Thai Industry Wire

Bangkok office vacancy reads 21.9% or 31.8%, by grade

Sat, 17 Oct 2026 17:00:00 GMT

Cushman & Wakefield reported Bangkok central business district Grade A vacancy of 21.9% in the second quarter of 2026, down from 23.3% in the first quarter and the lowest since the first quarter of 2023.
JLL reported prime vacancy of 31.8% in the first quarter of 2026, the first reading above 30% since 2000, after One Bangkok Tower 5 added about 99,000 square metres.
No new office building opened in Bangkok in the second quarter of 2026, and about 616,130 square metres are due between 2026 and 2031, per Cushman & Wakefield.
JLL expects One Bangkok Tower 2 to add about 73,000 square metres in the third quarter of 2026, with Sumitomo Mitsui Banking Corporation as its first anchor tenant, moving in the fourth quarter.
Grade B buildings hold 58% of Bangkok's office space, and more than 52% of them are over 10 years old, according to Cushman & Wakefield.

Two respected consultants measured Bangkok's office vacancy in 2026 and got numbers almost ten points apart. Cushman & Wakefield found 21.9% for Grade A space in the central business district in the second quarter. JLL found 31.8% for prime space in the first quarter, the first reading above 30% since 2000.

Neither is wrong. They count different buildings in different quarters, and together they describe a market splitting in two.

Why the numbers differ

JLL's prime stock was 1.76 million square metres after One Bangkok Tower 5 became fully operational and added about 99,000 square metres. That is a small base, so one large tower moves the rate sharply. JLL also recorded net absorption of minus 2,500 square metres in the quarter, because big occupiers vacated older buildings while others took space in new projects.

Cushman & Wakefield tracks a wider pool. Bangkok has about 9.15 million square metres of office space, with 5.03 million in the central business district. Grade A is 38% of the total. In the second quarter no new office building opened, and Grade A CBD vacancy fell from 23.3% to 21.9%, the lowest since the first quarter of 2023.

So one firm saw a new tower arrive and vacancy jump. The other saw a quarter with no completions and vacancy fall. Both fit a market where tenants chase new space.

Flight to quality, with a bill attached

Cushman & Wakefield describes tenants moving from older buildings to newer, better-equipped ones. Grade B is 58% of the city's space and, in the firm's words, "the workhorse of the Bangkok office market and also the oldest." More than 52% of Grade B buildings are over 10 years old, while Grade A made up 78% of new supply in the past decade.

Rents show the strain. Cushman & Wakefield's average Grade A asking rent was flat at THB943 per square metre per month. Landlords offered rent-free periods, fit-out allowances and flexible lease terms instead of cutting the headline number. JLL's prime gross rent rose 1.1% on the quarter to THB1,023, though it noted that most landlords held rents or discounted and offered incentives.

For a tenant, that means the real price is in the lease terms, not the asking rent. For an owner of an ageing building, it means renovation is the cost of keeping tenants.

More supply, mostly better supply

The pipeline is large but slower than before. Cushman & Wakefield counts about 616,130 square metres due across Bangkok from 2026 to 2031, led by the central business district and outer areas such as Late Sukhumvit, Bangna-Trad and Phahon Yothin. It expects slower new supply to keep Grade A CBD vacancy steady or falling, with rents flat and pressure showing up as concessions.

JLL expects prime vacancy to stay near 31% in the near term and prime rents to grow about 1.5% year on year by the end of 2026, led by new premium developments. The next premium addition is One Bangkok Tower 2, with about 73,000 square metres expected in the third quarter of 2026.

Its first anchor is already named. Sumitomo Mitsui Banking Corporation said in January 2026 that it will move into Tower 2 in the fourth quarter of 2026, its first local office relocation in more than a decade, according to a One Bangkok release. Frasers Property's group chief executive, Panote Sirivadhanabhakdi, said the move marks a turning point for the district.

What to watch

The third-quarter reports from JLL and Cushman & Wakefield will show the first effect of Tower 2. If JLL's prime vacancy stays near 31% while Cushman & Wakefield's Grade A figure keeps falling, the gap confirms that demand is going to the newest space. Owners of Grade B buildings should watch the rent-free months on offer nearby, because that is where the pressure shows first.

FAQ

What is Bangkok's office vacancy rate in 2026?

Bangkok holds 65,300 unsold condos as launches slow

Sat, 17 Oct 2026 17:00:00 GMT

Cushman & Wakefield Thailand said in October 2026 that Bangkok has more than 65,300 unsold condo units worth about THB370 billion.
About 25,700 of the unsold units are completed and waiting for ownership transfer, roughly 40% of the remaining stock.
Developers launched 14,377 condo units in the first nine months of 2026, up 6% on the same period of 2025, and expect 16,000 to 17,000 for the full year.
Knight Frank counted 6,174 launches in Bangkok in the first quarter of 2026 and none in the central business district.
Condos priced at THB100,000 per square metre or less make up about 55% of the unsold stock, according to Cushman & Wakefield.

Bangkok has more than 65,300 unsold condo units, worth about THB370 billion, according to Cushman & Wakefield Thailand. The figure, reported by The Nation on 14 October 2026, includes comments from Surachet Kongcheep, the firm's head of research and consulting.

Roughly 25,700 of those units are finished and waiting for an owner. That is about 40% of what remains on the shelf, and holding it costs developers interest, maintenance and delayed revenue.

Cheap condos are the bulk of the stock

Units priced at THB3 million or less, or at most THB100,000 per square metre, make up about 55% of the unsold total. Add the band up to THB150,000 per square metre and the share reaches about 76%. In other words, the glut sits where most Bangkok buyers shop, not in luxury towers.

At the current pace, the stock could take two to three years to clear if no new project launched, The Nation reported. Surachet framed the real test as a conversion problem:

The challenge now is not simply to build new projects, but to turn existing stock into ownership transfers while balancing current asset sales with future investment.
Surachet Kongcheep, head of research and consulting, Cushman & Wakefield Thailand

A May 2026 report in The Nation on the Thai Condominium Association's priorities describes a slower picture: the average sales period has stretched from two to three years to five to six years. The two numbers measure different things: one is how long the current stock would take to clear, the other is how long a typical project takes to sell out. Both point the same way.

