Meanwhile, the AEC's coming into effect this year is also a challenge for foreign investors to expand their investment in Asean by using Thailand as a gateway to expand their investment in the region, especially in CLMV countries (Cambodia, Laos, Myanmar and Vietnam).
"We see the potential to expand our investment to develop residential projects in provinces situated close to neighbouring countries, in order to serve demand from foreign buyers who expand their investment in Thailand and need to buy residential property here," said Thongma Vijitpongpun, president and CEO of Pruksa Real Estate.
Thailand has the potential to be a gateway for foreign investors to expand their investment in CLMV countries, as a result of which they will need residences in Bangkok and provinces situated close to those countries, in order to do their business, he said.
"We believe this presents a [positive] challenge [for developers] to do business this year, at a time when domestic demand will be flat or see only slight growth," he added.