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Property market slows down in 12 months following military coup
The overall property market in Thailand slowed down in
the year after the military coup was staged, dampened by the imposition of
the 30-per cent reserve requirement and the amendment to Foreign Business
Act, according to Jones Lang LaSalle, the world’s leading real estate
services and money management firm.
Dan Tantisunthorn, head of the company’s Research Division, projected that
the property market direction would not change significantly until after the
general election is held and a new government formed. Events that took place
unexpectedly in the post-coup period such as the capital control measure and
the FBA amendment had had a strong negative impact on the property market,
he said.
The FBA amendment seems to have adversely affected the property business
most, particularly the rental of space in commercial buildings and shopping
centers as multinational firms, including giant retailers, slowed their
business expansion plans to assess the impacts of the amendment on their
business operations.
At the same time, new multinational companies had come in to invest in
Thailand in smaller numbers due to the uncertainty of the interim
government’s policy direction.
Tantisunthorn said many parties still hoped that the proposed FTA amendment
would not be made until the new government is formed in the post-election
period. (TNA)
AustCham hosts 2007
Business Awards Gala
HE William Paterson (4th right),
Australian Ambassador to Thailand, and Gary Woollacott (far right), President of
AustCham Thailand, are seen with winners of AustChamThailand 2007 Business
Awards 2007 after the awards presentation organised at The Grand Hyatt Erawan
Hotel.
A gala presentation dinner, hosted by the Australian Chamber
of Commerce in Thailand (AustCham) was held recently at the Grand Hyatt Erawan
hotel on Thursday, August 23. The occasion marked the thirteenth consecutive
year that AustCham Thailand has held its Business Awards to recognise high
achievers in the Thai-Australian business community.
Gary Woollacott, President of AustCham Thailand said, “This is a special year
for us as we celebrate AustCham’s thirtieth anniversary and we are very proud to
have our 2007 AustCham Thailand Business Awards supported by Austrade, the
Business Management Institute, GemCity Engineering and Manufacturing, and Raimon
Land.
“This year’s gala presentation dinner is a continuation of a tradition of
recognising and honouring companies that have business links in both of our
countries. We congratulate the six category award recipients and 2007 Business
of the Year, Siam Ocean World Bangkok Co Ltd.,” he said
Seven independent judges, both Thai and expatriate, selected 14 entrants as
semi-finalists for greater scrutiny and evaluation. Site visits were held to
provide a further opportunity for semi-finalists to make their case and for the
judges to observe, first hand, the nominees’ businesses.
After vigorous analysis, evaluation and debate, all six categories of Business
Awards were decided with the prestigious ‘2007 Business of the Year’ Award for
the most outstanding candidate. There were also ‘Special Mentions’ for two
notable companies that were considered to deserve recognition.
The Awards recipients for 2007 were as follows: Best Exporter - ANCA
Manufacturing (Thailand) Ltd; Best Manufacturer - Boral Thailand Concrete &
Quarries; Best Services - BNH Hospital; Environmental Excellence - Bovis Lend
Lease (Thailand) Ltd; Best Employer - Siam Ocean World Bangkok Co Ltd; and Best
SME - Manheim Asia Pacific Ltd.
‘Special Mentions’ by the panel of judges were also given to Thai-Aust Aluminium
and Kimberly-Clark Thailand for the successful partnering and adaptation of
Australian know-how into the Thai market.
The other exceptional candidates chosen by the panel of judges to be in the
final 14 semi-finalists were: Kingsgate Consolidated Limited trading as Akara
Mining; Oogonia trading as Superior ART; Prodrive Automotive Technology
(Thailand); Servcorp; Tellus Systems; and Woods Bagot (Thailand).
Foundation stone laid for 7BN baht Central Festival Beach Center
A Buddhist monk takes part in the
foundation stone-laying ceremony along with Pracha Taerat Governor of Chonburi
(right), Vanchai Chirathivat, President of Central Pattana Public Co., Ltd.
(second right) and board members of the Central Pattana Group.
Narisa Nitikarn
The foundation stone for the 7-billion baht Central Festival Pattaya Beach
Center was laid on September 16, with Chonburi Governor Pracha Taerat
officiating.
Located on the corner of Pattaya Beach Road and Soi 9, the project will cover
240,000 square meters of a 22-rai site and is said to be the biggest shopping
center on any natural beach in Asia.
Speaking during the foundation stone ceremony, Vanchai Chirathivat, president of
Central Pattana (Public) Co Ltd said that more than 200 top-of-the-line shops
and an SFX cinema and theater, a bowling center and a karaoke complex would be
featured at the new Central Festival. A five-star hotel with 350 guestrooms is
also planned.
The ceremony took place at the auspicious time of 10:19 a.m. Guests included
Deputy Mayor Ronakit Ekasingh and Chaiwat Charoensuk, director of the Tourism
Authority of Thailand Central Region 3 Office.
Commerce minister
upbeat over gems and
jewellery exports
Thai Commerce Minister, Krirkkrai Jirapaet, has expressed
confidence that Thailand’s exports of gems and jewellery will grow at least
10 per cent this year.
Speaking after presiding over the 40th Bangkok Gems and Jewellery Fair, held
in Muang Thong Thani, September 18-22, he said that the organisation of the
fair helped boost the recognition and sales performance of Thailand’s
precious stones and jewellery in international markets.
Last year, the country’s exports of gems and jewellery products totaled some
US$3.8 billion. In the first seven months of this year, Thailand exported
more than US$2.18 billion of the products, so Mr. Krirkkrai believes exports
should expand by at least 10 per cent to over US$4 billion this year.
At the same time, he said, the private and public sectors had cooperated to
renovate the so-called “gems and jewellery road,” stretching between
Mahaesak and Silom roads in Bangkok, as part of efforts to promote Thailand
as the regional hub of the products.
It is expected the “gems and jewellery road” and the high-rise Jewellery
Trade Centre will soon be recognised by gem traders in every corner of the
world, he said. (TNA)
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