New High End Condos

[Prakanong]

Yes but how have recent visa changes affected a high net worth foreigner's ability to acquire a condominium?

They haven't. People who can't afford to show 800k in a bank account, are not buying 15m baht condos with cash.

I recently bought another condo in lower Suk. It appears most of the foreign buyers in that new development (completion is in about 18 months) are Chinese, Thai/Chinese, Indians and Japanese. Another one I am looking at (Narai's new huge condo near Lumphini) has apparently the same sales demographics (Asians).

No old, fat Western sex-pats at all (thank goodness).

800k is for retirement visas. Not all HNWI are retired.

Would agree with Prakanong that real HNWI aren't buying heavily into Thailand at the moment. Generally off the radar screen and much better on offer elsewhere. Wannabe's maybe...

i.e Smart money is not in Thai Real Estate at the moment. It hasn't been there in the last year or so either. eg 40%+ returns have been available in Singapore Real Estate. That's before even considering other asset classes. eg Chinese stockmarket funds, some 100%+ over 1 year. Even SET has outstripped property returns.

I very much doubt anyone has been getting a decent return in Thailand property in the last year. So anyone putting money into Thai property has effectively been missing out elsewhere in terms of market timing on investments. You won't be seeing significant property rises or a property boom in the next year or so either, so there'll be plenty of time to buy Thai.

How many people who can afford an eight million baht condo are under fifty? How many VERY wealthy people do you know who are under fifty. (Not counting drug dealers who haven't been caught yet).

Nearly all the HNWI I know had made it under 50 and most under 40 actually - in this category I am putting guy's pulling in more than 1 million UK per year and not total assets. I am only talking about the 4 or 5 I have known quite well and not passing acquaintences.

They never shouted about it or flashed their money about in Bangkok or elsewhere and 4 of them I talk to above all have lived in BKK while on business or work and the others were very frequent visitors.

Compared to London, Singapore or HK prices 8 million is not a lot of money - my mothers ex Council house in the N E of England is worth quite a bit more actually?????????

[Prakanong]

How many people who can afford an eight million baht condo are under fifty? How many VERY wealthy people do you know who are under fifty. (Not counting drug dealers who haven't been caught yet).

Don't want to go into my own finances, as I prefer a more modest approach than someone like Palm. But to try and answer:

1) Check out how many under 50's there are in the world's richest 500. You'll find the answer is in 3 digits. This extends all the way down any wealth list. Sure there are more HNWI over 50 than under 50 in almost every country. The point made was simply that not all HNWI are retired, (nor over 50 for that matter).

2) Assuming we're talking about Thailand only. Personally I know quite a lot of people under 50 with THB 8mio+ condos. That said I know even more people that don't have. If I count friends in Singapore who have bought a condo, virtually all are over THB8mio. You can't buy a decent condo in Singapore for less than THB 8mio.

BTW check out the TV forum carefully in more detail and you'll see a lot of people under 50 who paid 8mio+. There's also a survey on one of the threads of how much people spent.

You could not get a half decent HDB apartment for 8 million in Singapore nowadays for 8 million THB - another council house

[capaotung]

A lot of folks like to have a safe place where they can hang out and order in when they roll out the tanks from time to time.

All fun aside full, fully armed, British army formations were deployed in central London (in the back streets) to back up the police under the poll tax riots (under Thatcher), no superiority from the UK on this issue.

[JohnnyThai]

there are less investment vehicles for thai people than we have back home. back home, people dump their money in the stock market, mutual funds, index funds and etf's etc that let us easily invest in foreign markets, but what do the thais have besides the SET?

thai banks give very lousy interest rates? keep the money in the bank getting 3% or buy a condo and rent it out and get 4.5%... that is what it comes down to... price:rent ratio is not very good for condo owner in bkk for this reason.

[JohnnyThai]

My answer is that yes, they (Sukhothai, maybe Raimon Land with The River) are trying to raise the bar. Exactly how far they can raise the bar i dont know, but 200,000/sqm is a 33% rise over the cost of the nearest priced Grade A development. My gut feeling is that they are just trying it out. Its Marketing, but i guess we wont know until we can all see the finished product.

Im really not sure that they can make the boat float with those prices, but it sure will be interesting to see.

