Real estate company Frasers Property Thailand Plc (FPT) plans to invest $297 million in residential construction next year to increase housing revenue by 10-15%.
The company’s Executive Director in Thailand, Thanapol Siritanachai, stated that the investment budget will focus on the acquisition of new land plots for low-rise housing, including detached houses, townhouses, and duplex houses.
"The low-rise housing market will recover in 2022 when the country will reopen and boost employment and income growth," he said. " Relaxing credit restrictions can also help to restore purchasing power in the housing sector."
Despite Thailand’s expected recovery in 2022, the pandemic causes concern, as any growth in the tourism market will not be as promising as before the pandemic.
From January to September of this year, the company recorded consolidated revenue of $ 330 million, which is 27.5% less than in the same period last year, while profit decreased by 55.8% to $ 33.2 million.
In 2022, FPT expects a 10-15% increase in housing revenues due to the recovery of the market and economy.