Construction & Real Estate

Even though the minimum wage has gone up and there is no shortage of work, the construction sector in Thailand is facing a serious dearth of labourers. As developments in neighbouring countries have increased employment opportunities there and the minimum wage has risen across Thailand, companies have faced difficulties in finding workers for building sites. However, despite some setbacks following floods in late 2011, the sector has been resilient and grew by more than 7.5% over 2012, a trend likely to continue in the years ahead. In order to facilitate new projects under the government’s infrastructure drive, a new public-private partnership law has been designed to encourage private investment by making regulations more transparent and clear. Meanwhile, the rise of the middle class has maintained the affordability of purchasing property and there is especially high demand for condominiums in Bangkok. While prospective foreign buyers, especially from Russia and China, are seeking to get onto the property ladder, restrictions on foreign ownership and financing remain in place. The advent of the AEC at the end of 2015 may have a profound effect on the market as well. This chapter contains interviews with Yuthachai Charanachitta, President and CEO, ITALTHAI Group; Apichart Chutrakul, CEO, Sansiri; and Chanond Ruangkritya, President and CEO, Ananda Development.