Any Info On Sathorn Gardens?

[Lorin]

Just saw advertisement in Bangkok Post on Sathorn Gardens condo, very good location, 41 floors, swimming, tennis etc. Gave them a call, told me its 1997 building that Pacific Star company bough and making a condo. The prices are 85-88K baht per square meter, can move in in early 2008,would like to know more info if available...Anyone?

[quiksilva]

I can offer that Pacific Star is Singaporean property investment group, the Thai operations are run by Pritpal Singh Gill previously of Golden Land and architect for President Park.

Plenty of money behind them, and some wise heads in the group.

What else do you want to know?

[Lorin]

Thank you for the answer, what do you think about pricing? Seems a bit high?

I can offer that Pacific Star is Singaporean property investment group, the Thai operations are run by Pritpal Singh Gill previously of Golden Land and architect for President Park.

Plenty of money behind them, and some wise heads in the group.

What else do you want to know?

[joeuk1]

The building is dirty outside , not nice and bad location .

JB

[backflip]

OP,

From the last post, what you consider a good location, someone else thinks it's a bad location. If the discussion ever gets to pricing, you'll get the same diversity of opinion.

[Lorin]

The place located in the beginning of Sathorn road,however inside small soi, so it should not be noisy+Australian and Malaysian embassies and Metropolitan hotel is near by. That why I'm thinking ist good location. Correct me if I'm wrong?

[samtam]

Glad to read this post, as I saw the advert on a bill board on Sathorn Road and I wondered which building it was for. Having looked on their website, it provides you with no information about the condos etc, so I thought it was perhaps a new build. But then I realised that it's the old building identified by other posters. It is, where Lorin has suggested, the soi just before the Australian Embassy, and the one after The Metropolitan Hotel. I don't know whether Pacific Star are spending money upgrading, but these prices seem quite reasonable, compared with other albeit new condos in the vacinity. I live in the same area, and personally I like it very well. However the design of Sathorn Garden is not that pleasing - small windows - and unless you're on the south side, not much of a view. Interesting to see how it will fare.

Edited August 3, 2007 by samtam

[nick2k]

the location is excellent. the facilities are above average.

the problem with a lot of thai condos is not the building or the location. it's the people managing the places. so many crooks in the business. you need to watch out.

before the current management took over, the guys running the place were crooks. they would always advertise that only a couple of units were still available. and yet, here we have it, the developers sold the new owners - like 320 vacant units. ..makes you wonder?

another thing that happened at this place...

under the old management, maintenance fees were suppose to be spread evenly between all the units owned. since the management couldn't sell HALF of the units due to the condo laws limiting ownership to foreigners, HALF of the maintenance fees were not paid. so, guess what the old management did? the crooks took the money out of the emergency fund that each condo development has set up to pay the HALF that was not being paid because they were vacant. the true owners of condos in sathorn garden only found out what happened AFTER the emergency fund ran out of money.

crooks.

if crooks here steal you blind, do you have any recourse? ask yourself that. remember, as a guest of the country, you don't have any rights here.

remember what happened at the sukhumvit soi 10 demolition? remember the clinton plaza sub-lease scam? remember the 2 british tourists murdered by the thai policeman? there are so many examples of criminal behavior where thais got away with things - even murder.

if you still want to spend your money here (it's not an investment), do so. but don't say nobody didn't warn you.

[quiksilva]

Sathorn not a good location? Are you mad, Sathorn is a GREAT location, especially for leasing condos, think of all those tenants sitting in office buildings right on your door step. Its convenient for nights out etc and it has relatively little traffic on the weekends if compared with say, Sukhumvit.

I also think 90-120,000 per square meter is reasonable when benchmarked this with competing projects nearby. I wont comment on the design because I haven't seen how they will refurbish it yet, but this could be one to watch.

