Picture: Bangkok Business News

 

Comments by the chairman of one of Thailand's leading real estate developers - Sansiri PLC - as reported by Bangkok Business News, represented a stark contract to the doom and gloom assessments of many people online in the wake of criticism of government proposals to attract wealthy foreigners.

 

Settha Thaweesin said that his company expected a boomtime for the real estate market in 2022.

 

And this boom and injection of cash would be led by foreigners desperate to invest in Thailand. 

 

He predicted this would cause the Thai economy to spiral upward and his company through their products wanted to cash in on the bonanza.

 

He referred to the "pent-up demand" caused by the pandemic, predicting that the spending power of foreigners in particular would drive the market ever upward.

 

He also praised government measures to help stimulate the economy. 

 

The message was clear: One of the best times to make money is when coming out of a crisis. 

 

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Glass full to the brim kind of guy.

4 minutes ago, webfact said:

foreigners desperate to invest in Thailand. 

Delusion of the year. What kind of marketing crack pot has this guy been smoking?

Pump and dump.

14 minutes ago, webfact said:

his company expected a boomtime

More wishful thinking , than reality .

regards worgeordie

10 minutes ago, webfact said:

And this boom and injection of cash would be led by foreigners desperate to invest in Thailand. 

Led as usual by Hong Kong pension funds who wish to flip new condos?

Not again! 

 

<deleted>, does anyone actually believe this <deleted>. 

16 minutes ago, webfact said:

The message was clear: One of the best times to make money is when coming out of a crisis. 

 

Yes.

 

Can anyone tell me how to short this clown's stock?

Why would anyone be desperate to invest in Thailand? 

29 minutes ago, ExpatOilWorker said:

foreigners desperate to invest in Thailand. 

Good,, just when i'm looking to sell couple of lovely apartments in Bkk...

Should they not separate the terms 'foreigner' and 'Chinese' so we know what they're talking about.

Strange, I thought this article was saying the opposite. 

 

"After rebates and freebies, Thai developers to auction flats online in bid to shake off supply glut"

https://aseannow.com/topic/1231391-after-rebates-and-freebies-thai-developers-to-auction-flats-online-in-bid-to-shake-off-supply-glut/

 

Well it's a very strong buyers market. That surely will drive at least some demand. 

3 minutes ago, Jingthing said:

Well it's a very strong buyers market. That surely will drive at least some demand. 

There are only so many idiots with money,not many hopefully

3 minutes ago, fredscats said:

There are only so many idiots with money,not many hopefully

Not exactly. For anyone that ever wants to buy soft prices are an opportunity. 

This is either unbelievable hubris, or the fabricated, rose tinted projection of a real estate huckster. A close friend told me that his girlfriend works as a senior level manager for one of Thailand's biggest developers. She told him that they have reduced their building by 90% of what it was pre-Covid, which was around 100 developments a year. She said they are laying off staff, and that they could not lease, or sell anything within the commercial or residential side of things, that was at a price point that made sense. 

Demand is way down. The Chinese market is nearly gone, Russians and others are very hesitant to commit. And the long term tourists are gone too. So, who does that leave? Wealthy Thais, many of whom see the market collapsing, and would rather wait and see how all of this shakes out, and ex-pats, many of whom are smart enough to be shopping for bargains right now. The economy is going remain devastated here, for a very long time to come. And the longer this goes on, the more people are going to be affected by it, and the more desperate some will become. For the wealthy it barely matters. But, there are many middle class who have money invested, and there are alot of Chinese and Russians who bought, and cannot even visit Thailand. Some of them will want to unload their properties. Wait. The condo market is severely overbuilt. And demand is low, for all but the top buildings.

1 hour ago, webfact said:

And this boom and injection of cash would be led by foreigners desperate to invest in Thailand. 

In my view, it sounds like he is trying to sell investor-shares in a failed condominium project... 

Edited September 15, 20214 yr by khunPer

Bring on the Chinese hoards! Can he direct them to my place I am selling?

Those  pesky foreginers  again.........oh hang on?

52 minutes ago, Pravda said:

 

Yes.

 

Can anyone tell me how to short this clown's stock?

Dunno but  hows  those 32  condos you own doing?

1 hour ago, webfact said:

And this boom and injection of cash would be led by foreigners desperate to invest in Thailand. 

LOL

59 minutes ago, Neeranam said:

Not again! 

 

<deleted>, does anyone actually believe this <deleted>. 

No

The message was clear: One of the best times to make money is when coming out of a crisis. 

 

That is surely correct. The only question is who is making money here?

 

The sale of overpriced shoeboxes with bespoke plywood furniture on the floor of a sinking city, in mediocre construction quality, brings profit. The calculation is easy. With every new condo, the sale of 50% of the apartments at inflated prices is enough. The remaining 50% is either profit or vacancy.

 

When, after a few years, the proud new owner has to or wants to sell his condo again, he realizes that he has paid way too much and the purchase was a loss investment.

Well, no conflict of interests there then with that statement. It's like a advert saying "Drink Milk" delivered to you by the Milk Marketing Board. The bare-faced cheek of it... and expecting all the lemmings just go after it. Also, "foreigner" means Chinese for him and since the only thing you can own here is a condo, then it's a loosely veiled message to Chinese condo buyers. 

This is nothing but marketing hype by a flagging and probably increasingly desperate real estate developer. For sure Sansiri is heavily dependent on Chinese and Hong Kong buyers, hence the reference to foreigners in this spiel, and there may well be a boost from that quarter next year, but will it be enough to revive their fortunes?

 

Interesting note in Wikipedia:

 

"Sansiri has recently come under public criticism again for its poor quality of construction, while claiming to be the “Number one and most trusted developer”. Customer complaints are met with lawsuits for defamation under the criminal statutes of Thailand, however, assuring little or no customer complaints reach the public eye.

 

Analysts and Media Reports have recently noted Sansiri’s slide from top to bottom of the 10 ranking property development firms in Thailand.^"

Edited September 15, 20214 yr by Antonymous

44 minutes ago, Boarn said:

Should they not separate the terms 'foreigner' and 'Chinese' so we know what they're talking about.

The times when the Chinese flew in with suitcases full of money to bring their money to safety are largely over. The Chinese government is increasingly looking at capital movements, especially now that the Chinese real estate developer Evergrande is on the verge of ruin.

1 hour ago, webfact said:

foreigners desperate to invest in Thailand

Wishful thinking - yet the Chonburi province with EEC activities will undoubtedly flourish for the next decade and more...

1 hour ago, webfact said:

And this boom and injection of cash would be led by foreigners desperate to invest in Thailand. 

Now just exactly what would cause foreigners to be desperate to invest in Thailand. 
The fabulous roadway infrastructure - No.  The dual pricing system for foreigners - No.  The excellent craftsmanship of the  housing - No.  The stable government and law enforcement - No.  The ease government makes it for foreigners to remain in Thailand - No.  

Well I have run out of ideas 

1 hour ago, ExpatOilWorker said:

Delusion of the year. What kind of marketing crack pot has this guy been smoking?

Chinese gamblers maybe 

1 hour ago, Jingthing said:

Well it's a very strong buyers market. That surely will drive at least some demand. 

When has it ever not been a buyer's market?