Dhanarak Asset casts wider net

Dhanarak Asset casts wider net

The Treasury Department has instructed Dhanarak Asset Development to branch into developing other types of property, starting with residential projects for civil servants, with the goal of boosting annual income remittance tenfold to 1 billion baht.

Dhanarak Asset remits about 100 million baht a year in income to state coffers, said Yuttana Yimgarund, director-general of the department.

Dhanarak Asset is a developer and earns rental income from the Chaeng Watthana Government Complex.

Developing budget condominium projects for civil servants in provinces that have convenient transport systems is Dhanarak Asset's plan. The company wants to develop 12 condominium buildings: three each in Bangkok and Nonthaburi, with the remainder in other provinces such as Udon Thani, Mr Yuttana said.

Condo prices will be set at 999,999 baht per unit, which is affordable for civil servants with a monthly salary of 15,000-16,000 baht, he said.

Each seven-storey condominium building will have space of up to 4,000 square metres to avoid the need for an environmental impact assessment, which is a time-consuming process, Mr Yuttana said.

Dhanarak Asset expects to launch its first condominium project next month. The initial project is located on state land with a 30-year lease plus a renewal option.

Mr Yuttana, who is also chairman of Dhanarak Asset, said the department will ask state-owned GH Bank to offer mortgages at 3% interest to the project's buyers.

Civil servants who buy at the project can request a housing loan at 100% of the unit price, as their career has job security and stable income, but they are not allowed to sublet to other people, Mr Yuttana said.

To support the Civil Service Commission's policy of employees working from home, Dhanarak Asset can offer a floor in the building as a common area, he said.

Civil servants who work at the Finance Ministry will fill a quota of 30% and those at other ministries will make up the rest.

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