Thai developers have begun rolling out support measures to clients while also launching discount programs to attract new customers. These efforts cover the residential and retail sectors, both of which are suffering due to the ongoing COVID-19 crisis.
Supalai revealed assistance measures for any customer suffering financial difficulties due to COVID-19. Eligible Supalai buyers can delay down payments for already agreed upon condo purchases at all of the company’s residential projects. The money will now be due on the agreed upon transfer date.
“We offer a suspension of down payment for a period of three months, as the virus spread has a strong impact on the country’s economy,” Supalai Managing Director Tritecha Tangmatitham told the Bangkok Post.
Meanwhile, Singha Estate and Asset World are working with clients at their retail developments. With the retail industry struggling as a whole at the moment, the developers are assisting companies in this trying time.
Singha Estate announced that it is waiving rental fees for retail tenants that retain staff. Other businesses can receive a 50 percent rental reduction. The offer extends to all Singha Estate developments with retail spaces.
Asset World is offering rental reductions for the time being while also canceling rent increases for clients renewing their contracts. The company is also offering discounts on rents at various projects, each of which have been impacted differently.
“We are monitoring the size of the impact very closely on a month-by-month basis so tenants at our properties can receive benefits appropriately for each case,” said Wallapa Traisorat, Asset World Chief Executive, noted.
Sansiri leading discount charge
Sansiri is one of many developers promoting various discount schemes to attract buyers. These include a referral program where current Sansiri owners can receive up to THB400,000; the waiving of ownership and registration fees; no principal and interest payments for up to 24 months and waived common area maintenance fees.
CBRE found that many Thai developers were offering aggressive discounts and price reductions prior to the COVID-19 outbreak but have since step these efforts up even further to drum up additional interest.