Land and Houses, Thailand’s largest house builder, has increased its investment budget by 70 percent year-on-year to tap demand of the recovery in the domestic property market.
According to Reuters, Thailand’s real estate sector is worth US$20 billion and accounts for up to six percent of the country’s GDP.
Company President Naporn Sunthornchitcharoen told reporters yesterday: “The planned public and private investments should boost the economy and restore confidence in the private sector.”
He added that demand should improve, especially in the provinces although there could be speculation in the condominium segment.
Land and Houses revealed plans to launch 17 new projects worth a combined THB37 billion this year, of which 12 will be detached home projects, two townhouses and three condominium projects,
Other leading developers, such as Pruksa, AP and Sansiri have all predicted growth of as much as 10 percent in Thailand’s real estate sector this year.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
