Here Is Proof The Bangkok Condo Market Is Still Booming

[pkrv]

cmsally - I believe the expression that holds true in these circumstances is 'the only true test is to test the market', we here on Thai Visa can provide thoughts and experience but we (mostly) do not test the market all the time - your thoughts are deeply valued, and most importantly not challanged

[jumnien]

The wife and I just sold one of our condos yesterday for 4.3 million. We deposited the check today and don't know what to do with the money. Would you:

buy another condo?

invest in Thai stocks?

live off it?'

repatriate the money?

[craigt3365]

cmsally: Can you keep us updated as to what you do? I would love to hear how your efforts end up. We are going to hold off buying anything until we get back here later this year. Maybe even looking into something in Phuket instead.

mdeland: can you give us the details of your profits? If you can divulge, that would be appreciated! Hope you made a ton!! Since you live here, and obviously know the market quite well, IMHO, property here will just keep going up and up...not a bad deal especially if you can get rent AND capital appreciation out of it.

Craig

[pkrv]

The wife and I just sold one of our condos yesterday for 4.3 million. We deposited the check today and don't know what to do with the money. Would you:

buy another condo?

invest in Thai stocks?

live off it?'

repatriate the money?

I can help - PKRV investments (New York, London, Paris, Rome, Tokyo, Singapore, Hong Kong, LA, KL, Peckenham etc) can guarantee infinite return over zero time - please send a cheque (ASAP) to PKRV care of PKRV investments. not sure I got the cheesey grin quite right but will you (please) send the cheque?

<sorry for the edit - that was just too funny>

Edited July 4, 2007 by pkrv

[thaigene2]

The wife and I just sold one of our condos yesterday for 4.3 million. We deposited the check today and don't know what to do with the money. Would you:

buy another condo?

invest in Thai stocks?

live off it?'

repatriate the money?

If you don't know what to do with the money (e.g. you don't need the cash for something else), why did you sell it in the first place?

[cmsally]

The wife and I just sold one of our condos yesterday for 4.3 million. We deposited the check today and don't know what to do with the money. Would you:

buy another condo?

invest in Thai stocks?

live off it?'

repatriate the money?

mdeland - would be interested to know how many square metres your condo was and location, if that's not asking to divulge too much.

[Livinginexile]

The wife and I just sold one of our condos yesterday for 4.3 million. We deposited the check today and don't know what to do with the money. Would you:

buy another condo?

invest in Thai stocks?

live off it?'

repatriate the money?

mdeland - would be interested to know how many square metres your condo was and location, if that's not asking to divulge too much.

Hi cmsally

I noticed in a previous post that you looked at the Trendy condominiums but you was not impressed.

I have bought one up on level 17 (the level with the big balconys).

I agree that at the moment the whole development looks a bit shabby but once complete and they take off all that protective plastic the whole place should scrub up nicely. Remember, this is a complete re ferb and everything is new except the concrete slabs.

The development came on sale in 2004 so the prices are very good, especially concidering the location, less than 5 minutes stroll to Nana BTS.

Remember, when the Regent development across the road is complete this whole area will be transformed dramatically.

Did you see the pool area above the carpark? It will be awesome when its finished.

I sujest you take a closer look, for the money I think it is excellent value.

Please keep us posted on your progress.

All the best

[jumnien]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

[thaigene2]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

Thanks for sharing that mdeland. So around 49,000 baht/m 2? (or is my math wrong)...If you want a boat check out 'bahtandsold' - you could get a good deal there I think (I hear boat prices depreciate faster than new cars in the first year or two - so that's a good way to go). Yes US Dollar must be tough now.

"Livinginexile' - could you share what the 'present' price per square metre is sellng for in The Trendy? (if you know). Are they really discounting now?

[pkrv]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

Apologies - I was jesting - you have had a good sense of humour in past posts, I assure you currency movements are now a pain they will hit me. How can GBPTHB = 63.58?

It is really going to piss off just about everyone, but this the penalty/cost, I could always ask 'where next?'

Edited July 4, 2007 by pkrv

[cmsally]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

Thank you for that. I visited there too! That's interesting about 51000Bt/m2 for leasehold. Lot of building going on around there, don't know if all of it on leased land or not.

As for prices at the Trendy, I've seen prices on the web at between 73000-80000Bt/m2

I just basically didn't like the Trendy and where I could see painting over cracks and bits of fallen off masonry certainly didn't help. I am afraid I am basically a yes or no person, quick decisions, and that was a no for me.

I did like Siri @ Sukhumvit (Soi 24) but a bit over budget

[craigt3365]

mdeland: Sounds like you have the setup we are considering. A small condo in Bangkok with a house "elsewhere". I love the idea of living in the "quieter" parts of Thailand (and in a house, not a condo), but I LOVE Bangkok! Decisions, decisions, decisions....

