TPC scheme aims for condo sales worth B1bn

TPC scheme aims for condo sales worth B1bn

Thailand Elite Card aims to boost sales of at least 100 high-end condo units worth a total of 1 billion baht with a new membership scheme scheduled to begin on Jan 1 next year.

The Elite Flexible One membership programme was created to help property developers drain ready-to-transfer units after the pandemic as the foreign buyer market has become stagnant, said Somchai Soongswang, Thailand Privilege Card (TPC) president, the operator of Thailand Elite Card.

The deadline for applications is set for Dec 31, 2022, spanning two years, as the property market is estimated to recover by that time.

At least four large developers agreed to join the scheme, including Raimon Land and Sansiri. TPC is open for more agreements with developers that have ready-to-transfer units left in their stock.

Under the 500,000-baht-membership, the applicant has to buy condo unit worth a minimum of 10 million baht from a private property developer registered in Thailand that signed a memorandum of understanding with TPC.

Duration of membership is five years and it comes along with visa throughout that period.

By restricting the eligibility to ready-to-transfer units, this programme should help absorb the oversupply and help developers improve their cash flow, said Mr Somchai.

A member can choose between buying a single unit or combined units under the 10-million-baht budget, but they'll only be allowed to buy from one developer per card.

However, second-hand inventories are excluded from this programme. TPC will also have to decide later on whether eligible units can be leasehold.

Mr Somchai said it expects the majority of sales will come from Chinese buyers as they are already big spenders in the property market and shared the highest portion of Thailand Elite's members of around 25%.

TPC started the fiscal year 2021 in October with new 1,000 memberships. For the whole year, it aims to sell at least 3,000 cards from nine membership programmes available.

He said the Elite Flexible One scheme is a another attempt by the Centre for Economic Situation Administration to stimulate the economy via its members and potential investors, after the government granted a 7,000 entry quota for Thailand Elite members since July.

From 1,000 members that requested visiting Thailand during the pandemic, 400 of them have successfully entered.

Mr Somchai said the total of around 3,000 members residing in Thailand right now has helped generate 9 million baht on a daily basis for the local economy as average spending of members stands at US$100 per day, while average length of stay usually lasts four months per trip.

Today two TPC members are scheduled to fly from Switzerland direct to Phuket, the first guests to sign up for alternative local quarantine in the island.

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