Residential Real Estate Market in Thailand News

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• November 2023: Phat Dat Real Estate Development Joint Stock Company and Military Commercial Joint Stock Bank (MB Bank) signed a comprehensive cooperation agreement with the purpose of financial sponsorship for investors and customers. The sponsored project is the Thuan An 1 and 2 high-rise housing complex with a scale of 4.47 hectares, located in a prime location right in the central area of Thuan An City, connected to many large industrial clusters in Binh Duong. The project completed its legality with an investment of more than VND 10,800 billion, including apartment products, shophouses, and townhouses.
• June 2023: The world's largest contract electronics maker and assembler, Foxconn, received approval from Vietnam to invest USD 246 million in two new projects in the northern province of Quang Ninh.

• November 2023: The long-delayed Blue City project in Oman was relaunched under the auspices of the Grand Blue City Development Company, which is backed by the sovereign wealth fund Oman Investment Authority (OIA). The project is also known by its Arabic acronym, BAT.
• July 2023: Oman Tourism Development Company (Omran) announced plans to seek a multidisciplinary consultant to undertake a concept masterplan for the entire site and to provide a detailed masterplan and detailed architectural design guidelines for the mixed-use town of Madinat Al Irvine East. The mixed-use town center will likely cover 175,000 sq. m and feature a number of modern mixed-use developments. The development of the town center will help position Oman as a premier MICE and business tourist destination.

• April 2024: Two historical buildings in the Pearl’s Hill vicinity are set to be demolished to make way for new housing developments. The government plans to build 6,000 new homes in the area over the next decade. The third housing site is located at the intersection of Chin Swee and Outram roads, while the white site sits primarily atop the underground Outram Park MRT station. The 2.9 ha white site, with a plot ratio of 6.3, has condominium units and long-term serviced apartments.
• March 2024: To meet the demand for homes, the government decided to launch a new housing area in Yishun and may develop a new residential neighborhood at Gillman Barracks. About 10,000 homes will be built in the new Yishun estate of Chencharu, situated near Khatib MRT station. At least 80% will be public housing, with the first Build-to-Order (BTO) project comprising 1,200 units of two-room Flexi to five-room flats to be launched in 2024.

• March 2024: Sinar Mas Land and IABHI led the charge in sustainable development by prioritizing eco-friendly materials and harnessing New Renewable Energy (EBT). Their efforts include installing solar panels in commercial buildings (hotels, resorts. and spas), implementing renewable energy certificates (RECs) from PT PLN (Persero), and even revamping energy management across their operational buildings. By championing these initiatives, Sinar Mas Land is not only aligning with government goals but also actively curbing CO2 emissions.
• November 2023: Indonesia's Vice President officially inaugurated Accor's debut property in Central Kalimantan, the Mercure Pangkalan Bun. Boasting 150 rooms and suites, the hotel encompasses a range of amenities, including a restaurant, lounge, bar, ballroom, multipurpose rooms, wellness area, and swimming pool. Situated just a short 15-minute drive from Iskandar Airport, the Mercure Pangkalan Bun enjoys a strategic location catering to business and leisure travelers.

• April 2023: Stylework, a co-working marketplace, raised USD 2 million at a USD 20 million valued deal. Stylework's impressive growth and innovative approach caught the industry's attention, leading to a successful Series A1 funding of USD 2 million at a USD 20 million valued deal from institutional investors, including Capriglobal Holdings, QI Ventures, and some undisclosed family offices.
• February 2023: WeWork India, a co-working significant, started a new center in Pune with 1,500 desks and a 96,000-square-foot area amid rising demand for flexible office space from corporations. The new facility is located at Raheja Woods IT Tower, developed by K Raheja Corp. This is an asset-light deal, and the company has leased the entire building comprising five floors in this Kalyani Nagar property, with a desk space of 1,500. This is the company's third facility in Pune. WeWork India has a portfolio of over 6.5 million sq. ft across 44 locations in Delhi-NCR, Mumbai, Bengaluru, Pune, and Hyderabad.

May 2023: Vonovia and CBRE Investment Management agreed to sell five assets totaling 1,350 apartments in Berlin, Munich, and Frankfurt. Three of these properties are new constructions finished and operated in the rental category. The remaining two are under construction, with completion scheduled for the second and third quarters of 2023.

January 2023: Vonovia, a German real estate corporation, invested in Gropyus, an Austrian developer of ecological dwellings. Vonovia, which has 1.5 million German citizens, will lead Gropyus' EUR 100 million (USD 106.79 million) series B investment to develop the latter's prefab manufacturing factory in Richen, Austria. FAM AB, a stakeholder in Gropyus, is also investing.

• November 2023: DoorFeed, a Proptech company, raised EUR 12 million (USD 13.24 million) in seed funding, led by Motive Ventures and Stride and supported by renowned investors, including Seedcamp. Founded by veteran proptech entrepreneur and ex-Uber employee James Kirimi, DoorFeed aims to be the first choice for institutional investors seeking to invest in residential real estate. The company is looking to expand its footprint across Europe, with a focus on Spain, Germany, and the United Kingdom.
• October 2023: H.I.G, a global alternative investment firm with over USD 59 billion in assets under management, invested in the real estate development company, The Grounds Real Estate Development AG (“the Transaction”), which is listed on the alternative stock exchange. The proceeds of the transaction are expected to be utilized to fund the capital expenditures of the current projects of The Grounds. The Grounds, based in Berlin, specializes in the acquisition and development of German residential properties located in large metropolitan areas. In the transaction, the major shareholders of The Grounds, which currently hold 73% of the company’s shares, have agreed to grant H. I.G. the right to share in future rights issues.

• October 2023: Costco is planning a major expansion in Australia, with several new warehouses under construction and several prime locations being considered for future locations. Costco currently operates 15 warehouses in Australia, with plans to expand to 20 within the next five years, based on current stores and potential locations.

• July 2023: A 45-storey BTR tower will be developed by Lendlease and Japanese developer Daiwa House, completing the final phase of Lendlease's Melbourne Quarter project and its second Build-to-Rent (BTR) project in Australia. The USD 650 million deal, similar to Lend lease's first 443-unit BTR project under construction in the 5.5 hectares of mixed-use space at Brisbane Showground, is a stand-alone investment and is separate from the company's ongoing efforts to build a wider BTR partnership, which will include several assets.

• October 2023: British Land received a resolution to grant planning permission for an approximately 140,000 sq. ft multi-level last-mile logistics scheme on Mandela Way, Southwark. This project represents the latest addition to British Land’s 2.9 million sq. ft pipeline. Situated near the junction of New Kent Road, Old Kent Road, and Tower Bridge Road, the site will serve as a last-mile logistics hub for Southwark and central London.
• July 2023: British Land and Landsec formulated a comprehensive set of recommendations aimed at regenerating UK towns and cities. Their goal is to stimulate more growth, create additional homes, and generate more job opportunities by enhancing how the planning system supports brownfield regeneration. As major players behind some of Britain’s most significant regeneration projects, including Landsec’s 24-acre Mayfield neighborhood in central Manchester and British Land and AustralianSuper’s 53-acre Canada Water development in London, these property companies bring extensive experience in large-scale, complex urban developments. The insights gained from such projects have been applied and refined in their latest paper.

• December 2023: The Ashwin Sheth group is planning to expand its residential and commercial portfolio in the MMR (Mumbai Metropolitan Area) region, India.
• November 2023: Tata Realty and Infrastructure, a wholly-owned subsidiary of Tata Sons, plans to grow its business with more than 50 projects in major cities in India, Sri Lanka and the Maldives. The projects have a development potential of more than 51 million square feet.