Tourism, airlines hardest hit
Damage to the business sector caused by floods affecting several areas of the country since early last month is now estimated to have topped 50 billion baht (S$2.16 billion), according to the Federation of Thai Industries.
The tourism and airline industries are among those hit hard by the natural disaster, especially in the southern city of Hat Yai and the Samui Island in Surat Thani. Bangkok Airways, Nok Air and Thai AirAsia have either suspended or reduced flights.
The food processing and rubber sectors have been affected by the flooding, while bank and stock brokerage offices as well as retail and other business outlets in flood-ravaged areas have had to temporarily shut down.
A total of 123 bank and brokerage branches, 121 of them in the south, have been affected, according to the Bank of Thailand.
Tourism Authority of Thailand deputy governor Prakit Piriyakiat said the agency would have to work with the private sector to quickly clean up the mess once the flood waters recede.
Floating markets and temples in central provinces are among the top priorities, while there will be promotional tour packages to help restart businesses, especially those in Hat Yai and Surat Thani. -- THE NATION/ANN
Thursday, November 4, 2010
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Recovery seen in Thailand property market as developers increase activity « kalaraco's Blog
Recovery seen in Thailand property market as developers increase activity « kalaraco's Blog
The overseas sector of the Thailand property market seems to finally be seeing recovery. Kuwait’s IFA Hotels and Resorts said it has started construction of a residential project in Thailand expected to generate sales worth more than $311 million, Kuwait-based Al Seyassah daily reports Wednesday.
The development, named 185 Rajadamri and located in the Thai capital Bangkok, is expected to be completed by the end of 2013, IFA said according to the paper, adding that the project is operated by Thai property developer Raimon Land in which IFA owns a 41.07% stake.
Raimon Land has been able to secure credit facilities of $91 million from a bank in Thailand to finance its works on the project, the daily reports citing IFA.
When overseas property sales began to recover in early-mid 2009, rising press coverage came to be a symbol of which markets and areas were recovering quickest.
This is for the simple reason that much of the overseas property press were left with egg on their face for having made predictions of massive price growth in markets that instead saw severe contractions at the hands of the financial crisis.
Throughout the downturn and 2009 we also had accessibility as a monitor. Just like rising tourism and flights were a driver and an indicator of overseas property growth or potential during the upturn; their falling was an indicator of hard hit markets during the downturn as well.
But since the recovery really gathered steam it is new development that has been the biggest indication of which markets are performing best. If this development does as is expected and achieves such huge sales, it will be a clear indication that the second birth of the Thailand property market is well under way.
The overseas sector of the Thailand property market seems to finally be seeing recovery. Kuwait’s IFA Hotels and Resorts said it has started construction of a residential project in Thailand expected to generate sales worth more than $311 million, Kuwait-based Al Seyassah daily reports Wednesday.
The development, named 185 Rajadamri and located in the Thai capital Bangkok, is expected to be completed by the end of 2013, IFA said according to the paper, adding that the project is operated by Thai property developer Raimon Land in which IFA owns a 41.07% stake.
Raimon Land has been able to secure credit facilities of $91 million from a bank in Thailand to finance its works on the project, the daily reports citing IFA.
When overseas property sales began to recover in early-mid 2009, rising press coverage came to be a symbol of which markets and areas were recovering quickest.
This is for the simple reason that much of the overseas property press were left with egg on their face for having made predictions of massive price growth in markets that instead saw severe contractions at the hands of the financial crisis.
Throughout the downturn and 2009 we also had accessibility as a monitor. Just like rising tourism and flights were a driver and an indicator of overseas property growth or potential during the upturn; their falling was an indicator of hard hit markets during the downturn as well.
But since the recovery really gathered steam it is new development that has been the biggest indication of which markets are performing best. If this development does as is expected and achieves such huge sales, it will be a clear indication that the second birth of the Thailand property market is well under way.
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