Bangkok/Thailand used to offer value for money, and that wass much of the attraction to foreign buyers. At those prices, with the local infrastructure, that value for money has long disappeared. Comparable property in many other markets offers comparable prices without all the headaches of other worries in Thailand.

some people like spending more money. it makes them feel like they are getting something special. guy brings his bmw into the shop. if a guy quotes a low figure, he must be an amatuer. if he quotes an exhorbiant figure, he must be a top notch specialist.

someone is paying this price, so that is the market value my friend.

[think_too_mut]

You know the types, these are the same people may also prefer to wear Gucci, Armani etc and are very happy about paying through the nose for them too, or perhaps they may believe that they can attract Gucci underpant wearing tenants happy to rent their swish units at what might seem like incredibly high rents (as we might perceive them).

Then what about those people who travel regularly to Bangkok, and always stay at 5 star hotels. Perhaps they have become accustomed to their service but for the amount of money spent on hotels they could probably afford to buy instead, so why not own a room that friends and family (who may also like Gucci underpants) can use too?

Those hi-so people would still prefer a marble statue of a lion at the gate, rather than this (there were 3 of them blocking the entry but 2 drifted away before I got my camera from the car):

[1Rai.com]

You know the types, these are the same people may also prefer to wear Gucci, Armani etc and are very happy about paying through the nose for them too, or perhaps they may believe that they can attract Gucci underpant wearing tenants happy to rent their swish units at what might seem like incredibly high rents (as we might perceive them).

Then what about those people who travel regularly to Bangkok, and always stay at 5 star hotels. Perhaps they have become accustomed to their service but for the amount of money spent on hotels they could probably afford to buy instead, so why not own a room that friends and family (who may also like Gucci underpants) can use too?

In economics they're called "Veblen goods", or "goods of snob appeal". Examples include Ferraris and diamond rings... it means the demand curve is tipped on its side and raising the price doesn't necessarily mean that fewer people will buy them. Whose wife would ever want a 200 Baht diamond ring?

[palm]

Yes but how have recent visa changes affected a high net worth foreigner's ability to acquire a condominium?

They haven't. People who can't afford to show 800k in a bank account, are not buying 15m baht condos with cash.

I recently bought another condo in lower Suk. It appears most of the foreign buyers in that new development (completion is in about 18 months) are Chinese, Thai/Chinese, Indians and Japanese. Another one I am looking at (Narai's new huge condo near Lumphini) has apparently the same sales demographics (Asians).

No old, fat Western sex-pats at all (thank goodness).

If you are such a smart hard nosed businessman like you like to shout about on an anonymous forum why are you buying multiple condo's in Thailand when spending say 70-100 million THB on a single HK or Singapore condo would bring you better returns on both rental and capital gain?

Irrational exuberance perhaps?

Sheesh the economic posts at TV get increasingly moronic. I have one condo here, that I live in most of the time as my son is here. Decorated to my taste (real wood floors, antiques, blah blah blah). I own another in State Tower that is for one of my staff, and I just bought another one under development in lower Suk as a place to have around there for convenience (and also a parking space).

I also own property and land abroad; as do many of my friends.

I don't rent any of my properties, so why do you just presume that I do?

I don't want to live or buy in Singapore. So why would I buy there? If you think people buy property solely for investment, just shows how out of touch you guys are with economics and the reality of investing in general. No wonder all the predictions of oil prices, the baht, the dollar and global markets posted on TV is so laughably wrong.

Just because you personally either can't afford decent property here, or don't want to buy here, or can't see the economic reasons for doing so, just shows the general ignorance I read from a lot of the 'expat' population. A vocal group of whingers who've had a raw deal in their life.

What is it with all of the bitter and hard-done-by falangs that trawl TV moaning about property in Thailand? Its always the same people who can't afford to buy here, and have such piss-poor finances they can't understand how anyone could be 'stupid' enough to buy here.

Why is it you can't accept the fact that many, many foreigners own property in Thailand, and some of the places like Samui/Phuket etc are worth millions of dollars.

At the last meeting I went to for a new quality condo in lower Suk, I think I saw ONE white westerner in the packed crowd. The rest were Chinese, Japanese, Indians etc. All of them with their own reasons for buying here.

If anyone posts on TV against the grain of the miserable, hard-done-by expat brigade, who are maybe stuck here (and can't afford to live back home in their country of birth), I feel sorry for you. But if negative, whinging posts make your group of dropouts feel better, maybe TV is good therapy for you.

