Thailand's largest industrial real estate company expects land sales to rebound in the second half of 2021.
WHA Corp. will take advantage of the reopening of popular tourist destinations to bring in more foreign investors.
The resort island of Phuket is expected to welcome vaccinated foreign visitors next month. WHA Corp said it was already in talks with some investors regarding their entry into Thailand through Phuket once borders are reopened.
The company's executive for industrial development, David Nardone, said the reopening of the country was vital to the company's business. It experienced a slump in sales during the health crisis. He said the company had a difficult time closing sales as clients were unable to physically survey the commercial plots.
Phuket is set to reopen to vaccinated foreign visitors without the need for quarantine starting July 1. The reopening is part of the nation's accelerated efforts to revive its tourism industry. Phuket is a main doorway to the rest of the nation. Visitors can travel across the country once they have spent at least 14 days on the island.
"You have to get more people to visit. If the Phuket 'sandbox' is successful, they may ease the minimum stay to one week. That will be positive as one week is no hardship at all," Nardone said.
WHA expects land sales accelerate once clients are free to visit the country. The company expects to sell up to 124 hectares of industrial land in Thailand this year.
Analysts said demand for industrial land in countries such as Thailand and Vietnam has remained high. Companies from China, Taiwan and other Southeast Asian nations - particularly tech companies - are continually seeking to diversify their production to meet growing demand.
WHA expects China and Taiwan spenders to make up more than half of its targeted land sales this year. However, the company warned further delays may make it difficult for it to meet its sales goals.