Bangkok November 2018

November 2018 

BANGKOK 

FREE 

COPY 

BUSINESS 

TM 

SUPPLEMENT 

BANGKOK TOPS DESTINATION INDEX 

FOR THIRD SUCCESSIVE YEAR 

Cover Story Overleaf 

INSIDE THIS ISSUE: 

- AEG Plans Two New Arenas In Bangkok 

- Thailand Business News 

Heroes of Thailand Debuts in Bangkok 

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BUSINESS SUPPLEMENT 

Cover Story 

BANGKOK 

TOPS DESTINATION 

INDEX FOR THIRD 

SUCCESSIVE YEAR 

The importance of tourism into Thailand 

was recently further emphasised when the 

Mastercard Global Destination Cities Index 

(GDCI) placed Bangkok as the number one 

destination city for international overnight 

visitors for 2017. The Thai capital had previously 

been ranked number one in 2016 and 

2015. The GDCI has only been extant for six 

years and Bangkok has now snared the top 

position in five of those six years. 

Significantly, the GDCI also ranked two 

other Thai destinations, namely Phuket and 

Pattaya, among its top 20, meaning Thailand 

is the only country with three places in the top 

20. Phuket ranked 12th while Pattaya came 

in at 18th. Phuket entered the top 10 destination 

cities by money spent. For both Phuket 

and Pattaya it was their first time to be included 

in the index. 

Bangkok saw an amazing 20.05 million 

visitors in 2017 which was just above the 

19.83 million visitors to London in the same 

year. By further comparison, the other cities 

in the top 10 were Paris with 17.44 million 

overnight visitors, Dubai (15.79 million), Singapore 

(13.91 million), New York (13.13 million), 

Kuala Lumpur (12.58 million), Tokyo 

(11.93 million), Istanbul (10.7 million) and 

Seoul (9.54 million). 

It will be no surprise that for Bangkok the 

top three feeder countries were China, Japan 

and South Korea, a situation which was the 

same in 2016 and is likely to remain this way 

for some time to come. 

Notably, the average spend per day in 

Bangkok during 2017 was US$173, which is 

far lower than Dubai ($537), Paris ($301) and 

Singapore ($286). Nonetheless, the capacity 

for Bangkok to remain as a relatively cheap 

destination should help in continuing to attract 

plenty of visitors. 

The GDCI expects 2018 will be very similar 

to last year and cites the emergence of 

both Phuket and Pattaya into the top 20 as 

signs of solid infrastructure, combined with a 

good mix of business and leisure attractions, 

are all helping to keep Bangkok and Thailand 

at the forefront of travellers’ minds. 

As long as the Tourism and Sports Ministry, 

the Tourism Authority of Thailand and the 

Bangkok Metropolitan Administration as well 

as other government agencies continue to 

work together to keep tourism as a key plank 

in the country’s economic mix then there is 

no reason it cannot maintain its pre-eminent 

position for some time to come. 

The Tourism and Sports Ministry expects 

2018 will see between 37 and 38 million 

visitors into Thailand with an expectation of 

around two trillion baht in revenue. By the 

end of August this year the official numbers 

stood at 25.88 million visitors, a 9.88 percent 

increase over the same time frame in 

2017. They had spent 1.35 trillion baht, which 

represents a 12.9 percent increase year-onyear. 

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SIAM MOTORS 

TO DEVELOP A FOURTH GOLF 

COURSE IN PATTAYA 

For the first time in six years the 

prominent Siam Motors Group has 

announced plans to further expand 

its golf course operations in Pattaya 

by constructing what will be its 

fourth course in the city. The company 

has also announced plans to 

move into the condo development 

market space in 2019 in what must 

be viewed as a good sign for the 

continuing expansion and economic 

well-being of Pattaya. 

The Siam Motors Group spent 

two billion baht in 2012 developing 

its 18-hole Siam Country Club Pattaya 

Waterside golf course, its third 

in the city, and it plans to allocate 2.1 

billion baht to develop this fourth golf 

course. 

This fourth course will be called 

Siam Country Club New Course and 

construction actually commenced 

late in 2017 with a scheduled completion 

date of September 2019. 

The land is valued at 1.3 billion baht 

while construction costs are expected 

to run around 700-800 million 

baht. 

The company notes that Pattaya 

has seen massive expansion since 

around 2004 and it believes opportunities 

continue to show themselves 

given the amount of money 

the central government is spending 

on new infrastructure projects and 

the focus on the Eastern Economic 

Corridor. 

The new golf course will be located 

on a 660-rai plot in Siam Country 

Club, which is part of a 6,000-rai plot 

purchased in 1969 and has been 

developed at varying times over 

the last few decades, starting with 

the original Siam Country Club Golf 

Course which opened in 1971. 

The fourth course is hoped to attract 

36,000-40,000 golfers in its first 

year of operations and the company 

believes it will hit its break-even 

point within seven years. All told, the 

company will have invested around 

eight billion baht into its four courses. 

The company believes the total 

number of golfers across its four 

courses will grow by 35 percent to 

200,000 per year by 2020. Most of 

these are expected to come from 

Japan, South Korea and China. At 

present the company says around 

75 percent of its customers are foreigners, 

the majority from Japan. 

In an effort to help support the 

golf courses, the company will develop 

a golf lodge with a five-star 

hotel with 70 rooms next year at the 

so-called Old Course. Once this is 

completed there will still be around 

1,000 rai of available land for future 

development. 

Elsewhere, the Siam Motor 

Group has been reducing the number 

of its Nissan showrooms in 

Bangkok, and is currently down to 

six, from a high of 13. This may be 

why the group is now looking toward 

condo development in Pattaya, as a 

way of further diversifying its overall 

business. 



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HAVE YOU EVER TAKEN A LONG HARD 

LOOK AT YOUR BUSINESS? 

