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Manufacturing Property Report research H1 2014 Manufacturing Property Report highlights • Serviced Industrial Land Plot (SILP) sales declined to 924 rai in H1 2014 from 2,826 rai in the second half of 2013, a decrease by 83.2% y-o-y. • Factory rental market occupancy dropped to 78.5%, deceasing from the last year by 4.0%, as new supply was added to the market. • Factories in Samutprakarn enjoyed the highest occupancy rates at 97.4%, followed by the Eastern Seaboard at 83.7%. H1 2014 Manufacturing Property Report Economic Figure 1 Overview Demand Indicators Source: Bank of Thailand and Office of Industrial Economics Remarks: 1/ Business Sentiment Index is compiled from BOT survey data of 1,010 businesses. 2/ Below is the interpretation of the index: Index = 50 indicates that business sentiment remains stable Index > 50 indicates that business sentiment has improved Index < 50 indicates that business sentiment has worsened 3/ Production Index is value added weight and seasonally adjusted. The Production Index in June 2014 dropped from that of the previous year by 6.6%, particularly in automobile, hard disk drive, apparel, jewellery, and air conditioning segments. However, according to the Office of Industrial Economics, Thailand production situation in the second half of the year is improving, thanks to the relative stability of the political situation, increas- ing positive sentiments in investment and consumption, as well as the anticipation of renewed government expenditures, which will boost the overall economy. 2 www.KnightFrank.co.th Figure 2 Foreign Investment foreign direct investment in thailand Source: The Board of Investment Since the beginning of 2014, the total value of foreign direct investment approvals was almost 152 billion baht, decreasing by 41.5% compared with last year. During the first six months, the Japanese investment proportion dropped to 51.9% from 60.7% in 2013. As Thailand faced political disruptions since late 2013, this drop directly reflects the weaker foreign investor senti- ment. Moreover, there were delays in the Board of Investment approvals, especially concerning large-sized investment projects with values over 200 million baht (which required approval from the BOI committee members or permanent government ministers). Nevertheless, FDI values for Q2 showed encouraging signs of recovery. 3 H1 2014 Manufacturing Property Report Figure 3 Value of Foreign Investment projects Source: The Board of Investment The Metal Products and Machinery sector stood out and we expect to see growth during the rest of 2014. This sector is most closely related to the automotive industry and has the highest value of foreign investment, followed by the Electric and Electronic Products sector, of which Thailand’s hard disk drive industry is an important component. 4 www.KnightFrank.co.th Serviced Figure 4 industrial Serviced Inidustrial Land Plot (SILP) land plot(silp) Source: Knight Frank Thailand Research The total supply of Serviced Industrial Land Plots (SILP) was at 138,151 rai from a total of 73 industrial estates, parks, and zones, increasing by 2.5% from 2013 by 1,480 rai from both new industrial estates and the expansion of existing industrial estates. future supply Table 1 Source: Knight Frank Thailand Research 12,629 rai of industrial land are under development, and most of the future supply is in the Eastern Seaboard Zone, which benefits from its proximity to Laemchabang port and flood- free location. Within this year, nearly 4,000 rai are expected to be ready. 5 H1 2014 Manufacturing Property Report Demand Figure 5 SILP Sales Source: Knight Frank Thailand Research Overall Serviced Industrial Land Plot (SILP) sales declined to 924 rai in H1 2014 from 2,826 rai in the second half of 2013, decreasing by 83.2% y-o-y, due in part to delays in investment approvals due to the absence of BOI committee members and weakened foreign investment sentiment. industrial Table 2 land price Industrial Land Price Source: Knight Frank Thailand Research 6 www.KnightFrank.co.th Figure 6 Industrial land Valude by Zone Source: Knight Frank Thailand Research As of mid-2014, the overall SILP asking price increased by 0.9% to 6.1% from last year. Industrial land in the Northern Zone, Pathumthani and Ayutthaya also enjoyed pricing growth, where industrial estate developers constructed flood protection systems to mitigate risk and rebuild investor confidence. Location, proximity to the port, logistics facilities and infrastructure, labour sources and flood risk are the key factors that affect the industrial land price. In 2013, SILP prices on the Eastern Seaboard recorded the highest growth, which saw average prices increase by 13.8%, with some developers increasing their offer prices by up to 20%. Figure 7 Factory Factory Stock and New Supply, H1 2014 rental market Source: Knight Frank Thailand Research 7 H1 2014 Manufacturing Property Report The total supply