Launches are small and cheap

The same May report put 2026 launches at about 17,000, the lowest in 20 years. Cushman & Wakefield's count is close. It tallied 14,377 units in the first nine months, 6% more than a year earlier, including 4,876 in the third quarter, and expects 16,000 to 17,000 for the year. Some developers pushed back late-September launches because of flooding, and others held soft launches that let selected customers reserve early before a formal fourth-quarter opening.

The mix has shifted. Knight Frank counted about 6,174 launches in the first quarter of 2026: 58% in the city fringe, 42% in the suburbs, and none in the central business district. More than 68% were priced below THB80,000 per square metre, and most targeted the THB1.5 million to THB3 million range.

Demand did not match. Knight Frank put the sales rate of newly launched projects at 24.3% in the first quarter, down from 43.8% in the previous quarter. Potjaman Vorakitpokathorn, a partner at Knight Frank Thailand, said buyers have become "more selective and cautious."

Why buyers are missing

Two groups are not filling the gap. Domestic buyers face weak purchasing power and loan refusals; the May report puts housing loan rejection at 40% to 50%. Chinese buyers have pulled back too: Cushman & Wakefield says Chinese tourist arrivals fell 33.6% in 2025 and condo transfers to Chinese buyers fell 13%. Foreign buyers overall account for about 18% to 20% of the market, per the same report, which is not enough to offset the domestic slowdown.

Costs make discounting harder. The report says construction costs have risen about 10% to 20%, most sharply for small projects, and that developers' unsold stock is taxed at the "other" rate under the Land and Building Tax Act, which the private sector wants amended. Some developers of cheaper units now let customers rent before buying.

What to watch

The fourth-quarter launches are the next test. If the soft-launched projects convert reservations into signed contracts at a rate well above Knight Frank's 24.3% from the first quarter, the stock can start to shrink. If not, expect more delays and more rent-to-own offers. The government's cut in transfer fees to 0.01% for homes up to THB7 million, running to 30 June 2027, covers many of the units that fill the unsold list.

FAQ

How many unsold condos does Bangkok have?

BYD's Thai plant builds 100,000th car as EV tax rules shift

Sat, 17 Oct 2026 17:00:00 GMT

BYD's Rayong plant built its 100,000th car on 21 September 2026, about 26 months after production started in July 2024.
The plant was designed for 150,000 vehicles a year, and it added about 30,000 cars in the ten months after its 70,000th in November 2025.
Under EV 3.5, makers must build two cars locally for every imported one in 2026, rising to three in 2027, according to KPMG Thailand.
Since November 2025 each EV exported counts as 1.5 units toward a maker's local production obligation, according to the Board of Investment.
On 10 September 2026 the EV Board agreed in principle to a tiered excise tax that taxes imports from makers with no Thai plant the most, and the cabinet has acknowledged the principle.

BYD's factory in Rayong built its 100,000th car on 21 September 2026, a white Atto 3, about 26 months after the line started, CnEVPost reported. The milestone lands in the same month Thailand agreed in principle to rewrite the tax rules that brought Chinese carmakers to the country.

What the Rayong plant has built

The plant sits in the WHA Industrial Estate and is BYD's first wholly owned passenger-car factory outside China. It opened in July 2024 with a design capacity of 150,000 vehicles a year. The 10,000th car came in November 2024 and the 70,000th in November 2025. The next 30,000 took ten months.

That is about 3,000 cars a month, or roughly 36,000 a year at the recent pace, against a design of 150,000. That arithmetic is ours, drawn from CnEVPost's figures.

BYD says Thai nationals are 95% of the workforce and about half of its purchasing is local. Five models carry Made in Thailand certification, and the plant builds the Dolphin, Atto 3, Seal 5 DM-i, Sealion 5 DM-i and Sealion 6 DM-i. The company counts more than 5,000 jobs created.

Other Chinese plants

Changan opened its first overseas EV factory in Rayong on 16 May 2025, a roughly 10 billion baht investment with initial capacity of 100,000 units a year and a planned expansion to 200,000. XPeng is still weighing a Thai plant, and The Nation reported in August that its decision depends on final tax rates and incentives.

What EV 3.5 requires

EV 3.5 is the successor to EV 3.0. KPMG Thailand's summary of the scheme says makers must assemble two vehicles locally for every imported unit in 2026, and three for every imported unit in 2027.

Buyer subsidies are smaller than before. KPMG cited up to 100,000 baht a car in its August 2025 outlook, while The Nation put EV 3.5 at up to 50,000 baht in August 2026, against up to 150,000 baht under EV 3.0, which has ended. We use the lower and more recent figure. The Nation also gives the current excise rates: 10% on imported EVs and 2% on locally assembled ones.

The Board of Investment changed the terms in November 2025:

Registration for EV 3 cars moved from December 2025 to January 2026, and for EV 3.5 from December 2027 to January 2028.
Each EV built for export counts as 1.5 units toward local obligations, up from one.
Subsidy payments are held back if a maker's local output falls short of its commitment.
From 1 January 2026 the value of imported battery cells that can count as local content is capped at 10% of the car's factory price.

What replaces it

The EV Board met on 10 September 2026 and agreed in principle to restructure car excise tax, Techsauce reported. Thansettakij reported on 8 October that the cabinet has acknowledged the principle.

The structure has tiers. Imports from makers with no Thai factory pay the most. Makers that do build in Thailand may import limited volumes, with the cap tied to the economic value they create in Thailand. Cars built locally with higher Thai content pay the least.

No rates have been published. The Excise Department must finalise them and take them back to the cabinet. Industry groups have asked for more: in May, a coalition of 10 associations asked for an excise rate of at least 32% on imported EVs.

For a parts supplier or a plant manager, the number to watch is the Excise Department's rate table. Until it appears, Chinese makers cannot price the choice between filling Rayong and importing.

FAQ

What is EV 3.5?