Having recently taken a back 

seat from the stress of day to day 

working, it has allowed me to take 

a look back, and around, the business/entertainment 

scene here in 

Thailand. 

Having established and run Liberty 

Computers from 2003 up until 

early 2018 I have seen so many 

mind boggling scenarios during that 

time. But let me explain. 

Prior to moving to Thailand, I 

worked for an international software 

company called Cognos for 13 

years, who were are the forefront of 

IT technology. Based in Ottawa, as 

the company grew it opened new 

offices and entered new partnerships 

around the globe. Starting as 

a junior consultant, I ended up as 

a manager taking care of a significant 

amount of services business 

throughout the UK, Greece, Turkey 

and parts of the middle east. 

The reason that this is significant 

is that when I did start my 

own business here it meant that I 

had received first class business 

and management training as well 

as plenty of hands on experience, 

which was a major contributory factor 

as to why the company has been 

around for so long. 

Now during my time here I have 

been involved directly or indirectly 

in the opening of literally hundreds 

of small businesses around Thailand 

by not only installing EPOS 

systems but also, when given the 

chance, introducing good working 

practices based around that 

EPOS. Happily I have seen many 

of those succeed, but sadly many 

also closed, quite often through 

lack of experience. I’ve even known 

businesses that incurred all the 

setup costs but then never actually 

opened. 

I realised that as a minimum 

there are certain factors that a farang 

needs to take in to account 

if they are going to be successful 

here. And sadly there are instances 

when it was predictable that a new 

business would fail, even before 

it opened. Equally there are times 

that you can see that the entrepreneur 

has the skills to make it work, 

and they have gone on to be highly 

successful. 

It was frustrating to see people 

pouring money in to a new venture 

with no real business plan in place, 

no idea if the were working along 

the right lines and no idea about local 

standards and practices. 

“Bits n 

Bytes” 

If you think you may be in 

such a situation that might benefit 

from some input, or are thinking 

of opening a small retail/enteratinment 

business, or if you think your 

business might gain from a heath 

check, then send me an email to 

stevedickens@hotmail.com 

Have a great month till next 

time! 

STEVE DICKENS 

LIBERTY COMPUTERS PATTAYA (Est. 1997) 

The specialists for bar, restaurant and entertainment systems 

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OFFICE 

LANDLORDS 

MAY SOON 

FACE EXTRA 

COMPETITION 

The Bangkok office market is 

likely to show signs of increased vacancy 

rates as new supply comes on 

stream giving office landlords more 

competition, according to a survey 

by Nexus Real Estate Advisory, 

Thailand. Since newer buildings will 

make up the bulk of the new supply 

it is recommended that landlords 

maintain their buildings or renovate 

them so that they can remain in asnew 

condition in order to secure 

tenants and to enjoy higher rental 

yields. 

Office space is likely to increase 

by up to 30 per cent over the next 3 

or 4 years. This is in stark contrast to 

the current low vacancy rate and so 

landlords could be caught off guard 

if they don’t adjust their offerings to 

take account of changing market dynamics. 

is not difficult for tenants to move a 

few kilometers if the deal is too good 

to resist. Thus even local vacancy 

surges can disrupt the overall market. 

For now, landlords are still enjoying 

the benefits of a tight market. In 

the third quarter of 2018 it was found 

that Grade A office rental rates hit 

a new high averaging 980 baht per 

square metre per month, with the 

highest hitting 1,500 baht per square 

metre per month. This was in spite 

of the fact that overall office stock is 

ageing. The average age of Grade A 

office buildings is 17 years old. The 

market in Bangkok is on a par with 

similar markets in Singapore and 

Hong Kong, but there is likely to be 

more new building in Bangkok than 

in other cities in Asia. 

The managing director of Nexus, 

Teerawit Limthongsakul, was 

quoted as saying, “Over the past 10 

years, the average vacancy rate has 

stayed within 10%, which is already 

low. The current average vacancy 

rate is only 7-8%, and tends to fall 

over time. As more new companies 

form and more foreign companies 

seek office space, limited supply 

keeps the vacancy rate low” 

Although low vacancy rates have 

been in force for an extended period, 

these will not persist in the future 

due to a swathe of new supply that is 

due to enter the market. 

New buildings are being built in 

the Rama IV area and are likely to 

cause a vacancy spike in that area. 

Other places where there are building 

booms such as the Ratchada / 

Rama IX area will also likely lead to 

immediate spikes in local vacancy 

rates, making it harder for existing 

landlords to compete. In addition, 

with the CBD areas fairly compact it 

Newer buildingsin Bangkok can 

reach a rental rate that is above average, 

typically in the range of 1,200 

baht per square metre, which may 

encourage landlords to renovate 

their buildings to compete with new 

offerings. 





While bar charts, line graphs and 

simple numbers are hardly capable 

of providing the defining answer to 

many economic, social and political 

questions, they are certainly a good 

way of obtaining a general overview 

of any particular subject. 

Each month the Business Supplement 

will look into a brace of statistical 

information and provide readers 

with what we consider to be the 

central elements of these figures. 


JUST THE STATISTICS 

appear to be around 10 percent, this 

from both the US and China. At the 

time of writing, a large number of 

tariffs have been imposed at a whopping 

25 percent and this is fuelling 

concerns on global markets about a 

potential rapid rise in inflation. 

Thailand’s urban solid 

waste generation worst 

in Asean 

According to figures released by 

the World Bank Group, Thailand’s 

municipal solid waste (MSW) generation 

stood at 1.76 kilograms per person 

per day in 2016 and is projected 

to rise to 1.95kgs per person per day 

by 2025. 

In 2016, Thailand’s urban population 

stood at 22.45 million people 

and they produced the equivalent of 

39,452 tonnes of MSW per day. 

By comparison, Malaysia’s 14.43 

million urbanites produced an average 

of 1.52kgs of MSW per person 

per day while Singapore ranked third 

with 1.49kgs and Vietnam fourth 

worst at 1.46kgs. 