[Livinginexile]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

Thank you for that. I visited there too! That's interesting about 51000Bt/m2 for leasehold. Lot of building going on around there, don't know if all of it on leased land or not.

As for prices at the Trendy, I've seen prices on the web at between 73000-80000Bt/m2

I just basically didn't like the Trendy and where I could see painting over cracks and bits of fallen off masonry certainly didn't help. I am afraid I am basically a yes or no person, quick decisions, and that was a no for me.

I did like Siri @ Sukhumvit (Soi 24) but a bit over budget

I hate to say this cmsally, but it sounds like you have champaine taste on a beer budget.

I think you are about 5 years too late on what you expect to buy with what little money you have.

[cmsally]

I hate to say this cmsally, but it sounds like you have champaine taste on a beer budget.

I think you are about 5 years too late on what you expect to buy with what little money you have.

Still sniffing out the champagne.

I have a pretty good nose for it though!

[dog412]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

forgive me if i misinterpret, are you stating that if you had paid in earned Thai Baht, you would have had a gain of less than 2.5% per year?

[thaigene2]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

forgive me if i misinterpret, are you stating that if you had paid in earned Thai Baht, you would have had a gain of less than 2.5% per year?

Then the best bet is just sit on the cash - in Baht. If you purchased with USD you could put the money in the bank here for another year and track the baht appreciation. Nation or Post a few days ago predicted 30 baht to the dollar by end of the year. So there you see, you'd make another 15 % or so. I think you sold at the right time. Will you have any trouble repatriating the money (later)?

[Livinginexile]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

Thanks for sharing that mdeland. So around 49,000 baht/m 2? (or is my math wrong)...If you want a boat check out 'bahtandsold' - you could get a good deal there I think (I hear boat prices depreciate faster than new cars in the first year or two - so that's a good way to go). Yes US Dollar must be tough now.

"Livinginexile' - could you share what the 'present' price per square metre is sellng for in The Trendy? (if you know). Are they really discounting now?

Hi thaigene2

I paid 62,000 bht sqm. That is for 1 bedroom on level 17... 70 sq total with 35sq balcony. I really don't know what the others are worth.

[thaigene2]

Condo sold was in Royal Regent 1 bldg. On Rajadamri behind 4 seasons. 84 sq mtrs. 4.3 million. Held two years and made less than 5% profit in baht terms, but well over 20% in dollar terms. Sold it because we have a larger condo in same bldg. and didn't want two leaseholds and wanted some of my baht back that was bought at 42 baht/dollar. It hurts to bring dollars over now. I'm thinking of maybe buying a boat to keep in Pranburi Marina near Hua Hin where we live 90% of the time.

Thanks for sharing that mdeland. So around 49,000 baht/m 2? (or is my math wrong)...If you want a boat check out 'bahtandsold' - you could get a good deal there I think (I hear boat prices depreciate faster than new cars in the first year or two - so that's a good way to go). Yes US Dollar must be tough now.

"Livinginexile' - could you share what the 'present' price per square metre is sellng for in The Trendy? (if you know). Are they really discounting now?

Hi thaigene2

I paid 62,000 bht sqm. That is for 1 bedroom on level 17... 70 sq total with 35sq balcony. I really don't know what the others are worth.

Thanks for that. Good luck hope it works out for you.

[Prakanong]

"One of the biggest expenses for my employer is expat rent. In Hong Kong and Singapore the average expat rental on an average 1 bedroom is US$10,000 per month! and yet there are thousands of empty condo's."

Are you saying the average rent in Singapore for a expat 2 bed condo is circa 15,000 SGD or thats the rental your company is paying on average?

Finding a 2 bed is pretty hard anyway as they are mosltyl 3 bedroom but I would reckon the average is about 5000 SGD.

I pay 2700 for a brand new place and signed last October but would have to pay 4000 if I signed today.

With all the en bloc sales plus the influx of expats prices are rising and so not a lot of places available so I would not say plenty of condo's empty.

Prices have not hit th 1996 high but they are heading that way - hopefully a lot of condo's will become avail next year and the following years taking a bit of heat out of the market.

I do know rising prices here are a worry to the govt and the business sector - my HR Directo was at a meeting about this and the Japanese were complaining to Govt officials about the costs.

[quiksilva]

Japanese complaining about costs, hmm someone better tell Kubota they just acquired 200 Rai at Amata City to set up a new factory here and Toyota recently announced plans to invest more in their partners here and yet more Japanese firms are on their way.

As for condo's somebody is still buying....

Sansiri condo sold out under 60 days

Army coup, loud mobs, realty slump fail to dent buying

It may not make the Ripley's Believe It Or Not scrapbook, but Sansiri's 460-unit condominium project called Siri At Sukhumvit is all booked out in less than 60 days.

