Keeree’s THB100bn ‘Baan Chao Thai’ marks property comeback

Keeree Kanjanapas’s major return to the property sector—after a hiatus of more than three decades—marks a bold move: a THB100 billion investment plan over two years under the “Baan Chao Thai” project, aimed at reopening the door to home ownership for Thais.

Keeree Kanjanapas, chairman of BTS Group, said the decision was not merely an investment but a “personal mission”. For more than 30 years, his name has been linked to national infrastructure, from rail projects and expressways to mass transit systems in major cities.

In 2026, he is again set to shake up the property sector through “Baan Chao Thai”, which he said gave him the same feeling as the day he decided to build the BTS rail system 30 years ago. He said he came up with the project name himself—“Baan Chao Thai”, for Thais—aimed at improving people’s quality of life.

“I see many people who want a home in a location where they can genuinely live, but cannot access it,” he said, reflecting on his roots in the Kanjanapas family, which began in real estate development in his father’s era under Mongkol Kanjanapas, before he built his reputation in infrastructure.

From Thana City to Baan Chao Thai

Keeree said that in 2025 the company received payments for Green Line train operations and maintenance for BTS totalling THB36 billion, strengthening the group’s financial position and capacity to develop projects that deliver broader social benefits again.

Looking more deeply at Thai society, he said one need stood out clearly: housing remains a basic necessity that many people still cannot reach—whether due to loan access, prices beyond purchasing power, or locations that do not suit real life. He said it took around three months to think through and design the project to expand access to homes at affordable prices.

“In recent years, when people could not buy homes, the rental market grew rapidly, while the dream of owning a home drifted further away.”

“Baan Chao Thai” is being fully funded by BTS Group, with a target of more than THB100 billion in investment over two years, covering multiple areas in Bangkok and in the provinces.

Future phases may take more varied forms—targeting young people, older adults, or second homes—depending on location and local demand. But the central goal remains unchanged: to “open opportunities” for Thais to own quality housing at affordable prices.

‘Mortgage payments like rent’, 30% below market

The core of “Baan Chao Thai” is narrowing the gap between dream and reality. The project is designed around the concept of “instalments close to rent, but with ownership”, working with GH Bank to help lower-income earners, first-jobbers and older adults access finance in practice.

Development planning, he said, focuses on every detail—from land selection and design to furniture, electrical appliances and negotiations on construction-material costs—driven by a single objective: “lower the price without lowering the quality”. As a result, prices are set about 30% below market.

Two pilot projects, valued at THB25 billion and totalling more than 12,000 units, include:

Srinakarin — “D:CODE SRI NAKARIN”: an eight-storey low-rise condominium on about 42 rai, around 300 metres from Si Iam Station on the Yellow Line. It will have 4,150 units in three sizes: 30, 45 and 60 sq m. Key selling points include fully furnished units with electrical appliances and no down payment required. The project is seeking construction approval and EIA clearance, with construction expected to start in September and completion targeted for late 2028.

“A 30-sq-m unit starts at THB1.89 million, a 45-sq-m unit at THB2.85 million, and a 60-sq-m unit at THB3.78 million. Compared with market prices in the same area, this is about 30% lower.”

Khlong Luang — “D:CRAFT KHLONG LUANG”: an eight-storey low-rise condominium on more than 115 rai in Khlong Luang district, Pathum Thani, with 7,500 units. A 45-sq-m unit starts at THB1.6 million and a 60-sq-m unit at THB3.2 million. The group is also preparing to launch a third project in Bangkok in March.

“I believe there will be strong interest very quickly—perhaps within just a few hours—because this is a project we truly intend to deliver. We are not doing it because the market is strong, or because housing prices have risen. We are doing it because many people want to own a home and still cannot access one.”

The company opened reservations via its website from 12.00pm on January 19, 2026.

Success conditions: ‘landlord advantage’ and cost control

Keeree said similar projects have existed before, but he believes this model differs in its overall mix of location, price, quality and inclusions. He said once people see the details, they will understand how the pricing is possible.

The first two pilot sites largely use land owned by group companies, which he said is a key factor in controlling costs. If the model is well received, the group is ready to continue in the longer term.

