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SET-listed contractor Stecon Group has diversified into property development, targeting an initial return of at least 15%, starting with a 14-billion-baht joint venture condo project with SET-listed residential developer Noble Development.

Pakpoom Srichamni, group chief executive and president of Stecon, said the move marked the company’s first venture into real estate development and its fourth investment this year.

“After nearly 50 years in construction, we recognised that relying solely on contracting constrained our growth potential,” he said. “To ensure sustainable expansion, we diversified into power, logistics, transport, startups, new technologies, and now property.”

By the fourth quarter, it plans to sign two joint-venture deals with foreign partners to develop data centres on two sites: its own plot on Bang Na-Trat Road at KM 4.5, and on an investor’s land plot in Chachoengsao’s Bang Pakong district.

Stecon, which posted 30.3 billion baht in revenue last year, almost entirely from construction, has earmarked 2-3 billion baht annually for non-construction investments, aiming for those businesses to generate profits on par with construction by 2030.

The firm notified the Stock Exchange of Thailand on Tuesday that its subsidiary, STECX Ventures Co, acquired a 50% stake in Vertical Rama 9 Alliance 1 Co, a Noble subsidiary developing the Nue Epic Asok-Rama 9 condo project, for 610 million baht.

The project, which recently began piling work, is located on a 15-rai plot on Rama IX Road. It comprises four high-rise buildings with a total of 3,116 units worth 14 billion baht.

Some 60% of the units valued at 8.3 billion baht have been sold. Stecon will handle construction under a 4.4-billion-baht contract, starting in January 2026 and scheduled for completion by the end of 2028.

“We aim for a minimum initial return of 15% from property investments,” said Ekachai Nitasanajarukul, chief strategy and new business officer at Stecon.

“There is no fixed formula for property investment decisions. It depends on the target customer group, price range, and market conditions. What matters most is having a clear marketing strategy,” he said.

Thongchai Busrapan, co-chief executive of Noble, said the sale of its stake in the project is part of an asset-light strategy, enabling the company to reinvest in new developments given the project’s significant value.

“This type of deal is not new. We previously sold a condo project that was still under construction with some units remaining for sale to another developer,” he said. “Sometimes divestment generates lower returns, but it avoids waiting four to five years for construction to be completed.”

The 610-million-baht proceeds from the recent sale of its stake will be booked in the third quarter of 2025 and are expected to help reduce Noble’s debt-to-equity ratio from 2.2 times at the end of the second quarter to below 2 times by year-end.

Noble plans to launch three new condo projects worth a combined 10 billion baht in 2026, with discussions ongoing with Stecon on potential joint-venture participation.

SINKHOLE REPAIR

Regarding the huge sinkhole on Samsen Road last Thursday, caused by construction of the MRT Purple Line (Tao Poon-Rat Burana extension), Stecon’s chief executive said the exact cause remained unclear.

“Preliminary assessment shows the impact is not severe as the damage occurred at the tunnel-to-station junction over a short distance. Our plan is to fill the area, remove the damaged section, and rebuild the affected tunnel,” said Mr Pakpoom.

He said the project has about 30 months remaining on the company’s contract, and Stecon estimates repairs will take less than a year, allowing the joint venture to complete the project on schedule, with repair costs expected to be covered by insurance.

The venture is 55% held by Ch. Karnchang Plc (CK) and 45% by Stecon, with tasks allocated according to expertise — CK handles tunnelling, while Stecon focuses on station construction and related building equipment.

“Under the joint venture, we share responsibility for all work, regardless of which partner leads a specific task,” said Mr Pakpoom.

Bangkok, for all its chaos and contrasts, remains a dynamic city in which to build and live life. This is why the Bangkok Post and BitesizeBKK, a young media brand focused on delivering crisp and digestible news on the most important trends and stories, are excited to collaborate on this new series. By fusing our perspectives, we will capture the way Bangkok eats, shops, works, and plays. Together, we’ll spotlight the trends and habits that shape the city’s identity, told with a contemporary pulse on what’s ahead.