Myanmar was the best of the 

Asean nations at just 0.44kgs ahead 

of the Philippines (0.50kgs), Indonesia 

(0.52kgs) and Laos (0.70kgs). 

Looking further afield, India is 

surprisingly low with its 300-million-plus 

urban population producing 

just 0.34kgs of MSW per person per 

day. New Zealand, of all countries, is 

one of the worst, at 3.68kgs per day. 

The World Bank Group points out 

that on average the waste generated 

by urban dwellers has doubled in the 

last decade. As well, urban waste is 

growing faster than the rate of urbanisation. 

US-China Trade War in 

numbers 

While the US-China trade war 

may not appear as a direct problem 

for Thailand, the reality is that its impact 

is already being felt mong some 

businesses here and the knock-on 

effect of these trade battles is not 

yet widely observed, although there 

are stories of Thai-based companies 

closing down because their Chinese 

buyers can no longer afford to source 

material from Thailand. 

In data supplied via the US Census 

Bureau and the business channel 

Bloomberg the United States 

imported the equivalent of US$506 

billion of Chinese goods in 2017. China, 

for its part, only imported US$130 

billion from the US in 2017, a monetary 

disparity of $376 billion. 

By late September this year the 

US had imposed tariffs on $250 billion 

worth of Chinese goods, while 

China had retaliated and imposed 

tariffs on $110 billion worth of American 

exports. 

The percentage of the tariffs vary 

from product to product and can be 

as low as five percent while most 






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THAILAND BUSINESS NEWS 

Mazda sees strong sales 

so far in 2018 

KPN Land to be bought by 

Raimon Land Plc. 

KPN Land is to be bought by the SET-listed 

property developer Raimon Land Plc., making 

Raimon Land the largest player in the luxury residential 

sector by market share. 

In a related announcement, Lionel Lee will 

be appointed as the chief executive officer From 

November 1st 2018, taking over from Adrian Lee 

who will become the chief operating officer on the 

same date 

A source at Raimon Land was quoted as saying, 

“The change in management positions is 

meant to support the company’s business expansion 

after acquiring KPN Land.” 

The takeover will be made with both cash and 

shares, with the cash portion amounting to 500 

million baht and the shares portion covered by 

597 million new ordinary shares at 1.80 baht. The 

total deal is valued at 1.57 billion baht. 

The local distributor of Mazda cars, Mazda 

Sales Thailand, has reported that sales increased 

41 per cent in the first 3 quarters of 2018, with 

total units sold hitting 51,755 cars. 

Out of these units sold, the Mazda2 ecocar 

accounted for 33,939 vehicles, an increase 

of 51% on the year prior. Also popular was the 

Mazda CX-5 SUV, which sold 6,265 vehicles up a 

whopping 116 per cent year on year. The CX-5 is 

made in Malaysia. 

President Chanchai Trakarnudomsuk was 

quoted as saying, “By quarters, the car market 

grew 13% in the first quarter, 26% in the second 

and 22% in the third,” adding, “This is a good sign 

for sales momentum in the last quarter, as total 

domestic car sales in 2018 should surpass 1 million 

units as projected.” 

Mr. Chanchai was also quoted as saying, “The 

local car market is propelled by a healthy economy, 

a clearer political roadmap and the much-touted 

Eastern Economic Corridor scheme.” 

Thailand’s ad spending rises 

According to Nielsen Thailand, total advertising 

spend so far this year has totaled approximately 

78.3 billion baht, an increase of 2.2per 

cent over last year, with most of this going into TV 

ad spending. 

TV ads accounted for64 per cent of the total 

at 50.6 billion baht, up 2.18 per cent year on year. 

Interestingly, cinema advertising came in at 

second place at 6.9 per cent totaling 5.44 billion 

baht, an increase of 6.4 per cent on last year. 

Outdoor advertising in the form of both static 

signs and LED display screens came in just behind 

at 6.5 per cent or 5.09 million baht, up 7.96 

per cent on the year prior. 

Another surprising statistic is that internet ad 

spending remained quite low at 1.195 billion baht 

or just 1.53 per cent of total spend. This was up 

1.47 per cent on last year. 

Print advertising beat the online space by 

quite a large margin with newspaper and magazine 

advertising spend totaling 5.475 billion baht. 

Other forms of advertising that attracted a 

spending budget included in store advertising, 

transit advertising and radio advertising. 

Coca Cola, Toyota and Samsung were 

amongst the biggest spenders in the market. 

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FOREIGN CURRENCY UPDATE 

TheU.S Dollar has remained 

well bid as expected due to a 

rise in interest rates in America. 

The DXY Dollar index, (an index 

that measures the US Dollar’s 

valueagainst a number of other 

currencies), rose from 94.31 to 

hit a high of 95.76 before settling 

at 95.23. Yields on 

the 10-year treasury 

rose to a 7-year high 

of 3.24 per cent before 

dropping back to 3.16 

per cent. In this environment, 

especially 

with increased volatility 

the U.S. Dollar is likely 

to take its cue from 

the bond markets, but 

overall will still be likely 

well supported by 

the prospect of higher 

yields. Against the 

Thai Baht, the U.S. 

Dollarrose from a low 

of 32.23 to 33.07 before pulling 

back to 32.75. 

The British Pound did manage 

to build on recent gains, 

but trade has been choppy and 

range bound. Against the US 

Dollar the Pound moved from 

1.3073 to a high of 1.3266 before 

giving back all of its gains 

to hit a low of 1.2832. The value 

of the pound will likely remain at 

the bidding of the Brexit story. 

Against the Thai baht, the pound 

moved from 42.66 to a high of 

43.69 before giving up some of 

its gains to end at 43.05 

The U.S. Dollar vs. Japanese 

Yen cross rate has been 

very volatile of late moving from 

111.68 to a high of 114.51 before 

erasing almost all of the gains 

and moving to 112.17. 

