Strong Demand For Bangkok Flats

[george]

Strong demand for Bangkok flats

BANGKOK: -- Demand for apartments in central Bangkok has remained healthy, with an average occupancy rate of more than 90 per cent, says international real-estate-services firm Jones Lang LaSalle.

Head of research Dan Tantisunthorn said the Sukhumvit area continued to be the most popular location among both tenants and developers of apartments.

He said the central Bangkok apartment market had performed well despite an increasing number of condominiums for rent. This is mainly because demand for apartments remains healthy, while new supply is limited.

Jones Lang LaSalle monitors the central Bangkok apartment market, which targets expats. Its latest study shows there are currently more than 11,100 apartments in the city centre, and these units are leasing well, with an average occupancy rate of more than 90 per cent.

Strong demand is driven by a steady growth in the number of expats in Bangkok. The Labour Ministry said more than 21,000 new work permits for resident expats were issued in Bangkok last year, compared with an annual average of 17,800 permits over the past five years.

Dan said the apartment supply in central Bangkok had grown relatively slowly, with fewer than 200 new units added to the market each year from 2002-06. There are a number of reasons for this.

To be successful, an apartment project needs to occupy a truly prime location, with good access and proximity to shopping malls, restaurants and schools. However, potential development sites in such locations are not only limited, but also in most cases too expensive to generate an attractive return on apartment development, he said.

Furthermore, most developers have focused on condominiums, which generally provide quicker returns. Apartment development, on the other hand, requires a long-term commitment.

There will be more apartments built in central Bangkok this year and next, but the number will still be limited to about 300-350 units annually.

Demand from expats continues to focus on the Sukhumvit Road area, which offers a variety of amenities and services, such as retail complexes and restaurants.

As a result, most new apartment projects are also concentrated in this area. In the first half of this year, seven apartment projects will be completed in central Bangkok, all of them near Sukhumvit Road.

Design and the quality of finishings and furnishings are two other major factors that influence tenants' choices.

Daonum Verapong, head of Jones Lang LaSalle's residential agency, said expats preferred apartments that were bright and airy, with a modern design and tasteful decor.

While studios and one- or two-bedroom units are leasing relatively better than larger

units of more than 100 square metres, there is also demand for three-bedroom units and penthouses with a well-designed lay-out and premium-quality furnishings.

Facilities within the building are also becoming an increasingly important selling point. Tenants are looking for not only swimming pools, but also other amenities, such as fitness rooms, spacious open common areas and well-designed landscaping and gardens.

--The Nation 2007-03-21

[taxexile]

good to see the word "flats" used here.

lets hope it starts a trend.

[LaoPo]

good to see the word "flats" used here.

lets hope it starts a trend.

Why is that Tax? I think I miss the point...

Please enlighten me.

LaoPo

[taxexile]

"flat" is the perfectly adequate and self descriptive uk english word for an apartment , a living space on one storey , a condo unit.

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

[think_too_mut]

"flat" is the perfectly adequate and self descriptive uk english word for an apartment , a living space on one storey , a condo unit.

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

I was told, there was difference between Apartment and Condo, size being the main one.

Also, apartments are all uniformly furnished and fitted while condos are empty(with basic infrastructure) and left to the owner to furnish them any way they want or lease them unfurnished.

So, seeing 1 apartment in the building would mean you have seen them all while condos interior varies.

[LaoPo]

"flat" is the perfectly adequate and self descriptive uk english word for an apartment , a living space on one storey , a condo unit.

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

Hmmm..yes I understand.

I suppose in -mainland- Europe the word 'flat' was commonly used before people started to use the more upgraded word for the same as 'apartment'.

Basically it's the same but apartment sounds a bit mor chique...

I think the real estate agents started to use 'apartment' rather than flat. Apart from that, the word 'apartment' comes from the French word 'Apartement' which is commonly used in France and 'Apartamento' in Spain; maybe that's why the word 'apartment' is now more used in adds but in general people use both words in speaking language.

LaoPo

Edited March 22, 2007 by LaoPo

[Beavis and Butthead]

demand better be strong with the massive flood of available units soon to come on the mkt

[jbsears]

demand better be strong with the massive flood of available units soon to come on the mkt

I second that. Not only are there going to be a ton more in the next year but they are all extremely expensive ones that normal middle-class Thais can't afford. There are three within 300 meters of my condo building being built now. Two of them are very upscale. Then just a kilometer down the street there are at least two more very very upscale places. I hope there is enough demand for them cause I hate seeing abandon construction. The two Metropolitan towers are an eye sore and are going to only get worse as time goes by and their age and abandonment really shows.

[samran]

apartments in the Thai context are an entire building owned by one owner. They then rent out individual 'apartments' to renters.

Condominiums exist in a building where most of the 'condo's are owned by various owners. ie...there is no central owenership of the complex. Some are owner occupiers, others are rented out.

[t.s]

apartments in the Thai context are an entire building owned by one owner. They then rent out individual 'apartments' to renters.

Condominiums exist in a building where most of the 'condo's are owned by various owners. ie...there is no central owenership of the complex. Some are owner occupiers, others are rented out.

flat and apartment mean exactly the same thing, an apart or private space for rent within a larger building complex.

condominium infers that the flat is privately owned or available to be privately owned

[samran]

In Australia and the UK at least, it is possible to own a flat privately, and be one of many owners in a complex. In that case, a flat is like a condo (in the Thai sense).

[pumi23]

does anyone know the names/websites of these new appartment/condo complexes?

im coming to bkk at the end of this year and i would like to buy/rent a new, more upscale one.

thanks

[DaffyDuck]

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

You 'rent' an apartment.

You 'own' a condominium.

