The Centre for Economic Situation Administration (CESA) chaired by Prime Minister Prayut Chan-o-cha on Friday put the brakes on proposals to increase foreign ownership quotas for condominiums from 49% and expand property leasehold rights for foreigners from 30 years to 50 years.
But it agreed in principle on a proposal to allow foreigners to hold land ownership of one rai for residential purposes.
The Land Department has been tasked with studying the feasibility for two months, then making a proposal to CESA for reconsideration.
According to a source at Government House who requested anonymity, it was Interior Minister Anupong Paojinda who opposed the two proposals prepared by an ad hoc committee on new investment privileges for foreigners.
The committee was chaired by M.L. Chayotid Kridakorn, personal adviser to Deputy Prime Minister Supattanapong Punmeechaow.
At the meeting, the source said Gen Anupong argued the two issues are sensitive and the government would face a public backlash if it approves the proposals.
Mr Supattanapong said the government will continue the policy to lure wealthy foreign visitors to the country because it can generate income for Thailand in the long term.
As part of its investment promotion package to rehabilitate the economy, the government aims to draw four groups of rich foreign visitors — wealthy global citizens, wealthy pensioners, remote work professionals, and highly skilled professionals — with privileges including a long-term visa for up to 10 years and land and property ownership.
The government hopes to attract more than a million qualified people to Thailand over five years.
The state expects these foreigners to spend on average a million baht per person per year while staying and working here, generating about a trillion baht total the next five years.
According to Mr Supattanapong, the government expects to conduct a survey soon to evaluate whether these four groups of wealthy foreigners remain interested in a long stay in Thailand based on existing privileges.
On Jan 18, the cabinet approved two Interior Ministry regulations. One is for issuance of long-stay visas for 10 years or long-term resident visas to four wealthy groups of visitors, while the other allows foreigners to work in Thailand.
A survey conducted by M.L. Chayotid among investors previously found they were interested a long stay in Thailand after government promises of 10-year visas and work permits.
Hong Lai Huat is optimistic on the sales and progress of its Royal Platinum and D’Seaview project units, amid improving Covid-19 situation in Cambodia.
In a business update, the company said Royal Platinum’s main construction work is well on schedule and has reached the 10th floor out of the total 28. The project, which is Hong Lai Huat’s second mixed-use project in Phnom Penh, has a total combination of 851 residential units and 50 commercial units.
About 90% of the commercial and penthouse units of Royal Platinum were sold to both local and international buyers.
“With a total gross development value of US$220 million, sales are progressing well and the group remains optimistic on the outlook for FY22 especially after the Cambodian government announces quarantine free travel for the fully vaccinated back in Q4 of FY21,” the company said.
On Sept 2020 and Nov 2021, Hong Lai Huat acquired its third and fourth plot of land bank in Phnom Penh as well as Sihanoukville province. Both projects are currently undergoing feasibility studies and designing phases.
Based on the preliminary figures estimates, both projects will have a total gross development value close to US$400 million.
In October last year, Hong Lai Huat entered into a joint venture agreement with HSC Group for the exploration and mining of mineral resources in the construction material zone within the Agri Hub.
The license applications are currently under review, pending regulatory approval from the authorities in Cambodia. The group will continue to seek strategic partners for lease or joint cooperation on other land plots in the Agri Hub moving forward.
Hong Lai Huat has sufficient liquidity from the corporate actions in FY21 such as the rights issue, sale of its property units, sale of D’Seaview hotel and sale of its subsidiary in Singapore to meet its near-term debt obligations and operation needs.
The group will share its FY21 financial results by Feb 28.
Shares in Hong Lai Huat closed 0.3 cents higher or 3.12% up at 9.9 cents on Jan 22.
Siem Reap Siem Reap’s first community-centric mixed-use development, Rose Apple Square, topped out
Innovative lifestyle development firm Urban Living Solutions(ULS) on Thursday the 20th of January celebrated the topping-out ceremony for its latest project Rose Apple Square, Siem Reap’s first community-centric mixed-use development.
The event was held at the Rose Apple Square site and joined by Founder and Managing Director of ULS Mr. Kean Kimleang, and CEO of Pointer Property Mr Nguon Chhayleang, an exclusive sales agent and consultant for the project.
Mr Kimleang said that the completion of structure is a significant milestone for ULS under a long-term vision and a clear strategy to provide Cambodian middle-class urbanites with a perfect residence where work-life balance occurs.
“We designed Rose Apple Square with young professionals and first-time homebuyers in mind. The new generation of Cambodian middle-class urbanites demand work-life balance more than ever, and that’s why we put together multiple uses in one space,” said Kimleang.
With structural work 100% completed this seven-story building has now topped out, the project is on track for its final completion within this year. To date, MEP and architectural work has been over 28% and 12% completed respectively, while overall completion is at 42%.
Rose Apple Square, partnering with Future Forum, will be home to dedicated spaces for co-working and exhibition space. The shared courtyard features over 1,200 square meters of space for outdoor meetings, performance space or just for residents to hang out and connect. There is also retail space, with Phnom Penh-based Kaifun being our first tenant. While at walkable distance to pub street, we also know people need places to put their cars and motorbikes, so Rose Apple Square features a full floor of underground parking garage over two basement levels.
And what are all these amenities without a home? Rose Apple Residences at Rose Apple Square will be the location of 207 residential homes as well as 40 rooms dedicated for a new co-living concept. And this is important, being located where we are to have the connections to live, work and enjoy life to the fullest.
This project was conceptualized by re:edge architecture + design firm and was awarded Best Residential Development in Siem Reap and the Best Commercial Landscape Architectural Design at the 2020 Cambodia Property Awards by PropertyGuru – Southeast Asia’s pioneering property technology company.
About ULS
ULS is a Phnom Penh-based real estate and lifestyle development firm concentrating on community-focused solutions to meet Cambodia’s rapid urbanization. Founded in 2016 by Mr Kean Kimleang, ULS has created some of the Kingdom’s most innovative and community-oriented spaces such as Urban Loft, Factory Phnom Penh, Urban Village Phase 1, Odom Garden, and Bakong Village.