Beer-diow, khao-neow, mai-an!

...on an unrelated topic, do I smell a conspiracy? Last night Mr T was on TV with Khun Anand, who took issue with his stance on the south in front of a big national audience. And today the link to that story on both the Bangkok Post and Nation websites - and only that story - is down....

...watch out for the thought police?

Needs to be done badly. And when it is they can finally let the trees grow without having to massacre them every few years. Will eventually make a BIG difference to how it all looks. And btw, they have already done it on Silom, and it didn't take 10 years there. This is central BKK, not tang jangwat!

Do any of those with any inside knowledge/industry experience have a view on Noble Development - those behind the Playground "mall" and other housing projects?

You all make compelling points.

Of course the danger in comparative pricing (i.e., cheap vs city X) is that city X may be seeing prices ridiculously out of line with fundamentals - and most are!

Anyway we bought in Thonglo a few years back - really a nice location, walking distance to all the new "maxi" mini-malls but a stretch to the BTS. When Saenseab is cleaned up in 3 years should widen travel options though.

It was grade A, but recent projects are so upscale we're probably A- or B+ now, but I was never one for gold taps anyway!!

great area, kitschy concept, looks quality, expensive!

Thanks!

Hi.

Does anyone know of any reputable recruitment firms or good connections specialising in finding positions for people in banking/finance/financial markets in Bangkok? Most I know of are HK/Singapore biased.

Thanks!

OK, here's the deal. I am buying a nice place (condo) here in BKK. We agreed the sale two years ago, so are paying a very good price for it compared to where the market is now (before anyone asks).

I know that I need to show that the money came in from abroad if I want it in my name, but I didn't know that back then.

Two years back my Thai wife came over to BKK with a large cash deposit. Then a year later I transferred a further slice of cash from my UK bank to Thailand - to my father-inl-law's account (as I didn't have one - and yes, I fully trust him). The Bank of Ayuddha were too stupid to issue a TT3 as requested, but did write a letter saying that I had brought the cash in from abroad.

The final 55% slice for the condo will be transferred this year, and I'll use a better bank to get around this problem.

My question is, if I just show the letter from the Bank of Ayuddha from the first actual transfer alongside the one from another Bank from the final transfer will this get me full legal ownership, or will it be a problem as (i) it is in 2 steps, and (ii) it misses out an initial chunk of cash from the final selling price?

My argument on point (ii) is that I wasn't in the country when I agreed the sale, so couldn't open an account in my own name to transfer to (something that will eb sorted by the final transfer).

I hope this is not too confusing! Any advice or experience out there in this area?

Thanks!

How much are 2 bedroom condos in the Sukimvit area going for in a nice complex.

YEah, any idea on what something in Thonglor (The Heights, Noble Ora) might go for - on second hand marekt maybe?

Thanks Heng, I was going to underline the business owner story that these posters always overlook, but you saved me the effort.

Btw, I am sceptical about the GLOBAL property market and its outlook, not just in LoS. However, I buy to live in not make a short-term profit, although long term profits (25 years) are looking good - and I've always got in very early in cycles.

I like the idea of trading up in a falling market IF we see one, but in Thailand this is very unlikely to happen, sadly. For those of us who were here in/after 97, there were relatively few real bargains for all kinds of reasons. By all means refrain from buying right now if you feel nervous, but don't presume everyone in the market is a sucker.

Then don't buy. Simple as that.

Yes, the market here doesn't work like it does overseas. Yes, there are problems. Yes, be careful. I could be wrong, but I do believe there is a lot of sour grapes from folks who can't afford to buy a condo; maybe feathers get ruffled that BKK dares to have condos going for 4m THB plus when they are farang but only earn 30K per month?

If there really was no demand from Thais (and not only hi so) for condos, then the city wouldn't be full of an ever-growing number of them. Over-supply in the short term, sure, but there is also a lot of real demand. Rising population, rising petrol prices, global property boom, low bank interest, better project quality and locations, more willigness to live alone...and large levels of inherited savings (usually land). Most Thai will sell of a portion of their family land assets to fund a purchase like this. Renting out may not be profitable for many units, but on a 20-30-year view one has to be really pessimistic to think it won't appreciate at least in line with inflation - which is more than bank interest rates have done here. Of course there are all kinds of better ways to invest - but you can't live in them in the meantime.

Agree techniques leave something to be desired. However, the 30% deposit is supposed to reduce speculation vs. only a 5% down payment previously. If this is the Manhattan project then I wouldn't worry too much about the project - it's top grade and backed by a firm with deep pockets. It's also possible that 60% have indeed been sold without the showroom having opened - there is strong demand for A+ projects in that area.

Lower grade projects though...watch out!

I loathe Thai. Nice stewardesses - and that's it. They are the only airline I know that refuses to give airmiles if you join the frquent flyers club inflight or when you land. One friend who is a member didn't get miles for not stating clearly her membership no. when purchasing the ticket beforehand. Business class lounge is also very average.

Utter morons in the management there. It may not be a Garuda, but it'll never be a Sing Air either; delusions of grandeur.

Personally I opted for Thong-lo. Not quite in the same league, but very favoured with rich Thai and a nice place to live; I like furniture and design shops and H1/J-avenue are a stroll away.

Agree that that project is an expensive joke.

25% in one year. And people want to see a 20%+ fall next year and yet other things (i.e., jobs and salaries and off-shore holdings) remain unaffected...

Have to say market prices should rightly make people nervous at the mo, but I got in 18 months ago, and for what I got then I'd get 25% - 30% less in the same area now. That's a real fire sale you're talking about there - sufficient to imply that your own employment and investments elsewhere in the globe wouldn't be safe. Only the very calm and cash rich should feel so happy at such a prospect.

I have no intention of selling on in the short term. I'll live in it very comfortably until the whole of the area is in the "how did yuo ever afford to buy here" category like the centre of most world cities...

Good for you jtb.

Globally property is over-priced, and in BKK also. Short term a correction is certainly possible. also, all the criticisms from those posters here on the board are valid.

However, taking a 7-10-year view, a location right in the centre of a growing city like Bangkok can't be a bad thing if the project is well run. Deomgaphics and the fact that it is increasingly a global market make that clear. In the future there will be a secondary Thai property market (the Japanese also believe in ghosts, but funnily enough once there was no more greenfield land in major cities they managed to overcome it!) helped by govt plans to introduce a secondary mortgage market. Building quality at top projects is also rising, so the old issue of "old is crap" will eventually fall by the wayside. As a metaphorical extension, how many areas of London/NY etc where no-one would have dreamed of living 10 years ago are now super hot?

Also, you can rent out a property...if lucky. Rental yields are pretty poor, admittedly, and tennats hard to find, but a good project in a good location still has some prospects.

Plus, China's secular uptrend in growth (all cyclical arguments aside) suggests a growing regional economy longer-term as well as upward pressuer on commodity prices; it may not mean higher high street prices, but concrete and steel 10 years out will cost more than now. In real terms (i.e., house prices vs. a DVD player or TV) prices will go higher over this kind of timeframe.

Having said that, if you want to buy now and sell at a profit in 2 years, your're out of luck.

Harmonica, in markets he who tries to pick bottoms only gets smelly fingers!