When the cross rate rises it 

means 1 U.S. Dollar buys more 

Yen and therefore the Yen has 

weakened against the U.S Dollar, 

which is in keeping with the 

stronger DXY index as noted 

above. Against the Thai Baht, 

the Yen has been remarkably 

flat, moving from 0.2893 to 

0.2903 and then back to exactly 

the same level it started at 

0.2893. This is in keeping with 

the Yen’s move against the US 

Dollar. 

The Russian Ruble has 

seen volatility collapse with the 

currency trading within a 1-ruble 

range all month. It moved 

from 66.19 to the US Dollar to 

a high of 66.37 before falling to 

66.05. The range has been one 

of the tightest for many months, 

surprising many market participants 

after a very volatile 

period in the month 

before. Against the Thai 

baht the Ruble picked 

up slightly from 0.4822 

to 0.4959 

The Eurohas made 

some interesting moves 

against the US Dollar 

actually getting stronger 

compared to its US 

counterpart even while 

the US Dollar was gaining 

ground. It moved 

from 1.1633 to 1.1794 

before reversing the 

gains to settle at 1.1569. 

Against the Thai baht the Euro 

weakened from 38.06 to a low 

of 37.26 before turning higher to 

reach 37.81. 






CHEST PAIN! A HEART ATTACK 

OR SOMETHING ELSE? 

When is chest pain serious? That dull 

burning feeling in your chest doesn’t seem 

to be going away, and even feels like it is 

getting worse. Is it a heart attack, or something 

else? 

It’s a vexing question, one that millions 

of people — and their doctors — face each 

year. What’s the problem? Chest pain can 

stem from dozens of conditions besides 

heart attack, from pancreatitis to pneumonia 

or panic attack. 

Millions of Americans with chest pain are 

seen in hospital emergency departments every 

year. Only 20% of them are diagnosed 

with a heart attack or an episode of unstable 

angina, a warning sign that a heart attack 

may happen soon. A few have another 

potentially life-threatening problem, such 

as pulmonary embolism (a blood clot in the 

lungs) or aortic dissection (a tear in the inner 

layer of the aorta). Some are experiencing 

“regular” angina, which occurs when part of 

the heart isn’t getting as much oxygen-rich 

blood as it needs during periods of physical 

exertion or emotional stress. Most of them, 

though, had a condition unrelated to the 

heart or arteries. 

The other tricky problem with heart attacks 

is that different people experience 

them in different ways. Some have classic 

chest pain. Others have jaw pain or back 

pain. Still others become breathless, or extremely 

fatigued, or nauseated. 

Chest pain is only one of the possible 

signs of an impending heart attack. If you 

notice one or more of the signs below in 

yourself or someone else, call 911 or your 

local emergency number right away. 

• Uncomfortable pressure, squeezing, 

fullness, burning, tightness, or pain in the 

center of the chest 

• Pain, numbness, 

pinching, 

prickling, or other 

uncomfortable 

sensations in one 

or both arms, the 

back, neck, jaw, 

or stomach 

• Shortness of 

breath 

• Sudden nausea 

or vomiting 

• Lightheadedness 

or dizziness 

• Unusual 

fatigue 

• Heat/flushing or a cold sweat 

•Sudden heaviness, weakness, or aching 

in one or both arms 

Chest pain and heart attack symptoms 

Doctors use several pieces of information 

to determine who is, and who isn’t, having a 

heart attack. In addition to the description of 

your symptoms and your heart risk profile, 

doctors use the results of an electrocardiogram 

(ECG) and a blood test called cardiac 

troponin. But sometimes these don’t immediately 

show abnormalities. So, what you describe 

to the doctor and your medical history 

are extremely important in determining the 

initial steps in your treatment. A few seconds 

of recurrent stabbing pain is less likely to be 

a heart attack , while pain centered in the 

chest that spreads out to the left arm or jaw 

is more likely to be one. 

For more information on heart related 

symptoms of to make an appointment to 

speak to a cardiologist then contact Phyathai 

Sriracha Hospital Heart Center 

on direct International number: 

087-1000-990 

Email:gavin@phyathai.com 

www.phyathai-sriracha.com 

Gavin Waddell 

Phyathai Sriracha Hospital 



TOSCANA 

– A TRUE ITALIAN EXPERIENCE 

While the Toscana Italian and Moom 

Talay Thai restaurants share the same 

very large space, there are two points 

where the two are strictly separated. 

The first is perhaps the most obvious, in 

that the two restaurants have two separate 

kitchens. This is clearly sensible 

given the different styles of cooking and 

variety of dishes required. The second is 

also equally sensible, in that while there 

is a central area where either Italian and/ 

or Thai dishes can be served to patrons, 

there is one completely enclosed area 

where only Italian dishes will be served. 

The management of Toscana understands 

that mixing the two culinary 

styles is not always in the best interests 

of those 

who want to enjoy the flavours and, 

more especially, the aromas of authentic 

Italian cooking. So, the Toscana Italian 

food only side of the restaurant has 

seating for up to 100 diners, all enclosed 

in an air-conditioned environment. The 

tables are set up with tablecloths and 

the atmosphere is designed primarily to 

promote fine Italian dining and enhance 

the largely organic offerings of pizza and 

pasta dishes for 

which Toscana is justly well-known. 

As mine host Luca has said, “We 

make fresh pasta here…almost every 

day, and all the pasta is made from duck 

eggs, which are so much better than using 

chicken eggs.” 

Among the specials Luca is most 

proud to promote are anti-pasti dishes 

such as Bresaola, home-made beef carpaccio, 

and home-made goat cheese. 

When it comes to pasta, dishes as 

varied such as duck ravioli, green ravioli 

with guinea fowl, ravioli filled with pumpkin 

and asparagus, salmon and ricotta 

ravioli are just a few of the many varieties 

available to diners. 

