LPN supports the government’s measures to increase the consumers’ purchasing power by arranging a special promotion in 23 ready-to-move-in condominium projects.
LPN responds to the Bank of Thailand’s preparation to ease LTV constraints and the revision of residential land and building tax collection criteria by joining “Baan Dee Mee Down” project and reducing ownership transfer fee to boost the real estate market in 2020. Special promotions for ready-to-move-in projects have continuously been launched. The focus is put on “The Better Balance” concept and the creation of “Livable Community” for the satisfaction of customers.
Mr. Opas Sripayak, Chief Executive Officer and Managing Director of L.P.N. Development Public Co., Ltd. (LPN) said that the Bank of Thailand is considering easing the Loan to Value regulations that may have side effects on related parties. It is proposed that the Bank of Thailand ease the LTV regulations on the second home to be similar to those of the first one.
Such proposal will be beneficial for real estate business in time of economic slowdown, especially for the liquidation of inventory in the market. In reality, many buy the second home for real living as it is close to work or for long-term investment. The property bought is for renting out, not for profit speculation. Should the Bank of Thailand decides to adjust the LTV regulations on the second home, it will help stimulate sales among consumers who have buying power and be a part in driving forward the economy.
Moreover, Ministry of Finance and Ministry of Interior have issued a clear guideline for residential land and building for tax collection purpose in accordance with the Land and Building Tax Act. The land and building for residential purpose such as land or building that the owner or their family uses for real living or rents out for residential purpose will pay the tax at the residential rate. Formerly, residential land and building was categorized as non-residential use of land and building and was subject to a higher tax rate. The new Act will not affect the majority of people and will help ease the tax burden for buying real estate for long-term investment by renting it out.
“The ease of LTV constraints and clearer guideline for residential land and building tax collection will not only help reduce the direct impact on the people but indirectly supports the real estate business, especially the purchase of the second home for real living as it is close to work or for long-term investment by renting it out. Property developers will be able to liquidate the inventory in the market.” Mr. Opas said.
At the same time, there are various measures to boost the real estate market that are enforced this year e.g. Baan Dee Mee Down program which offers the cash rebate of 50,000 baht for those who buy a home before 31 March 2020 and the measures for buying a residence with the price of no more than 3 million baht which is effective until 24 December 2020. Such measures create an opportunity for people to own a home and ease their burden on real estate expenses. The support measures and amendments of various regulations will help stimulate the property market.
Mr. Opas added that LPN has launched promotions to support the government’s measures. Baan Dee Mee Down program offers the cash back of 50,000 baht so LPN provides the further discount of 50,000 baht on top, totaling 100,000 baht. There is also a promotion offering further discounts to support the government’s measures in reducing the ownership transfer fee and mortgage registration fee. In 2020, the promotion “The Right Location, The Right Time, The Affordable Price” is organized for condominiums and “Sawasdee Year of the Rat, Reserve A Unit and Don’t Miss It” campaign is launched for homebuyers looking for an affordable home where a balanced life is promoted.
Furthermore, special promotions are offered in 23 ready-to-move in projects i.e. 18 single house and 6 condominium projects with the price of no more than 3 million baht, for example, Lumpini Ville Ratchapruek-Bangwaek, Lumpini Ville Sukhumvit 76 (2), Lumpini Ville Rasburana-Riverview 2 for condominium projects and BAAN Lumpini Townville Permsin-Watcharapol, BAAN Lumpini Townville Rangsit-Klong 2 and BAAN Lumpini Townville Ladpladuk-Bangpai Station for single house projects. The promotion serves the needs of the customers looking for ready-to-move-in residence with the after-sale-service under “Livable Community” strategy.
“Apart from providing the after-sale-service under the “Livable Community” strategy, the Company has reinvented the brand image to be ready to compete in the market in 2020. “The Better Balance” concept is initiated to emphasize LPN’s philosophy in building a residence that suits your life. It shows that we care. Our expertise and experiences are used to develop a product and service value in all projects in order to deliver the “real pleasure of living” to everyone in “Lumpini” community in a sustainable manner. The exterior architecture has also been redesigned to be modern and matches the lifestyle of the new generation.” Mr. Opas added.
For more information, please contact LPN Call Center Tel. 02-689-6888 or visit www.lpn.co.th or Facebook: Condolumpini
Coordinators 02-285-5011 (Suphawadee, Nakamol, Khanittha)