Category: The Bangkok Post

SET-listed housing developer Pruksa Holding has diversified into the apartment-for-rent business to secure recurring income amid a sluggish residential market, targeting a rental yield of 6-8%.

Piya Prayong, chief executive of Inno Home Construction Co (IHC), a subsidiary of Pruksa, said the company aims to increase its proportion of recurring income from rental housing under the new “iPlern” brand, with rents starting from 2,000 baht a month.

“We plan to invest about 100 million baht in the fourth quarter of this year to launch the first five iPlern projects in Rangsit, Lam Luk Ka and Bo Win — locations surrounded by factories and universities,” he said.

These projects are expected to generate about 1 million baht in annual recurring rental income, providing additional cash flow during the housing market downturn.

In the first half of 2025, Pruksa reported total revenue of 6.94 billion baht, down 30% from the same period last year, with about 74% deriving from residential sales. Net profit plunged 76% year-on-year to 90 million baht.

He said the apartment rental market in Thailand remains promising, with around 745,000 units worth around 27 billion baht, expanding about 3% annually.

The market enjoys an average occupancy rate of 90%, driven mainly by Gen Z renters, particularly students and first jobbers.

To capture this growing segment, IHC plans to redevelop Pruksa’s existing land previously allocated for townhouse and condo projects into apartment complexes in high-demand locations, such as industrial zones and university districts.

In 2026, the company expects to ramp up investment to 2 billion baht to develop 100 additional projects nationwide.

By 2029, IHC aims to operate 316 apartment projects, generating around 640 million baht in annual rental income and holding total assets worth 6.3 billion baht.

The firm plans to later divest these assets into a real estate investment trust (REIT) to fund future expansion.

“Our focus next year will be on major university areas across Thailand, such as Bangkok University and Kasetsart University,” Mr Piya said. The projects will target students (40%), factory workers (35%) and first jobbers (25%).

Rental rates will vary by location and room size, starting from 21 square metres. Apartments near universities are set with 4,000-5,000 baht a month, compared with condos at 7,000-10,000 baht.

Units near industrial zones will start from 2,000-3,000 baht, while those in city centres will command 8,000-10,000 baht a month.

Mr Piya said IHC aims to capture a lower purchasing segment than that of condos to avoid direct competition with Pruksa’s flagship Plum Condo brand, with the monthly rate of 7,000-8,000 baht.

In the longer term, IHC plans to introduce a hybrid “Plern” model combining apartments and affordable condos within the same development — though in separate buildings — with condo prices starting from 600,000 to 700,000 baht.

IHC projects an internal rate of return of 13-15% and an annual yield of 8-10% from its apartment portfolio.

Online food delivery platform Line Man Wongnai has high hopes for the “Khon La Khrueng Plus” co-payment scheme to attract millions of new users, increasing its sales by 20-30%.

Monday was the first day merchants could register with online food delivery platforms to participate in the co-payment scheme, and 32,990 restaurants signed up with Line Man Wongnai as of Nov 4 at 1am.

The Finance Ministry reported as of Nov 3 at 2pm, 40,722 merchants registered with food delivery platforms, of which 22,831 signed up with Line Man Wongnai, the highest among all platforms.

Yod Chinsupakul, chief executive of Line Man Wongnai, said the company projects sales growth of 20-30% in the first month of the co-payment campaign.

The significant gain is on top of its existing 20% annual sales growth and the scheme is expected to result in hundreds of thousands of extra orders overall via its platform, he said.

“In month two, we anticipate the campaign’s contribution will see moderate growth, adding an extra 10-20% growth to sales,” said Mr Yod.

He said for the previous co-payment campaign, the scheme increased sales for the merchants by 1-5 times.

Mr Yod said the existing campaign is expected to bring in millions of new users to Line Man Wongnai, including some using a food delivery service for the first time.

While the co-payment plus scheme covers various services, from delivery to transport services, food delivery is considered a key activity of the campaign.

While some rivals eliminated their gross profit (GP) fees for merchant partners for the duration of the campaign, Line Man Wongnai cut its GP fee to 7%, which it considers a competitive rate.

To differentiate itself, Line Man Wongnai invested 300 million baht in a marketing campaign to woo co-payment scheme users.

He said the company aims to participate in the anticipated second phase of the co-payment scheme, focusing on improving vendor skills, promoting their use of digital technology and fostering their financial literacy on tools such as point of sale systems.

