Is it a typo.. Insane bangkok condo prices

[captpkapoor]

2 minutes ago, JHolmesJr said:

why would anyone shell out that much to be living in a brothel (nana) basically?

And so noisy! Even on the 20th floor you can hear the traffic. Live on the Chaophraya river, very central, all the good condos have their own ferry to the Sathorn pier, and you can jump on the BTS at Saphan Thaksin. Very quiet and breezy.

[Oxx]

1 hour ago, Thaidream said:

The city is being sanitized and it is stating to look like London and New York.

 

Really? The buses? The rats nest of cables? The cluttered pavements? The stink of the sewers and of rotten rubbish? The barely concealed corruption and bribe taking? The dual pricing? Even in 50 years Bangkok will not be even close to the standards of London or New York today.  And it'll never be like Singpore.

 

(Of course, London is rapidly going downhill thanks to unfettered immigration, so perhaps the two cities will meet somewhere in the sordid middle, Allah Inshallah.)

[Enoon]

1 hour ago, Oxx said:

 

Really? The buses? The rats nest of cables? The cluttered pavements? The stink of the sewers and of rotten rubbish? The barely concealed corruption and bribe taking? The dual pricing? Even in 50 years Bangkok will not be even close to the standards of London or New York today.  And it'll never be like Singpore.

 

(Of course, London is rapidly going downhill thanks to unfettered immigration, so perhaps the two cities will meet somewhere in the sordid middle, Allah Inshallah.)

 

London rose on "unfettered immigration" (pre-1914).

 

It's just not "yours" anymore.

 

Irritating isn't it?

 

 

[InMyShadow]

And so noisy! Even on the 20th floor you can hear the traffic. Live on the Chaophraya river, very central, all the good condos have their own ferry to the Sathorn pier, and you can jump on the BTS at Saphan Thaksin. Very quiet and breezy.

Sounds like a pain, ferry and jam packed 20 min bts just to go into town. Just to be near a smelly polluted river.. Who does that? Leave me out of that!

 

Sent from my Redmi Note 3 using Tapatalk

 

 

 

 

 

[Shaunduhpostman]

Just dialing it up on Google in the most cursory manner,  if you check houses say in Ibiza or the wealthy beachside Los Angeles county city of Santa Monica,  seems you could buy some absolutely stunning not  to mention rather large properties for that kind of coin. Seems something is really not right with the prices in the ad in the op, either real estate games to inflate property prices even more than they already are, or there are a lot of filthy rich people with no other options, which is an oxymoron  when you think about it or more than likely someone doing the Thai bar business strategy where if you don't have any customers you double your drink prices and if you still can't break even you double them again. I thought I was shocked to find that farm land prices in Isaan are higher than farmland prices in upstate New York. And like houses in developed countries the farms are going to have access to decent infrastructure where out here you are strictly on your own. Kind of a wake up call once again to how insane Thailand is becoming.

 

I

[Skeptic7]

5-5-5! No thanks...

 

[cheeryble]

 
Really? The buses? The rats nest of cables? The cluttered pavements? The stink of the sewers and of rotten rubbish? The barely concealed corruption and bribe taking? The dual pricing? Even in 50 years Bangkok will not be even close to the standards of London or New York today.  And it'll never be like Singpore.
 
(Of course, London is rapidly going downhill thanks to unfettered immigration, so perhaps the two cities will meet somewhere in the sordid middle, Allah Inshallah.)

Is London going downhill in measurable ways or is it downhill in that u prefer not to have human beings who speak a different language around you? ie is downhill objective or subjective?


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[Oxx]

6 minutes ago, cheeryble said:

Is London going downhill in measurable ways or is it downhill in that u prefer not to have human beings who speak a different language around you? ie is downhill objective or subjective?

 

 

Are you really that clueless about what's happening in East London?

 

Areas with Moslem vigilantes attack those who don't meet their Islamically acceptable criteria?  (Better known as "no go areas".)