CK and Stecon hold THB260 billion of backlog after Q2

Sat, 17 Oct 2026 17:00:00 GMT

CH. Karnchang (CK) reported second-quarter 2026 revenue of THB11.7 billion and net profit of THB800 million, with a backlog of THB146.3 billion.
CK's second-quarter profit was down 7.3% year on year but up 143% on the first quarter, according to SBI Thai Online Securities.
Stecon reported second-quarter 2026 net profit of THB911 million, up 78% year on year, on construction revenue of THB9.35 billion and a backlog of about THB114 billion.
Stecon's second-quarter results included about THB736.5 million of dividend income, according to Globlex Securities.
SBI lists the Suvarnabhumi Airport east expansion and the Ngamwongwan to Rama 9 double-deck expressway as tenders due in late 2026, while the M5 and M9 motorways slip to 2027.

CH. Karnchang (CK) earned THB800 million on revenue of THB11.7 billion in the second quarter of 2026, and Stecon earned THB911 million. Together the two contractors hold roughly THB260 billion in unbuilt orders: THB146.3 billion at CK and about THB114 billion at Stecon.

CK's figures were published by The Nation on 20 August. CK expects its backlog to turn into revenue over three to four years.

Two different quarters

CK's profit looks weak and strong depending on the comparison. SBI Thai Online Securities puts it down 7.3% on the second quarter of 2025 and up 143% on the first quarter of 2026. Revenue was up 4% year on year and down 4.9% on the quarter. Gross margin improved to 8.15%, from 7.42% in the first quarter and 7.86% a year earlier. Financial costs fell about 30% year on year, to roughly THB382 million.

CK's president, Nattavut Trivisvavet, called the quarter in line with plan. He said the priorities are controlling costs and keeping projects on or ahead of schedule, and he wants to add government and large infrastructure contracts to rebuild the backlog toward its earlier peak.

Stecon's quarter was bigger on paper. Net profit of THB911 million was up 78% year on year and 160% on the first quarter, Globlex Securities noted, with construction revenue up 7% to THB9.35 billion. But the quarter included THB736.5 million of dividend income, a large share of the headline. Gross margin slipped to 7.2% from 7.6%, which Globlex linked mainly to faster project execution.

What is being built

The orders are mostly public works. Globlex ties Stecon's quarter to progress on the Orange Line mass transit, the Den Chai to Chiang Rai to Chiang Khong dual-track railway and several data centre contracts. SBI expects CK's third quarter to rise seasonally as Purple Line and Orange Line work is recognised.

Neither set of results, as reported, ties the quarter to the March 2025 collapse of the State Audit Office tower or to the steel rules now being drafted. The link to contractors is indirect: a revised rebar standard would change what they buy, not what they have already booked.

The pipeline: late 2026, then 2027

SBI lists two tenders due for bidding in late 2026: the Suvarnabhumi Airport east expansion and the Ngamwongwan to Rama 9 double-deck elevated expressway. The M5 and M9 motorways and some other expressway projects have been pushed to 2027. SBI sees limited short-term impact on CK because of its existing backlog.

The private side is weaker. The Nation reported in May that construction costs have risen about 10% to 20%, most sharply for small projects, citing energy, transport, steel, concrete and aluminium. Developers are launching fewer towers into a market holding more than 65,300 unsold condos, which is why a backlog of state projects matters.

What analysts expect

SBI named CK its top pick on 28 September, expecting second-half earnings to recover, especially in the third quarter. It noted CK shares at THB18.10 against a consensus target average of THB24.08. Globlex kept a "Buy" on Stecon with a target of THB21.50 and forecasts 2026 net profit of THB1.75 billion, 11% lower than the year before because it expects less dividend income in the second half. First-half profit of THB1.26 billion was already 71% of that forecast.

These are broker views, not company guidance or advice, and the consensus target is not SBI's own.

What to watch

The next datapoints are CK's third-quarter results, which SBI expects to show the seasonal lift, and the bidding calendar for the airport and expressway packages. A tender that slips past 2026 would test how far backlog alone can carry revenue.

FAQ

How big are CK's and Stecon's order backlogs?

BOI backs 1 trillion baht of data centres in two meetings

Sat, 17 Oct 2026 17:00:00 GMT

On 6 May 2026 the Board of Investment approved three data centre projects worth 913 billion baht, of which TikTok System (Thailand) accounts for 842 billion baht.
In January 2026 the BOI approved seven data centre projects worth 96.88 billion baht, including True Internet Data Center at 223 megawatts and GSA Data Center 05 at 120 megawatts.
Skyline Data Center (DAMAC Group) plans 200 megawatts of IT load in Chachoengsao and Bridge Data Centres plans 134 megawatts in Chonburi.
The BOI received 36 data centre applications in 2025 with a combined value above 728 billion baht.
The draft Power Development Plan 2026 says data centres and AI could add up to about 8,800 megawatts of demand in its high-growth scenario.

Thailand's Board of Investment (BOI) approved three data centre projects worth 913 billion baht on 6 May 2026, after approving seven worth 96.88 billion baht in January. The two rounds add up to about 1 trillion baht, our own sum, and most of it is one project.

May: TikTok leads

BOI's release lists three data centre projects at the meeting chaired by Deputy Prime Minister Ekniti Nitithanprapas:

TikTok System (Thailand): 842 billion baht, adding servers and expanding data storage and processing in Bangkok, Samut Prakan and Chachoengsao. The BOI gave no megawatt figure.
Skyline Data Center and Cloud Services, part of UAE-based DAMAC Group: 46 billion baht in Chachoengsao, supporting 200 megawatts of IT load.
Bridge Data Centres IIO (Thailand), from Singapore: 24.6 billion baht in Chonburi, supporting 134 megawatts.

The TikTok number is far above what the company said earlier. CRN Asia noted that TikTok had previously talked of investing US$8.8 billion over five years. The BOI figure is about US$25 billion. The release does not explain the gap.

January: seven projects

At the first board meeting of 2026, W.Media reported, the BOI approved seven projects:

True Internet Data Center: 223 megawatts, 45.3 billion baht, three projects.
GSA Data Center 05: 120 megawatts, 37.2 billion baht, two projects.
Stellar DC, a STECON Group project with SC Zeus Data Centers of Singapore: 25 megawatts, 8.1 billion baht.
Freyr Technology (Thailand): 6.3 billion baht, no capacity given.

