April 19, 200719 yr The Bangkok serviced apartment market would improve if the Foreign Business Act was changed, says Phanom Kanjanadhtheimthao, managing director of the local property consulting firm Knight Frank Chartered (Thailand). He cited legal uncertainties and oversupply as challenges. ''If the politics and the legal changes are clear, foreign investor confidence will increase.'' The average occupancy rate of five-star serviced apartments in Sukhumvit dropped from 95% in 2005 to 81% in 2006 due to legal and political changes since last September. This year and next, 10 new serviced apartment buildings will be completed. They are Chulalongkorn University's Chamchuree Square with 120 units, Metrostar's Sathorn Grand Mansion (100 units), Oakwood Asoke-Ratchada (220), and Citadines Bangkok Sukhumvit Lake (79 units). There will also be Fraser Suites Sathorn with 150 units, Somerset Grand Sukhumvit (265), Citadines Bangkok Sukhumvit Green (130), Citadines Bangkok Boulevard (128), Citadines Bangkok Sukhumvit Asoke (143) and Siam Paragon with 150 units. http://www.bangkokpost.com/Business/19Apr2007_biz97.php
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