New Condo Purchase In Bkk

[zorro1]

I have got a great deal on 70 sqm 1 bedroom condo on the 11th floor in the brand new TRENDY CCOMPLEX in soi 13. its also a shopping complex and is really is 5 star and ready to open in 2 months. I made an offfer of 10% less than the asking price which were all similar and was accepted (paid 5 mill). it would be in my name only and the plan is to rent it for 1-2 years and then either sell or move in. i am semi retired and travell back and forward on business.

questions

1. is it a good time to buy in BBK

2. what are the pitfalls in purchasing a property such as mine

i know it is totally my choice but would love to get some feed back from more knowlegable folks

[ThaiWanderer68]

The following post by "Livinginexile" has a lot of discussions around condos in Bangkok: "Here is Proof the Bangkok Condo market is still booming". It gives a wide variety of different opinions

http://www.thaivisa.com/forum/index.php?showtopic=117237

A couple of the other posts by "Londonliving" about Trendy Condo should interest you, and maybe the ones by "fletchthai" about buying condos and discounts.

My view:

1) not especially a good time. But then again not a bad time either. i.e not a boom, and risk of a bust is small, but given you can hold you should be able to ride it out anway. I don't think youll make a huge profit on it, in a 1-2 year time frame but at the same time risk seems much lower than it was on this project, and if you are able to live there yourself, and hold for a while longer, should be OK. "nesting" should be fine, "investing" should be nothing special. If you've got both options you should be OK.

2) Pitfalls: read the threads above: also I'm not convinced you will easily sell in 1-2 years time. There seems to be a lot of high end condos on the market, where transfer/payments of the final 70% will occur around this period in the future. If you're prepared to live there and hold it a bit longer, then you should be OK. As long as they finally finish this project which has had ups and downs.

Lastly I think the name is tacky, and it doesn't look that great from the outside, plus the problems it has had in being late, will all give it an image problem for a year or two. Location is quite good tho' if you want Sukhumvit, and I believe it is nice inside.

Edited August 4, 2007 by ThaiWanderer68

[cmsally]

I wouldn't say it was a great deal. But it about fits the prices on most of the adverts for that property.

For buying condos now I don't think you will be making a profit in 1-2 yr time frame.

I recently bought with the idea of maybe selling or upgrading in around 4-5 yrs, that would be my time frame.

If upgrading I would be checking out the rental values although what I have at present would be a good rental prospect.

The Trendy location is good but I don't think you could call it 5 star and a lot depends on what they do with the shopping area etc at the front. If they can't rent those out or they go downhill they could really drag down the appearance.

[fletchsmile]

I wouldn't say it was a great deal. But it about fits the prices on most of the adverts for that property.

For buying condos now I don't think you will be making a profit in 1-2 yr time frame.

I recently bought with the idea of maybe selling or upgrading in around 4-5 yrs, that would be my time frame.

If upgrading I would be checking out the rental values although what I have at present would be a good rental prospect.

The Trendy location is good but I don't think you could call it 5 star and a lot depends on what they do with the shopping area etc at the front. If they can't rent those out or they go downhill they could really drag down the appearance.

cmsally

Just curious, where have you bought, as I've seen a few of your posts.

My thoughts similar. I can't see many profits in the next two years. We've seen one place we want, but not ready for 18 months. Knowing Thai timeframes that means probably longer. Hence we're likely to buy something smaller, for short term, and live in that till the other is ready. So we have an automatic upgrade lined up, plus a little more time to save for it.

Edited August 4, 2007 by fletchthai68

[cmsally]

I bought in Condo One Siam. For me and where I need to be, its an excellent location much better than Sukhumvit.

Supposedly completion is Dec this year, I'm wondering if that is a bit optimistic. But they are working 24/7.

There won't be any sizeable profits until at least 2 yrs ahead because you have a few buildings started and in the process (The Address, Rachathewi Tower).

But once these are finished, land in that area is pretty scarce so I think values should start to go up.

If you are looking at something top end you could check out Pathumwan Oasis, it looks pretty nice and scheduled for completion Apr 08

Starts 11m upwards though. The other one that is ready is I think by AP, (maybe that's Ban Klang Krung) on the corner near Rachathewi ; it is completed and I think close to transferring.

I don't think you can go wrong in this area if you can get a good price.

[backflip]

Every day is an excellent day to buy a condo in BKK. Every property has a fair market value, in any market, and it is up to you to decide on that price. It could be that the seller won't sell at that price, and that's that. Do your homework.

[Fred Sanford]

Locationwise, the Trendy is perfect imo. I imagine the 5 mil price tag is not too bad either. My friend bought a 1br 66 sq new condo down at the end of soi 11 for 4.2 mil. Those units near sukhumvit are clearly more expensive and for good reason. What kind of rent can the OP get for that?

[naturalpoints]

I have got a great deal on 70 sqm 1 bedroom condo on the 11th floor in the brand new TRENDY CCOMPLEX in soi 13. its also a shopping complex and is really is 5 star and ready to open in 2 months. I made an offfer of 10% less than the asking price which were all similar and was accepted (paid 5 mill).

Mate,

5 mill is a good price. I can clearly remember the prices at the end of 2005.

Looks like the isn't much of a price increase since.

However, it's a good deal.........considering the location. Next to BTS, a new development with all the other interesting amenities nearby......you can't go wrong.

By the way, what's your unit no on the 11th floor?? Are you in the middle section of the development? Are your views obstructed by the Regent being built directly opposite??

[bangkoksingapore]

if you are buying in usd you should consider the 2008 election. If a democrat wins, its more likely that they will stop the war and use a balance budget and implement other plans like 'pay as you go' which could help the dollar, but maybe not.

you are paying about 71k/m2 which seems like a good price. if you decide to pass, please let me know. however, i wouldn't count on this place finishing in 2 months. they have already lied and are already late.

[bangkoksingapore]

just so you know OP, this place was supposed to be finished a long time ago. i imagine it will eventually get finished, but i wouldnt trust them on any particular date.

[bangkoksingapore]

also consider the noise of the construction near by.