A total of five private developers will place bids to develop the first phase of low-cost houses organised by the government, local media outlets reported. The plots of land are located in three provinces across Thailand with two plots in Bangkok.
Glory Management, Beijing Urban-Construction Yatai Construction Group, PCC Post-Tension, Supalai, Areeya Property and Areeya Management, a subsidiary of Areeya Property, have all submitted bids to build the low-cost housing projects.
This plan is part of the state-funded Pracha Rat initiative that was established to help eligible, low-income buyers afford a 30-year lease or mortgage on a home. The housing complexes will be built on state or private land with prices topping out at THB1.5 million if they are on private land. Units on state land will have a lower maximum price.
Director-general Chakkrit Parapuntakul said the Treasury Department’s has formed a committee responsible for selecting companies to develop each project. The winners will be picked some time during the next two weeks. It is expected that construction on each development will take less than two years.
One of the Bangkok land plots is situated behind the former site of the Royal Mint on Pradiphat Road while the second lot is located on Soi Wat Phai Ton in the Phaya Thai district. Both of these lots will be developed into condominiums and are scheduled to be rented to state officials whose monthly income does not exceed THB20,000 under a five-year rental agreement. Rental rates will not surpass THB4,000 baht a month per unit.
The land plots in provincial areas of Chiang Mai and Phetchaburi can be developed into detached houses, townhouses and condominiums. It was noted that units at the Chiang Mai plot can only be rented to state officials, while the Phetchaburi plots will be made available to citizens under a leasehold agreement.
