Classifieds 50% off, use promo code FBkpkPromo The Phuket News Kata Rocks The Phuket News Outrigger Koh Samui Beach Resort
The Phuket News Phuket News
The Phuket News Phuket | Thailand | World | Business | Q&A | Weird World XML, RSS, Feed
The Phuket News The Phuket News
The Phuket News

Pruksa to pounce if prices plummet

BANGKOK: SET-listed developer Pruksa Real Estate Plc (PS) is revving up land purchases, vowing to offer as much as B17 billion a year as prices for plots cool down.

property,


Bangkok Post

Thursday 18 August 2016, 09:40AM


SET-listed developer Pruksa Real Estate's chief executive Thongma Vijitpongpun. Photo: Bangkok Post file
SET-listed developer Pruksa Real Estate's chief executive Thongma Vijitpongpun. Photo: Bangkok Post file

Pruksa Real Estate’s chief executive Thongma Vijitpongpu said with the land and buildings tax set to come into force next year, land prices should drop as some landowners, particularly those in prime areas, sell to avoid paying the tax.

“The market mechanism will make land prices fall. We will slow our land purchases and wait until next year,” he said.

Under the new tax, the ceiling tax rate will be 0.2 per cent of the appraisal value for land used for agricultural purposes, 0.5% for residences, 2% for commercial use and 5% for vacant or undeveloped land.

The tax will be levied on first homes and land used for agricultural purposes with appraisal prices starting at B50 million, with the rate applied to the amount exceeding B50 million.

The tax will also apply to second homes on a progressive basis, with rates of 0.03% to 0.30% for homes appraised from less than B5 million to over B100 million. For vacant or undeveloped land, the tax rate will be 1% for land left vacant or unused for one to three years, 2% for four to six years and 3% for over seven years.

Mr Thongma said Pruksa set an annual budget of B15-17 billion for land purchases during 2017-19 and would likely spend up to B20 billion in the future. This year it has spent B7.5 billion.

Last year it spent B16.71 billion on land, exceeding its budget of B14 billion because of a change in land appraisal prices that affected transfer fees.

Pruksa is the country’s largest land developer, followed by Sansiri Plc spending B9 billion and Ananda Development Plc spending B8.7 billion.

C and C Marine

Mr Thongma said it is upbeat on property market growth this year as the bombings in southern provinces had a minimal impact on housing demand in Greater Bangkok. The market should grow by 8% this year, driven by the property tax incentives that ended in April, he said.

"There are several positive factors, including the country's economic recovery and government investment in infrastructure projects, that should boost the property sector," said Mr Thongma.

Despite a year-on-year drop in first half presales to B21.63 billion from B23.93 billion, Pruksa maintained presales and revenue targets of B51 and B53 billion, respectively, this year.

The company's second-half launches should exceed the first half, with 38 projects worth a combined B34.4 billion in the former compared with 27 worth B19 billion in the latter.

Pruksa reported a first-half net profit yesterday of B3.14 billion from revenue of B23.88 billion, up 2.6% and 9.7%, respectively, year-on-year. As of June it had a sales backlog of B23.68 billion, of which B11.15 billion would be realised in the second half.

PS shares closed on Monday on the SET at B27.50, down 25 satang, in trade worth B193.3 million.

 

Read original story here.

 

 

The Phuket News
The Phuket News
Comment on this story
* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.
Comments Here:
Username:
Password:
E-mail:
CAPTCHA
    Forget your password?

Be the first to comment.

The Phuket News
The Phuket News The Phuket News The Phuket News
The Phuket News
Share this
The Phuket News
Have a news tip-off? Click here
The Phuket News
Related stories
The Phuket News
Phuket community

Recent Comments


Thai Immigration 90-day reporting service goes offline – again

A Phuket Immigration official, ...who declined to be named...? Why is that a thai government public spokesman not want to be named? Always so strang...(Read More)


Phuket taxi, tuk-tuk drivers rally against Patong parking crackdown

Pauly44: I agree with you! A real light rail track could be created at Patong, ( even as a tourist attraction) and I mean a local very light rail li...(Read More)


Phuket Police chief warns against breach of new Computer Act

wow, a fine of 200,000 thb for saying/publishing something what suppose to be free to do according international treaties signed by Thailand. Which T...(Read More)


Areas in Phuket Town to have water shut off tomorrow

So good public are informed in advance. And that is the way it suppose to be. Yesterday there were parts of Chalong without electricity from 09:15...(Read More)


Phuket taxi, tuk-tuk drivers rally against Patong parking crackdown

Phuket can't have its cake and eat it to, they MUST give back & come up with a long term solution to their transport problems which are deeply...(Read More)


Fingerprinting for SIMs made mandatory

Sir Burr, you are correct, 1984 is here and now. Every assault on our freedom is done under the guise of "security". This will not reduce th...(Read More)


Army chief hints ‘Kotee’ behind blast

Anyone feels comfortable when police/army authorities 'believe' or 'hint'? To me, it is not professional, at least not in releasing s...(Read More)


Army chief hints ‘Kotee’ behind blast

Discover Thainess: Of course we are not entirely sure. Not sure at all as long one can use a foreign SIM card in his phone. ( easy, even for thai i...(Read More)


Phuket taxi, tuk-tuk drivers rally against Patong parking crackdown

Many, many years ago, I drove often to Patong for dinner in small thai restaurants at Nanai Road, side soi's at Beach road. That were years you s...(Read More)


Army chief hints ‘Kotee’ behind blast

Have I missed something here? Whilst I fully understand the govt wanting to have sims registered as they can be used in setting off IEDs, surely there...(Read More)

The Phuket News
Bangkok Hospital Phuket
PHUKET NEWS
Phuket
Thailand
World
Business
Q A
Weird World
ARCHIVE
POLL
CURRENCY
WEATHER
PHUKET TIDE TABLE
The Phuket News PHUKET LIFE
Phuket Arts
Phuket Community
Phuket Culture
Phuket Dining
Phuket Education
Phuket Entertainment
Phuket Environment
Phuket Health
Phuket People
Phuket Technology
Phuket Travel
Photo Galleries
COLOURING BOOK
The Phuket News PHUKET SPORT
Phuket
Thailand
World
SURF REPORT
PREDICTIONS
The Phuket News PHUKET CLASSIFIEDS
Phuket Buy and Sell
Phuket Jobs
Phuket Property
Phuket Cars and Boats
Phuket Community
Phuket Services
SEARCH CLASSIFIEDS
POST CLASSIFIED
The Phuket News The Phuket News PHUKET EVENTS
Phuket Event listings
Phuket Event calendar
Buy Tickets
POST EVENT
The Phuket News PHUKET DIRECTORY
Phuket Bars, pubs and clubs
Phuket Hotels and villas
Phuket Restaurants
Phuket Yellow Pages
POST LISTING
The Phuket News BARGAINS
The Phuket News ABOUT US
The Company
Distribution points
Subscribe
Advertise with us
Pay for advert
Contact us
CONTESTS
Content Google Map
Site map
Australian Visa Services
 
Currency - The Phuket News   Weather Report - The Phuket News   Surf Report - The Phuket News
LinkedIn - The Phuket News   Twitter - The Phuket News   YouTube - The Phuket News   Facebook - The Phuket News
Copyright © 2017 Class Act Media. All rights reserved. | Website usage terms and conditions | Privacy and Confidentiality Statement.