 

Supermarkets covertly selling halal meat slaughtered barbarically and dedicated to a pagan god?

 

Loudspeakers blaring out Islamic prayers from early morning to dusk?

 

Moslem voters voting en bloc according to the whims of the big-wigs at the local mosque? (Lutfur Rahman, anyone?)

 

Children of Islamic heritage stoning dogs in the street?

 

Foul-smelling Bangladeshi men on the local buses with clearly no sense of personal hygiene?

 

I lived in Tower Hamlets for 10 years before leaving the UK, so this is all accurate, based upon personal experience.

 

So yes, London is going downhill, and has been for at least a couple of decades.

 

As for "prefer not to have human beings who speak a different language around you", well, duh! I worked in Japan for several years, followed by Luxembourg and Germany, and now live in Thailand.  No problem whatsoever with having people speaking other languages in my vicinity.

[InMyShadow]

1 hour ago, Shaunduhpostman said:

Just dialing it up on Google in the most cursory manner,  if you check houses say in Ibiza or the wealthy beachside Los Angeles county city of Santa Monica,  seems you could buy some absolutely stunning not  to mention rather large properties for that kind of coin. Seems something is really not right with the prices in the ad in the op, either real estate games to inflate property prices even more than they already are, or there are a lot of filthy rich people with no other options, which is an oxymoron  when you think about it or more than likely someone doing the Thai bar business strategy where if you don't have any customers you double your drink prices and if you still can't break even you double them again. I thought I was shocked to find that farm land prices in Isaan are higher than farmland prices in upstate New York. And like houses in developed countries the farms are going to have access to decent infrastructure where out here you are strictly on your own. Kind of a wake up call once again to how insane Thailand is becoming.

 

I

Your view is overly simplistic. lets not forget the global meltdown of of 2008 triggered by the sub prime crisis in the USA, massively over inflated real estate came tumbling down so your pricing is where it should be. its not cheap and after countless years in a bubble that crashed  means  USA property is in for another 10 to 20 years of recovery.

 

Compare that to Asia since  they were not effected by sub prime because they learn t from their mistakes in 1990.

 

Plus USA landlords pay a fortune in rental  taxes. Ask any of us landlords what we pay here? zip! no work permit required , no taxes paid and in comparison vey small common area fees

Edited September 8, 2017 by InMyShadow

[peergin]

2 hours ago, Shaunduhpostman said:

....... when you think about it or more than likely someone doing the Thai bar business strategy where if you don't have any customers you double your drink prices and if you still can't break even you double them again. 

....... when you think about it or more than likely someone doing the Thai bar business strategy where if you don't have any customers you double your drink prices and if you still can't break even you double them again.

[peergin]

13 hours ago, phantomfiddler said:

Come down to Pattaya where you can easily buy a well located condo with good seaview for around 50,000 bht per square metre :) Saw one in Bangkok for over 400,000 a sq. mtr. Absolutely crazy prices !

 

10 hours ago, renaissanc said:

We know that Bangkok will have daily tidal flooding in about 20 years. Roughly. In view of that, is it worth spending so much money to buy a condo when it will become unsellable at some time in the future.

You can have a 2-room 70 sq. m. condo, in a beautiful building, excellent management, with swimming pool, in Chiang Mai for B 2,000,000 (B 29,000 per sq. m.). Cooler weather and no flooding ever. 

[trogers]

1 hour ago, peergin said:

 

You can have a 2-room 70 sq. m. condo, in a beautiful building, excellent management, with swimming pool, in Chiang Mai for B 2,000,000 (B 29,000 per sq. m.). Cooler weather and no flooding ever. 

It is not at what prices that you can get this or that.

 

It is what long term rental income you can get at that price in that location, compared to what you can get for that price by buying the 10-year Govt bond.