On one aspect of the restaurant and 

its processes Luca was adamant. “What 

I won’t do, and never have, is pre-cook 

the pasta. Everything is fresh.” 

On the outside terrace, there is also 

room for around another 150 diners. 

These are distinguished by having white 

table cloths covering each table. The 

spacious layout gives customers a more 

relaxed dining experience. 

Apart from the food, Toscana has a 

dazzling array of refreshments aimed at 

covering all possible tastes and de 

Trattoria Pizzeria Toscana 

Moom Talay Thai Restaurant

signed to complement the many dishes 

on the menu. 

As the name suggests, Toscana features 

cuisine which is almost uniquely 

derived from the Tuscany region of northern 

Italy. In keeping with this theme, it’s 

probably no surprise that although Toscana 

stocks wines from all over the Italian 

peninsula, the majority are sourced 

from Tuscany. 

All told, there are 60 red wines and 

31 white wines from which to choose. 

There are also nine choices of prosecco 

(otherwise known as sparkling wine). As 

mine host Luca says, prosecco is a kind 

of Italian champagne, but made from 

different grapes than what most people 

know as champagne. 

Three choices of lambrusco (also referred 

to as sparkling red), either dry or 

sweet, and four Rose wines add further 

depth to the Toscana wine list. 

Customers can also choose from the 

selection of house wines – three red and 

three whites – all of them are IGT (that 

is, certified from the region they come 

from). They can be served by the glass, 

or in quarter-litre, half-litre or one litre 

carafes. 

The comprehensive variety of wines 

in Toscana can be gauged by the incredible 

difference in value: from as little as 

1,300 baht for a bottle up to 20,000 baht 

a bottle for the finest wine in the house. 

To further enhance the experience for 

lovers of wine in Toscana, all the wines 

are stocked in the Wine Cellar located 

inside the fine dining section of the 

restaurant in a specially-built temperature-controlled 

cellar. As Luca notes, 

this ensures the wine is consistently 

good. Customers can order direct from 

the menu or go into the cellar, select the 

wine they desire and have it brought 

back to their table. 

In many places wine is stored on 

shelves in the restaurant, which means 

when the restaurant is closed the air-con 

is off so the bottles of wine experience 

regular changes in temperature. 

For customers who’d like to have a 

beer while sampling the unique Toscana 

ambience, real Italian Peroni beer is 

available both on draught and in bottles. 

There are also 26 different types of 

grappa drinks from which to choose. 

The Moom Talay Thai Restaurant and 

Trattoria Pizzeria TOSCANA Restaurant 

are located on Beach Road, Pattaya 

(between Soi 6 and Soi 7) 

Telephone: 038 362 370 

Fax: 038 362 371; 

Email: tirreno@ptty2.loxinfo.co.th 

For reservations: 081 861 3446


SUDOKU 

These Sudoku puzzles are pitched at a middle level: not too easy, 

and not too frustratingly hard, for the average person. 

We will publish the solutions in next month’s issue. 

Last months sudoku answers 

CROSSWORD 

ACROSS 

DOWN 

1/Teeth (8) 

5/Parts of a boxing match (6) 

7/For hearing (3) 

9/Become liable to (5) 

11/Sapient (9) 

12/Postponed (8) 

1/cartoon the Wizard of ? (2) 

2/Chief Medical Officer abbrev. (3) 

3/Largest star near Earth (3) 

4/Artifical Lake (9) 

6/Lauded (7) 

8/Direction (4) 

10/Hoard (5) 

1 

2 

3 

4 

TRIVIA Quiz 

1. For which film did Robert Redford win an Academy Award 

on debut as Best Director, in 1980? 

2. Raymond who was president of France during the First 

World War? 

3. Which Australian runner at one stage held every world record 

from 5,000 metres to 10 miles but never managed to win an 

Olympic gold medal? 

4. Who wrote the novel Beau Geste? 

5. Who wrote the musical piece The Blue Danube? 

6. In what country is the Tonle Sap, the largest freshwater lake 

in Southeast Asia? 

5 6 

7. Who starred as Dr Oliver Sacks in the 1990 movie Awakenings? 

7 

8. How many times did Martina Navratilova win the women’s 

singles title at Wimbledon? 

8 

9 

10 

9. The highest mountain in the United States, Mt McKinley, 

was renamed what, reverting to its native name? 

10. In what sport would you find positions such as ‘cornerbacks’ 

and ‘offensive linesman’? 

11 

Answers 

1. Ordinary People 2. Raymond Poincare 3. Ron Clarke 4. P C Wren 5. Johann Strauss 6. 

Cambodia 7. Robin Williams 8. Nine 9. Denali 10. American football 

12 12 

CROSSWORD ANSWERS 

ACROSS 1/Incisors 5/Rounds 7/Ear 9/Incur 11/Sagacious 12/Deferred 

DOWN 1/Id 2/CMO 3/Sun 4/Reservoir 6/Praised 8/East 10/Cache 

For information on the BUSINESS SUPPLEMENT Contact High Tower Co., Ltd. Tel: 038 411 009 - 0846 77 43 60 

*The Pattaya & Bangkok Business Supplements are published by High Tower Co., Ltd. 




SOUTHEAST ASIAN BUSINESS ROUNDUP 

Malaysia 

The Malaysian arm of Nestle is disposing 

of its chilled dairy and manufacturing 

businesses to French dairy 

group Lactalis for US$37.33 million 

in cash. Nestle said it will use part of 

the proceeds to establish a Milo Manufacturing 

Centre of Excellence in its 

Chembong factory in Negeri Sembilan, 

while the balance shall be used 

to reduce bank borrowings. 

The Philippines 

Universal Robina Corporation (URC) 

announced it had agreed to purchase 

a 50 percent shares of its potato chip 

venture partner Calbee, the Japanese 

snack giant, for US$3.13 million. Calbee’s 

exit comes as the Philippine 

joint venture continued to post losses 

since its establishment in 2014. 