This effort should support restaurants easily entering the digital era, viewing their own financial data and managing income or expenses, said Mr Yod.

The online food delivery sector is expected to expand by 10-20% next year, due to the rising number of frequent users and the platform’s intensifying competition to woo customers, he said.

HIGH-GROWTH CITIES

Isriya Paireepairit, vice-president for public affairs at Line Man Wongnai, said the trend of high-growth cities is emerging, which aligns with the company’s strategy of expanding its services to secondary districts and provinces across the country.

Line Man Wongnai operates in 300 of more than 800 districts in Thailand and plans to expand further into key areas based on purchasing power and number of restaurants.

Nakhon Phanom stands out for its faster online food delivery activity growth than other Northeastern provinces, thanks to rising digital adoption by local consumers.

Line Man Wongnai recorded 16% annual growth in gross merchandise value (GMV) in this province, compared with the 14% annual growth of GMV in the region on average.

The company also registered a 12% order growth year-on-year in the province, compared with 10% order growth year-on-year for the region on average, and 11% user growth, more than double the Isan average growth of 5% year-on-year. The province has a total of 5,000 restaurants.

Top dishes on the delivery platform in the Northeast include som tam, while popular drinks range from Americano coffee to matcha and Thai tea. The food orders peak between 11am and 2pm.

Wisaruth Sroikham, owner of Chewa Cafe By SK Sroikham in Nakhon Phanom, said the co-payment scheme delivered strong results.

In the previous scheme, the cafe’s in-store sales jumped 100-150% — the fastest growth since opening. About 50% of the sales was from new customers who discovered the restaurant through the co-payment programme.

Mr Wisaruth said the current scheme provides a great chance to build lasting customer loyalty.

In the current co-payment plus phase, the cafe’s partnership with Line Man Wongnai and its own offline sales are expected to see sales skyrocketing by 150-300%.

The rise in faith-based tourism has fuelled growth in new hotels and boosted cafe trends — from just 10-20 to more than 100 spots in Nakhon Phanom.

“With digital platforms, small shops can compete on par with larger brands, helping uplift their business to a more competitive level,” Mr Wisaruth said.

The Pheu Thai Party is set to unveil a new election campaign focused on economic relief and the financial stability of households.

Julapun Amornvivat, a Chiang Mai MP and Pheu Thai’s new leader, said the party is preparing to launch an early campaign under the slogan “Creating Opportunities, Clearing Debts, Ensuring Livelihoods”.

Mr Julapun said that in terms of policy development, he believes Pheu Thai is already well ahead of other parties.

“We have had a dedicated policy team working for months, led by Dr Prommin Lertsuridej, one of our party’s key figures, who has been overseeing the creation of policies that truly resonate with the public,” he said.

The first principle guiding these efforts, he said, is a “Back to Basics” approach — simplifying policies so they are easy to understand and closely aligned with people’s real needs.

“As for the campaign launch, I ask everyone to stay tuned,” Mr Julapun added. “We’ve already hinted at what’s to come: creating opportunities, clearing debts, ensuring livelihoods. Our policies will continue to revolve around people’s daily needs and overall quality of life.”

He said the party’s policy development process involves two levels of workshops.

At one level, MPs will participate in policy workshops to develop and refine proposals internally.

At the sectoral level, a focus will be placed on specific areas such as agriculture and small and medium-sized enterprises (SMEs).

In these sessions, party representatives will meet directly with farmers and SME groups to discuss whether the proposed policies align with their needs and to gather feedback.

When asked about opinion polls showing the main opposition People’s Party and ruling Bhumjaithai Party are ahead of Pheu Thai, he said the party is paving the way for change.

“We have just completed a major restructuring,” he said.

“We acknowledge this is not the peak moment for our party. In recent times, political turbulence — including news from neighbouring countries, political attacks, and the change of government — has affected us,” Mr Julapun added.

A woman who drove a BMW at 200 kilometres per hour and fatally struck a mother and two children on a motorcycle in Chumphon last year has been sentenced to 4 years and 7 months in jail.

The Chumphon Provincial Court on Wednesday initially sentenced the defendant to 9 years and 2 months, but the term was reduced following her confession. The sentence was not suspended.