[funandsuninbangkok]

On 9/7/2017 at 8:16 PM, InMyShadow said:

Its interesting the developers have chosen Nana to build the most expensive condo project in Thailand. That speaks volumes about where that area is heading. There is a major overhaul happening in that area with partial sois being demolished along with their sleazy bar scene.

Nana plaza is next . It reminds me of redfern and  kings cross in Sydney Australia , dumps that were  quickly transformed into  prime property .

CBRE report from a few months ago had this project, Q House Nana, at less than 25% sold after two years of marketing. That's a long way from a few years ago when all units sold in a day. 

 

Thais don't like Nana and there does not seem to be enough Chinese to buyers as they expected. 

 

Combine this with this news from Credit Suiss on Pace development and looks like high end condos are not selling. 

 

https://www.bloomberg.com/news/articles/2017-09-03/dean-deluca-owner-shows-how-trouble-s-brewing-for-thai-banks

 

 

[Mysterion]

There is an abundance of decrepit and/or derelict buildIngs in that dumpy rat infested area, and across most of Bangkok.

 

Must be a typo with the price. More likely 3m-15m baht for a unit.

Edited September 8, 2017 by Mysterion

[trogers]

6 hours ago, funandsuninbangkok said:

CBRE report from a few months ago had this project, Q House Nana, at less than 25% sold after two years of marketing. That's a long way from a few years ago when all units sold in a day. 

 

Thais don't like Nana and there does not seem to be enough Chinese to buyers as they expected. 

 

Combine this with this news from Credit Suiss on Pace development and looks like high end condos are not selling. 

 

https://www.bloomberg.com/news/articles/2017-09-03/dean-deluca-owner-shows-how-trouble-s-brewing-for-thai-banks

 

 

They are not able to sell because the potential rental yield at those selling prices is probably below 3% compared to the 2.2% yield in 10-year Govt bond.

 

And the Lamborghini in the parking lot would race slower than a bicycle through the first traffic light.

[InMyShadow]

The transformation of Nana is happening, footpaths liberated, 2 new 5 star hotels popped up in last 2 years just minutes from Nana bts, absolutely top class condos being built. However most people wait until the transformation is complete before paying an absolute premium for real estate

 

Nana Plaza will shut down eventually sending its sleaze to Pattaya.

 

The Sofitel and Hyatt popped up at opposite sides of soi 13 until now just a Grubby drug dealing area. They didn't invest billions of baht on a whim!

 

Sent from my Redmi Note 3 using Tapatalk

 

 

 

 

[Shaunduhpostman]

18 hours ago, InMyShadow said:

Your view is overly simplistic. lets not forget the global meltdown of of 2008 triggered by the sub prime crisis in the USA, massively over inflated real estate came tumbling down so your pricing is where it should be. its not cheap and after countless years in a bubble that crashed  means  USA property is in for another 10 to 20 years of recovery.

 

Compare that to Asia since  they were not effected by sub prime because they learn t from their mistakes in 1990.

 

Plus USA landlords pay a fortune in rental  taxes. Ask any of us landlords what we pay here? zip! no work permit required , no taxes paid and in comparison vey small common area fees

Absolutely, I'm oversimplistic. I'm not saying US real estate is cheap. Also I'm not in a position to buy property and therefore not especially interested, so I suppose my take on all this would be simplistic and uniformed. I guess that was my point, that when someone like me sees ads for property in Bangkok advertising prices that are more expensive than properties in much more desireable places (Ibiza, Los Angeles), it signals a number of things to me about what is happening in the whole general scheme of things and I am sure that holds for anyone else who sees ads for 1-5 million dollar condos in Bangkok. Thats all I was trying say.

 

 

[Fairynuff]

20 hours ago, Oxx said:

 

Are you really that clueless about what's happening in East London?

 

Areas with Moslem vigilantes attack those who don't meet their Islamically acceptable criteria?  (Better known as "no go areas".)

 

Supermarkets covertly selling halal meat slaughtered barbarically and dedicated to a pagan god?