Each week in Life, readers can expect a fresh feature that zooms in on how contemporary Bangkokians are living and designing our city, from the rise of new ‘it’ neighbourhoods to the spending patterns of a generation fluent in both local tradition and global taste. These are stories about how the city consumes and expresses itself – ones we’re excited to explore together.

Through our online channels, the collaboration opens the frame even wider, tracing cultural signals in real time. Whether we’re reporting on a two-month-in-advance dinner reservation or a new trend that suddenly feels unavoidable, these pieces act as dispatches from the ground: fast, sharp observations on what Bangkok is doing and why it matters.

This collaboration will present a fresh angle on the best of city life through new perspectives on how the movers and shakers of Bangkok are shaping the city. Together, the Bangkok Post x BitesizeBKK will help you discover the new trends that are helping drive the heartbeat of Asia’s most dynamic city.

Admirers of celebrity duo LingOrm have until Oct 7 to complete a shopping mission and have a chance to join the “Heart Together Exclusive Gala Dinner and Special Auction With LingOrm”, which will take place at Four Seasons Hotel Bangkok, Charoen Krung Road, on Oct 19.

Presented by Smooth E, a medical skincare brand, this charity campaign is open to everyone wishing to get up close and personal with Sirilak “Lingling” Kwong and Kornnaphat “Orm” Sethratanapong, two rising stars from the Girl’s Love series The Secret Of Us and Only You.

They are required to purchase Smooth E products from any of the four participating categories at Watsons stores nationwide, through Line Shopping or via smooth-e.com and register their receipts via Smooth E’s Line account by Oct 7.

Only the 40 top spenders will be picked and their names will be announced via Facebook on Smooth E Thailand on Oct 15. All will be eligible to attend the gala dinner featuring Michelin-starred Western cuisine along the Chao Phraya River, with dishes curated by celebrity hosts.

The top 10 fans will enjoy an exclusive dining experience at the same table as LingOrm, while the top three fans will have the chance to exchange personal letters. Only the top fan will get a private IG story photo session with the duo.

All 40 top fans are also invited to join a charity auction which will present seven rare items from LingOrm, including personal belongings, original artwork and limited-edition collectables.

Smooth E will donate all proceeds from the auction and 5 baht per participating products sold from this campaign to the Association for the Promotion of the Status of Women under the patronage of HRH Princess Soamsawali Krom Muen Suddhanarinatha (Emergency Home Don Muang).

Vantive Healthcare (Thailand) Co., Ltd., a vital organ therapy company with a 70-year legacy of kidney care innovation, has been named as one of Asia’s most outstanding employers, receiving two prestigious HR Asia awards in 2025: ‘Best Companies to Work for in AsiaS’ and ‘Most Caring Company’.

The awards recognise Vantive’s workplace culture of Care, Trust, Innovate, and Own It, and the company’s Mission to extend lives and expand possibilities.

Mr. Paul Uthaichalanond, General Manager of Vantive (Malaysia, Thailand, Vietnam, Myanmar) said: ‘Vantive’s Thailand team is proud to create an inclusive workplace where our employees are inspired to improve people’s health and well-being through innovation and compassion. These awards celebrate our Vantive people and the culture we have built together. When employees feel valued and supported, they are inspired to deliver their best every day, making a difference far beyond the workplace’

The HR Asia awards evaluate organisations on culture, employee engagement, and turning their values into action. Vantive received the ‘Best Companies to Work for in AsiaS’ and ‘Most Caring Company’ for its policies and programs that create an environment where employees are motivated, empowered, and inspired to innovate.

The company’s culture of engagement was awarded for strengthening collaboration across teams, enhancing patient care, and supporting research and community programs.

Vantive was also recognised for its commitment to helping employees grow professionally and personally while making a lasting positive impact for patients, care teams and the community across Thailand.

Living the Culture Every Day

Vantive’s culture is built on four pillars: Care, Trust, Innovate, and Own It. These values guide the actions, decisions, and initiatives of Vantive employees.

