Government Housing Bank to Auction Over 5,550 Second-Hand Homes on August 22
The Government Housing Bank (GHB) will auction more than 5,550 properties nationwide on August 22, starting with a minimum bid of 35,000 baht.
Mr. Chatchai Sirilai, Managing Director of the Government Housing Bank, announced that GHB is preparing to hold the "First Auction of Bank Assets 2020" or the second-hand home auction (NPA properties) on Saturday, August 22, 2020. The auction will feature over 5,550 items, including single-family homes, duplexes, townhouses, condominiums, flats, commercial buildings, and vacant land. Among these, 550 properties are located in Bangkok and its vicinity, with some starting bids reduced by up to 50% from their regular prices, totaling 69 items. The lowest starting bid for some properties is just 35,000 baht, while over 5,000 properties in the regions will also be auctioned, with starting bids reduced by up to 60%.
Additionally, the bank offers winning bidders the option to take advantage of special measures, such as a 0% interest down payment plan for up to 60 months (for properties priced at no more than 2 million baht and buyers with an income not exceeding 25,000 baht). Buyers can move in immediately after paying a deposit of no less than 1.5% of the auction price or a 20% down payment of the auction price, with the remaining amount eligible for a 0% interest loan for 24 months, without any property appraisal fees, and repayment terms of up to 40 years.
"We expect that this NPA auction will successfully sell at least 120 properties, as it is the first auction held at the bank's premises this year. In the first six months of 2020, the bank has sold NPA properties worth 956.77 million baht, with a target of at least 4 billion baht for the year. Especially after the COVID-19 situation has started to improve, property sales are showing an upward trend. In the first quarter, we sold 542.93 million baht, and as of the end of July 2020, we have sold 1,241.15 million baht. We believe that in the second half of the year, if there is no second wave of COVID-19, the bank's NPA sales this year could closely reach the target of 4 billion baht," Mr. Chatchai stated.
