Developers have been launching new projects across the Eastern Seaboard en masse with over THB 200 billion worth of residential developments unveiled in the Chon Buri, Rayong and Chachoengsao since the start of 2016, reports local media. The reason for the increase in launches is due to the Eastern Economic Corridor (EEC) development project.
People who invest in the EEC will be eligible to receive investment incentives including reduced personal income tax, land leases of up to 50 years and a free flow of foreign currencies in Chon Buri, Rayong and Chachoengsao. In order to attract new investment, the government has a budget of THB 700 billion it will use to develop the region in the coming years.
With the EEC expected to employ over 50,000 people from this year untill 2021, the demand for homes in this area is likely to substantially increase. This is something developers have taken note of and many have already launched projects in the region to handle the expected growth in demand.
“We are interested in expanding our investment in Rayong, Chon Buri and Chachoengsao provinces as we see strong demand in this location after the government decided to develop the EEC,” says Pruksa Real Estate Plc’s President and CEO Thongma Vijitpongpun.to The Nation.
LPN Development, Sansiri, Property Perfect and CP Land are a few of the developers to have launched projects in the EEC region recently. Many developers want to purchase land now for projects as land prices will likely increase once the government starts investing in the region next year.
“We’re developing single detached house, townhouse and condominium projects in the EEC area when we see strong demand to develop both industry and residential property in the EEC. Land prices will be driven up in the region next year when the EEC law comes into effect and the government kicks off its investment programme,” says Sansiri President Srettha Thavisin.
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