Industry Ministry vows to expand BoI Home programme

       The Industry Ministry yesterday pledged to push forward a proposal by three real estate associations to expand Board of Investment privileges for developers that build affordable housing.
       Extending the BoI Home programme and amending existing regulations would increase sales in the affordable housing sector, said Industry Minister Charnchai Chairungruang.
       "We will consider it immediately,"he said, after receiving a proposal letter during the House & Condo Fair that began yesterday and runs until Sunday.
       "It's the government's policy to promote and support the private sector."
       The House & Condo Fair, being held at Queen Sirikit National Convention Center, showcases 600 housing projects worth more than 100 billion baht. The associations expect sales of 3 billion baht from the four-day event.
       Atip Bijanonda, president of the Thai Condominium Association, said that if the proposal was approved, the BoI Home programme would create new business and spur residential market growth.
       Three real estate associations have asked the BoI to allow condominiums to have units that meet its pricing conditions, as well as higher-priced units in the same building.
       Maximum BoI condo unit prices should be raised to 1.2 million baht from 1 million currently, on par with BoI townhouse and single house regulations, according to the proposal.
       The associations also asked the BoI to allow presales of condominiums. Currently, a condominium developer that wants to apply for BoI Home privileges must deliver completed units to buyers.
       Other proposals include an expansion of privileges now granted only to developers of BoI homes in Zone 1, covering six provinces: Bangkok, Nonthaburi, Na-khon Pathom, Pathum Thani, Samut Prakan and Samut Sakhon.
       Issara Boonyoung, president of the Housing Business Association, said the privileges should be extended to other zones, especially Zone 2, where living and construction costs are almost the same as in Zone 1.
       Zone 2 covers 12 provinces, five of which have high land costs. They are Phuket, Chon Buri, Chachoengsao,Rayong and Ayutthaya, as some are in-dustrial provinces and some are tourism destinations.
       "If what we proposed is approved,BoI Home units could number more than 20,000 next year from 2,000 to 3,000 a year now," he said."If it is not approved,only 10,000 units will be sold next year."
       Mr Issara said the recent meeting between the associations and BoI authorities led to an agreement to amend and adjust regulations that have obstructed more BoI Home development.