The court subsequently granted bail pending an appeal, after the defendant placed 150,000 baht as surety. But she must wear an electronic monitoring anklet and is not allowed to travel abroad.

The tragic incident occurred on May 27 last year in tambon Tak Daet in Muang district of the southern province. The victims – a 52-year-old woman, her 16-year-old son and her 14-year-old daughter – were returning home from tutoring classes when their motorcycle was struck by the speeding BMW. All three family members died at the scene.

The sedan was driven by Ms Jiranthanin, 30, whose surname has not been disclosed.

Evidence retrieved from the driver’s mobile phone showed the vehicle’s speed reaching 207 kilometres per hour at the time of the crash. She later disappeared from the scene, claiming she was searching for her cat.

Earlier, lawyer Monchai Jongkairattanakul said the defendant had changed her plea to admit guilt, concluding the criminal proceedings.

In a related civil case, the defendant has agreed to pay 5.5 million baht in compensation to the victims’ family. She deposited 300,000 baht with the court on the day of the hearing in July and paid another 200,000 baht at the end of October.

The remaining 5 million baht will be paid over eight years in monthly instalments of at least 30,000 baht each, said the lawyer.

Suriyan Hongwilai, spokesman for the Court of Justice, clarified the legal reasoning behind the sentencing amid public concern that the punishment might appear too lenient.

He said the information from the Chumphon Provincial Court showed that a public prosecutor served as the plaintiff, with the victims’ husband and father as co-plaintiffs, seeking 24.2 million baht in damages.

Both parties subsequently reached the settlement agreement for 5.5 million baht in total compensation, as outlined by Mr Monchai.

Falcon Insurance, the car’s insurer, has already paid 4.5 million baht in compensation to the victims’ family.

The defendant initially denied some charges, claiming the victims shared fault, but later withdrew her plea and admitted guilt in full.

Mr Suriyan said the court had imposed a sentence higher than half the maximum allowed by law, reflecting the gravity of the crime.

While the penalty was reduced due to the defendant’s confession, the court decided not to suspend the prison term, citing the severe loss of life despite her later attempts to mitigate the damage.

The Bureau of the Royal Household will open the Dusit Maha Prasat Throne Hall in the Grand Palace for the public to pay their respects to the body of the late Her Majesty Queen Sirikit The Queen Mother, with four daily sessions starting Sunday.

At present, the public is allowed to sign the book of condolences and pay respects before the royal portrait at Sahathai Samakhom Pavilion within the Grand Palace grounds from 8.30am to 4pm.

Following the completion of the 15-day royal merit-making ceremony, members of the public will be allowed to pay their respects to the body of the late Queen Mother at the hall from 9am to 9pm.

Visitation will be divided into four sessions: 8-10.45am, 12-4.45pm, 5.45-6.30pm, and 7.45-9pm.

Attendees are requested to dress in respectful mourning attire in black or white, with collared shirts and no sleeveless tops. Women must wear fabric skirts or traditional wrap skirts, while jeans are not permitted. Loan skirts will be available for women who arrive without proper attire.

Visitors will enter via Sanam Luang, pass security screening and follow designated walking routes guided by palace and volunteer staff.

After paying respects inside the hall, attendees will exit toward Ratchaworadit Pier, where electric trams will shuttle them back to Sanam Luang. Separate routes have been arranged for those visiting after 3.30pm.

Bangkok Metropolitan Administration (BMA) deputy town clerk Thaiwut Khankaew chaired a coordination meeting to ensure visiting goes smoothly on Sunday.

The BMA will provide additional wheelchairs, electric carts, rest areas and volunteer staff to assist visitors, particularly the elderly and disabled.

The Grand Palace will also reopen to tourists from Sunday, opening daily between 8.30am and 3.30pm. Foreign visitors can enter through the Manee Nopparat Gate opposite Sanam Luang and follow the designated routes through Wat Phra Si Rattana Satsadaram or Wat Phra Kaew and the Queen Sirikit Museum of Textiles before exiting via the Wiman Deves Gate on Na Phra Lan Road.

Piti Bhirombhakdi and Kantasak Kusiri of Singha Motorsport Team Thailand won the season-ending Race 10 of the Super Car GT3 event at the Thailand Super Series 2025 in Buri Ram on Sunday.

Piti and Kantasak, in their Honda NSX GT3 Evo22, combined to win the race and pick up 25 points at the Chang International Circuit.

