News roundup: Eastern Economic Corridor crucial for Thailand’s industry, plus more headlines

For PropertyGuru’s real estate news roundup, credit rating agencies emphasise the importance of Thailand’s flagship Eastern Economic Corridor (EEC) project. In other news, the Philippines is expected to attract investments in the medium term despite global economic challenges. And presenting several of Australia’s former tourist meccas that are now abandoned.

Agencies deem Eastern Corridor crucial for Thai industry

Credit rating agencies are emphasising the importance of the government’s flagship Eastern Economic Corridor (EEC) project, which is crucial for advancing Thailand’s industrial sector and enhancing competitiveness, according to the Public Debt Management Office (PDMO).

Jindarat Viriyataveekul, public debt advisor for PDMO, said in Bangkok Post that many credit rating agencies have been monitoring the progress of the EEC project for years because it plays a significant role in laying the foundations for Thailand’s future economy.

The agencies want the government to focus on reducing budget deficits and moving towards a balanced budget in the future, said Ms Jindarat, though they routinely note that Thailand has large foreign currency reserves.

Philippines real estate poised for growth — Cushman & Wakefield

Real estate services firm Cushman & Wakefield said it expects the Philippines to attract investments in the medium term despite global economic challenges.

The economic outlook for the Philippines remains buoyant compared to other markets, Cushman & Wakefield said in a statement on Thursday last week.

BusinessWorld reports that in the office sector, the firm cited the 2024 Global Cities Index by Oxford Economics, which featured nine cities from the Philippines out of 1,000 global urban economies. Some of these cities, such as Manila, landed in 256th place, Cebu ranked 436th, and Cagayan de Oro and Davao City placed 487th and 500th, respectively.

Cushman & Wakefield said that addressing weaknesses in the country’s regulatory policies and governance aspects would help improve the Philippines’ attractiveness for foreign investment, especially in regions identified as “next business process outsourcing hubs.”

Ghost developments: Australia’s tourism meccas that are no more (or never were)

From glittering island casinos to sun-dappled water parks, many of Australia’s former tourist meccas now sit abandoned as mere shells of their once glory days.

While some of these once-thriving holiday destinations have been earmarked for redevelopment, others lie in wait as nature eats them up. realcommercial.com.au reports on five developments that are mothballed projects, pivoted to different strategies, or are attempting to wait for market conditions to normalise.

The Property Report editors wrote this article. For more information, email: [email protected].