Perhaps nobody told the buyers there had been a military coup or that angry mobs were making noisy scenes. Even the real-estate slump had no effect on them.

The sales were so rapid that even the builder was shocked.

Sansiri senior marketing manager Samatcha Promsiri said he was "very surprised by the response but delighted by the results". The firm bags Bt3 billion from the sale.

Its success goes to prove local consumers are confident of buying, regardless of bad news, if they see something they like and aspire to possess it, says Samatcha.

The project marks the company's return to building condominiums in the Sukhumvit area in May after a two-year lull.

The almost four-rai estate is also the largest condominium project the firm was undertaken, rising 34 floors and scheduled for completion in three years.

The Sansiri brand still carries weight in a market filled with less recognisable names, said the builder.

Even with the high prices - with space starting at Bt85,000 a square metre for the lower floors - there was no shortage of takers.

Gone in 60 Days

Edited July 9, 2007 by quiksilva

[Livinginexile]

Japanese complaining about costs, hmm someone better tell Kubota they just acquired 200 Rai at Amata City to set up a new factory here and Toyota recently announced plans to invest more in their partners here and yet more Japanese firms are on their way.

As for condo's somebody is still buying....

Sansiri condo sold out under 60 days

Army coup, loud mobs, realty slump fail to dent buying

It may not make the Ripley's Believe It Or Not scrapbook, but Sansiri's 460-unit condominium project called Siri At Sukhumvit is all booked out in less than 60 days.

Perhaps nobody told the buyers there had been a military coup or that angry mobs were making noisy scenes. Even the real-estate slump had no effect on them.

The sales were so rapid that even the builder was shocked.

Sansiri senior marketing manager Samatcha Promsiri said he was "very surprised by the response but delighted by the results". The firm bags Bt3 billion from the sale.

Its success goes to prove local consumers are confident of buying, regardless of bad news, if they see something they like and aspire to possess it, says Samatcha.

The project marks the company's return to building condominiums in the Sukhumvit area in May after a two-year lull.

The almost four-rai estate is also the largest condominium project the firm was undertaken, rising 34 floors and scheduled for completion in three years.

The Sansiri brand still carries weight in a market filled with less recognisable names, said the builder.

Even with the high prices - with space starting at Bt85,000 a square metre for the lower floors - there was no shortage of takers.

Gone in 60 Days

I believe high end condo sales are at the begining of a huge boom, as I stated in my OP, it is booming. Next will come the institutional investors... watch the market take off then.

[Prakanong]

Hi

I was referring to Singapore and my HR Directors quotes from his Japanese counterparts - they are feeling the high prices here + the fact the international schools are full to bursting.

[Livinginexile]

"One of the biggest expenses for my employer is expat rent. In Hong Kong and Singapore the average expat rental on an average 1 bedroom is US$10,000 per month! and yet there are thousands of empty condo's."

Are you saying the average rent in Singapore for a expat 2 bed condo is circa 15,000 SGD or thats the rental your company is paying on average?

Finding a 2 bed is pretty hard anyway as they are mosltyl 3 bedroom but I would reckon the average is about 5000 SGD.

I pay 2700 for a brand new place and signed last October but would have to pay 4000 if I signed today.

With all the en bloc sales plus the influx of expats prices are rising and so not a lot of places available so I would not say plenty of condo's empty.

Prices have not hit th 1996 high but they are heading that way - hopefully a lot of condo's will become avail next year and the following years taking a bit of heat out of the market.

I do know rising prices here are a worry to the govt and the business sector - my HR Directo was at a meeting about this and the Japanese were complaining to Govt officials about the costs.

"One of the biggest expenses for my employer is expat rent. In Hong Kong and Singapore the average expat rental on an average 1 bedroom is US$10,000 per month! and yet there are thousands of empty condo's."

Yes Prakanong, I meant to say Hong Kong rentals for expats are US$10,000 per month, not Singapore. But from what I hear, Singapore is not far behind and rising sharply ans is still the biggest expense for my employer.

Sorry for the typo.

[Prakanong]

"One of the biggest expenses for my employer is expat rent. In Hong Kong and Singapore the average expat rental on an average 1 bedroom is US$10,000 per month! and yet there are thousands of empty condo's."

Are you saying the average rent in Singapore for a expat 2 bed condo is circa 15,000 SGD or thats the rental your company is paying on average?

Finding a 2 bed is pretty hard anyway as they are mosltyl 3 bedroom but I would reckon the average is about 5000 SGD.

I pay 2700 for a brand new place and signed last October but would have to pay 4000 if I signed today.

With all the en bloc sales plus the influx of expats prices are rising and so not a lot of places available so I would not say plenty of condo's empty.

Prices have not hit th 1996 high but they are heading that way - hopefully a lot of condo's will become avail next year and the following years taking a bit of heat out of the market.