URC said the purchase will allow it to 

have full control of the joint venture, 

known as Calbee-Universal Robina 

Corporation Inc (CURC) which was 

was established in April 2014 as part 

of Calbee’s move to enter the Philippine 

market. 

Myanmar 

Yoma Bank, the financial services arm 

of First Myanmar Investment Co Ltd, 

recently injected a second tranche of 

US$4.4 million in a follow-on financing 

round of BRAC Myanmar Microfinance 

Company Limited to expand 

its activities in the country. BRAC will 

use the financing to expand its microfinance 

services for women and 

low-income families living in the outskirts 

of cities in Myanmar. With the 

funding, BRAC hopes to expand its 

microfinance coverage to an additional 

15,000 households. Prior to the latest 

funding agreement, BRAC raised 

a US$1.3 million financing facility 

from Yoma Bank in March. 

BRAC was founded in 1972 by Sir 

Fazle Hasan Abed in Bangladesh and 

expanded to Myanmar in 2014 

and has served over 79,000 families 

across the country. The company has 

49 branch offices and loans range in 

size from US$97 to US$6,469. 

Indonesia 

The co-working platform GoWork 

raised US$13.8 million in a Series A 

round co-led by Gobi Partners and 

The Paradise Group, an Indonesian 

retail and hospitality-focused property 

developer. GoWork plans to use 

the proceeds to triple its footprint 

by next year, targeting over 100,000 

sqm in operation by early 2020. The 

company claims to have a 90 percent 

renewal rate for members, with over 

90 percent occupancy within three 

months of launching operations. The 

company hopes to become the single 

largest provider of quality workspaces 

in Indonesia. GoWork was created 

after a merger between Rework 

and GoWork, two rival co-working 

spaces and has 16 hub locations in 

Jakarta, Surabaya and Bali and over 

30 locations in partnership with Ismaya 

Group covering over 25,000 sqm 

of workspace. Paradise Group owns 

and operates several malls including 

Plaza Indonesia. 

Singapore 

Orthopaedic services provider Asian 

Healthcare Specialists (AHS) has entered 

into an investment agreement 

with Vanda 1 Investments, a company 

controlled by Temasek unit Heliconia 

Capital Management. 

“As ageing populations in both 

emerging and developed countries 

continue to drive increasing demand 

for healthcare, particularly in the specialist 

areas of musculoskeletal care 

and services, the group intends to tap 

into this demand as part of its growth 

strategy,” AHS said. The estimated 

net proceeds are about US$7.21 million. 

AHS intends to use all the net 

proceeds to finance business expansion 

and grow its existing business. 



THAILAND’S SENIORS 

EMBRACING AIRBNB & TOP THE LIST 

OF WORLD’S MOST ACTIVE 

HOSTS AND GUESTS 

• Seniors are a core demographic to 

the Airbnb community, and growing 

rapidly. 

• Thai senior guests have increased 

62% year-on-year. 

• Thai senior hosts earned almost 

THB300 million in 2017 alone. 

Seniors (hosts and guests aged 

60 and older) have been a growing 

and integral part of the Airbnb community 

for many years -- they are 

growing fast, earning important extra 

income, and continue to be the 

most-loved of any age group. They 

are fast growing, are booking on 

Airbnb in increasing numbers, and 

leading a new trend of multi-generation 

family travel beyond traditional 

tourist districts to experience local, 

authentic neighbourhoods. 

Thailand’s Hospitable Senior 

Hosts are the Best Rated 

Globally, senior hosts are the 

fastest-growing of any age group of 

hosts on Airbnb, and there are now 

over 400,000 senior hosts on Airbnb 

worldwide. In 2017, senior hosts 

around the world earned over 65 

billion baht, hosted over 13.5 million 

guest arrivals at their listings, and 

welcomed travellers from over 150 

countries. 

In Thailand, there are currently 

almost 1,500 senior hosts on Airbnb, 

representing a year-on-year 

increase of more than 26%. Senior 

hosts earned a combined total of 

close to THB300 million, welcoming 

over 52,000 guests into their homes. 

They also ranked among the most 

loved hosts in the world -- senior 

hosts are the best-rated host age 

group in Thailand with more than 

83% of reviews of senior hosts receiving 

five stars.Thai Experience 

Host, Sirichan, shared: “I first become 

an Airbnb 

Host two years ago. My home is 

quite unique, over 100 years old, and 

I wanted to share its fascinating Thai 

architectural legacy with visitors who 

wished to experience something traditionally 

Thai while learning to cook 

Thai food. Since then I have made 

many friendships from being a Host. 

It’s almost like becoming a member 

of my Guest’s family and I have enjoyed 

sharing moments of happiness 

together.” 

Siew Kum Hong, Airbnb Regional 

Director, APAC says: “Known for 

their renowned welcoming hospitality 

and as avid world travellers, it’s 

not surprising that seniors in Thailand 

are aging meaningfully by embracing 

the home sharing community. 

As the travel industry continues to 

grow, Airbnb promotes tourism that 

is local, authentic, diverse, inclusive, 

and sustainable, creating new economic 

opportunities for hosts in the 

homes and communities where they 

live.” 

Thailand’s Senior Guests are 

World’s Most Active on Airbnb 

Globally, senior guests are now 

the fastest-growing of any age group 

on Airbnb, with the number of seniors 

who have booked on the platform 

growing 66% in the past year. 

Thailand’s seniors are the world’s 

most active on Airbnb, topping the 

list of countries with the highest 

proportion of senior guests on Airbnb. 

Across the country, seniors who 

booked on Airbnb grew 62% in the 

past year alone, a figure that is expected 

to continuing trending up as a 

quarter of Thailand’s population are 

expected to be 65+ by 2040. 