of rental factory space was 2,653,636 square metres. An additional 33,633 square metres was completed during the first half of 2014, which increased by 4.1% from last year. The new supply was located in the areas not affected by floods. Figure 8 Source: Knight Frank Thailand Research More than half of the ready-built factory supply is located in the Eastern Seaboard where the major industrial estates and zones are located. It is a key production hub and home to Thailand’s massive automotive industry. Among the total ready-built factory space, Chonburi province accounts for 30% and Rayong accounts for 24%, followed by 18% in Samutprakarn and 16% in Ayutthaya. Demand Figure 9 Source: Knight Frank Thailand Research 8 www.KnightFrank.co.th The occupancy rate of ready-built factories was 78.5%, dropping from the same period last year by 4.0%, as new supply was added to the market and demand weakened. The Suvarn- abhumi – Bangpakong area enjoyed the highest occupancy rate of 97.4%, followed by the Eastern Seaboard at 83.7%. The occupancy rates in Pathumthani and Ayutthaya still dropped to 54.6%, despite increasing land prices. Figure 10 rents Asking Rental Rate Source: Knight Frank Thailand Research The average factory rental rate was 201.9 THB/sq.m./month. The Eastern Seaboard Zone com- manded the highest rents, followed by Pathumthani – Ayutthaya, and Suvarnabhumi – Bang- pakong. However, average market rents only increased by 0.8% Y-o-Y. Most of the factory rental rates remained stable, but there was some rent increases in those locations where occupancy did not drop. This is not unusual, the Thai factory rental market is not very volatile typically growing by only 1% to 2% per year. 9 H1 2014 Manufacturing Property Report Figure 11 Asking Rents by Provinces Source: Knight Frank Thailand Research Chonburi, Rayong, Samutprakarn, Chachoengsao and Bangkok commanded the highest rents of 230 THB/sq.m./month., followed by the Ayutthaya and Pathumthani area at 220 THB/sq.m./ month. Industrial real estate developers have increased their targets for the volume of land sales and outlook rental revenue for the second half of 2014, following improved political stability and an expec- tation that there will be a recovery in the foreign investment climate. As demand returns we expect to see industrial land values increase in the Eastern Seaboard, and Samut Prakarn as well as in those other key locations that currently have limited supply. Thailand remains an attractive investment destination, characterized by a high level of infra- structure, favourable geography, capable labour force, and a solid financial system. The BOI’s new incentives policy will be enforced in 2015, timed to coincide with the launch of the AEC. This is expected to yield encouraging results, as the department moves under the Prime Minis- ter’s office that will facilitate non-tax. 10 www.KnightFrank.co.th Factory Rental Market: purpose built factories for rent from all major developers, but not lim- Appendix ited to industrial estate locations SILP: serviced industrial land parcels located in industrial estates, zones and parks 11 research Americas Thailand Contacts USA Phanom Kanjanathiemthao Bermu da Managing Director Brazil +66 (0)2643 8223 Ext 124 Caribbean [email protected] Chile Australasia Chaturawit Wattanapruk Executive Director Australia +66 (0)2643 8223 Ext 120 New Zealand [email protected] Europe Surasak Limpa-Arayakul UK Executive Director, Head of Valuation and Advisory Belgium +66 (0)2643 8223 Ext 143 Czech Republic [email protected] France Germany Roong Sitthisankunchorn Hungary Executive Director, Head of Property Management Ireland +66 (0)2643 8223 Ext 144 Italy [email protected] Monaco Poland Marcus Burtenshaw Portugal Executive Director, Head of Commercial Agency Russia +66 (0)2643 8223 Ext 121 Spain [email protected] The Netherlands Ukraine Frank Khan Executive Director, Head of Residential +66 (0)2643 8223 Ext 280 Africa [email protected] Botswana Kenya Risinee Sarikaputra Malawi Director, Research and Consultancy Nigeria +66 (0)2643 8223 Ext 180 South Africa [email protected] Tanzania Uganda Phuket Contact Zambia Nattha Kahapana Zimbabwe Executive Director, Knight Frank Phuket +66 (0)7631 8151 Ext 300 Asia [email protected] Cambodia China Hong Kong Knight Frank Research provides strategic advice, consultancy services and forecasting India to a wide range of clients worldwide including developers, investors, funding Indonesia organisations, corporate institutions and the public sector. All our clients recognise Macau the need for expert independent advice customised to their specific needs. Malaysia Singapore Knight Frank Research Reports are also available at www.knightfrank.com Thailand Vietnam © Knight Frank LLP 2014 This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Research or Knight Frank LLP for any loss or damage resul- tant from the contents of this document.
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