I do know rising prices here are a worry to the govt and the business sector - my HR Directo was at a meeting about this and the Japanese were complaining to Govt officials about the costs.

"One of the biggest expenses for my employer is expat rent. In Hong Kong and Singapore the average expat rental on an average 1 bedroom is US$10,000 per month! and yet there are thousands of empty condo's."

Yes Prakanong, I meant to say Hong Kong rentals for expats are US$10,000 per month, not Singapore. But from what I hear, Singapore is not far behind and rising sharply ans is still the biggest expense for my employer.

Sorry for the typo.

Singapore is rising sharply and as I said its becoming an issue - they want another 2 million here and it can only get worse before it gets better.

The govt is trying to take some heat out of the market by releasing more land but all the new buildings need to come online soon.

My HR Director mentioned the Japanese thing to me as we were discussing this - he is having problems himself getting somewhere as by the time you get to view a property its probably gone at a higher rate than advertised.

I was bloody lucky and know it - I just hope the heat has gone from the market a bit by late next year when I am looking to renew or move - thing is the cost of my place has gone up 300,000 SGD since last October when my landlady signed it.

My pal was looking at putting 200,000 GBP somewhere in propert but he missed the boar this round in Singapore - he would only get council house for that ie HDB.

They are actually pushing Bangkok condo's here now every week in the paper - two particular ones at 65,000 Sing and 50,000 USD - up Rama 9 and Ratchdipasek.

UOB is giving out loans too for them

[pkrv]

Anyone know who is buying in the new Sansiri condo? It’s in a location sort of midway between the river and Chidlom (Thong Lo station) - To sell out 100% this must be Thai interests at work? (Otherwise there would be difficulties).

Edited July 9, 2007 by pkrv

[backflip]

"...must be Thai interests at work?"

I can't wait to read your conspiracy theory about this. I almost feel sorry for bingobongo who has tried to convince his boyfriend that the Thai real estate market crashed a decade ago, and was even doing worse today. The fact that a condo sold out in 60 days must have him in a panic, and you might be able to help him out with his story.

[cmsally]

I heard there is (will be) a new Sansiri on Sukhumvit 8 (or maybe 18, I wasn't paying too much attention)

The company was the one to tell me about it as they had my number on file. The starting price at opening will be over 90,000Bt/m2

It seems prices climbing way up even if you get in at the beginning, surely this will scare away the speculators or maybe not?

Actually in reality a lot of places are advertised at those prices, so maybe people are still in for resales.

[pkrv]

"...must be Thai interests at work?"

I can't wait to read your conspiracy theory about this. I almost feel sorry for bingobongo who has tried to convince his boyfriend that the Thai real estate market crashed a decade ago, and was even doing worse today. The fact that a condo sold out in 60 days must have him in a panic, and you might be able to help him out with his story.

Ok backflip my response was pretty bloody poorly worded.

100% Foreign ownership under the 49% rule (Full explained elsewhere by those who are far better at this than I am) I doubt it.

Sold! 51% (or more) Thais 49% (or less) Foreigners over 60 Days - What is your opinion that could have happened?

Sold! 100% To Thais – a possible outcome?- but don't know

Developer trying it on - well who knows, It is in an area that will eventually link the river (itself) and Chidlom, but the timescales are in the long term on all fronts.

Backflip do you have a web address I can take a look at?

[thaigene2]

OK you guys - now don't come too quick (here or wherever - not here for sure, OK?)..stamina, stamina!

Let's wait to see how many of these projects have actually been fully-paid-up and completed and not the 'fully sold out!' Bull Sh+t that we see over and over, ok?? "OH...Yes I'll Buy! Sold Out, Sold Out - here's my 20,000 baht deposit, krap Pee!"

ya, ya....we'll see.

[pkrv]

"...must be Thai interests at work?"

I can't wait to read your conspiracy theory about this. I almost feel sorry for bingobongo who has tried to convince his boyfriend that the Thai real estate market crashed a decade ago, and was even doing worse today. The fact that a condo sold out in 60 days must have him in a panic, and you might be able to help him out with his story.

Ok backflip my response was pretty bloody poorly worded.

100% Foreign ownership under the 49% rule (Full explained elsewhere by those who are far better at this than I am) I doubt it.

Sold! 51% (or more) Thais 49% (or less) Foreigners over 60 Days - What is your opinion that could have happened?

Sold! 100% To Thais – a possible outcome?- but don't know

Developer trying it on - well who knows, It is in an area that will eventually link the river (itself) and Chidlom, but the timescales are in the long term on all fronts.

Backflip do you have a web address I can take a look at?

This is a very silly question, re looking at thaivisa and recent and past postings it appears that this area (midway between the river and Chidlom (Thong Lo station)) is prefered by Japanese? is there an historical precident for this? is this true?

Edited July 11, 2007 by pkrv