HEROES OF THAILAND 

DEBUTS IN BANGKOK 

Song and music video 

pays tribute to the heroes - 

divers, rescue workers, officials 

and volunteers of the 

Wild Boars cave rescue 

October 16th, 2018 marked the 

official launch of Heroes of Thailand, 

a song and music video produced 

by Thailand-based British 

Executive Producer Will Robinson, 

to honor the sacrifice and efforts of 

the divers, rescue workers, officials 


BUSINESS 


and volunteers who rescued the 

12 young Mu Pa Academy (Wild 

Boar) footballers and their coach 

at the Tham Luang cave in Tham 

Luang-Khun Nam Nang Non Forest 

Park, Chiang Rai. 

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Proceeds from all the download 

and streaming sales of this song 

will be donated to Childlife Mae Sai 

(Baan Nana), Chiang Rai. 

Will, who is also the CEO of 

Hong Kong based record label Tune 

Asia Limited, has over 25 years’ experience 

in the music industry from 

promoting Leo Sayer, Rose Royce, 

The Pasadenas and many more. 

Will also penned the full length version 

of “Glory Glory Man United” in 

2008 which became a hit with Old 

Trafford featuring Korean violinist 

Jenny Bae. He also wrote “Red is 

the man” for Sir Alex Ferguson’s 

25th anniversary at Old Trafford and 

“Chico is the Man” for Mexican football 

star Javier Hernandez which 

was a collaboration with Jose Feliciano 

and Daniel Ryan. 

“I co-wrote a song for Bryan 

Robson, former manager of the Thai 

national football team and former 

captain of Manchester United and 

England football team called “Hero” 

with British composer Daniel Ryan 

about seven years ago. The song 

has a strong melody and after the 

heroic rescue at Tham Luang cave, 

I thought this song would make a 

nice tribute to all the volunteers, 

rescue workers, divers and others 

who helped in this rescue mission. 

I had to change the lyrics and the 

story of the song and had it translated 

to the northern Thai dialect,” 

said Will. 

www.musicweekly.asia 

“I previously worked on a project 

on Thai music called “The Isan Project” 

which was an album of collaboration 

of Thai and Western artists. 

I started to record some parts for 

“Heroes of Thailand” and went into 

the studio and things evolved. The 

song was recorded in Manchester, 

London, Singapore and Bangkok 

and features vocalist Ronnarong 

Khampha, who is a Lanna dancer 

and actor from Phayao, a province 

north of Thailand,” pointed out the 

producer. 

Will explained that the making 

of the song and video has been an 

interesting journey. 

“My original idea was to have 

Ronnarong, together with musicians 

and dancers, to perform the song 

whilst walking towards the mountains 

in the north of Thailand where 

they would make a camp fire, but 

I loved the bridge of the song and 

felt it was very powerful. I thought 

it would be a good idea to feature 

some of the heroes,” Will added. 

“I am honoured to be part of this 

charitable project so I can share 

the Lanna art and culture through 

music,” shared Ronnarong, adding, 

“the lyrics convey the message of 

gratitude to all local and international 

volunteers who were involved 

in the rescue of the footballers and 

their coach. Every person is a hero.” 

Heroes of Thailand can be 

bought on iTunes and all other major 

digital retailers and streaming 

services. 

About Tune Asia Limited 

Tune Asia Limited is a Hong 

Kong based record label specialising 

in creating and developing their 

musical ideas. The company has 

online marketing and sales of music 

distributing to 250 digital stores in 

140 countries around the world. 

Tune Asiaʼs catalogue has sold 

over 3 million downloads and one 

hundred million streams which includes 

the song “Glory Glory Man 

United”. The company has successfully 

had chart entries in the USA, 

Mexico, Canada, UK, Europe and 

in Asia. 

Clients include Malaysia Pop 

Idol Winner Jaclyn Victor, Manchester 

United, Erik Hargrove of the 

James Brown Band, Gwen Dickey 

of Rose Royce, Cleo Higgins 

of Cleopatra, Rose Jang and Errol 

Reid of China Black. 

The company was founded by 

Will Robinson, a British Executive 

Producer who has over 25 years 

experience in the music industry 

from promoting Leo Sayer, Rose 

Royce, The Pasadenas and many 

more. CEO Will Robinson has collaborated 

artists such as Bee Gee 

‘Robin Gibbʼ and he has extensive 

knowledge music economy. 





After the success of Cinderella 

and Aladdin, Bangkok Community 

Theatre (BCT) is bringing back 

British pantomime to Bangkok this 

festive season! Get ready for a big 

carnival on stage! 

The first thing to point out to all 

non-Brit from around the world is 

that British pantomime has nothing 

to do with mime. It is a chaotic and 

anarchic mix of fun, song, dance, 

bad jokes and corny acting. The 

story line, if we can generously 

grace it with such a description, 

usually revolves around a famous 

fairy story. 

After the recent success of its 

previous British style pantomimes 

Cinderella and Aladdin, BCT will 

this year present the story of “Snow 

White and the Seven Dwarfs”. 

“Snow White and the Seven 

Dwarfs” will bring on stage the usual 

panto chaos, audience participation, 

music, ghosts, fairies and 

cross dressing, including the traditional 

panto dame. 

The show will be performed in 

English and will offer fun-filled entertainment 

for the whole family. 

As all BCT’s shows, cast is multinational 

with actors and singers coming 

from different places around the 

world. Surplus of the show’s income 

will be donated to Operation Smile , 

a particularly worthy cause. 

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Anschutz Entertainment Group 

(AEG) Asia is looking to build two new 

arenas in Bangkok that will be hailed 

as the best in the world. The arenas 

will be built in partnership with the Mall 

Group, with completion expected by 

2022. 

The company is certainly not a 

newcomer to the market and has more 

than 150 arenas, conventioncenters, 

stadiums, clubs and theatres around 

the world, including famous landmarks 

such as the O2 arena in the UK and 

the Staples Center in Los Angeles. 

