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Property News Thai houses and condominiums surge | Thai houses and condominiums surge |
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| Written by Property Thailand | |
| Wednesday, 20 August 2008 | |
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Thai houses and condominium prices are surging in light of the Thai governments property stimulus package. Thailnds largest housing company Land & Houses has reported a surge of 60% in its quartiley earnings to date. Land and Houses which builds detached homes and city condominiums for middle-income buyers, said it earned a net profit of 1.12 billion baht ($33.28 million) in the three months to June 30, up from 700 million baht a year earlier and higher than the 677 million baht seen in the first quarter. Thai houses and condominium prices are surging in light of the Thai governments property stimulus package. Thailnds largest housing company Land & Houses has reported a surge of 60% in its quartiley earnings to date. Land and Houses which builds detached homes and city condominiums for middle-income buyers, said it earned a net profit of 1.12 billion baht ($33.28 million) in the three months to June 30, up from 700 million baht a year earlier and higher than the 677 million baht seen in the first quarter.This surge has come at a time when steel and building materials have increased pushing up the overal costs of building houses and apartments in Thailand. In light of the increase in building costs and the surge in property purchases it has become clear that the Thai property market is very bouyant. More over this surge in property purchases not only confirms the current confidence in the Thai property market even while the country still finds itself in a politcal quagmire. It does however also prove that the Specific Business Tax (SBT) which fell to 5.38 million baht in the quarter against the 180 million baht a year earlier as the government's property stimulus packages has taken effect. The government stimulus package which the Thai government instituted included a cut in the Specific Business Tax for property developers to 0.1 percent from the then 3.3 percent to a reduced rate in property transfer fees to 0.01 percent from 2 percent. The propery market in Thailand has thus far without a doubt managed to elude the troubles of the property market in the West.Thirteen analysts polled by Reuters Estimates expect LH's 2008 net profit to rise 35.4 percent to 4.28 billion baht on revenue of 21.3 billion baht, up 14 percent. |
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