 

Loudspeakers blaring out Islamic prayers from early morning to dusk?

 

Moslem voters voting en bloc according to the whims of the big-wigs at the local mosque? (Lutfur Rahman, anyone?)

 

Children of Islamic heritage stoning dogs in the street?

 

Foul-smelling Bangladeshi men on the local buses with clearly no sense of personal hygiene?

 

I lived in Tower Hamlets for 10 years before leaving the UK, so this is all accurate, based upon personal experience.

 

So yes, London is going downhill, and has been for at least a couple of decades.

 

As for "prefer not to have human beings who speak a different language around you", well, duh! I worked in Japan for several years, followed by Luxembourg and Germany, and now live in Thailand.  No problem whatsoever with having people speaking other languages in my vicinity.

So in fact London isn't going downhill....it's entirely about your bigotry and hatred of Muslims

[InMyShadow]

Absolutely, I'm oversimplistic. I'm not saying US real estate is cheap. Also I'm not in a position to buy property and therefore not especially interested, so I suppose my take on all this would be simplistic and uniformed. I guess that was my point, that when someone like me sees ads for property in Bangkok advertising prices that are more expensive than properties in much more desireable places (Ibiza, Los Angeles), it signals a number of things to me about what is happening in the whole general scheme of things and I am sure that holds for anyone else who sees ads for 1-5 million dollar condos in Bangkok. Thats all I was trying say.  

 

 

LA and Ibiza more desirable? .. Now that is funny especially LA YUK! Would I swap my life in BKK to buy over there, no way  even if the condo's are cheaper its a dump

 

 

[funandsuninbangkok]

On 9/8/2017 at 7:12 PM, Shaunduhpostman said:

Just dialing it up on Google in the most cursory manner,  if you check houses say in Ibiza or the wealthy beachside Los Angeles county city of Santa Monica,  seems you could buy some absolutely stunning not  to mention rather large properties for that kind of coin. Seems something is really not right with the prices in the ad in the op, either real estate games to inflate property prices even more than they already are, or there are a lot of filthy rich people with no other options, which is an oxymoron  when you think about it or more than likely someone doing the Thai bar business strategy where if you don't have any customers you double your drink prices and if you still can't break even you double them again. I thought I was shocked to find that farm land prices in Isaan are higher than farmland prices in upstate New York. And like houses in developed countries the farms are going to have access to decent infrastructure where out here you are strictly on your own. Kind of a wake up call once again to how insane Thailand is becoming.

 

I

Well spotted. 

 

Recent CBRE presentation the Director said they had only 5 properties rent last year over 150,000 baht a month. 5! There are hundreds ( if not thousands) of properties for sale now in Bangkok for over 50 million baht. 

 

Who( with a brain) would invest for that kind of return ?

[smutcakes]

9 hours ago, funandsuninbangkok said:

Well spotted. 

 

Recent CBRE presentation the Director said they had only 5 properties rent last year over 150,000 baht a month. 5! There are hundreds ( if not thousands) of properties for sale now in Bangkok for over 50 million baht. 

 

Who( with a brain) would invest for that kind of return ?

 

People who like it, want to live there and can afford it?

[trogers]

5 minutes ago, smutcakes said:

 

People who like it, want to live there and can afford it?

Yes, and sales are showing just this phenomenon...

[smutcakes]

Just now, trogers said:

Yes, and sales are showing just this phenomenon...

Funinsun is very keen on quoting CBRE. If he went to the talk he will be aware and just choosing to not say it as it does not fit his agenda that whilst some projects are not selling well, other 300K+ projects are selling very well.

[trogers]

2 minutes ago, smutcakes said:

Funinsun is very keen on quoting CBRE. If he went to the talk he will be aware and just choosing to not say it as it does not fit his agenda that whilst some projects are not selling well, other 300K+ projects are selling very well.