[Lorin]

Can I ask how do you get all that inside info? Do you own a unit in that building?

the location is excellent. the facilities are above average.

the problem with a lot of thai condos is not the building or the location. it's the people managing the places. so many crooks in the business. you need to watch out.

before the current management took over, the guys running the place were crooks. they would always advertise that only a couple of units were still available. and yet, here we have it, the developers sold the new owners - like 320 vacant units. ..makes you wonder?

another thing that happened at this place...

under the old management, maintenance fees were suppose to be spread evenly between all the units owned. since the management couldn't sell HALF of the units due to the condo laws limiting ownership to foreigners, HALF of the maintenance fees were not paid. so, guess what the old management did? the crooks took the money out of the emergency fund that each condo development has set up to pay the HALF that was not being paid because they were vacant. the true owners of condos in sathorn garden only found out what happened AFTER the emergency fund ran out of money.

crooks.

if crooks here steal you blind, do you have any recourse? ask yourself that. remember, as a guest of the country, you don't have any rights here.

remember what happened at the sukhumvit soi 10 demolition? remember the clinton plaza sub-lease scam? remember the 2 british tourists murdered by the thai policeman? there are so many examples of criminal behavior where thais got away with things - even murder.

if you still want to spend your money here (it's not an investment), do so. but don't say nobody didn't warn you.

[joeuk1]

Not walking distance to the BTS the traffic is heavy all day , go down this soi early in the morning and count the rats hanging around the place . CBD lmao i have lived in this soi and they cant find renters .

Have seen 100 + sq mt condos offered there for 28-35k baht a mth i wonder why they cant rent them ?

JB

Ps if coming to this soi from the oposite /side of the road you have to overshoot the soi by 2 km and then u turn back .

Pps If you dont drive the taxis dont like going there good luck i stayed 3 months and moved out .

[Lorin]

I drive myself and not looking to rent the place out, just live there myself, rats is everywhere in BKK,old news....:-)

Not walking distance to the BTS the traffic is heavy all day , go down this soi early in the morning and count the rats hanging around the place . CBD lmao i have lived in this soi and they cant find renters .

Have seen 100 + sq mt condos offered there for 28-35k baht a mth i wonder why they cant rent them ?

JB

Ps if coming to this soi from the oposite /side of the road you have to overshoot the soi by 2 km and then u turn back .

Pps If you dont drive the taxis dont like going there good luck i stayed 3 months and moved out .

[joeuk1]

You wont be told .............

Its boring there , traffic is a nitemare , some overpriced buildings and a minimart .what else does this area have to offer ?

I lived there for 3 months and moved out

JB

[poorfarang]

I think Sathorn is one of the nicer areas

[backflip]

"crooks...crooks...crooks"

At least the poster didn't mention "BiB", Thaksin, mafia, gangs, the junta, or "Thais" in general. Most of the units were controlled by a single company, and it refused to pay for the maintenance fees. The condo management tried to have the owner evicted, the owner hung on, and then a lawsuit. The maintenance fund was drained, and there was a threat of bankrupcy of the condo managment company. That was 3 years ago, and I don't know how it worked out. The subway and metro lines are nearby, and the people who claim it is not within walking distance must have very short legs.

Part of the due diligence you, or your agent, must perform is to assure that the maintenance fund is secure, and that the lawsuit has been settled. I think that it's a nice area and, if the building's finances were in better shape 3 years ago, I probably would have purchased a unit. I bought in a nearby building, and haven't regretted it for a minute.

[thaihome]

...Ps if coming to this soi from the oposite /side of the road you have to overshoot the soi by 2 km and then u turn back .

More like 200 meters. I make that u-turn almost every day.

Don't beat around the bush, just come right out and say you don't the area.

TH

[joeuk1]

...Ps if coming to this soi from the oposite /side of the road you have to overshoot the soi by 2 km and then u turn back .

More like 200 meters. I make that u-turn almost every day.

Don't beat around the bush, just come right out and say you don't the area.

TH

Ok i dont know the area .

I rented condo in Oakwood stayed there 3 months and my thoughts are the area sucks .

Oakwood condo 60 sq mt 35/45k a month and the Gardens cant rent 100 plus for 28/30 k a month .

Says it all realy ...................................

Oakwood take out good size add on Bkk post to try to fill the place , other than a minimart in the same road and a load of dirty stalls outside selling food what does this soi or area have to offer .

Over to you smartarse

JB

Oh maybe its called CBD posh huh

[joeuk1]

For anyone to pay 85/88k for sathorn gardens a 10 year old building with all the new projects coming on board does not make sense to me . If they have 300 units for sale if they were on at 65k i feel they still would not sell .