Be sure to let anyone seeking to purchase when the price of quality condos will be dropping through the floor. It is now September 2007, and we're still waiting after 12 months+ of doomsday predictions.

Edited September 5, 2007 by palm

[Gary A]

Well palm, IF, and a big IF you are as wealthy as you would like people to believe, then you must be intelligent enough to realize that many people don't the big city life. I lived in Bangkok for about seven years and when I was able to get out of the city, I was VERY happy. I'm quite happy in my two bedroom hovel out in the boonies. I LIKE mountain views and clean air. While I was still a slave to earning money, I had no choice but to live in Bangkok. If you have no choice because you have to work, than it is understandable why you would live there.

[bingobongo]

Yes but how have recent visa changes affected a high net worth foreigner's ability to acquire a condominium?

They haven't. People who can't afford to show 800k in a bank account, are not buying 15m baht condos with cash.

I recently bought another condo in lower Suk. It appears most of the foreign buyers in that new development (completion is in about 18 months) are Chinese, Thai/Chinese, Indians and Japanese. Another one I am looking at (Narai's new huge condo near Lumphini) has apparently the same sales demographics (Asians).

No old, fat Western sex-pats at all (thank goodness).

If you are such a smart hard nosed businessman like you like to shout about on an anonymous forum why are you buying multiple condo's in Thailand when spending say 70-100 million THB on a single HK or Singapore condo would bring you better returns on both rental and capital gain?

Irrational exuberance perhaps?

Sheesh the economic posts at TV get increasingly moronic. I have one condo here, that I live in most of the time as my son is here. Decorated to my taste (real wood floors, antiques, blah blah blah). I own another in State Tower that is for one of my staff, and I just bought another one under development in lower Suk as a place to have around there for convenience (and also a parking space).

I also own property and land abroad; as do many of my friends.

I don't rent any of my properties, so why do you just presume that I do?

I don't want to live or buy in Singapore. So why would I buy there? If you think people buy property solely for investment, just shows how out of touch you guys are with economics and the reality of investing in general. No wonder all the predictions of oil prices, the baht, the dollar and global markets posted on TV is so laughably wrong.

Just because you personally either can't afford decent property here, or don't want to buy here, or can't see the economic reasons for doing so, just shows the general ignorance I read from a lot of the 'expat' population. A vocal group of whingers who've had a raw deal in their life.

What is it with all of the bitter and hard-done-by falangs that trawl TV moaning about property in Thailand? Its always the same people who can't afford to buy here, and have such piss-poor finances they can't understand how anyone could be 'stupid' enough to buy here.

Why is it you can't accept the fact that many, many foreigners own property in Thailand, and some of the places like Samui/Phuket etc are worth millions of dollars.

At the last meeting I went to for a new quality condo in lower Suk, I think I saw ONE white westerner in the packed crowd. The rest were Chinese, Japanese, Indians etc. All of them with their own reasons for buying here.

If anyone posts on TV against the grain of the miserable, hard-done-by expat brigade, who are maybe stuck here (and can't afford to live back home in their country of birth), I feel sorry for you. But if negative, whinging posts make your group of dropouts feel better, maybe TV is good therapy for you.

Be sure to let anyone seeking to purchase when the price of quality condos will be dropping through the floor. It is now September 2007, and we're still waiting after 12 months+ of doomsday predictions.

bitter? not bitter...and my condolences on your recent purchase in junta land, but alas you (and your son)will soon be schooled in the rules of supply and demand, and why do you insist on bragging about your supposed financial shrewdness? not getting enough validation at home?

[think_too_mut]

I have one condo here, that I live in most of the time as my son is here. Decorated to my taste (real wood floors, antiques, blah blah blah). I own another in State Tower that is for one of my staff, and I just bought another one under development in lower Suk as a place to have around there for convenience (and also a parking space).

Do they supply parfumed poodles in front of and around the "high end condos" or are they still stuck with stray dogs?

It would be unjust if those "who can afford decent places in Bangkok" have to struggle with such trivial and basic things as if they were ordinary slum-dwellers.