Most are in Chonburi, Samut Prakan, Rayong and Bangkok. The BOI received 36 data centre applications in 2025 worth more than 728 billion baht, in Bangkok, Chachoengsao, Chonburi, Pathum Thani, Rayong and Samut Prakan.

Adding the five projects that disclosed capacity gives about 702 megawatts. That is our sum. It leaves out TikTok and Freyr, so it understates the total.

The power question

[S]peed, power readiness, clean energy access and skilled talent will be decisive.
Narit Therdsteerasukdi, Secretary General, Board of Investment

That line is from the May release. The same release says the board discussed urgent power needs for incoming investment in the Eastern region with the energy ministry and regulator, and directed faster issue of the Power Development Plan (PDP). It also said criteria and grid-service charges for direct renewable power purchase agreements would be announced soon.

The numbers show why. The draft PDP 2026, which was due to open for public consultation on 8 September, says data centres and AI could add up to about 8,800 megawatts of demand in its high-growth scenario, against a demand forecast of 57,273 megawatts in 2037.

The government's direct PPA pilot is sized at 2,000 megawatts for data centres. WHA Utilities and Power said in July that the rules were still in draft. Eligible buyers are BOI-promoted data centres with at least 50 megawatts of IT load. Cooling water is a second limit: the company says data centres need 12 to 16 times more water than a typical industrial user.

What to watch

Two decisions matter for anyone supplying or hosting near these sites: the final direct PPA rules, and the approval of the PDP once its public consultation ends.

FAQ

How many megawatts of data centre capacity has the BOI approved in 2026?

Direct green power deals for factories remain in draft

Sat, 17 Oct 2026 17:00:00 GMT

On 15 July 2026 the National Energy Policy Council approved in principle extending direct power purchase agreements beyond data centres to other industrial users, but the grid access code is still in draft.
The original direct PPA pilot, approved in June 2024, is capped at 2,000 megawatts for data centres.
Utility Green Tariff 2 took effect on 1 May 2026, with applications expected toward the end of 2026 and service expected in 2027.
The draft Power Development Plan 2026 adds about 50,900 megawatts of capacity from 2026 to 2037, including 24,300 megawatts of solar and 14,500 megawatts of battery storage.
Rooftop solar no longer needs a factory operating licence under Ministerial Regulation No. 3 of 2024, whatever its capacity.

A Thai factory still cannot sign a contract to buy renewable power directly from a generator and have it carried over the grid. On 15 July 2026 the National Energy Policy Council (NEPC) approved in principle widening the direct power purchase agreement (direct PPA) beyond data centres to other industrial users, but the grid code that would make it work is still a draft, according to the Chambers renewable energy guide for 2026.

How the pilot works today

The NEPC approved a direct PPA pilot in June 2024, sized at 2,000 megawatts for data centres, The Nation reported. The Energy Regulatory Commission (ERC) published draft rules in October 2025 and they were still drafts in July 2026.

The October draft, reported by DatacenterDynamics, set conditions on both sides:

Generators must be newly built renewable plants, or renewable plants paired with batteries, of at least 1,000 kVA, with no existing PPA.
Buyers must be data centres promoted by the Board of Investment, with at least 50 megawatts of IT load per building, buying 100% renewable power.

The draft third party access code covers wheeling, connection, system security, imbalance and policy charges, Chambers says. Imbalance is measured every 15 minutes. Negative imbalances are charged, at a higher rate above 2%. Positive ones are not charged, but the surplus is not paid for. Wheeling charges were still being finalised in July. On 9 April the government told Parliament that laws should be amended to accommodate direct PPAs.

What a factory can do now

Chambers describes what is open to a factory today.

On-site solar under a private PPA is already common. A developer installs and runs rooftop panels at the customer's premises and sells the output under a contract. Since 2024, rooftop solar has not needed a factory operating licence, whatever its size, though grid-connected systems need PEA or MEA approval and projects in industrial estates may need IEAT approval.

Utility Green Tariff 1 is open to every user and does not name the source. Utility Green Tariff 2 lets large users pick a portfolio of new renewable plants. It took effect on 1 May 2026, with applications expected toward the end of 2026 and service in 2027.

Off-site corporate PPAs are not generally available. Virtual and sleeved versions have only been tested in the ERC's sandbox.

The private sector is already positioning. WHA Utilities and Power reported 372 megawatts of cumulative signed private PPA capacity in its first-quarter 2026 results, plus a trial memorandum with Apex Circuit (Thailand) for a 17-megawatt direct PPA project. Its chief executive wants the criteria finalised quickly and has urged regulators to consider widening the quota to sectors such as automotive and steel. He says access to clean energy is now the first screen investors apply, tied to standards such as the EU's carbon border mechanism and RE100.

The plan behind it

The draft Power Development Plan (PDP) 2026 was approved by its drafting subcommittee, and public consultation was set to open on 8 September, The Nation reported. For 2026 to 2037 it adds about 50,900 megawatts:

Solar: 24,300 megawatts.
Battery storage: 14,500 megawatts.
Gas combined-cycle plants: 9,100 megawatts.
Wind: 2,700 megawatts.
Demand response and distributed resources: 2,660 megawatts.
Small modular reactors: 300 megawatts, from 2037.

It puts clean energy at about 49% of the electricity system in 2037 and forecasts demand of 57,273 megawatts that year. Direct PPAs and third party access are part of the plan, meant to support industries such as smart factories and data centres.

The BOI's May board directed faster issue of the PDP and said direct PPA criteria and grid-service charges would be announced soon. In July the direct PPA rules were still drafts.

What to watch

Three dates matter to a factory buyer: the ERC's final third party access code with its wheeling charge, the opening of UGT2 applications near the end of the year, and the PDP's approval after consultation.

FAQ

Can a Thai factory sign a direct PPA today?

Fee cut and 100% LTV help only some Thai home buyers

Sat, 17 Oct 2026 17:00:00 GMT

Thailand's cabinet agreed on 30 June 2026 to extend cuts in the ownership transfer fee and mortgage registration fee to 0.01% until 30 June 2027.
The fee cut covers houses, townhouses, commercial buildings and condo units, but only for Thai individuals, and the price, assessed value and mortgage must each be THB7 million or less.
The Bank of Thailand's May 2026 draft keeps a 100% loan-to-value ceiling for contracts signed from 1 July 2026 to 30 June 2027.
The 100% ceiling applies to collateral under THB10 million from the second loan contract onward, and to collateral of THB10 million or more from the first.
Housing loan rejection rates stand at 40% to 50%, according to The Nation's May 2026 report on the Thai Condominium Association's priorities.