Carlo van Dam and Voravud Bhirombhakdi, also from Singha Motorsport Team Thailand, finished fourth and earned 12 points.

Kantasak started from pole position, while Piti took over during the second half of the race. He maintained the lead and finished in first place, fending off a challenge from AAS Motorsport driver Wuthikorn Intarapuwasak.

The Singha Motorsport Team Thailand drivers finished the season as runners-up behind champions AAS Motorsport Team.

After the race, Piti said, “It will be more exciting next year, and we are looking forward to the new season.”

Many governments have toyed with the idea of extending the retirement age for civil servants, following the footsteps of Western countries. Yet, none has treated it as seriously as the current administration.

Prime Minister Anutin Charnvirakul floated the idea of retirement extension earlier this month, and this week, the government will discuss the matter with the Office of the Civil Service Commission to prepare for policy implementation, including the criteria and pension calculation model.

The idea of extending retirement age for public servants is to address the country’s ageing population, which is expected to result in a shrinking pool of people entering public service and an ensuing decline in its competency.

Supporters argue that, as Thailand is set to become a “super-aged society” by 2033, with almost 30% of its population 60 or older, the working-age group will shrink.

Keeping older and experienced workers in their jobs — especially those requiring specialised skills, such as judges or professors — will help mitigate the labour shortage.

Meanwhile, the courts and prosecutors have already implemented pilot schemes that extend the retirement age to 65-70.

Supporters have said that the extended retirement age also provides seniors with opportunities to rely on themselves and build more savings, reducing elderly poverty and dependence on the state or their families for financial support.

Extending the mandatory retirement age would also help shore up the Social Security Fund (SSF), which is projected to face a deficit within the next two decades.

Regarding the labour shortage, critics argue that the problem is not concentrated in the public sector. They say hundreds of thousands of young graduates are waiting for officials to retire so they can enter the service or advance in their bureaucratic careers.

Many also raise concerns that the Thai bureaucracy, which employs over a million workers and requires about 800 billion baht in wages, is currently bloated, cumbersome, and inefficient.

What is needed, they say, first and foremost, is meaningful structural reform rather than retaining older officials.

Out of a score of 100, the Global Competitiveness Report by the World Economic Forum (WEF) gives only 55 to Thailand’s bureaucratic and legal systems.

The International Country Risk Guide’s indicator also reports that the country’s quality of government is rapidly declining, overtaken by Vietnam, which reportedly has a better-performing bureaucracy and law enforcement.

As for the purported help to the SSF, the government should strive to make its investment and management more efficient, transparent and invite new members instead of extending retirement age, to avoid paying huge pension funds to senior members of the fund.

The government’s policy revolves around three issues: the ageing population, labour shortages, and cost concerns. However, it misses a crucial aspect: the rapid pace of technological change and the skills required to navigate the modern world.

The country’s future competitiveness is a critical factor. While retaining older civil servants may be helpful, this benefit must be weighed against the high risk of compromising other prospects.

The Small and Medium Enterprise Development Bank of Thailand (SME D Bank) expects to provide loans to SMEs totalling 75 billion baht this year, around 25% higher than last year.

According to Phichit Mitrawong, the bank’s managing director, in the first nine months of this year the bank extended more than 57 billion baht in loans, up 35.6% year-on-year.

In the final quarter of this year, SME D Bank expects to lend at least 20 billion baht, meeting its annual target of 75 billion baht, higher than the 60 billion lent last year.

He said the loans provided to small customers help to stimulate the economy, injecting more than 262 billion baht into the system.

For the fourth quarter this year, Mr Phichit said the bank plans to offer additional loans to SMEs to lift the economy in line with the government’s “Quick Big Win” policy.

This policy is expected to increase credit demand, driven by government measures such as the “Khon La Khrueng Plus” co-payment scheme and the top-up for state welfare cards, with the government allocating a total budget of 66.5 billion baht, generating more than 100 billion baht in economic circulation.

According to the SME Confidence Index survey conducted by SME D Bank, sentiment for economic prospects in the fourth quarter this year rose to 80.6% from 67.1% in the previous quarter.

This aligns with increasing demand for SME loans, which increased to 42.2% in the fourth quarter year-to-date, up from 21.2% in the third quarter.