[palm]

Well palm, IF, and a big IF you are as wealthy as you would like people to believe, then you must be intelligent enough to realize that many people don't the big city life. I lived in Bangkok for about seven years and when I was able to get out of the city, I was VERY happy. I'm quite happy in my two bedroom hovel out in the boonies. I LIKE mountain views and clean air. While I was still a slave to earning money, I had no choice but to live in Bangkok. If you have no choice because you have to work, than it is understandable why you would live there.

lol, why all the bitterness?

What has the price of high-end condos got to do with any of this?

Why can't you guys accept that people want to live in the city, and can afford to buy here at these supposed 'high' prices - and they do buy.

You've already said you don't know anyone under 50 here who can afford to buy one at 8Mb+, so maybe you think they don't exist?

I don't 'work' in Bangkok, I live in Bangkok. I have an Investment Visa, and my income is from abroad. Most of my friends are in a similar position.

It is you lot who have problems with supposed 'wealth' - you seem to get all upset at the idea of people making sound financial decisions about buying property in Thailand. Then you state you don't know anyone who can afford the prices anyway. No wonder many of the posts on TV are so ridiculous.

[Prakanong]

Yes but how have recent visa changes affected a high net worth foreigner's ability to acquire a condominium?

They haven't. People who can't afford to show 800k in a bank account, are not buying 15m baht condos with cash.

I recently bought another condo in lower Suk. It appears most of the foreign buyers in that new development (completion is in about 18 months) are Chinese, Thai/Chinese, Indians and Japanese. Another one I am looking at (Narai's new huge condo near Lumphini) has apparently the same sales demographics (Asians).

No old, fat Western sex-pats at all (thank goodness).

If you are such a smart hard nosed businessman like you like to shout about on an anonymous forum why are you buying multiple condo's in Thailand when spending say 70-100 million THB on a single HK or Singapore condo would bring you better returns on both rental and capital gain?

Irrational exuberance perhaps?

Sheesh the economic posts at TV get increasingly moronic. I have one condo here, that I live in most of the time as my son is here. Decorated to my taste (real wood floors, antiques, blah blah blah). I own another in State Tower that is for one of my staff, and I just bought another one under development in lower Suk as a place to have around there for convenience (and also a parking space).

I also own property and land abroad; as do many of my friends.

I don't rent any of my properties, so why do you just presume that I do?

I don't want to live or buy in Singapore. So why would I buy there? If you think people buy property solely for investment, just shows how out of touch you guys are with economics and the reality of investing in general. No wonder all the predictions of oil prices, the baht, the dollar and global markets posted on TV is so laughably wrong.

Just because you personally either can't afford decent property here, or don't want to buy here, or can't see the economic reasons for doing so, just shows the general ignorance I read from a lot of the 'expat' population. A vocal group of whingers who've had a raw deal in their life.

What is it with all of the bitter and hard-done-by falangs that trawl TV moaning about property in Thailand? Its always the same people who can't afford to buy here, and have such piss-poor finances they can't understand how anyone could be 'stupid' enough to buy here.

Why is it you can't accept the fact that many, many foreigners own property in Thailand, and some of the places like Samui/Phuket etc are worth millions of dollars.

At the last meeting I went to for a new quality condo in lower Suk, I think I saw ONE white westerner in the packed crowd. The rest were Chinese, Japanese, Indians etc. All of them with their own reasons for buying here.

If anyone posts on TV against the grain of the miserable, hard-done-by expat brigade, who are maybe stuck here (and can't afford to live back home in their country of birth), I feel sorry for you. But if negative, whinging posts make your group of dropouts feel better, maybe TV is good therapy for you.

Be sure to let anyone seeking to purchase when the price of quality condos will be dropping through the floor. It is now September 2007, and we're still waiting after 12 months+ of doomsday predictions.

Waffling I see - I am not pointing to any economic downturn in the post - I am pointing out the rationale that there is more to be made elsewhere in a safer more secure environment which a rational economic man would consider.

Never mind the miserable expat brigade or anything else - barking up the wrong tree there mate.

You have posted in numerous posts about buying multiple condo's - not one for personal use.

From that I assumed you were investing in these condo's either for capital gain or rental income - why else would you be talking about buying multiples in stead of a home?

Using terms like "I recently bought another Condo" does make one think of multiples does it not.

Edited September 5, 2007 by Prakanong

[Prakanong]

Yes but how have recent visa changes affected a high net worth foreigner's ability to acquire a condominium?