A Thai buyer of a condo with an assessed value of THB5 million and a THB4 million mortgage would normally pay THB100,000 in transfer fee and THB40,000 in mortgage registration fee. Under the rates now in force, the same two fees come to THB900.

The rates come from Tilleke & Gibbins, summarising two Interior Ministry notices: the transfer fee falls from 2% to 0.01% of assessed value, the mortgage fee from 1% to 0.01% of the loan. The sums are our arithmetic.

The fee cut: narrow by design

Cabinet approved the extension on 30 June 2026, Reuters reported, and the Royal Gazette published the notices the next day. The rates run to 30 June 2027.

The conditions are strict, per The Nation. The buyer must be a Thai individual. The sale price, the official valuation and the mortgage amount must each be THB7 million or less. The cheaper mortgage fee applies only when the mortgage is registered at the same time as the transfer. Houses, townhouses, commercial buildings, land sold with them and condo units all qualify. Companies and foreign buyers do not, and foreigners account for about 18% to 20% of the market, per The Nation's May 2026 report.

The loan rule: more room, same bank test

The Bank of Thailand's draft, published on 7 May 2026, extends its temporary loan-to-value easing by one year, for housing loans signed between 1 July 2026 and 30 June 2027.

The ceiling is 100% in two cases: collateral under THB10 million from the second loan contract onward, and collateral of THB10 million or more from the first. Read plainly, the first group is people buying another home before they have cleared the first loan, and the second is buyers of dearer homes. Thairath describes the under-THB10 million group as first-time buyers, which conflicts with The Nation's reading, followed here. Its example: on a THB3 million house, a 90% ceiling means a THB300,000 down payment, while 100% means no large down payment.

The central bank cites a slowing market and high unsold supply, and expects little added risk because lenders remain cautious.

One caution: this desk did not see the central bank's final notice. The terms above are from the May draft. CBRE Thailand's 31 August note describes the 100% ceiling as in place for one year, but pairs it with the THB7 million limit that belongs to the fee cut. Check the lender first.

Why rejections matter more than the rules

Cheaper entry costs do not help a buyer a bank turns down. A May 2026 report in The Nation on the Thai Condominium Association's priorities put housing loan rejection at 40% to 50%. The private sector asked for soft loans, debt consolidation and easier LTV rules, and some developers now offer rent-to-own.

CBRE makes the same point from the other side. Mortgage approval, it said, still depends on a borrower's ability to service debt and on creditworthiness. Its managing director, Roongrat Veeraparkkaroon, said the combined measures give the market "a clear push."

Who gains

Developers with finished stock stand to gain. Cushman & Wakefield Thailand says about 55% of Bangkok's unsold condos are priced at THB100,000 per square metre or less, and about 25,700 unsold units are already complete. CBRE expects the measures to speed up sales of ready-to-move-in projects.

Buyers with steady salaries and a bank that says yes gain next. CBRE advised those with irregular income, such as freelancers, to build savings and manage debt first.

Both measures lapse on 30 June 2027 unless extended again. Until then, watch the share of applications banks approve: if the 40% to 50% rejection rate does not move, the help is going to buyers who were already getting loans.

FAQ

Who can use the 0.01% transfer and mortgage fee?

Laem Chabang phase 3 slips as GPC seeks 4 billion baht

Sat, 17 Oct 2026 17:00:00 GMT

Laem Chabang phase 3 is a 110.924 billion baht project that would lift port capacity from 11 million to 18 million containers a year, according to the Eastern Economic Corridor Office.
The reclaimed Terminal F1 area was due to be handed to concessionaire GPC in November 2025, and the handover was delayed by almost six months, according to The Nation.
GPC wrote to the Port Authority of Thailand on 1 April 2026 seeking about 4 billion baht in compensation and a two-year extension of its 35-year concession.
The reclamation contract requires settlement of no more than 20 centimetres over 30 years, while the concession requires relative density of at least 75%.
Reports in March and April 2026 put the start of Terminal F1 service at 2031, against 2027 on the EEC Office project page.

Terminal F1 at Laem Chabang, the first terminal of the port's phase 3, is late, and the delay now has a price tag. The concessionaire, GPC International Terminal, wrote to the Port Authority of Thailand (PAT) on 1 April 2026 asking for about 4 billion baht in compensation and a two-year extension, Infoquest reported on 30 April.

What phase 3 is

Phase 3 is a 110.924 billion baht project in Si Racha, Chonburi, with PAT funding 44% and private investors 56%, according to the Eastern Economic Corridor Office. Terminals F1 and F2 would each handle 2 million containers a year, and the whole project is meant to lift capacity from 11 million to 18 million. GPC holds the Terminal F concession, signed on 25 November 2021, for 35 years: two of building and 33 of operating.

The consortium is owned 40% by Gulf Energy Development, 30% by PTT Tank Terminal and 30% by CHEC Oversea Infrastructure Holding, The Nation reported.

Why the handover failed

PAT's job was to reclaim the sea and hand the land over. The Nation said the F1 area was due to GPC in November 2025 and was delayed by almost six months because the two contracts read the requirement differently.

Infoquest gives the numbers. The reclamation contract, worth 21.32 billion baht, requires that the ground settle no more than 20 centimetres over 30 years. GPC's concession requires relative density of at least 75%. The reclamation contractor has finished F1 and handed it to PAT, but GPC has not accepted it because the fill does not meet the concession's specification. The target moved from November 2025 to June 2026.

A fix exists. Experts proposed combining driven sheet piles with vibro piles to densify the fill, which they estimated would cut the cost by half, from 2 billion baht to 1 billion baht. If the parties agree, piling would proceed within six months, said an acting PAT deputy director.

The Nation said the fix needs approval from PAT's board, which had not yet been appointed in April. If PAT, GPC and the EEC Office agree, it can run under the existing contract. Otherwise the EEC Policy Committee and the cabinet must approve a contract amendment, which takes longer.

