Thailand Business News – Millennium Residence @ Sukhumvit, a THB10 billion (US$317.1 million) complex in Bangkok, has been relaunched by developer Leadon Assets Limited, The Bangkok Post has reported. The Millennium, comprised of four towers on a 12-rai site on Sukhumvit Soi 20, is a joint venture between a group of Thai, American, and European investors. Kanyarat Krisnathevin, the Managing Director of asset and sales management firm Credence who is representing the investors to the media, said that she couldn’t reveal the names of the investors. She did reveal, however, that a Thai investor holds the majority of the project. The project was first launched in 2006 by MR Sukhumvit with investment from Singaporean company City Development Limited. MR Sukhumvit still owns towers A and B at the Millennium; Leadon Assets purchased towers C and D in March. Leadon Assets has sold 20% of towers C and D, which are comprised of 150 and 152 units respectively, priced from THB6.7 million (US$212,562) to THB90 million (US$2.85 million).
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Thailand Property – Millennium relaunched by developer Leadon Assets
Instead of wasting resources when consumers were clearly holding back, we decided to restructure the company, clean up the balance sheet and refinance our debt with local banks.
Third, and perhaps most importantly, the property sector is benefiting from a deep and fundamental change in Thai society. Traditionally, children have stayed in their parents’ home well into adulthood. Even though they may work in urban areas, they often live in suburban neighborhoods and commute to work.
But if the government invests in mass transit routes, adding one or two new lines in the future, new residential and commercial areas will be created. Property tax incentives implemented by the government of Thailand to stimulate the sluggish market expired on May 30 as it was no longer a need for the tax breaks as the economy was recovering, the property sector had grown by 10% over the past year, and developers’ margins were improving. Governments have used tax incentives to stimulate the property market during most economic slumps since the 1997 Asian financial crisis.