By Panithan Onthaworn

 

Property developer Ananda Development Plc (ANAN) reported a 2021 full-year net loss of 457 million baht. The losses were a 120 per cent increase from 2020 which the company blamed on weak property demand caused by the Covid-19 pandemic.

 

The company’s fourth-quarter net loss of 220 million baht was also worse than what most analysts anticipated. 

 

Ananda’s chief executive Chanond Ruangkritya said the losses were mainly from “a decline in income from the joint venture investments which was affected by low condominium transfers under the Covid-19 outbreak.”

 

Full story: https://www.thaienquirer.com/37915/anandas-losses-pile-on-in-2021-due-to-pandemic-impact/

 

-- © Copyright Thai Enquirer 2022-02-26

 

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2 hours ago, webfact said:

Property developer Ananda Development Plc (ANAN) reported a 2021 full-year net loss of 457 million baht. The losses were a 120 per cent increase from 2020 which the company blamed on weak property demand caused by the Covid-19 pandemic.

Oh dear, no-Thai wants your over-priced concrete boxes.... and no foreigners to exploit.

Where's the box of kleenex

     Drop your very high prices and run a strong sale with real savings.  You'll move some of the unsold units and still make money.  

1 hour ago, hotchilli said:

Oh dear, no-Thai wants your over-priced concrete boxes.... and no foreigners to exploit.

Prior to leaving 22 months ago, they had started building the huge (to be) condos next to Tops in Soi Khao Noi. It appears that working on those condos stopped when I left and there has been no further work on them. I would very much fear buying any of them now (though targeted at the Chinese with a purpose built sales shop over the road seeing no Chinese for 2 years and selling diddly) , as the foundations have been open to the elements for 2 years. The lift shafts or whatever appear cracked and held together now with slapped on extra concrete.

 

The Chinese wont be back to sell these derelicts too for at least another year, more of they invade Taiwan and certainly no westerner with a sound mind  is going to want to buy a condo in a building left derelict for 2 years. Even the Chinese will be wary on return to buy anything they could get banned again by their own country to travel to !

 

 

 

This is a really big fat yellow canary in the coal mine isn't it. Doesn't take much reading between the lines to finally get some real truth about the real estate situation in Thailand. Long Covid doesn't just apply to our bodies, it's going to affect the property situation here for a long time.

3 hours ago, hotchilli said:

Oh dear, no-Thai wants your over-priced concrete boxes.... and no foreigners to exploit.

And with small Developers now throwing up small 50 TW single storey Houses and selling them for between 1.2 and 2.2 Million, the situation will only get worse for the greedy large Developers.

There were 10 of these small Houses thrown up in rapid time down the Street from me, and within 2 Months only 2 remain empty.

Another small Developer is selling Houses of the same type for a Deposit of only 99 Baht and move in 

Insane, when many will have to pay back over a 30 Years period

Private Household Debt  is a very real, and major issue for the Thai Government, and with little will, or ability to tighten the lending, there are many serious issue looming down the line.

 

That contrasts sharply with the BoT property report in the paper we can't name..........property prices taking off, huge demand expected shortly, things looking good for the property market etc.

1 hour ago, Cake Monster said:

And with small Developers now throwing up small 50 TW single storey Houses and selling them for between 1.2 and 2.2 Million...

What do you mean with TW?

 

2 hours ago, Will B Good said:

That contrasts sharply with the BoT property report in the paper we can't name..........property prices taking off, huge demand expected shortly, things looking good for the property market etc.

 

Did it also say "Hurry now while stocks last!"?

 

 

 

 

 

1 hour ago, Puccini said:

What do you mean with TW?

TW I think means Talang Wah  

 

https://www.convert-me.com/en/convert/area/thaitarangwah.html?u

1 hour ago, Enoon said:

 

 

Did it also say "Hurry now while stocks last!"?

 

 

 

 

 

Not in those words, but if you don't buy in the next few weeks there will be nothing, absolutely nothing, left.

3 hours ago, Puccini said:

What do you mean with TW?

the Thai measurement for Land 

50 TW = 50 Talang Wah

11 hours ago, Cake Monster said:

the Thai measurement for Land 

50 TW = 50 Talang Wah

Meaning ?

52 minutes ago, Albert Zweistein said:

Meaning ?

Square Wah.

 

https://www.siam-legal.com/realestate/thailand-convert-rai.php

1 hour ago, Damrongsak said:

Square Wah.

 

https://www.siam-legal.com/realestate/thailand-convert-rai.php

That explains a lot.????