What the government has done

The deputy transport minister ordered a neutral committee of Engineering Institute of Thailand experts with a 60-day target. Any answer, he said, has to be lawful, transparent and fair to the state. By 9 July WorldCargo News reported that senior officials had visited the site to try to resolve the dispute. None of the sources we reviewed reports an outcome after that.

When the terminal opens

Dates conflict. The EEC Office page, with progress as of 31 October 2025, still lists F1 opening in 2027 and F2 in 2031. In March, PAT's acting director told Logistics Manager that F1 construction finishes in 2028 and service starts in 2031. Infoquest in April also gave 2031. The Nation said F1 was planned for 2028 and might slip to 2030 to open with F2.

Other work is moving. F2 reclamation is more than 89% complete, with handover expected around mid-2026, Infoquest said. The 7.298 billion baht contract for terminal buildings, roads and utilities started on 13 December 2024. Progress figures differ: Logistics Manager gave 10.483% for facility construction in March, and Infoquest gave 20% to 30% for the contract in April. Equipment and IT are still at draft tender terms, with the contractor tender expected late in 2026.

Why exporters should care

The EEC Office page, citing PAT, says trucks carry 87.7% of freight to and from the port, ships 6.6% and rail 5.7%, and phase 3 aims to lift rail from 7% to 30%. A late F1 delays both added container capacity and the rail link. Officials also want to attract transshipment as Singapore and Malaysia approach capacity.

Two things to watch: whether PAT and GPC agree the piling fix, and whether the EEC Policy Committee has to amend the contract.

FAQ

When will Laem Chabang Terminal F1 open?

BOI clears 87 billion baht of PCB plant expansions in 2026

Sat, 17 Oct 2026 17:00:00 GMT

In January 2026 the Board of Investment approved more than 65 billion baht across four Zhen Ding Technology projects in Prachin Buri, expected to employ about 5,600 Thai workers.
In May 2026 the BOI approved a second phase worth 22.2 billion baht for Compeq, Multi-Fineline and Gold Circuit, adding more than 5,000 jobs.
Zhen Ding's first Thai project was approved in 2023 and began production in September 2025, and the Thai plant is its first outside China and Taiwan.
The BOI counted 224 PCB projects worth US$9.85 billion among 880 semiconductor and advanced electronics applications between 2023 and mid-2026.

Thailand's Board of Investment (BOI) approved two large printed circuit board packages in 2026: more than 65 billion baht for Zhen Ding Technology's Thai venture in January, and 22.2 billion baht for three more makers in May. Together that is about 87 billion baht, our own sum of two separate approvals.

Zhen Ding in Prachin Buri

The January package belongs to Peng Shen Technology (Thailand), a joint venture of Zhen Ding Technology and Saha Pathana Inter-Holding, Thansettakij reported on 19 January. It covers four promoted projects in Prachin Buri. The first was approved in 2023 and began production in September 2025. Three more applications were approved in this round.

The plant makes multilayer, flexible, substrate-like and high-density interconnect boards for smartphones, AI servers and other electronics, for export worldwide. It is Zhen Ding's first and only production base outside China and Taiwan. The company has ranked as the world's largest PCB maker since 2017, Thansettakij said, with annual revenue above 180 billion baht. The venture expects about 5,600 Thai employees and has signed cooperation agreements with five Thai institutions, among them KMITL, Kasetsart University and NIDA.

DigiTimes put the package at US$2.1 billion in its 20 January report.

Three makers return for a second phase

In mid-May the BOI approved second-phase expansions for three PCB makers that arrived in Thailand in the past one to two years, Infoquest reported:

Compeq Technology (Thailand): 9.17 billion baht for flexible boards at the Asia Industrial Estate in Samut Prakan, after 13 billion baht in phase one.
Multi-Fineline Electronix (Thailand), a subsidiary of China's Dongshan Precision: 5.8 billion baht for multilayer and flexible boards at Rojana Nong Yai in Chonburi, after 14 billion baht.
Gold Circuit Electronics (Thailand): 7.23 billion baht for multilayer and HDI boards at Industrial Estate 304 in Prachin Buri, after 8 billion baht.

The three phase-two projects add more than 5,000 jobs. Phase one, in 2024 and 2025, came to more than 35 billion baht and more than 7,000 jobs.

The wider pipeline

In early August the BOI said that Thailand drew more than US$26.8 billion in applications for semiconductor and advanced electronics projects between 2023 and mid-2026, Bernama-Xinhua reported. That was 880 projects. PCBs were the biggest segment at 224 projects worth US$9.85 billion.

Thailand has emerged as a premier global manufacturing base for printed circuit boards.
Narit Therdsteerasukdi, Secretary General, Board of Investment

The BOI estimates the advanced electronics market at US$48 billion to US$52 billion in 2026. Pitharn Ongkosit, president of the Thailand Printed Circuit Association, projects 15% to 20% yearly growth for semiconductors and advanced packaging, and up to 22% for demand tied to AI servers and data centres.

Counts differ by period and definition. Infoquest cites 222 PCB and PCB-material projects worth 320.08 billion baht for 2023 to 2025 and calls Thailand ASEAN's largest PCB producer and the world's fifth. The BOI's own 2026 count is narrower on products and longer in time.

What the approvals do not say

A promotion certificate is permission for tax privileges, not a production line. Zhen Ding's first project needed about two years from approval in 2023 to output in September 2025. If the three newer projects take as long, their output arrives from 2028 at the earliest. That is our reading of the timeline, not a company forecast.

Power is the pinch point. After its May board meeting the BOI said it had discussed urgent power needs for incoming investment, especially in the Eastern region, with the energy ministry and regulator.

The next thing to watch is the BOI's next board meeting, which will show whether PCB approvals keep pace or the money moves toward data centres.

FAQ

What does a PCB maker produce?