The president and chief executive 

of Anschutz Entertainment Group 

(AEG) Asia, Adam Wilkes, was quoted 

as saying, 

“Thailand is really one of the most 

exciting markets to come to, on a personal 

but also on a professional level,” 

adding, “This market checks a lot of 

the boxes you need to have a vibrant 

and successful live entertainment industry. 

But there are challenges in the 

area of infrastructure.” 

One of the issues was traffic 

congestion and this needs to be addressed 

to make concerts at the arenas 

a success. 

Mr. Wilkes was quoted as saying, 

“There are practical, functional questions 

you have to ask if you want people 

to go to shows at these arenas, 

and one is how do you get from your 

residence to the venue? It has to be 

convenient to get there,” adding, “A 

concert can have great content and 

great artists, but if you lack the infrastructure, 

it limits the market potential. 

In Bangkok, where we have done 

several shows, it felt like as good as 

things were, it can be much better if 

there is a modern arena in town.” 

Mr. Wilkes was further quoted as 

saying,”What happened [with the Staples 

Center in LA] has been replicated 

in Berlin, Shanghai and London. Our 

arenas stimulated growth in entirely 

new parts of the cities,” adding, “We 

believed there was a void in the market 

in LA, and we saw the same thing 

in Bangkok. I am incredibly excited because 

we believe this is going to be 

a huge game changer for the market. 

With AEG’s 25 years of experience in 

the business, we believe we can improve 

arenas. The last building we 

opened was the T-Mobile Arena in Las 

Vegas two years ago and many people 

in the industry said it is the best. 

We hope to replicate that in Bangkok.” 

The company also has a concert 

tour business called AEG Presents. It 

has been responsible for many 

concerts in China and also held a 

legendary Rolling Stones concert in 

Havana which attracted over a million 

followers. 

Back in Bangkok, whilst it may 

take a few years to complete the two 

arenas, when they are finished they 

are expected to be world famous landmarks 

rivaling any that the company 

has already. 



MAGNOLIAS RATCHADAMRI BOULEVARD 

INTRODUCES 50-YEAR LEASEHOLD TERMS 

AND LAUNCHES THE ONSITE WALDORF 

ASTORIA BANGKOK 

As demand continues to 

climb for high-end Bangkok residences, 

Magnolias Ratchadamri Boulevard 

(MRB) stands out among the 

central business district’s most desirable 

condominiums with the introduction 

of 50-year leaseholds and the 

launch of Waldorf Astoria Bangkok, 

the onsite ultra-luxury hotel ensuring 

its residents an impeccable lifestyle. 

Bangkok’s property market is set 

for surging growth in 2019. The Thai 

economy has picked up from the last 

three years, fuelled by inward investment 

and growing exports. Firms see 

Bangkok as a geostrategic base with 

well-contained costs. Property buyers, 

meanwhile, see the excellent relative 

value of Thailand property. Prices, 

as a result, keep going up and up. 

Demand is particularly solid at 

the pinnacle of the market: top-end 

residences in the central business 

district (CBD). Within this exclusive 

segment, prices are being propelled 

by a shortage of plots in combination 

with strong regional interest. 

Hong Kong investors are looking 

overseas after being pushed out of 

the territory. Mainland Chinese investors, 

concerned about speculation in 

their home market, are seeking to diversify 

against any domestic bubbles. 

High-end Bangkok condos, meanwhile, 

cost about half the price 

of equivalent properties in Singapore 

and a fifth of those in Hong Kong. 

Magnolias Ratchadamri Boulevard 

(MRB) is a prime example of 

what these buyers seek: a ‘one-ofa-kind’ 

location, on the prestigious 

Ratchadamri Road, plus outstanding 

build quality. The residence’s appeal 

has now grown further with the extension 

of its leasehold contracts, increased 

from 30 years up to 50, and 

the opening at MRB of the ultra-luxury 

Waldorf Astoria Bangkok on 30 August. 

Waldorf Astoria Bangkok – the 

first hotel in Hilton’s legendary 

flagship Waldorf Astoria brand in 

Southeast Asia – underpins MRB res 

idents’ exclusive lifestyles with VIP 

privileges at its spa, bars, and restaurants. 

Ms. Aliwassa Pathnadabutr, Managing 

Director of CBRE (Thailand) 

Co., Ltd., said: “The Thai economy is 

picking up with expansion in exports 

and tourism. Thailand finished last 

year with 3.9% year-on-year gross 

domestic product (GDP) growth, resulting 

from a significant increase 

of 9.9% in exports to all major markets. 

The tourism sector, accounting 

as much as for 20% of GDP, saw a 

record 35.4 million arrivals in 2017, 

according to the Tourism and Sports 

Ministry, with further gains predicted 

for 2018.” 

This is a great backdrop for investing, 

either to enjoy Thailand’s 

combination of value, culture, and 

entertainment – for buyers looking to 

reside – or to take advantage of the 

market’s mid-term bullish mood. 

The greatest ROI can be found 

at the top tier, where the key factors 

are location and build quality. “Central 

business district (CBD) land prices 

will continue to increase in the most 

prime locations near mass transit 

stations. The scarcity of these prime 

CBD freehold sites will drive prices 

up,” said CBRE’s Ms. Pathnadabutr. 

Magnolia Quality Development 

Corporation Limited (MQDC) is one 

of Thailand’s most trusted developers 

of such projects. Its first super-luxury 

condominium, Magnolias 

Ratchadamri Boulevard (MRB), is 

an exquisitely detailed mixed-use 

development inspired by the elegant 

forms of magnolia petals. With an investment 

value of THB1.1 billion, the 

60-storey, 242-metre-high property 

has a distinctive profile that stands 

out in the stunning metropolis skyline 

as a city landmark.

Bangkok November 2018

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