40 re-possessed properties to go under the hammer
An auction of more than 40 pre-owned properties worth Bt50 million is being held in Bangkok on June 14.
The Legal Execution Department, in conjunction with Global Thai Property Mutual Fund and Palarp Asset Management, will be unloading the properties at prices as low as 50 per cent of the official appraised value. The lots will include detached houses, town houses, condominiums, shop houses and empty lots. Kasig Sriswasdi, marketing executive for Capital Advisory Services (Thailand) that operates asset-management unit Property Choice, called for the government to consider measures to stimulate the pre-owned property market before the economy worsens. After the auction on June 14 at the Legal Execution Department, there will be further auctions on June 28, July 12 and July 18 from 9am. The auctions aim to speed up the legal execution process, allowing creditors to regain their debts faster, which is in line with the government's policy of cutting the number of non-performing loans, Kasig said. In addition, pre-owned properties offer greater benefits for home-buyers in terms of pricing and location. This is why the government should come up with substantial measures to revitalise the industry before consumers slow their spending and make it difficult for the economy to rebound, he added. The auctions include properties in almost every area of Bangkok with attractive starting bid prices. Properties on the auction list include 24-square wah, three-storey town houses at Rom Ruen Place worth Bt1.89 million in appraised value; 52-square wah detached homes at Kamol Niwes Project, Prachachuen Soi 8, with appraised value of Bt2 million; condominium suites at ITF Silom Palace in Silom Road worth Bt49,000 per square metre; and affordable houses in prime areas of Sukhumvit, Lat Phrao and near the Outer Ring Road. Property Choice also holds monthly auctions to unload over 1,500 items worth over Bt1 billion in combined appraised value.
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