Thailand's rebar rule would bar induction-furnace steel

Sat, 17 Oct 2026 17:00:00 GMT

On 23 June 2026 the Thai Industrial Standards council approved a draft revision of TIS 24, the standard for deformed steel bars.
The draft would limit rebar for columns and beams in large buildings to steel made in a basic oxygen or electric arc furnace, which excludes induction furnaces.
Ten steel associations representing more than 500 businesses say the draft would raise the required yield strength from 490 to 785 megapascals.
Thailand's Industry Ministry sealed seven steel plants and impounded non-compliant induction-furnace rebar worth over THB384 million, Shanghai Metals Market reported in August 2026.
Of 28 steel samples tested from the collapsed State Audit Office building in April 2025, 13 failed industrial standards, and all 13 came from one company.

Thailand's Industrial Product Standards Council approved a draft on 23 June 2026 that would stop steel from induction furnaces being used as rebar in the columns and beams of large buildings. The move follows the collapse of the State Audit Office (SAO) tower in Bangkok on 28 March 2025.

Nothing is in force yet. The Nation reported on 17 August that the council's approval is only a step: a public consultation must test the framework, and the Industry Ministry must then issue a regulation.

What the draft says

Under the revision of TIS 24, the standard for deformed steel bars, rebar for critical structural members would have to come from a basic oxygen furnace or an electric arc furnace. Induction furnaces, which melt scrap, would be excluded. Critics say some operators skip the refining stage.

Ten steel-industry associations, representing more than 500 businesses, described the draft in July. They said it would lift the required yield strength from 490 to 785 megapascals, a rise of about 60%, and cut permitted phosphorus and sulphur by 30%, bringing Thai rules closer to Japan's and China's. The associations' claims were not independently tested.

They also said officials reviewing the standard had received letters warning of liability if a vote harmed induction-furnace operators, and asked the prime minister and industry minister for protection. The report did not include a response from the operators' group.

Why it began with a collapse

The SAO building was about 30% complete when it fell after the Myanmar earthquake. By August 2025, prosecutors had filed charges against 23 individuals and companies, and the toll stood at 92 confirmed deaths.

Early tests pointed at steel. A ministry-led group examined 28 samples from the rubble and reported that 13 did not meet standards. All 13 came from one company that had been ordered to shut in December 2024. Officials cautioned that several factors had to be considered, and that substandard steel had not been confirmed as the main cause.

In April 2025 the industry minister, Akanat Promphan, proposed cancelling certification for induction-furnace steel. The Iron and Steel Institute of Thailand counted 14 manufacturers using the furnaces, mostly Chinese-owned. Akanat, citing data from steel associations and the Federation of Thai Industries, put electric arc capacity at 4.3 million tonnes against bar demand of about 2.8 million tonnes in 2024.

The two sides

Atavit Suwanpakdee, a United Thai Nation Party list MP and former adviser to the industry minister, backs the exclusion. He argues that standards should control how steel is made, not only test the finished bar, and that only five officials handled steel inspections nationwide from 2016 to 2026.

The Induction Furnace Metal Smelters Trade Association disagrees. Its president, Sakchai Thanabodijirapong, says induction steel can meet current and revised standards and that the problems involved two or three factories. His colleague Amorn Uengsomboon warns of shortages for contractors and developers and asks who would compensate operators. They say the sector is worth tens of billions of baht.

The associations backing the draft reply that induction makers could still sell round bar under TIS 20 and import higher-grade billet, and that global overcapacity should hold prices down.

Shanghai Metals Market, in an August analysis, says induction rebar can sell about 20% below arc-furnace steel and alleges some producers submit only their best samples for certification. It reports that the ministry sealed seven plants and impounded non-compliant rebar worth over THB384 million. It does not call for banning the technology outright, but for stopping sales of steel whose safety cannot be assured.

What to watch

The next dated step is the public consultation notice, which this desk could not find as of 18 October. Contractors should ask suppliers now which furnace route their rebar comes from, because a rule that takes effect with a short transition would leave little time to switch. Watch also whether the final text keeps the 785 megapascal figure the steel associations describe.

FAQ

Is induction-furnace rebar banned in Thailand?

Thai car output seen down 3.3% as parts makers seek help

Sat, 17 Oct 2026 17:00:00 GMT

Thailand built 124,646 vehicles in August 2026, up 10.93% from a year earlier, but the Federation of Thai Industries still projects a 3.33% fall in 2026 output.
Thailand's automotive exports were worth 947.03 billion baht in 2025, down 7.25%, while exports of other auto parts rose 1.83% to 194.80 billion baht.
Thai vehicle production was 1.455 million units in 2025, a fall of 0.9%.
In May 2026 a coalition of 10 associations representing more than 1,500 operators asked for at least 32% excise tax on imported EVs and 80% local parts content by value.
The Nation reported in August 2026 that more than 800,000 people work in Thailand's automotive sector.

Thailand built 124,646 vehicles in August 2026, up 10.93% on a year earlier, yet the Federation of Thai Industries (FTI) still projects a 3.33% fall in output for the full year, Trading Economics reported. The FTI cites weaker export demand amid hostilities in the Middle East.

Domestic sales tell the opposite story. They rose 25.59% to 59,808 units in August, the sixth monthly gain in a row. Exports fell 2.04%.

A year of swings

Output was 1.455 million vehicles in 2025, down 0.9%, Thailand Business News reported. The industry then aimed for 1.5 million in 2026, a 3% rise, before the FTI cut its view to a decline.

The monthly numbers explain why. M Report's tracker of FTI data shows January at 118,386 units, up 10.53%. May fell 17.94% to 114,214, with export production down 36.20%. June fell 7.55% to 120,391. Reuters data carried by NST put July at 117,383, up 6.12%, with exports up 2.39% after a 7.45% drop in June.

Reports of the FTI's monthly figures have appeared in the last week of the following month all year. On that pattern, September's numbers are due before the end of October.

What 2025 exports showed

The FTI's 2025 export data, summarised by M Report, shows vehicles and parts moving differently.

Total automotive exports were 947.03 billion baht, down 7.25%. Completely built-up vehicle exports were 935,750 units, down 8.19%. Combustion-engine passenger cars fell 36.11% to 159,851 units, while hybrid passenger cars rose 11.43% to 55,091. Battery EVs appeared as a new export line at 12,695 cars.

Parts held up. Exports of other auto parts reached 194.80 billion baht, up 1.83%. Engines rose 4.84% to 37.15 billion baht, and accessories and spare parts edged up 0.67% to 26.84 billion baht.