They haven't. People who can't afford to show 800k in a bank account, are not buying 15m baht condos with cash.

I recently bought another condo in lower Suk. It appears most of the foreign buyers in that new development (completion is in about 18 months) are Chinese, Thai/Chinese, Indians and Japanese. Another one I am looking at (Narai's new huge condo near Lumphini) has apparently the same sales demographics (Asians).

No old, fat Western sex-pats at all (thank goodness).

If you are such a smart hard nosed businessman like you like to shout about on an anonymous forum why are you buying multiple condo's in Thailand when spending say 70-100 million THB on a single HK or Singapore condo would bring you better returns on both rental and capital gain?

Irrational exuberance perhaps?

Sheesh the economic posts at TV get increasingly moronic. I have one condo here, that I live in most of the time as my son is here. Decorated to my taste (real wood floors, antiques, blah blah blah). I own another in State Tower that is for one of my staff, and I just bought another one under development in lower Suk as a place to have around there for convenience (and also a parking space).

I also own property and land abroad; as do many of my friends.

I don't rent any of my properties, so why do you just presume that I do?

I don't want to live or buy in Singapore. So why would I buy there? If you think people buy property solely for investment, just shows how out of touch you guys are with economics and the reality of investing in general. No wonder all the predictions of oil prices, the baht, the dollar and global markets posted on TV is so laughably wrong.

Just because you personally either can't afford decent property here, or don't want to buy here, or can't see the economic reasons for doing so, just shows the general ignorance I read from a lot of the 'expat' population. A vocal group of whingers who've had a raw deal in their life.

What is it with all of the bitter and hard-done-by falangs that trawl TV moaning about property in Thailand? Its always the same people who can't afford to buy here, and have such piss-poor finances they can't understand how anyone could be 'stupid' enough to buy here.

Why is it you can't accept the fact that many, many foreigners own property in Thailand, and some of the places like Samui/Phuket etc are worth millions of dollars.

At the last meeting I went to for a new quality condo in lower Suk, I think I saw ONE white westerner in the packed crowd. The rest were Chinese, Japanese, Indians etc. All of them with their own reasons for buying here.

If anyone posts on TV against the grain of the miserable, hard-done-by expat brigade, who are maybe stuck here (and can't afford to live back home in their country of birth), I feel sorry for you. But if negative, whinging posts make your group of dropouts feel better, maybe TV is good therapy for you.

Be sure to let anyone seeking to purchase when the price of quality condos will be dropping through the floor. It is now September 2007, and we're still waiting after 12 months+ of doomsday predictions.

bitter? not bitter...and my condolences on your recent purchase in junta land, but alas you (and your son)will soon be schooled in the rules of supply and demand, and why do you insist on bragging about your supposed financial shrewdness? not getting enough validation at home?

Self Actualisation on a anonymous forum is pretty sad - maybe he should change is board name to "Richie Rich" - the poor little rich boy

Edited September 5, 2007 by Prakanong

[samtam]

My answer is that yes, they (Sukhothai, maybe Raimon Land with The River) are trying to raise the bar. Exactly how far they can raise the bar i dont know, but 200,000/sqm is a 33% rise over the cost of the nearest priced Grade A development. My gut feeling is that they are just trying it out. Its Marketing, but i guess we wont know until we can all see the finished product.

Im really not sure that they can make the boat float with those prices, but it sure will be interesting to see.

Bangkok/Thailand used to offer value for money, and that wass much of the attraction to foreign buyers. At those prices, with the local infrastructure, that value for money has long disappeared. Comparable property in many other markets offers comparable prices without all the headaches of other worries in Thailand.

I think I would have to agree with this point of view. As you say, it will be interesting to see if they can achieve these prices. The fact that the Sukhothai Residences launch has been delayed for a year must be indicative of how nervous they are; of course they are also being quite sensible, as launching over the last 12 months would have been more of a struggle. They will launch before 185 Rajadamri, and I suspect the latter are waiting to see the reaction before pricing theirs. If these prices are achieved then I think it's a major filip to Bangkok property. But it's a big "if" at this stage.

[samtam]

Also, for those talking about affordability of an THB8m condo, you're somewhat missing the point. These "super luxury" are THB40-80million.

