BANGKOK – The government is planning to establish a new project using state land under the Department of Treasury to offer low cost housing following the end of the Civil-State Housing program of the Government Savings Bank (GSB) and Government Housing Bank (GHB).
An agreement has already been signed by the Treasury Department, GHB and GSB to offer loans to developers to construct the low cost housing. The project is available for 2 purposes, namely; a short term project in which developers create housing for civil servants at a cost of 4,000 baht per month for 5 years and a long term project in which developers must create low cost homes to be sold to citizens.
Deputy Minister of Finance Wisut Srisuphan said the project targets the creation of 4,000 units, each to have contracts lasting up to 30 years. Buyers will only be able to sell their purchases in the first 1-5 years to avoid speculative purchasing. The project is currently having its health and environmental impact reviewed but is expected to be ready within 1 and a half years.
Ten state plots have been chosen for the project both in Bangkok and its vicinity.