Why suppliers are lobbying

A coalition of 10 associations, including the Thai Auto-Parts Manufacturers Association and the Electric Vehicle Association of Thailand, represents more than 1,500 operators. On 13 May 2026 The Nation reported its emergency proposals:

An excise tax of at least 32% on imported EVs, opening a 30-point gap with the 2% paid by locally built EVs.
At least 80% local parts content by value, with a revised way of calculating it.
Imports at the current 10% rate, capped at 10% of production volume, for makers that invest in Thai production.

The group says building a car in Thailand costs 30% to 40% more than importing it from China. It called this the industry's most serious crisis in the shift to electric vehicles.

The Nation's 20 August report puts the stakes in jobs: more than 800,000 people work in the sector. It also notes that Chinese imports enter at 0% customs duty under the ASEAN-China free trade agreement.

What the government has agreed so far

The Finance Ministry said in August, The Nation reported, that it would lower excise rates for carmakers that run real Thai factories and use local materials and parts. Imports sold without Thai investment stay on higher rates.

On 10 September the EV Board agreed a tiered structure in principle. It also set up a sub-committee on modern automotive manufacturing and parts, chaired by the industry minister. Thansettakij reported on 8 October that the cabinet has acknowledged the principle and that the Excise Department must now refine it. The same report, citing FTI data for January to July, said battery EVs held 30.88% of the domestic market and that battery EV imports reached 63%.

For a supplier, the structure rewards what suppliers sell: Thai content. The open question is the threshold that separates the middle tier from the lowest. No source has published one.

The date to watch is the cabinet's decision on the Excise Department's rate table.

FAQ

How many vehicles did Thailand produce in 2025?

Industrial land: WHA sold 1,199 rai, Amata leans on China

Sat, 17 Oct 2026 17:00:00 GMT

WHA Corporation reported land sales of 1,199 rai in the first half of 2026, against a full-year target of 2,500 rai, with 505 rai transferred and a backlog of 1,464 rai.
Amata Corporation sold 378 rai of industrial land in the first half of 2026, or 14% of its 2,800 rai target, and holds a sales backlog of THB18.4 billion.
Amata's chief financial officer says 70% to 90% of the clients Amata is negotiating with are Chinese, and about 6 of its 22 high-potential clients are data centres.
Cushman & Wakefield Thailand says Chinese buying has lifted land prices in Chonburi and Rayong by 20% to 30% over two years, and The Nation quotes about THB9.5 million per rai in Chonburi and THB7.5 million in Rayong.
WHA's second-quarter 2026 net profit was THB659 million, down 33% on the year, as land transfers fell to 208 rai from 296 rai in the first quarter.

WHA Corporation sold 1,199 rai of industrial land in the first half of 2026, and Amata Corporation sold 378 rai. Against annual targets of 2,500 rai and 2,800 rai, WHA is close to halfway, and Amata is at 14%.

WHA's figures, published in its second-quarter results on 11 August, also show 217 rai under signed memorandums, 505 rai transferred in the half and a backlog of 1,464 rai. Asia Plus Securities values that backlog at nearly THB10 billion.

Sales are not profit yet

A sale becomes revenue when the land transfers. WHA transferred 208 rai in the second quarter, down from 296 rai in the first, and about 60% of them sat in the lower-margin WHAIER estate. Property sales margin fell to 28.6% from 47.6% a year earlier. Net profit for the quarter was THB659 million, down 33% on the year.

The company expects the backlog to convert later. WHA ESIE 5, a 7,370 rai estate, was scheduled for its first land transfer in the third quarter, WHA said on 11 August, and asset sales of THB3.7 billion to its two property trusts are planned for the second half.

Amata's quarter looked better. Its company results show second-quarter net profit of THB1,795 million, up 565%, helped by 288 rai of land transfers worth THB2,206 million, 271 rai of them in Thailand and 17 in Vietnam, and by a THB366 million gain on selling its investment in a Vietnam subsidiary. The transfers were in high-margin phases in Chonburi.

Who is buying

WHA names demand from digital and technology, semiconductors, advanced manufacturing, clean energy and automotive customers. It does not break buyers down by country.

Amata does, through its chief financial officer, Dendao Komolmas. Kaohoon International reported on 27 August that 70% to 90% of the clients Amata is negotiating with are Chinese. Of 22 high-potential clients, about six are data centres and about four are electronics. Amata has fielded inquiries from roughly 20 data centre operators in eight months. Maybank says about 100 rai of second-quarter presales went to a major Chinese electronics manufacturer, and that the first 119 rai transferred in Amata's Smart City project fetched THB12 million to THB14 million per rai.

Chinese demand is also moving prices. Cushman & Wakefield Thailand says Chinese buyers have pushed land prices in Chonburi and Rayong up 20% to 30% in two years, The Nation reported. The same report quotes land at about THB9.5 million per rai in Chonburi and THB7.5 million in Rayong, and Board of Investment data showing Chinese investors applied for promotion on 2,449 projects worth THB608.7 billion from 2021 to September 2025.

The risk in the pipeline

Maybank cut its own forecast for Amata to 1,600 rai in 2026, well below management's 2,800 rai target, citing delays in approvals for Chinese overseas investment. Maybank also notes negotiations for more than 1,000 rai of land, including about 300 rai for data centre projects. Amata management views the Board of Investment's delay in approving new data centre projects as helpful, since it lets estates allocate power and infrastructure more clearly.

The Nation also flagged a zoning concern. A project called Hengtu Industrial Park, 60% Thai-owned and 40% Chinese-owned, was reported to be assembling land in Bo Thong district, Chonburi, in a zone the 2019 EEC land-use plan designates for rural community use. It reportedly uses the "industrial park" label, which avoids approval from the Industrial Estate Authority of Thailand. The details come from anonymous sources, and a source at the Industry Ministry said no application had been found, while the authority also found no record of one.

What to watch

Year-end transfers decide both companies' 2026. WHA's backlog of 1,464 rai and Amata's THB18.4 billion backlog need to convert, and Amata needs to sign the more than 1,000 rai Maybank says is in negotiation. The nearest dated event to check is whether the first transfer at WHA ESIE 5, which WHA scheduled for the third quarter, has happened.