Frasers Property Thailand announced it plans to invest nearly THB14 billion on hotel, housing and industrial projects during the remainder of the year. The majority of investment will come in the residential sector as the developer shifts to building single detached houses.
“Most of the investment budget, accounting for THB10 billion, has been allocated to housing development business, including new land purchases and home construction,” Frasers Property Thailand Chief Financial Officer Khun Somboon Wasinchutchawal told the Bangkok Post. “Another THB2 billion has been earmarked for the development of new industrial properties, while THB1.7 billion will be for the purchase of the remaining leasehold rights for the land and buildings of Mayfair Marriott Executive Apartments from GOLD Property Fund.”
The developer will launch 15 new residential projects between now and the end of the year with all of these coming in the housing sector. Plans call for eight single detached house projects, five townhouse projects and two duplex projects with the latter being located outside of Bangkok.
“We are shifting to single detached houses as demand remains strong,” Frasers Property Thailand Country Chief Executive Khun Thanapol Sirithanachai was quoted as saying. “A challenge is the borrowing ability of townhouse buyers.”
Meanwhile, Frasers Property Thailand is seeing promising signs of a recovery in the industrial segment where strong demand led occupancy rates to reach 85 percent during the first quarter of 2022. Retail is also starting to return with traffic at the firm’s Samyan Mitrtown development nearing pre-pandemic levels.
Frasers Property Thailand to open Silom Edge in September
Another milestone for Frasers Property Thailand will happen in September with the opening of Silom Edge. Billed as a ‘Sandbox Community’, the THB1.8 billion mixed-use project is the developer’s first attempt at redevelopment.
Silom Edge is appealing to digital entrepreneurs and startups through several unique features. These include space & contract as a service, extended operation hours and cryptocurrency and cashless payments among others.
Keep Reading: Frasers Property Thailand unveils plans for a ‘Sandbox Community’ mixed-use project