A four-storey dilapidated building in Bangkok has been listed for sale at 18 million baht, causing quite a stir online. Netizens are engaged in lively debates about whether this “fixer-upper” is worth the “price tag shock.”

 

Aood Narongrit, a Facebook user, shared images and details in the group Second-Hand Houses at Good Prices in Bangkok and Surrounding Areas.

 

The post showcases this diamond in the rough, featuring 14 square 56 square metres, eighth bedrooms, and eighth en-suite bathrooms. Located in Ladprao Soi 1, just 300 metres from Union Mall and directly opposite Central Ladprao, this property boasts a prime location despite its shabby chic condition.

 

The asking price is set at 18 million baht but it is negotiable. The post also notes that the building is open for sale or lease with renovation contracts available, inviting offers for consideration.

The post quickly garnered attention, with numerous individuals commenting and exchanging views on the price. Some people deemed the price excessively high, while others considered it reasonable due to the prime location.

 

The proximity to significant shopping centres such as Union Mall and Central Ladprao makes it a highly desirable spot.

 

“If the budget allows, this place could be renovated into a chic bar, café, or hostel.”

 

 

Limited parking

 

There are limitations for business use, such as the lack of parking space, which would require targeting customers who are backpackers or those using the BTS Skytrain.

 

Others pointed out the legal restrictions, noting that if the building were to be demolished and rebuilt, the setback requirements would reduce the usable space. Additionally, the structural integrity of the building would need to be assessed to determine the feasibility of renovations.

 

The mixed reactions highlight the debate over real estate prices in prime areas of Bangkok. While some view the investment as justified due to location, others are wary of the additional costs that would be required for renovation or reconstruction.

 

The discussion also touched on the potential for different types of businesses. Some commenters suggested that despite the lack of parking, the location’s high foot traffic could be advantageous for certain types of enterprises, especially those aimed at younger, more mobile demographics.

 

“This area is always bustling with people, especially those who prefer walking or using public transport. It could be a goldmine for the right kind of business.”

 

The post has sparked a broader dialogue about the value of properties in central Bangkok, particularly those with significant potential for redevelopment. The high price tag, while initially shocking to some, is seen as a reflection of the strategic location and the opportunities it presents.

 

by Bob Scott 

Picture courtesy of Sanook

 

Source: The Thaiger 2024-06-04

 

Get our Daily Newsletter - Click HERE to subscribe

 

6 minutes ago, webfact said:

Netizens are engaged in lively debates about whether this “fixer-upper” is worth the “price tag shock.”

A lot of discussion about what? It´s just to take a look at the picture, and the answer is very clear.

14 minutes ago, Gottfrid said:

A lot of discussion about what? It´s just to take a look at the picture, and the answer is very clear.

Eh no, not at all. That area is a former army area and a lot of rich people live there. If you just sit around one of the soi 1 to soi 15, you see super cars almost every 5-10 minutes driving by. Many houses there are starting at 20M baht so to have a land plot + existing 4 story building with 8 rooms, this is actually not that crazy at all. 

In reality many of those old empty townhouses, you see all over Bangkok, have less rooms than this one seems to have, and also cost 10-15M in terrible conditions. Sure 18M goes really far, but 300M from Union Mall, I'd still say it is easily worth 13-14M baht. Imagine what another 3-4M on renovation could do, and with the room count then, it would easily be valued at 50,000+ rent justifying the price tag.

 

For people with existing wealth, projects like these, are quite normal and interesting. They don't need the bottom barrel deals.

Edited June 4, 20242 yr by ChaiyaTH

5 minutes ago, ChaiyaTH said:

Eh no, not at all. That area is a former army area and a lot of rich people live there. If you just sit around one of the soi 1 to soi 15, you see super cars almost every 5-10 minutes driving by. Many houses there are starting at 20M baht so to have a land plot + existing 4 story building with 8 rooms, this is actually not that crazy at all. 

In reality many of those old empty townhouses, you see all over Bangkok, have less rooms than this one seems to have, and also cost 10-15M in terrible conditions. Sure 18M goes really far, but 300M from Union Mall, I'd still say it is easily worth 13-14M baht.

So, when I say that it´s not worth 18M, then you start with "Eh no, not at all" and after that you agree by setting the value to 13-14M. You do know that 22-27% lower value, right?

However, I can neither agree with that. I would say about 12M would be a fair price.

Edited June 4, 20242 yr by Gottfrid

Just now, Gottfrid said:

So, when i say that it´s not worth 18M, then you start with "Eh no, not at all" and after that you agree by setting the value to 13-14M. You do know that 22-27% lower value, right?

However, I can neither agree with that. I would say about 12M would be a fair price.

Oh wow, so because you do a million less than what I said, it makes a difference... So with other words; you have no comment on my post and add nothing new to it.

It is good to see that we have Bangkok property value experts here on AN 😁

Maybe the title should be: Land for sale with a heap of rubble.

 

 

8 minutes ago, ChaiyaTH said:

Oh wow, so because you do a million less than what I said, it makes a difference... So with other words; you have no comment on my post and add nothing new to it.

Yes, I did, I explained how you first disagreed and later agreed in the same reply to my post. But maybe that´s something you usually do and therefore think I added noting of importance for you.

Yes, it does make a difference, as you come down over 30% of the original sale price. Maybe you don´t know that either, but you can actually do quite a lot with a million baht less spent.

