BAM held “the 3rd Good Assets in Great Locations Auction” with assets worth more than a billion baht out for bidding

          BAM proactively stimulated the sales volume by holding “the 3rd Good Assets in Great Locations Auction” on 12 November 2013 at the BAM headquarters. This auction consisted of 24 assets collectively worth more than a billion baht for the interested investors to choose from. The previous two auctions made 1.398 billion baht which exceeded the target. BAM expressed the intention to continue such activities to promote the sales of assets.

          Bangkok Commercial Asset Management’s (BAM) Senior Executive Vice President Mr.Sak Srisanan stated that during the third quarter of 2013, BAM would still focus on stimulating the sales volume. To achieve that, BAM has held three Good Assets in Great Locations Auctions this year on 29 March, 27 June and 12 November. The first two auctions sold seven assets included vacant lands and lands with buildings which made 1,398,036,990 baht in total. It exceeded the target by 800 million baht.

          For the third auction, BAM has gathered 24 good assets in great locations around Thailand included the assets for commercials, assets for land developers and assets for living. 13 assets were in Bangkok and vicinities and 11 of them were in other provinces. There were 14 vacant lands, 2 lands with buildings, 4 single houses, 1 townhouse, 1 apartment and 2 condominium units. The bidding process was tender offer with minimum price set. The third auction has 300 million baht target.

          BAM’s Senior Executive Vice President Mr.Somporn Moonsrikaew said that there are several good assets in great location listed for auction this time. For example, there is a vacant land located in Soi Santisuk Tiwanond Road Pakkret, Nonthaburi. It is 1-2-39 rai (639 square wa) with the starting price of 9,585,000 baht. It is a rectangle vacant land which has the same altitude as Soi Santisuk road. It is 50 meters wide and 52 meters deep. Another one is a vacant land in Green Valley Village on Bangna-Trad Road  Bangpli Samut Prakan. It is 4-3-61 rai with the starting price of 31,376,000 baht. The next one is a vacant land located in Baanchang Rayong with 20-2-38.3 rai space. The starting price is 81,560,000 baht. The land is 224 meters wide attached to the beach. Another prominent land is with buildings in Sinthorn-Mahachai Project in Bangyaprake Muang, Samut Sakorn. It is 116-0-73.6 rai with 120 million baht starting price. It has a mixture of 1,052 vacant plots and plots with buildings.

          At the moment, BAM has 11,472 property for sale worth 37.01 billion baht. In the past nine months, BAM has 1,950 assets sold which made 5.542 billion baht. The best-selling type of asset is vacant land which 1,076 units were sold and made 3.193 billion baht. BAM has run 13 public booth events in Bangkok and in other provinces. The turnover from booth events in 2013 is 1.922 billion baht so far.

          However, in the fourth quarter, BAM will have two more activities to promote asset sales. The first one is “the 29th House and Condo Show” on 14-17 November 2013 at Queen Sirikit National Convention Center. Another event is “Thailand Smart Money 2013” on 12-15 December 2013 at CentralWorld. In this event, BAM will offer the customers who buy assets in the event many special promotions, for example free ownership transfer fee for buying asset worth less than three million baht. Moreover, customers who buy and transfer the ownership before 15 December 2013 will get a chance to win one of BAM’s 15th Anniversaries 99 prizes includes cars, tour package to Korea, gold, motorcycles, etc.

         Mr.Moonsrikaew also gave his opinion regarding the real estate situation said that the mid to high price of real estate business still has good prospect because the economic fluctuation will affect this market only a little. This target group will continue to generate income. However, the developers cannot stop developing the products in order to respond to the needs of this group. In condominium market, there will be less supply in the market in the fourth quarter, especially in the city centers like Sukhumvit, Silom and Sathorn due to the skyrocketing land price.