural retreat within a city of more than 10 million people, designed to nourish the physical and mental wellbeing of its residents, ensuring their homes and lifestyles are integrated with the natural world around them. Spread beneath a green canopy of indigenous trees, the multi-use The Forestias also recognises the varied and diverse requirements of Baby Boomers, Gen Xers, Millennials and Generation Z. Also crucial is the importance of family, which is not to be