Over the past 12 months Vantive’s Thailand team has delivered corporate social responsibility programs, where employees can volunteer to support community causes they are passionate about, as well as the annual Vantive Thailand Family Day, which celebrates employees’ families, and the annual Charity Run to raise money and awareness for kidney patients.

The company fosters open dialogue and formal programs such as ‘Coffee Chat with General Manager’ that give employees a direct line to the company’s local leadership, and forums that encourage honest feedback.

An Asian man fell from a condominium tower in Pattaya, landing on a wall below that tore his body apart, early on Wednesday morning.

The gruesome discovery was reported to Pattaya City police about 12.30am, Pol Lt Col Sutheeraphan Thapsri, a chief investigator, said.

The condominium complex consists of three buildings: Tower A with 44 floors, Tower B with 32 floors, and Tower C with 7 floors. The body was discovered between Towers A and B. The dead man was believed to be an Asian male aged 30 to 40 years and was found wearing a black T-shirt and shorts.

His falling body landed on top of the condo wall, which split it into upper and lower halves and scattered his internal organs across the road.

Police investigators had yet to confirm which floor of which building he fell from. (continues below)

A witness reported hearing a loud thud, as though an object had landed violently on the ground. On investigating, he found the man’s body in its gruesome condition.

Investigators did find cigarette butts on the 32nd floor rooftop balcony of Tower C and traces indicating someone may have been sitting on the ledge.

The investigation was ongoing.

Finance Minister Ekniti Nitithanprapas has underscored the urgent need to accelerate government spending, describing it as the only remaining engine capable of rescuing Thailand’s economy from its current malaise.

Speaking on the second day of the government’s policy statement presentation to parliament on Tuesday, Mr Ekniti, who also serves as a deputy prime minister, warned that Thailand’s economy this year is akin to a vehicle “heading off a cliff”, powered by four main engines — most of which are now faltering or stalling.

Exports, which were previously bolstered by front-loaded shipments ahead of US tariff measures under the Trump administration, saw healthy growth of around 3% in the first half of the year. However, following the imposition of tariffs, this momentum has slowed significantly.

According to the Bank of Thailand’s data, private consumption in July experienced negative growth for the first time in over a year. This decline is attributed to waning consumer confidence, longstanding household debt problems, and stagnant incomes. As a result, this economic engine is weakening and on the verge of stalling as well.

Regarding private sector investment, capacity utilisation currently stands below 60%, a figure showing that this third engine is also nearing a standstill, he said. “Although the smallest in scale, government spending is now the only engine still operational and thus critical to economic recovery,” Mr Ekniti said.

He said projections from three state economic agencies suggest Thai GDP will grow by 1.7% this year. However, the outlook for the fourth quarter is bleak, with forecasted growth of just 0.3%.

“It is clear that the economic engine is already bogged down. The question now is: should we stimulate the economy so aggressively that it risks undermining fiscal discipline? Should we spend all available resources? These are questions I constantly weigh carefully. But as of now, this is the only functioning engine we have to pull the economy out of the mud.

“If we don’t use this engine — if we choose to do nothing — we won’t just remain stuck. We’ll plunge off a cliff. The damage will be immense and far more difficult to reverse,” Mr Ekniti said.

He stated that the government’s economic challenges encompass both immediate issues and long-standing problems. These encompass economic slowdown, reduced purchasing power, diminished liquidity, high household debt, and declining productivity.

He said that he has been in frequent discussions with fellow economic ministers to formulate and coordinate economic policies. They have agreed on an approach described as “short-term stimulus with long-term benefits and broad-based distribution”.

Short-term stimulus refers to the government’s limited timeframe of just four months to deliver effective economic stimulus.

Long-term benefits mean that efforts should go beyond merely distributing cash, and the focus must also be on enhancing the economy’s sustainable potential.

Finally, “broad-based distribution” emphasises the need for economic policies to reach all regions and citizens, with particular attention to supporting small and medium-sized enterprises (SMEs).

Mr Ekniti said that in response to the challenges mentioned, the government’s policy focuses on a “Quick Big Win” approach.