Only my opinion .

JB

To the poster that says this soi is near Bts you are having a laugh , how long does it take to walk it must be a luvly walk when its pissing with rain .

[backflip]

Another thing the OP can do is to check with the juristic person, and see how many of he units are owned by farang vs thai, AND the number of units that are occupied by farang vs thai. You can then easily verify that there are - or, are not - "300 unoccupied units".

[Harry2]

...Ps if coming to this soi from the oposite /side of the road you have to overshoot the soi by 2 km and then u turn back .

More like 200 meters. I make that u-turn almost every day.

Don't beat around the bush, just come right out and say you don't the area.

TH

Ok i dont know the area .

I rented condo in Oakwood stayed there 3 months and my thoughts are the area sucks .

Oakwood condo 60 sq mt 35/45k a month and the Gardens cant rent 100 plus for 28/30 k a month .

Says it all realy ...................................

Oakwood take out good size add on Bkk post to try to fill the place , other than a minimart in the same road and a load of dirty stalls outside selling food what does this soi or area have to offer .

Over to you smartarse

JB

Oh maybe its called CBD posh huh

Oakwood is in another part of town about 4km from Sathorn Gardens.

Perhaps you are confusing Sathorn Gardens with Bangkok Garden.

[bangkoksingapore]

in my experience, places at 100k/m2 still rent at less than 30,000/mo.

the person i rent from owns 5 in this building alone. bangkok is definitely a renters market, perhaps because Thais feel safer buying a condominium then putting money in the SET or banks.

[bangkoksingapore]

I don't feel that Sathorn is that great of a location. If you drive and work in that area, then I guess it makes sense. But I would choose tons of different locations over Sathorn personally.

[thaihome]

...Ps if coming to this soi from the oposite /side of the road you have to overshoot the soi by 2 km and then u turn back .

More like 200 meters. I make that u-turn almost every day.

Don't beat around the bush, just come right out and say you don't the area.

TH

Ok i dont know the area .

I rented condo in Oakwood stayed there 3 months and my thoughts are the area sucks .

Oakwood condo 60 sq mt 35/45k a month and the Gardens cant rent 100 plus for 28/30 k a month .

Says it all realy ...................................

Oakwood take out good size add on Bkk post to try to fill the place , other than a minimart in the same road and a load of dirty stalls outside selling food what does this soi or area have to offer .

Over to you smartarse

JB

Oh maybe its called CBD posh huh

As some else already said, Oakwood is no where near Sathorn Gardens. Oakwood is on Narathiwas, almost to Rama III, not really the CBD, more like the fringe. I would not live down there either. It is a long way from BTS and traffic on Narathiwas going toward Sathorn (where the Chong Nonsi BTS station is) can be a nightmare.

I would also not live on Sathorn itself either, but the various sois in the Silom/Sathorn area, from Rama IV to Narathiwas can be very nice. Many nice western/Thai resturants as well as "dirty stalls" which I eat from several times a week. Access to the expressway is easy (as long as you stay off Rama IV) and it is easy to get to the Central Rama III mall (Oakwood is really close).

Still seems to me that Sathorn Gardens, dispite being a remodeled 10 year old building could be an ok deal. I don't think they have balconies though, which I personally really like. Also that immediate area is rather congested with a number of high rises, which probably cuts down on the views in a lot of units.

TH

[joeuk1]

I have had a freddie yes confused Sathorn gardens with Bkk gardens .

Oops sorry

JB

[Tonnyf]

I went to see the marketing office at the sathorn villa in March and it was only for info and no mock up apartment. But I was told it would be launched in August.

Last week I went there again, I had seen the lane to go in has been very much beautified. I was shown the mock up room for the 1 and 2 bedrooms, they are tastefully done.

The Price is very competitive and the location is GREAT! unfortunately what happened with the management and bankrupcy in the past makes this place sounds rather negative (reading from comments here).

I believe it is a great location for investment. I view the lane to go in to the apartment being positive as it is shielded from the main road and if you see the Banyan Tree is at the same depth of soi.