[fletchsmile]

there are less investment vehicles for thai people than we have back home. back home, people dump their money in the stock market, mutual funds, index funds and etf's etc that let us easily invest in foreign markets, but what do the thais have besides the SET?

thai banks give very lousy interest rates? keep the money in the bank getting 3% or buy a condo and rent it out and get 4.5%... that is what it comes down to... price:rent ratio is not very good for condo owner in bkk for this reason.

You're right there are less investment options here. In the past property was one of few alternatives. BTW Wealthy Thais, eg Mr.T, always find ways of investing overseas anyway, as you'll have noticed.

But that said, stock market, mutual funds, index funds that you mentioned are all available now to the general Thai public. These include mutual funds in foreign markets / global funds. eg My wife recently bought some Aberdeen mutual funds, and some ING mutual funds thru Standard Chartered Bank. For people looking to save tax there are also "Long Term Equity Funds", which could save a higher rate tax payer over THB 100k a year in tax. Admittedly less choice than say UK, but there are more and more options appearing in Thailand.

[trajan]

Also, for those talking about affordability of an THB8m condo, you're somewhat missing the point. These "super luxury" are THB40-80million.

oh not that high..... the little 140 sqm duplexes at Sukhothai would only be about B28 mil for entry level (if they come out at B200K psm).....

[trajan]

But that said, stock market, mutual funds, index funds that you mentioned are all available now to the general Thai public. These include mutual funds in foreign markets / global funds. eg My wife recently bought some Aberdeen mutual funds, and some ING mutual funds thru Standard Chartered Bank. For people looking to save tax there are also "Long Term Equity Funds", which could save a higher rate tax payer over THB 100k a year in tax. Admittedly less choice than say UK, but there are more and more options appearing in Thailand.

for "Long Term Equity Funds" you can deduct up to Baht 300K per year....nice little bonus

[think_too_mut]

Also, for those talking about affordability of an THB8m condo, you're somewhat missing the point. These "super luxury" are THB40-80million.

oh not that high..... the little 140 sqm duplexes at Sukhothai would only be about B28 mil for entry level (if they come out at B200K psm).....

For that kind of money one would expect something as basic as drinkable tap water. Is that included?

[samtam]

OK then, THB28m to THB80m. The one I was considering is 200 sqm

Edited September 5, 2007 by samtam

[fletchsmile]

for "Long Term Equity Funds" you can deduct up to Baht 300K per year....nice little bonus

Especially if you do around Xmas time - comes in handy. Depending on your company they can also adjust tax in your salary directly, so no need to reclaim after tax year. Depending on your tax rates and income level as you say maximum saving is 300k @37% so a nice incentive.

[pkrv]

You know the types, these are the same people may also prefer to wear Gucci, Armani etc and are very happy about paying through the nose for them too, or perhaps they may believe that they can attract Gucci underpant wearing tenants happy to rent their swish units at what might seem like incredibly high rents (as we might perceive them).

Then what about those people who travel regularly to Bangkok, and always stay at 5 star hotels. Perhaps they have become accustomed to their service but for the amount of money spent on hotels they could probably afford to buy instead, so why not own a room that friends and family (who may also like Gucci underpants) can use too?

Those hi-so people would still prefer a marble statue of a lion at the gate, rather than this (there were 3 of them blocking the entry but 2 drifted away before I got my camera from the car):

Ahhh… aren’t they cute, I have seen the limpest things grab them by the muzzle and force them back. What an eye openener.

[Gravelrash]

Well palm, IF, and a big IF you are as wealthy as you would like people to believe, then you must be intelligent enough to realize that many people don't the big city life. I lived in Bangkok for about seven years and when I was able to get out of the city, I was VERY happy. I'm quite happy in my two bedroom hovel out in the boonies. I LIKE mountain views and clean air. While I was still a slave to earning money, I had no choice but to live in Bangkok. If you have no choice because you have to work, than it is understandable why you would live there.

lol, why all the bitterness?

What has the price of high-end condos got to do with any of this?

Why can't you guys accept that people want to live in the city, and can afford to buy here at these supposed 'high' prices - and they do buy.

You've already said you don't know anyone under 50 here who can afford to buy one at 8Mb+, so maybe you think they don't exist?

