A group of small and medium-sized enterprises (SMEs) involved in the real estate supply chain, including construction contractors, designers, building material factories, and businesses specializing in decoration and landscaping, have come together to express their stance, seeking sympathy and calling for all sectors to work together to stimulate the economy. They urge the government to accelerate measures to boost the real estate sector urgently, so that the real estate business can navigate through the current economic slowdown crisis. They have prepared and planned their operations carefully and flexibly to cope with various situations continuously. However, the real estate sector has been affected periodically, resulting in a domino effect on related businesses, both upstream and downstream of the Supply Chain, leading to many potentially having to close down.

This group of entrepreneurs includes startups that have been operating for less than 10 years, as well as SMEs and factories that have been in operation for over 60 years, employing up to 500 people. These entrepreneurs state that the current crisis is the most severe they have ever faced, comparable to the 1997 Tom Yum Kung crisis. Although this crisis may not appear as severe on the surface as in 1997, when the damage was evident due to its rapid onset, the current crisis has developed gradually, becoming clearer during the COVID-19 pandemic. During that time, entrepreneurs made significant adjustments, including restructuring staff, reducing benefits, cutting working hours, and expanding their customer base. Nevertheless, the burden of loans and bank interest incurred during COVID-19 continues to strain current finances. Many are trying to manage and cope to the best of their abilities, but if the overall economic situation and the real estate market do not receive urgent stimulation, it is believed that the current issues will lead to layoffs, which will impact the country's essential workforce, as the SME sector is the largest employer in Thailand.

Key measures to effectively stimulate the real estate sector and the related Supply Chain, serving as a strong remedy for the current economic recovery and alleviating immediate hardships, include 7 demands:

1. Soft loan measures for businesses related to real estate to provide working capital to manage prolonged trade receivables.

2. Low-interest loan measures for first-time homebuyers, including the cancellation of LTV measures for second and third homebuyers.

3. Measures to attract purchasing power from expatriates, such as extending land ownership to 99 years and increasing the condominium purchase ratio to 75%.

4. Measures to stimulate consumer purchasing power by reducing transfer fees and tax exemptions.

5. Reducing import taxes for the manufacturing sector to help lower production costs.

6. Reducing utility costs for the industrial sector, including lowering contributions to social security.

7. Establishing an agency or organization to protect entrepreneurs to provide assistance and guidance.

Additionally, the government's real estate stimulus measures, currently under consideration, are seen as crucial in encouraging purchasing decisions. They request all relevant sectors to cooperate in making these measures a reality to alleviate potential crises within their groups in the near future. Currently, many entrepreneurs across various sectors have already laid off a significant number of employees, with some reducing their workforce by more than half.

Previously, during periods of economic growth, entrepreneurs developed new employment ideas that could grow while also contributing to society. For example, one entrepreneur had a policy of creating jobs for local villagers who previously worked in agriculture, which sometimes harmed the environment through activities like forest burning and land clearing. However, the current severe economic slowdown has forced many to reduce employment, leading many workers to return to their original homes, increasing the risk that they may revert to environmentally harmful occupations.

At the same time, some entrepreneurs have used accumulated funds to cover fixed costs. If the situation does not improve, these funds will be depleted, leading to total layoffs, which will broadly impact the country's purchasing power.

Entrepreneurs participating in this proposal include:

Green Space Co., Ltd. (089-553-5664, [email protected]) specializes in landscape construction and tree sourcing, operating for 14 years with approximately 350 employees. They have seen a noticeable decline in project volume, whether in horizontal village projects or high-rise condominiums.

Crystal View Window and Door Co., Ltd. (099-250-7888, [email protected]) has been in business for 30 years, producing and installing aluminum doors and windows for residential projects, condominiums, office buildings, and hospitals, employing around 180 people. The company's finances are currently strained due to loan burdens and bank interest incurred during COVID-19.

Jinda Choti Co., Ltd. (097-064-7809, [email protected]) has been operating for 5 years with 100 employees. Since the beginning of 2023, the company has faced impacts from a slowdown in construction work, affecting the liquidity of its employees' lives, impacting both the company and every household.

Thai Stair Co., Ltd. (081-822-5465, [email protected]) has been in the steel stair business for over 20 years, employing more than 200 people. They are currently affected in all areas, with project plans delayed by all developers, leading to reduced forecasts and revenues.

Baikhya Studio Co., Ltd. (087-706-2244, [email protected]) specializes in architectural design for residential houses, condominiums, factories, offices, hotels, and interior design, operating for 5 years with 22 employees. They have seen a decline of approximately 20% in general design work and from developers.

Fide Work Co., Ltd. (081-467-0170, [email protected]) has been in construction contracting for 32 years, with approximately 470 employees. The company is currently willing to reduce profit margins to maintain work volume and keep the company operational, ensuring that everyone has work.

Frame Tech Window and Door Co., Ltd. (081-499-2771, [email protected]) specializes in aluminum doors and windows for residential and high-rise buildings, operating for 20 years with 500 employees. The company has seen continuous sales declines and long overdue trade receivables, requiring significant loans to maintain liquidity.

Siam Grand Aluminum Co., Ltd. (091-816-7887, [email protected]) has been in the aluminum business for 17 years, employing around 215 people. Due to the significant slowdown in the real estate sector, the company has not received orders for various projects, leading to production delays.

S.H.L. Parawood Co., Ltd. (081-432-6666, 081-614-6688) is an SME producing engineered wood flooring and other flooring materials, operating for 60 years with 300 employees. The company currently sees weakened purchasing power, high household debt, difficulty selling real estate, and challenges in obtaining bank loans, which undoubtedly impacts the entire Supply Chain.

M.M.K. Commercial Co., Ltd. (081-906-6245, [email protected]) specializes in laminate flooring for indoor use, operating for 24 years with 58 employees. The company currently finds that both new and existing customers have slowed down and halted orders, impacting finances to sustain both the business and employees.