Bangkok at night
Small and medium-scale property developers in Bangkok are being forced to sell their projects to larger developers as they start to face difficulties in obtaining financial support for construction. This is according to Visanu Suchatlumpong, vice-president of Asian Property Development Plc.
“Financial institutions did not approve project loans as they considered their (smaller developers) branding was not strong and their products might not be saleable,” he said.
But he also played down the role the global credit crunch was having, saying, “Some of them did not meet financial institutions’ conditions that required them to have sales of at least 40%.”