Anyone knows more about any legal issues with this property? please share........ Thanks

[kaxper]

the pricing is ok - actually cheap for that area - but i dont have comment on building design, layout, structure, facilities or the juristic/developer issues.

they will be launching sukhothai residences nearby (behind sukhothai hotel) and that will probably start at bt150+/sqm. you just wont enjoy the sukhothai facilities at sathorn gardens, but hey, its only a 5 min walk !!

[trajan]

they will be launching sukhothai residences nearby (behind sukhothai hotel) and that will probably start at bt150+/sqm. you just wont enjoy the sukhothai facilities at sathorn gardens, but hey, its only a 5 min walk !!

really, I was told by the brokers to expect 200K per sqm for the Sukhothai Residences....

[elation]

I went to see the marketing office at the sathorn villa in March and it was only for info and no mock up apartment. But I was told it would be launched in August.

Last week I went there again, I had seen the lane to go in has been very much beautified. I was shown the mock up room for the 1 and 2 bedrooms, they are tastefully done.

The Price is very competitive and the location is GREAT! unfortunately what happened with the management and bankrupcy in the past makes this place sounds rather negative (reading from comments here).

I believe it is a great location for investment. I view the lane to go in to the apartment being positive as it is shielded from the main road and if you see the Banyan Tree is at the same depth of soi.

Anyone knows more about any legal issues with this property? please share........ Thanks

I've owned a unit and lived in Sathorn Garden for the last 7 years and can tell you the building is one of the best in the area for the price. The annual assessment is cheaper than all the others in the area (about 1/3). The previous problems with the original developer, Sathorn Ria, were cleared up when Pacific Star purchased all the units and replenished the sinking fund. Previously Sathorn Ria had refused to pay its share of the maintenance fees for the unsold units and the association had to sue them to foreclose on units to sell in order to raise operating income. Because Sathorn Ria had so many units, it controlled the board through its voting power and thus had to be kicked out by the other owners before this action could be taken. The Sinking fund was used as emergency funding, in addition to a supplement assessment, and it was not, as stated by a previous poster, stolen by 'crooks'.

The good news is that all that is behind us, and we are looking forward to substantial upgrades to the building by Pacific Star. They plan to develop, sell, and keep some of the units for short term rental. While not all the present owners agree on all the final details of the renovation plan that will take place, a recent owners meeting gave Pacific Star agreement 'in principle' to move forward with the plan. The new entry way was one of the first items on that plan.

As for location, I don't think that being within several hundred meters from hotels going for $200 USD and up per night is such a bad location. 15 minute walk to Saladang BTS and 15 minute walk to the Lumphini Subway is not so bad. Two Embassies border the property and the 6th floor facilities are great. But...the existing tenants won't mind if you don't buy or don't like the location....it will keep it that much more quiet for us!

[Wibble]

I have a friend who owns an apartment there and having visited him from time to time over the last three years have noticed the changes taking place at the building more recently. (The lobby areas in particular are starting to look very classy)

I have heard most of the stories of the past - which seem to be somewhat typical of problems inherited by buyers in developments that were hit by the crash in 1997, but as mentioned by 'elation', they seem to very definitely have been consigned to history with the arrival of the recent buyers of Sathorn Ria.

My friend also said it was true that a handful of residents have had issues with the changes taking place but said it was very much a case of "you can't please all of the people all of the time" - no matter how hard you try.

As for the place, I think it is great. It is inherently spacious in a way that new buildings tend not to be, and the range of facilities - tennis, squash, (new) gym, library, pool and others, certainly can't be found together in many condos in Bangkok. With the ongoing renovation work the environment there is improving dramatically.

The building may not quite be the Sukhothai Residences (which is overrated and overpriced at 240-330k), but for a wise investor who wants to be in the business district, it seems to be a bargain buy - something to live in comfortably (my friend is extremely happy there) and somewhere that will rent out easily for the very same reasons. - Have a look in the car park, you'll see there are already a number of monied owners who could probably afford to live elsewhere (and probably have other properties), but choose to stay there instead - that must tell you something!

[Urasate]

My friend also said it was true that a handful of residents have had issues with the changes taking place but said it was very much a case of "you can't please all of the people all of the time" - no matter how hard you try.

Handful of resident only? Anyone think of buying best talk to any resident to find out what the real story is with this building. Please do homework before you buy this so you will not be unhappy later.