We will not know actual sales figures until two years after project completion. My own experience as consultant in projects is that insiders like to reserve units in new launches putting out breadcrumbs deposits.

[Khun Jean]

For me prices are irrelevant. It is the ROI that is important.

My preference is to have many instead of a few so i like cheaper condos.

If not 10% or more per year it is not interesting.

These expensive condo's are for the very rich, they want a place in Bangkok so now they have some more choice. If you target a market in Thailand aiming for the very rich segment is not bad as a lot of money is just sitting idle to be invested in something. With current interest rates real estate is much better then leaving it on the bank even at very high prices. There is a lot less risk then holding a lot of currency which can rapidly decrease in value.

Chinese are making sure not all of their money is in RMB as it can crash any moment. Having some real estate in other countries saves the rich from loosing everything. It is a good strategy if you have the means.

[funandsuninbangkok]

2 hours ago, smutcakes said:

Funinsun is very keen on quoting CBRE. If he went to the talk he will be aware and just choosing to not say it as it does not fit his agenda that whilst some projects are not selling well, other 300K+ projects are selling very well.

Really?

 

PACE dev builder of bggest dev (logo building in Sathorn) suspended financial results last month. Google pace dev credit suisse bloomberg. Titled Rot in Thailand 

Edited September 11, 2017 by funandsuninbangkok

[smutcakes]

45 minutes ago, funandsuninbangkok said:

Really?

 

PACE dev builder of bggest dev (logo building in Sathorn) suspended financial results last month. Google pace dev credit suisse bloomberg. Titled Rot in Thailand 

Nimit Langsuan is 95% sold, which is their other development, why not use that as an example? In my opinion Sathorn is not the prime condo area anyway. Its a ghost town at weekends. Many other high end condos are still selling, this one it seems may have missed its mark to some extent.

[trogers]

18 minutes ago, smutcakes said:

Nimit Langsuan is 95% sold, which is their other development, why not use that as an example? In my opinion Sathorn is not the prime condo area anyway. Its a ghost town at weekends. Many other high end condos are still selling, this one it seems may have missed its mark to some extent.

https://www.set.or.th/set/factsheet.do?symbol=PACE&ssoPageId=3&language=en&country=US

 

Problem was that profits were from Other Income and not Sales, and was a result of increasing the value of assets still under construction. Thus, the auditor would not certify the accounts.

[captpkapoor]

On 9/8/2017 at 2:30 PM, InMyShadow said:

Sounds like a pain, ferry and jam packed 20 min bts just to go into town. Just to be near a smelly polluted river.. Who does that? Leave me out of that!

 

Sent from my Redmi Note 3 using Tapatalk

 

 

Ferry is barely 5 mins, depending on the exact distance of your condo from the pier. BTS is as packed or as empty on whichever sector. And the river is neither smelly nor polluted. Have never seen any garbage floating on it like the beaches in Pattaya or Patong. The views are amazing, with none of the noise, traffic fumes etc of the other areas.

 

 

 

[Senechal]

On 9/7/2017 at 7:14 PM, Pdaz said:

True. I also wonder about the quality of construction. And more so about the fit and finish. I have been in a few high end developments and have yet to be wowed by the workmanship. Yes, expensive materials but often massacred by poor tradesmen. At least if you pay for luxury in the West you usually get high quality work, electricity that is safely managed and plumbing that doesn't leak.

New building lifespan is pretty poor in London and other cities too for what its worth. 

 

New buildings are almost all made with reinforced concrete. It's a rather unpopular and rarely discussed fact that the stuff won't last much more than 50 years anywhere. Particularly in cities that freeze. (Unless you believe the claims of coated rebar manufacturers which have not yet stood the test of time.) . Cities built with brick and stone will last forever. But none of this stuff being built today is built for the ages. We live in an era of quick profits and short-term thinking.

 

http://theconversation.com/the-problem-with-reinforced-concrete-56078

 

 

 

 

Edited September 11, 2017 by Senechal