Bangkok’s shopping centres report a robust recovery, and more news

For PropertyGuru’s real estate news roundup, the Bangkok Shopping Centre Business reports a robust recovery in the second half of 2023, thanks to overseas tourists. In other updates, careers in Malaysia’s real estate sector are experiencing significant growth due to the recovering market. Lastly, Indian real estate developer, Zoya Developments, enters the UAE market and will invest more than AED2 billion over the next three years.

Strong growth of Bangkok’s shopping centres in the second half of 2023 – Knight Frank

The disruption caused by the competition for market share from E-commerce businesses, compounded by the COVID-19 crisis, has presented significant challenges for the Bangkok Shopping Centre Business sector in Thailand.

However, as per RETalk Asia’s report, the Bangkok Shopping Centre Business has made a robust recovery in the second half of 2023, driven by a resurgence in foreign tourism. Bangkok’s shopping centres, including those operated by Central and Robinson groups, command approximately 27 percent of the market, closely followed by hypermarkets at 28 percent. The Mall Group holds a 5 percent share, Siam Piwat 3 percent, LH Group and Seacon Square 2 percent each, and Future Park 1 percent. Other groups collectively account for about 32 percent.

Significant growth in real estate careers amid Malaysian market recovery

Careers in the real estate sector of Malaysia are experiencing significant growth due to the recovering market, according to this Bernama report.

AFZ Realty Sdn Bhd Managing Director Afizan Mohktar said this includes an increasing demand for real estate consultants to ensure the continuity and effectiveness of property development.

“There are many new agents (consultants) from diverse educational backgrounds who are now choosing this career as their primary option. They are not only the front line in property transactions but also the key drivers in advancing this industry,” he said when officiating the Crazy Rich AFZ Realty Gala Dinner at the Bangi Avenue Convention Centre (BACC) last 20th July.

An Indian realtor plans to invest AED2 billion in Dubai

A well-known Indian real estate developer, Zoya Developments, declared that it would be entering the UAE market and investing more than AED2 billion over the next three years, according to PropertyNews.ae. With a projected handover in 2026, their first project in Dubai’s thriving Furjan area has been unveiled to commemorate this historic entry.

The first developments by Zoya Developments in Dubai are expected to set new standards for residential living and are situated in prosperous areas like Furjan, Dubai Islands, and JVT. These soon-to-be-unveiled projects will have open floor plans, integrated outdoor areas, and state-of-the-art smart home technology—all created with the needs of the client in mind.

Zoya Developments has established a remarkable reputation in the Indian market for the past 14 years, having developed over two million square feet of prime real estate and delivered over 100,000 units.

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