QUARTERLY HIGHLIGHTS

‒   The downtown market saw two consecutive quarters with no new condominium launches as developers remain cautious and more focused on selling their unsold inventory.

‒   The number of tourist arrivals in Thailand has increased to 45,398 arrivals, a 123.9% Q-o-Q increase which presents a positive outlook for the hospitality industry, albeit from a very low base.

‒   Despite the ADR falling to THB 1,919 from THB 2,042 in Q2 2021, the occupancy rate of hotels in Bangkok increased to 21.6%, 7.9 pp increase Y-o-Y. Thus, the RevPar has significantly improved by 34.7% Y-o-Y to THB 414.

‒   The net take-up of office market continued to be negative at 29,588 square metres, largely from Grade A CBD and Grade B Non-CBD submarkets, increasing the vacancy rate in Bangkok office market to 12.0% from 11.3% in the previous quarter.