“Quick” means acting swiftly, immediately, and within a short timeframe, while “Big” refers to the scale of the stimulus — large enough to get the struggling economic engine out of the ditch. “Win” means ensuring the benefits reach the people, small businesses, and micro-enterprises, distributed widely across all regions.

Mr Ekniti said the government’s economic policy will be structured around five key pillars supported by one foundational element.

They include stimulating the economy and tourism, driven by the upcoming “Khon La Khrueng Plus” (co-payment plus) scheme aimed at easing the cost of living for citizens.

The scheme targets small vendors, including street sellers, market stalls, and taxi drivers. Importantly, no additional borrowing will be incurred, and no new funds will be introduced. The programme will utilise the existing budget framework approved by the government, combining 25 billion baht from the economic stimulus budget with 19 billion baht from the central contingency fund, all without jeopardising fiscal discipline.

Energy Minister Auttapol Rerkpiboon said the government is committed to advancing key energy initiatives. A central focus is the People’s Solar Energy Programme, aimed at reducing energy costs.

The initiative includes a 1,500-megawatt community solar farm project, covering over 15,000 households and a solar-powered water pumping scheme for agriculture, with a target of 1,200 projects spanning 700,000 rai.

Thailand has recorded 33 cases of the new Covid-19 strain XFG so far this year, most of them in Bangkok, according to the Department of Medical Sciences.

The department said on Tuesday that XFG, also known as Stratus, has become the dominant Covid-19 strain worldwide and case numbers are rising. However, there is no evidence to show that its symptoms are more severe than those caused by other strains.

Thailand recorded its first XFG case in April and as of Sept 24 there were 33 cases, 23 in Bangkok.

Most cases had mild symptoms such as fever, coughing, sore throat, runny noses and headaches. No one had to be admitted to a hospital, the department said.

Although the XFG strain has not caused severe symptoms, people should always protect themselves by washing hands frequently and avoiding crowded places, it said.

The Department of Disease Control earlier reported that for the year to July 14, Thailand had 589,352 reported cases of Covid-19 and 239 fatalities.

The Office of the Attorney General (OAG) is finalising the case of the leaked audio clip between Cambodian Senate President Hun Sen and former prime minister Paetongtarn Shinawatra.

Watcharin Phanurat, OAG deputy director-general, said on Tuesday the office has ordered the Cyber Crime Investigation Department 1 to supervise the case, with him leading the probe committee.

Investigators have already questioned numerous witnesses, including Ms Paetongtarn and one individual who reported on Hun Sen’s usage and behaviour on Facebook.

The authenticity of the audio clip does not need to be verified, he said, as Ms Paetongtarn was ruled ethically unfit to continue serving in her post by the Constitutional Court.

The OAG’s case on the audio clip is separate from that conducted by the Constitutional Court, according to Mr Watcharin.

He said the OAG’s investigation focuses on whether Hun Sen had any intention to instigate chaos or turmoil among Thais and if he violated Section 116 of the Criminal Code and the Computer Crime Act.

The investigation is set to finish in the coming weeks before it is submitted to the attorney-general, with only that figure able to decide on the accusation against Hun Sen, as it is considered an extraterritorial case.

The OAG may also probe another case to decide if Hun Sen’s offences involve terrorism and harm against the public, leading to the loss of life and property.

Police complaints to that effect have been filed by both the people and public offices in many areas in Thailand, said Mr Watcharin.

Two Thais have been named to the Time100 Next list of the world’s most influential ‘rising stars’: politician Natthaphong Ruengpanyawut and golfer Jeeno Thitikul.

Time magazine divided those chosen into five categories: Artists, Phenoms, Innovators, Advocates and Leaders. Jeeno, the world’s top-ranked female golfer at age 22, was named in the Phenoms category; and Mr Natthaphong, 38, the leader of the People’s Party, in the Leaders group.

A brief article on Mr Natthaphong traced the political circumstances – ‘two steps forward and one step back’ – that led to his ascent to the top position in the country’s largest political party.

The former tech executive was chosen to lead the People’s Party last year after the court-ordered dissolution of two predecessor parties – Future Forward and Move Forward – and the banning of their leaders.

