‘Homes for Thais’ project to be officially launched this week

The government has announced it will soon launch its “Homes for Thais” initiative, aimed at providing quality housing in convenient locations with affordable payment terms that won’t overly burden residents. The project’s concept focuses on building homes on state-owned or state enterprise land.

In the initial phase, land from the State Railway of Thailand (SRT) will be used. Eligible citizens, selected after the reservation process, can live in the home long-term by paying monthly rent instead of a down payment and instalment plan. The rental rates will be reasonably low.

The Transport Ministry will report the project’s readiness to the Cabinet today (January 13), with Prime Minister Paetongtarn Shinawatra presiding over the project’s official launch on January 17 at Krung Thep Aphiwat Central Terminal. She will also personally inspect the project’s readiness and visit the model homes in the project.

The public will then be invited to submit their intent to participate in the programme.

The pilot project will initially be developed in four locations:

• Bang Sue area: Land near the headquarters of PTT at KM 11 Industrial Estate, close to Krung Thep Aphiwat Central Terminal.
• Thonburi Station area: Land near Siriraj Piyamaharajkarun Hospital, accessible via the Blue Line MRT.
• Chiang Rak area: Land near Thammasat University (Rangsit Campus) and Bangkok University, with nearby access to the Red Line commuter rail and northern and northeastern train routes.
• Chiang Mai area: Land surrounding Chiang Mai Railway Station.

The project will initially consist of 8-storey condominiums with units ranging from 30–51 square metres. Future expansions will include 45-storey buildings to optimise development costs and lower unit prices. Single-storey detached houses with a floor area of 50 square metres on 50-square-wa plots will also be available, totalling approximately 5,000 units.

“On January 17, citizens interested in participating in the ‘Homes for Thais’ project can register via the website www.บ้านเพื่อคนไทย.th. Additionally, the Government Housing Bank (GHB) will provide services and project information at Krung Thep Aphiwat Central Terminal,” said Suriya.

The Government Housing Bank, a state-owned specialised financial institution, is prepared to implement the government’s policy on housing loans (Post Finance). These loans will feature relaxed terms and low interest rates for citizens who meet the qualifications and have secured their rights to reserve units.

Once the construction of the housing project is completed, the GHB will serve as the primary lender for this group. However, details regarding the loans are still pending an official policy announcement from the government.

The Bank will have a booth at the launch event with staff on hand to provide information about housing loan applications to attendees.

A source from the Government House revealed that the pilot phase of the “Homes for Thais” project draws inspiration from similar initiatives implemented in other countries, such as Spain. The project utilises state enterprise land in urban areas with convenient transportation, aiming to create liveable spaces that enhance the quality of life for residents.

The selection of project locations prioritises proximity to State Railway of Thailand (SRT) stations, as well as areas in key provinces that serve as economic or regional hubs and are centrally located within communities.

The sites must also be development-ready, with access to basic infrastructure. The feasibility of offering reservations for these projects also depends on the location's proximity to regional universities, population density around the area, and the land’s assessed value.

The source added that discussions for the first phase of the project include criteria to assist new workers with modest incomes who have never owned a home, providing them an opportunity for long-term housing. The income threshold, initially set at no more than 30,000 baht per month, has been adjusted to cover individuals earning up to 50,000 baht per month.

The government’s working group is analysing income levels to determine whether the 50,000-baht cap is too high. If deemed excessive, the limit may be reduced to narrow the pool of eligible applicants, better target the intended demographic, and increase opportunities for more Thais to own homes.

The source also revealed that the “Homes for Thais” project had drawn lessons from the previous “Baan Eua-Arthorn” initiative, particularly regarding project management challenges tied to sunk costs. The earlier project involved constructing approximately 200,000 housing units, but only about 100,000 were purchased or successfully financed, leaving significant sunk costs.

To avoid repeating past issues, careful planning is being prioritised. The initiative aims to expand to 50,000 units by 2030, a lower figure compared to the earlier project but still substantial given the current economic conditions and sluggish real estate market. The GHB is prepared to provide housing loans that are aligned with the government's policy.