Meanwhile, the bank’s non-performing loans (NPLs) have steadily declined from nearly 50% in the past to 8.7% as of September.

Total NPLs in the third quarter tallied 8.51 billion baht, down from 12.4 billion year-on-year, a decrease of 31.5%.

The decline in NPLs is attributed to the bank’s debt restructuring programmes that help borrowers repay at a manageable rate, along with risk management tools that enable early intervention before customers become NPLs.

The bank has assisted more than 16,000 customers, with a total restructured debt value of 33.5 billion baht.

Mr Phichit said SMEs have been affected by the economic slowdown since 2019, and the following year faced shutdowns caused by the pandemic.

After 2022, SMEs continued to struggle with the influx of cheap imported goods flooding the country and competition from local businesses, as well as the impact of US trade tariffs, he said.

The War Veterans Organisation (WVO) must issue clear details on how its lottery quotas are managed and explain why some veterans do not have quotas to sell tickets, Flying Officer Tanadej Pengsuk, a People’s Party MP, said this week in his capacity as a member of the House Committee on the Armed Forces.

He addressed the ongoing concerns over lottery quota management, noting the WVO receives 10,988 books per draw, equivalent to 1,098,800 tickets each time or 26,371,200 a year. This is divided between the Disabled Veterans Association of Thailand, which gets 4,235 books, and the WVO’s Lottery and Cigarette Sales Office, responsible for managing 6,735.

Annual dividends include payments to disabled veterans and their families, totalling 57 million baht per year — or 2.1 baht per ticket. Flg Off Tanadej said the tickets are sold to the WVO for 70.4 baht, but the printed price is 80 baht. Given the gap of nearly 10 baht, this has caused people to question why the dividend per ticket is only 2.1 baht.

It has also triggered queries about how the quota is managed, who benefits, and the transparency of proceeds meant to support veterans rather than private interest groups, he added.

“Some veterans do not receive quotas to sell the lottery tickets. They are given dividends instead. So it raised a question if these veterans are being used as frontliners, he said.

Flg Off Tanadej claimed the lotto quota scheme has been connected to money laundering and scam networks.

“When was the last time you were able to buy a lottery ticket at its official price of 80 baht? Many governments have attempted to tackle overpricing through various quota management schemes, yet the results have been limited.”

Money laundering through lottery winnings is another issue, he said. Individuals holding “grey money” — funds from illicit or untraceable sources — can purchase winning lottery tickets from the original winners, then claim the prizes in their own names.

Once the prize is officially paid out by the Government Lottery Office, the money becomes legally recognised income. For example, a person could spend 40 million baht to buy a winning ticket worth 40 million baht, instantly turning illegal funds into “clean” money.

Flg Off Tanadej said he is preparing to petition several agencies on the matter, including the Department of Special Investigation.

Bangkok is geared up for a Loy Krathong celebration that blends age-old traditions with modern technology. This year, the city offers both riverside festivities and an online option, ensuring everyone can take part in one of Thailand’s most cherished cultural events.

Thailand’s Loy Krathong festival falls on the full moon of the 12th lunar month, which in 2025 is on Nov 5. The festival sees thousands of krathong – delicate floats made from banana leaves, flowers and candles – released onto waterways as a gesture of gratitude to the Goddess of Water and a symbolic act of letting go of misfortune.(continues below pix)

The Bangkok Metropolitan Administration has designated 33 big public parks, including Lumphini Park, Chatuchak Park, Santi Chaiprakan Public Park, Saranrom Park as official venues for the celebrations. These green spaces provide a serene setting for families and friends to gather and enjoy the festivities.

Among the highlights are the Rama VIII Bridge in Bang Phlat and Khlong Prem Prachakorn at Wat Samian Nari in Chatuchak. A grand cultural event will also take place at Wat Arun Ratchawararam, organised by the Ministry of Culture, adding a spiritual dimension to the evening.

The Chao Phraya River will be the heart of the celebrations, with major attractions hosting spectacular shows. ThaiBev will stage ‘Loy Krathong Gratitude to the Goddess of Water’ at nine historic piers, while ICONSIAM will present its THAICONIC Loy Krathong at River Park. Asiatique The Riverfront will host the Bangkok River Festival 2025, and the Tourism Authority of Thailand will showcase ‘Vijit Chao Phraya 2025’ along both banks of the river.