‘The constitutional court’s ousting of [Former prime minister Paethongtarn Shinawatra] in August means fresh elections are looming, and many young Thais hope that Natthaphong can make the leap to the country’s top job,’ the magazine wrote.

‘Our vision is to reform politics, the economy, and reduce social inequality,’ Mr Natthaphong told Time. ‘We have to bring full democracy to our country.’ (Story continues below)

‘Complete’ golfer

Ratchaburi native Jeeno rose to the top spot in the Rolex women’s golf rankings earlier this year and leads in almost every statistical category in the sport this year.

Since joining the LPGA tour in 2022, she has won five tournaments and had a remarkable 52 Top 10 finishes, with nearly $13 million in career earnings to date.

Time magazine enlisted Lydia Ko, herself a member of the LPGA Hall of Fame at just 28 and also ranked third in the world, to write a brief essay about her friend and rival.

‘Most professional golfers are really good at one thing. For some, it’s their long game or iron shot, for others, it’s putting or chipping. But for Jeeno Thitikul, it’s everything,’ Ko wrote.

‘She motivates me to be a better player, and I feel lucky to be able to play alongside her.’

Bangkok, September 29, 2025 — The partnership between the Badminton World Federation (BWF) and Etihad Airways marks a significant milestone in combining elite sport with global connectivity.

Under this collaboration, Etihad serves as the Official Global Airline Partner of the BWF, providing seamless travel and premium experiences for players, officials and fans, while amplifying badminton’s global reach. The alliance reflects both organisations’ shared mission to unite people across continents through sport, culture and shared values.

Since January 2025, the airline has connected badminton’s worldwide fan base of 744 million people, most of whom are in Asia, with its expanding network and services.

At the recent TotalEnergies BWF World Championships in Paris, BWF President Khunying Patama Leeswadtrakul met with Arik De, Etihad’s Chief Revenue and Commercial Officer, to celebrate the role the airline has played in elevating the sport this year.

“To align ourselves with a global leader in air travel such as Etihad Airways signals the sport’s expanding footprint,” Khunying Patama said. “Etihad’s dedication to fostering connections through sport mirrors our mission of uniting people through badminton’s universal appeal.

“We are proud to partner with a sponsor that shares our vision to elevate badminton to world-class status, and for Etihad to take an active role in developing the sport globally. Together, we aim to enhance the fan experience, elevate the sport’s visibility and deliver unforgettable experiences at our premier tournaments.”

De underlined the synergy between the two organisations. “Our partnership with the BWF reflects Etihad’s commitment to connecting people through sport, culture and travel,” he said.

“Badminton is one of the fastest-growing sports in the world, uniting millions of fans across Asia and beyond. As we expand our network across Southeast Asia, we are proud to engage with badminton fans everywhere and support a sport that is so deeply loved in the region.”

Beyond celebrating the partnership, Khunying Patama herself embodies the global aspirations of the sport. A billionaire entrepreneur turned philanthropist, she has channelled her resources into sport, youth development, art, music and culture.

She became Thailand’s first female member of the International Olympic Committee (IOC) in 2017, the fourth Thai overall to hold the post. Earlier this year, she was elected unopposed by 204 national member associations as president of the BWF for the 2025-2029 term, making her not only the first Thai but also the first woman ever to lead the BWF.

In Thailand, she serves as President of the Badminton Association of Thailand under Royal Patronage, where she has spearheaded grassroots development, talent-building initiatives and the hosting of world-class events.

Her influence extends well beyond sport. She is active in numerous charities supporting education, health and social development, while also serving as patron of cultural, art and music organisations.

With business interests ranging from steel and property to hospitality and logistics, Khunying Patama has long been recognised as a leading figure in both corporate and philanthropic circles. In 2024, she was honoured by the Thai Sports Journalists’ Association with the title “Olympic Queen” for her contributions to Thai and international sport.

Through her leadership, generosity and vision, Khunying Patama has not only shaped the trajectory of badminton worldwide but has also inspired countless young people in Asia and beyond.