I don't 'work' in Bangkok, I live in Bangkok. I have an Investment Visa, and my income is from abroad. Most of my friends are in a similar position.

It is you lot who have problems with supposed 'wealth' - you seem to get all upset at the idea of people making sound financial decisions about buying property in Thailand. Then you state you don't know anyone who can afford the prices anyway. No wonder many of the posts on TV are so ridiculous.

Powerful anonymous men are a huge turn on. I love a man that isn't ashamed to flaunt it, put the scum in their place. Forget the rest of the losers here, I want to be the first to blow you, later your rich and powerful friends.

[midas]

Well palm, IF, and a big IF you are as wealthy as you would like people to believe, then you must be intelligent enough to realize that many people don't the big city life. I lived in Bangkok for about seven years and when I was able to get out of the city, I was VERY happy. I'm quite happy in my two bedroom hovel out in the boonies. I LIKE mountain views and clean air. While I was still a slave to earning money, I had no choice but to live in Bangkok. If you have no choice because you have to work, than it is understandable why you would live there.

lol, why all the bitterness?

What has the price of high-end condos got to do with any of this?

Why can't you guys accept that people want to live in the city, and can afford to buy here at these supposed 'high' prices - and they do buy.

You've already said you don't know anyone under 50 here who can afford to buy one at 8Mb+, so maybe you think they don't exist?

I don't 'work' in Bangkok, I live in Bangkok. I have an Investment Visa, and my income is from abroad. Most of my friends are in a similar position.

It is you lot who have problems with supposed 'wealth' - you seem to get all upset at the idea of people making sound financial decisions about buying property in Thailand. Then you state you don't know anyone who can afford the prices anyway. No wonder many of the posts on TV are so ridiculous.

Powerful anonymous men are a huge turn on. I love a man that isn't ashamed to flaunt it, put the scum in their place. Forget the rest of the losers here, I want to be the first to blow you, later your rich and powerful friends.

Palm might even give you one of his spare condo's

[Crash999]

I am wondering if others can share some insight into why the rumoured prices for some of the new "super luxury" developments in the condo market are being touted at around THB200,000 psm. I am thinking specifically of The Sukhothai Residences, and 185 Rajadamri. I am wondering who will buy developments at these prices? Assuming 51% are Thai buyers, would the potential 49% of foriegners want to spend USD1m+ on property in a country where this so much uncertainty regarding political developments, (no election date fixed, no certain outcome, marshal law, high value baht, uncertain immigration laws etc). I know that THB200k psm is still a lot less than Hong Kong, Singapore or London, but these cities are in first world countries.

For Thais with this sort of money, when there is a limited market for re-sale, what is the attraction for them?

This is unless of course there is huge pent-up demand for property, which is waiting to explode upwards once the political situation eases.

Erm, getting back on topic, there will always be a market for ultra-high end condos like this. So long as one shows additional benefit for the extra money paid (in Sukhothai's example the hotel facilities, service, design, etc) then folks who have the money will look at buying it for their personal use. As someone else said in this thread, buying real estate is always for speculative purposes.

The top tier in Thailand is 200 baht/m2 versus 5 times that in Hong Kong. Why is HK so much more expensive? The answer is all the reasons you listed above.

[samtam]

Well it's interesting to note that "the top tier is now THB200psm", (+33%?) on previous top tier prices. This suggests that there will be a re-rating of the property market after the election; it does assume that there will be a non TRT/PPP government. If that's not the case, there will either have to be a fiddling of the result, or another coup.

[trajan]

if The River duplexes (I think 180 sqm) on the river's (slightly isolated) right bank are already getting 200K psm, then its not a stretch to think that other top-end centrally-located freehold projects like the Sukhothai and 185 Rajadamri will get that....

it will be interesting to see what the leasehold residences like the St Regis coming up on Rajadamri (next to the Four Seasons) will get psm...

[pkrv]

There was an interesting post on the SkyScraper forum. It appears that there are 20 units available at The Park but they have been taken off of the market until after the building is completed. It looks like a new price of 150k baht/m2 will be applied so around 22.5m for the 2 beds and 45m for the three bed. And they will be completed!

[midas]

It will be very interesting to look back at this thread in a few months

time and what people perceived as at today as being representative

of " good value " The storm clouds are gathering.............................

http://news.bbc.co.uk/2/hi/business/6983051.stm