It's quite simple, for those privy of language.

[junkofdavid2]

If there's truly a sustainable strong demand, why would they have to make an effort to inform the public and make a press release about it?

Scary if you ask me....

Edited March 25, 2007 by junkofdavid2

[backflip]

The article was written specifically in response to thaigene's campaign to force landlord's to lower rents.

[IvanLaw]

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

You 'rent' an apartment.

You 'own' a condominium.

It's quite simple, for those privy of language. ????

Please be so good to explain you’re reasoning to

The owner of City Mansion Condominiums that I rented from 1992 to 2005,

He still advertises: 2 bed Condominium for rent by month

Also my Wife’s family individualy own 5 apartments in BKK !!

Personally I don’t care which word is used for a living space.

Edited March 25, 2007 by IvanLaw

[t.s]

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

You 'rent' an apartment.

You 'own' a condominium.

It's quite simple, for those privy of language. ????

Please be so good to explain you’re reasoning to

The owner of City Mansion Condominiums that I rented from 1992 to 2005,

He still advertises: 2 bed Condominium for rent by month

Also my Wife’s family individualy own 5 apartments in BKK !!

Personally I don’t care which word is used for a living space.

deleted. i realised there was no point in replying to someone who uses huge bold fonts and cant be bothered to punctuate.

t.s

Edited March 26, 2007 by t.s

[cclub75]

Strong demand for Bangkok flats

BANGKOK: -- Demand for apartments in central Bangkok has remained healthy, with an average occupancy rate of more than 90 per cent, says international real-estate-services firm Jones Lang LaSalle.

And in french, we say "appartement".

As for the glorious "paper" of LaSalle... Well it's rather funny.

Enough to read another one, from Nation, yesterday.

Unsold condo units total 5,037 in 2006

A total of 5,037 condominium units in Bangkok worth over Bt37 billion were left unsold at the end of last year, said a market research study by property developer Raimon Land, adding that some of the units were completed in 2003.

http://www.nationmultimedia.com/breakingne...newsid=30030376

So to sum'up : we have 90 % occupancy rate in... the units solds. And unfortunatly, in the units unsold, the occupancy rate is... 0 %.

Don't forget : "the market is healthy."

[think_too_mut]

Strong demand for Bangkok flats

BANGKOK: -- Demand for apartments in central Bangkok has remained healthy, with an average occupancy rate of more than 90 per cent, says international real-estate-services firm Jones Lang LaSalle.

And in french, we say "appartement".

As for the glorious "paper" of LaSalle... Well it's rather funny.

Enough to read another one, from Nation, yesterday.

Unsold condo units total 5,037 in 2006

A total of 5,037 condominium units in Bangkok worth over Bt37 billion were left unsold at the end of last year, said a market research study by property developer Raimon Land, adding that some of the units were completed in 2003.

http://www.nationmultimedia.com/breakingne...newsid=30030376

So to sum'up : we have 90 % occupancy rate in... the units solds. And unfortunatly, in the units unsold, the occupancy rate is... 0 %.

Don't forget : "the market is healthy."

Ha-ha, pity they can't get the mosquitoes inhabiting those thousands of new unsold units to pay rent.

And some have been living in there for free since 2003!

[backflip]

Three years ago, when I was looking for a condo, I wandered to Witthyu Place. The juristic person took me for a look at one apartment. The floor was covered in dust, and it was evident that no one had looked at it - much less lived there - for a while. When I asked the JP when the last tenant left, he told me "6 months ago". I glanced at a newspapaer in the kitchen...and it was 6 YEARS old. I asked him about it, and he admitted that the apartment was a rental, and the last tenant had moved out 6 years earlier...but he wasn't going to lower his asking price.

[Dragonmode]

"flat" is the perfectly adequate and self descriptive uk english word for an apartment , a living space on one storey , a condo unit.

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

Hmmm..yes I understand.

I suppose in -mainland- Europe the word 'flat' was commonly used before people started to use the more upgraded word for the same as 'apartment'.

Basically it's the same but apartment sounds a bit mor chique...

I think the real estate agents started to use 'apartment' rather than flat. Apart from that, the word 'apartment' comes from the French word 'Apartement' which is commonly used in France and 'Apartamento' in Spain; maybe that's why the word 'apartment' is now more used in adds but in general people use both words in speaking language.

LaoPo

Exactly, so get it straight and get a clue , Tax

[bkkmei]

I went to see some flats with an agent the other day. His client base is mainly foreigners. He told me business has dived since the coup and what with the strong baht.... he sacked all his staff and is ready to sell up!

[Old Man River]

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

You 'rent' an apartment.

You 'own' a condominium.

It's quite simple, for those privy of language.

Exactly.

Condo: A condominium is a complex or building consisting of many living units, which are each owned by individuals.

Apartment : a room or set of rooms fitted especially with housekeeping facilities and usually leased as a dwelling.

[sunshine13]

my rent is 39k/mo and there is not an empty room in the building (50 rooms). this is off of silom road.

[backflip]

"Condo: A condominium is a complex or building consisting of many living units, which are each owned by individuals.

Apartment : a room or set of rooms fitted especially with housekeeping facilities and usually leased as a dwelling. "

What's the difference between a "condo", and a "co-op"? How about the difference between a "co-op" and a "coop"?

[KireB]

"flat" is the perfectly adequate and self descriptive uk english word for an apartment , a living space on one storey , a condo unit.

"apartment" and "condominium unit" are just clumsy long winded americanisms used to describe what is in fact a "flat" .

Both flat an apartment or condominium are neither English nor American words!

German and French, ja?

[calibanjr.]

I always read these threads just to see who takes these "objective" numbers seriously enough to debate them. Always a bit of a hoot.