3 minutes ago, OneMoreFarang said:

Maybe the title should be: Land for sale with a heap of rubble.

 

 

Agree, as most of the buyers would probably want to get rid of the old building as it has no value and neither offers comfortable living standards. When you factor the cost for that, it will be an even more out in the blue of fluffy clouds price.

Edited June 4, 20242 yr by Gottfrid

22 minutes ago, ChaiyaTH said:

Eh no, not at all. That area is a former army area and a lot of rich people live there. If you just sit around one of the soi 1 to soi 15, you see super cars almost every 5-10 minutes driving by. Many houses there are starting at 20M baht so to have a land plot + existing 4 story building with 8 rooms, this is actually not that crazy at all. 

Yeah, I can also see that to walls around the plot and house also tells the story of rich people as nieghbours. 🤣 Or, just maybe it´s the begging street in the rich boys hood?

I can think of nicer places to buy for that kinda money ...

 

here's on for half that price ... 

 

 

 

 

 

Edited June 4, 20242 yr by steven100

18 million for eight rooms? Back in the day during my university studies, we were told, that the costs of a hotel room must be in line with the revenue the room generates. This was mentioned as 0.1% of the costs. So the room costs in its present state reads 2,250,000 Baht, 0.1% of which reads 2,250 Baht. 
Looking at the building and it floor plan shape = good luck with that one! 

2 hours ago, Gottfrid said:

A lot of discussion about what? It´s just to take a look at the picture, and the answer is very clear.

Offer 5 million, pull it down and build new.

10 minutes ago, hotchilli said:

Offer 5 million, pull it down and build new.

That, on the other hand, would be a steal.

4 hours ago, OneMoreFarang said:

Maybe the title should be: Land for sale with a heap of rubble.

 

 

 

It is WORTH what someone is willing to pay for it  !
One might ask, what other adjacent Property / Land, the prospective buyer, also owns  !

7 hours ago, webfact said:

There are limitations for business use, such as the lack of parking space, which would require targeting customers who are backpackers or those using the BTS Skytrain.

 

Because most tourists bring cars to Thailand other than backpackers?

Near to my house. Building looks a mess, but the location is prime, within walking distance of both the underground and skytrain, buses, two top shopping centres, and Chatuchak park.

7 hours ago, steven100 said:

I can think of nicer places to buy for that kinda money ...

 

here's on for half that price ... 

 

 

 

 

 

 

You'll not find any such house with that amount of Land in Bangkok for 10 MB.

 

The Property you posted is misleading to the thread and will be on the outskirts of somewhere such as Pattaya, Chiang Mai or Khon Kaen etc....    which is a completely different market, a completely different bid-rent profile to the area being described...

 

Ultimately, the land is worth what people will pay for it....  I know people who've spent similar amounts on land next to them, just to prevent someone from building on, it, so they've turned it into a nice garden instead.

 

There are loads of people in Thailand with that sort of money - though I'm not sure what they'd get out of a 56sqm ground space....   When its most probable that all other buildings in the area will get sold out at some point to build a large condo or shopping (or combined) complex at some point in the future.

 

 

 

2 hours ago, richard_smith237 said:

its most probable that all other buildings in the area will get sold out at some point to build a large condo or shopping (or combined) complex at some point in the future.

...and that will increase its value even more.

15 hours ago, richard_smith237 said:

 

You'll not find any such house with that amount of Land in Bangkok for 10 MB.

 

The Property you posted is misleading to the thread and will be on the outskirts of somewhere such as Pattaya, Chiang Mai or Khon Kaen etc....    which is a completely different market, a completely different bid-rent profile to the area being described...

 

Ultimately, the land is worth what people will pay for it....  I know people who've spent similar amounts on land next to them, just to prevent someone from building on, it, so they've turned it into a nice garden instead.

 

There are loads of people in Thailand with that sort of money - though I'm not sure what they'd get out of a 56sqm ground space....   When its most probable that all other buildings in the area will get sold out at some point to build a large condo or shopping (or combined) complex at some point in the future.

 

 

 

Can agree with that the 10M price om the house shown will most probably not be in Bangkok or very far outside the main city. However, it was about 18M the original news relates to. In that case, there will be several better options. Many of them are located around Phra kanong, both on the Watthana and the Klong Toei sides

3 hours ago, Gottfrid said:

Can agree with that the 10M price om the house shown will most probably not be in Bangkok or very far outside the main city. However, it was about 18M the original news relates to. In that case, there will be several better options. Many of them are located around Phra kanong, both on the Watthana and the Klong Toei sides

 

Agreed, thought the article alludes to the properly being more appropriate for a business venture than the residential offerings in the area's you mention, and thats where the value of the land lies - specifically the location.

 

Had the very same building / space / condition been located in Khao Sarn Road or on Sukhumvit between Phrom Phong and Asoke and we'd see the value being at least double, IMO. 

 

 

 

1 hour ago, richard_smith237 said:

 

Agreed, thought the article alludes to the properly being more appropriate for a business venture than the residential offerings in the area's you mention, and thats where the value of the land lies - specifically the location.

 

Had the very same building / space / condition been located in Khao Sarn Road or on Sukhumvit between Phrom Phong and Asoke and we'd see the value being at least double, IMO. 

 

 

 

Surely, As you say, at least. I would say maybe 4 times more. 🙂 

If I start a rumor about seeing ghosts at night and hearing spooky noises I can probably get them to 9.

Perfect spot for a wizards tower.