Luxury developer joins forces with "Elite Card" to sell 18 million baht up condos to foreigners

 

Picture: Bangkok Biz News

 

Luxury condo developer Nye Estate have joined forces with the company who promotes Thailand's long term "Elite Card".

 

Nye executive Suthee Limpanachaipornkun said that the "Elite Flexible One" scheme was "interesting" and had been "well received".

 

The plan offers people long term - but not permanent residence - for foreigners buying condos of 10 million baht up. 

 

Those foreigners will have to be particularly well heeled to buy Nye's properties.

 

Three "boutique" projects in the downtown area of Bangkok form the offer to join the scheme. 

 

They are in Sukhumvit Sois 26, 31 and 39.

 

Prices start from 18 million and go up to 80 million baht. 

 

The company hopes to offload ten units costing 200 million baht in total to foreigners. 

 

Source: Bangkok Biz News

 

 

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Lucky it's Bangkok not Pattaya. This was earlier today:

'Pattaya’s reliance on foreign tourism must end, local officials told'

 

I have a dream ................

That means it will become reality.

They only have one condo project: https://nyeestate.com/condominium/project/650dc7c1-277d-489a-9923-5876f9083fd0

11 minutes ago, tomazbodner said:

They only have one condo project: https://nyeestate.com/condominium/project/650dc7c1-277d-489a-9923-5876f9083fd0

Yeah the 2 projects mentioned in the article that are in Sukh. 31 and Sukh. 39 are both 'landed projects' being over-priced townhouses at 50MB+ each, so they would not fit within the Elite Card proposal. Both projects were completed a couple of years ago so only the poorly situated lots remain.

36 minutes ago, webfact said:

Those foreigners will have to be particularly well heeled to buy Nye's properties.

 

"I’m sorry sir, but you were spotted in Hillary 4 drinking Chang....  you’ll have to stick to your retirement extensions”... 

 

 

Seriously...  are people that stupid they’d limit themselves to one of 3 projects and spend 18MB with a 1MB Markup with an Elite Card rather than just give themselves a choice of 100’s of properties...

 

The guys that present these promotions are so far removed from reality they are unable to recognise the outrageous and insane....

1 minute ago, richard_smith237 said:

 

"I’m sorry sir, but you were spotted in Hillary 4 drinking Chang....  you’ll have to stick to your retirement extensions”... 

 

 

Seriously...  are people that stupid they’d limit themselves to one of 3 projects and spend 18MB with a 1MB Markup with an Elite Card rather than just give themselves a choice of 100’s of properties...

 

The guys that present these promotions are so far removed from reality they are unable to recognise the outrageous and insane....

Honestly, if the developers were like Sansiri, SC Asset, Supalai,... you know, the big boys that actually have some history, it might be slightly more attractive than a company I have never heard of before seeing this post...

I'm good for five, come on guys, get on board! 

 

 

good luck .... dirtiest air in the world, that is for sure

3 hours ago, webfact said:

The company hopes to offload ten units costing 200 million baht in total to foreigners.

So this whole story and big deal is about 10 condos ? Sums up the current situation to a tee

18 million baht, £500K for 60 sqm of just another bland tower block. Why would anyone do that?

3 hours ago, webfact said:

 

Those foreigners will have to be particularly well heeled to buy Nye's properties

 

Bet they'll be falling head over heels to get laced up to this ..

But will you get sole ownership .. 

They are only fishing for 10 buyers. 

Up to 80 million baht each or 2.6 million USD

Lower Sukhumvit now officially costs more than downtown Sydney 

 

21 minutes ago, ourmanflint said:

18 million baht, £500K for 60 sqm of just another bland tower block. Why would anyone do that?

My wife's cousin who is married to an Ozzy who bought a condo on Soi 21 for 19 million baht.He and many other owners were evicted last year without receiving a red satang as they all got diddled by fine print.Good luck with that.

So is the guy on the right the developer ? Odd picture as one seems to have made an effort and the other couldn’t be bothered wearing a tie !!

Fine example of "upper crust condos, Q House Sukhumvit Soi 6 "

Completed around 2 years ago, starting price 18mil.

I see 3 lights on at max

What a laugh, my mate can't even sell one for 10M let alone 18.

5 hours ago, webfact said:

The plan offers people long term - but not permanent residence - for foreigners buying condos of 10 million baht up.

Always a hurdle to sour the cream.

1 hour ago, FarFlungFalang said:

My wife's cousin who is married to an Ozzy who bought a condo on Soi 21 for 19 million baht.He and many other owners were evicted last year without receiving a red satang as they all got diddled by fine print.Good luck with that.

What was the fine print? "Leasehold property"?

26 minutes ago, tomazbodner said:

What was the fine print? "Leasehold property"?

Not sure on the details only that they tried in the courts to no avail.

23 minutes ago, FarFlungFalang said:

Not sure on the details only that they tried in the courts to no avail.

 

What's the name of the project?

19 minutes ago, FarFlungFalang said:

Not sure on the details only that they tried in the courts to no avail.

Several places in centre of Bangkok are built on leased land... 30 year lease mostly. The one on top of Sam Yan shopping mall is like that, so are several places in Ratchadamri. You can tell there are few years left on the land lease because their prices are falling like flies sprayed with insecticide during last decade or so. After land lease is up, "owners" of the building are kicked out unless they buy the land owner out, which generally doesn't happen. The owner of land can then demolish the building and build something else, or renovate it or whatever he pleases. I don't know why anyone would buy a leasehold property. I can see sense of it for commercial purpose (say you were building a mall or a hotel, where you would make significantly more than the place costs you, and after that many years you want to close it and move to a new location anyway as building would be old and unattractive by then), but to live in it or as investment... I don't get it. Maybe someone here can share what the gameplan with leasehold properties is. (NOT talking about farang buying house on leased land, but buying a condo which is leasehold - so condo building is on someone else's land for 30 years tenure, probably 25 years max once building is finished).

They are more probably targeting chinese that use thai condos to launder/invest their money outside China.

10 hours ago, richard_smith237 said:

 

"I’m sorry sir, but you were spotted in Hillary 4 drinking Chang....  you’ll have to stick to your retirement extensions”... 

 

 

Seriously...  are people that stupid they’d limit themselves to one of 3 projects and spend 18MB with a 1MB Markup with an Elite Card rather than just give themselves a choice of 100’s of properties...

 

The guys that present these promotions are so far removed from reality they are unable to recognise the outrageous and insane....

Their reality is greed.

If you buy one do you get lifetime residency as part of the package?