Thailand has launched the “Baan Pheu Khon Thai” (“Homes for Thai People”) initiative, aiming to provide affordable housing along major railway lines by utilizing adjacent land for residential developments.
The project, led by SRT Asset Co., Ltd., a subsidiary of the State Railway of Thailand (SRT), will commence with four pilot locations: the KM 11 area near Bang Sue Grand Station in Bangkok, Thonburi Station in Bangkok Noi district, Chiang Rak Noi Station in Pathum Thani province, and Chiang Mai Station in Chiang Mai province.
Public reservations for housing units are scheduled to open on January 20, 2025, via the website “บ้านเพื่à¸à¸„นไทย.th” (in Thai). Applicants will undergo eligibility checks before entering a random selection process. Those selected can access financing options through the Government Housing Bank, which offers fixed-interest loans at 2.5% for 25 years, enabling monthly payments of approximately 4,000 THB.
The KM 11 site near Bang Sue Grand Station is set to feature a 45-story condominium complex, providing modern living spaces with convenient access to the rail network. This initiative underscores the government’s commitment to expanding affordable housing, improving urban connectivity, and enhancing the quality of life for Thai citizens.
Prime Minister Paetongtarn Shinawatra is expected to visit the KM 11 site on January 17, 2025, to assess the project’s readiness and review a model home developed for the initiative. The project has garnered attention from various stakeholders, including real estate experts who have offered both support and criticism regarding its potential impact on the housing market and the State Railway of Thailand’s finances.