1 hour ago, Albert Zweistein said:

That explains a lot.????

One talang Wah equals 4 square meters.

19 hours ago, Puccini said:

What do you mean with TW?

Talang wah, square wah, ie 4 sqm.

Like TAT figures Thailand's building companies always seem cheerfully optimistic yet in the ghost town, formerly known as Pattaya, building continues apace.  I can understand acquiring land, whilst owners are selling off cheap, but not paying workers to build properties which no-one will buy for several years.

1 hour ago, mikebell said:

I can understand acquiring land, whilst owners are selling off cheap, but not paying workers to build properties which no-one will buy for several years.

Hope springs eternal in the human breast;

Man never Is, but always To be, blest.

Alexander Pope

The pictures I posted in another thread with leaky pipes and ruined wall are from this developer. One year old condo. 

2 hours ago, Pravda said:

The pictures I posted in another thread with leaky pipes and ruined wall are from this developer. One year old condo. 

Which thread? I'd like to see. I used to rent a condo from this developer and the windows were terrible.

The Thai real estate market, as an investment market, has traditionally been quietly targeted at money launderers and other expropriaters of Illicit wealth. 

 

In recent times, this has been primarily Russians, Chinese with a small number of Westerner immigrants and expats. 

 

The China real estate market has completely collapsed. And, Xi has made it MUCH more difficult for China nationals to get wealth out of the country. He needs to keep the money in China. 

 

Russia will be sanctioned for at least a decade for what's happening in Ukraine. 

 

There are very few other buyers willing to buy Thai real estate. Thus, the Thais are in for a difficult ride for the next 10 years. 

2 hours ago, Highend Expat said:

The Thai real estate market, as an investment market, has traditionally been quietly targeted at money launderers and other expropriaters of Illicit wealth. 

 

In recent times, this has been primarily Russians, Chinese with a small number of Westerner immigrants and expats. 

 

The China real estate market has completely collapsed. And, Xi has made it MUCH more difficult for China nationals to get wealth out of the country. He needs to keep the money in China. 

 

Russia will be sanctioned for at least a decade for what's happening in Ukraine. 

 

There are very few other buyers willing to buy Thai real estate. Thus, the Thais are in for a difficult ride for the next 10 years. 

I personally think it is going to be the Thai Banks who are in for a rough ride, and possibly with that, the whole Economy.

They have lent out massive amounts of money over the last 6 Months or so, sending the Household Debt to GDP Ratio climbing from 86 % of GDP to a huge 100 % over that period to a new high at the end of the last Quarter.

All this money being lent to stimulate the Property Market due to the Covid Pandemic, however the Government keep saying this Household Debt is far to high and has to be curtailed.

 

 

8 hours ago, kwonitoy said:

One talang Wah equals 4 square meters.

This explains even more. ????

Which the company blamed on weak property demand caused by the Covid-19 pandemic.

 

Nothing to do with the ever mysteriously inflated Baht then ???? 

1 minute ago, sammieuk1 said:

Which the company blamed on weak property demand caused by the Covid-19 pandemic.

 

Nothing to do with the ever mysteriously inflated Baht then ???? 

Agree..... I am, against my better judgment, occasionally tempted to buy into the Bangkok condo market, but looking at the strength of the baht I think....stuff it.

4 hours ago, Will B Good said:

Agree..... I am, against my better judgment, occasionally tempted to buy into the Bangkok condo market, but looking at the strength of the baht I think....stuff it.

I guess it depends on the currency and the time frame we are looking at.

 

30 years ago, I received THB 25 for USD 1, now it is THB 32. That's how strong the Baht has got. Or did it get weaker? These things always confuse me.

 

It's worse for my friends in Switzerland and their CHF. Only THB 17 30 years ago, now THB 35.

50 tw about 2000 SQ ft.  That's nice sized house for 2 million baht.  Not to bad.   I wonder what BKK will look like in a century.   Sunk.  More ghost towers.   When these poorly constructed towers become unsafe who will pay to demolish them?   Just look at that one tower in BKk and Pattaya.

1 hour ago, Puccini said:

I guess it depends on the currency and the time frame we are looking at.

 

30 years ago, I received THB 25 for USD 1, now it is THB 32. That's how strong the Baht has got. Or did it get weaker? These things always confuse me.

 

It's worse for my friends in Switzerland and their CHF. Only THB 17 30 years ago, now THB 35.

Briefly got something like 73 baht to the GBP (years ago)......I guess that spoilt me as it has since been the bench mark.

 

Would be happy to see something like 50+ baht in the future.