He said the group has more land in Bangkok, Chon Buri, Nakhon Ratchasima, Kanchanaburi and many other areas nationwide. Future projects will focus on places with real housing demand, he said, adding the company does not plan to build where there is no demand, as that would not serve either buyers or the project itself. He said land in the “City” project still totals more than 200 rai and can be developed in future phases.

However, expansion will not be limited to land the group already owns. If partners or landowners share the same vision, the group is ready to co-develop.

Keeree said he chose to invest during a weak economy because he sees a large group of people who need homes but are constrained by economic conditions. The project is designed to give people an opportunity first, without burdens from day one.

He said the bank will handle lending support, and buyers will begin paying instalments only once construction is completed, at levels close to rent. For example, a 30-sq-m unit could translate into a monthly payment of about THB5,000–7,000, similar to rents in the same area.

Looking back on his real-estate past

Keeree said he lived abroad from the age of 13 and returned to Thailand around the age of 30–40, with experience in hotel and property businesses in Hong Kong. The first thing he did was follow in his father’s footsteps in property, alongside finance and banking, and he was involved in building Muang Thong Thani.

At the time, he said, he did not continue directly with Muang Thong Thani, but started developing “Thana City” as a fully planned residential city. He said he was among the few who decided to build complete infrastructure from day one, for one reason: he did not want residents to face disruption from later construction. Quality of life, he said, was the most important issue.

“Over time, I became fascinated by infrastructure development, especially projects that solve Bangkok’s traffic problems. I used overseas experience to develop the rail project, which at the time required enormous courage, with investment of nearly THB50 billion. Despite major storms along the way, the project has proven to be genuinely beneficial to society.”

While he focused on infrastructure, he said the real-estate business was handed to his son, “Kavin Kanjanapas”, who pursued joint development with leading partners such as Sansiri and Ananda, resulting in several successful projects.

GH Bank ready to support ‘Baan Chao Thai’ loans

Dr Mahatana Ampornpisit, managing director of the Government Housing Bank (GH Bank), said “Baan Chao Thai” would help address barriers to home ownership, offering housing with full facilities near rail lines and convenient transport.

“Normally, property next to rail lines is developed to maximise profits. But BTS Group intends to develop this project without making accounting profit the highest target. It simply wants Thais to have homes. I therefore believe this project will create change beyond old constraints,” he said.

Dr Mahatana said GH Bank data show Gen Y—those beginning to build their lives and families—forms the largest population segment and wants to own homes. He said he is confident the project will succeed and could mark the start of a shift in Thailand’s property sector towards delivering housing people can genuinely afford. GH Bank, he said, is ready to support lending for people who want homes in the Baan Chao Thai project.

Buying a ‘Baan Chao Thai’ home with no down payment

For loan support, GH Bank will act as a lending adviser, analyse data to assess credit, and design suitable interest rates. There will be no down payment requirement; repayments begin once buyers move in. GH Bank said it offers interest rates as low as 1.54%.

Interest terms for the project will be assessed based on conditions at the time of application. GH Bank said this is worthwhile because it aims to set instalments comparable to rent, giving customers a real chance to access home ownership.

Given current economic strains that have made it difficult for many to repay housing loans—leading to repossessions—GH Bank said that if the project is of good quality and applicants have strong borrower qualifications, it can approve loans quickly.

Designed around the “art of living”

Assoc Prof Dr Akekapong Treetrong, chairman of Ideal One Co., said the two pilot Baan Chao Thai projects were designed under the “Baan Chao Thai” concept, focusing on easy, convenient living.

He said the design was created with heart, expressing an aesthetic of flowing, rounded curves like ocean waves—drawing on the distinctive features of mountains and waterways—to create an environment suited to urban life, offering comfort beyond basic shelter and enabling residents to experience the value of living in every dimension.

After people register to reserve rights for a Baan Chao Thai project, applications will be reviewed and results gradually communicated as buyers move into the loan-application process. This process is expected to be completed by March. After that, Baan Chao Thai will be launched in other areas, including Thana City land and sites in Chon Buri, Nakhon Ratchasima and Kanchanaburi.