Hansar Ratchadamri

[honkin]

hey everyone

I posted a few months ago re: purchasing in Bangkok and recent some terrific replies.

My wife and I were just in Bangkok for a short period and looked at a few condos (The Met, The Millenium) but were impressed by the Hansar Ratchadamri project.

Are there any pitfalls to watch out for with Leasehold versus Freehold? A banker friend from the TMB in Bangkok said that with Leasehold, after 30 years you then own the condo outright. The unit would be paid off in 10, so that does not bother me.

Is that the only real difference between the 2 - you own the Feehold immediately (well, after the mortgage is paid off) and the lLeasehold you own after 30 years?

Any views on the project itself? As I said, we were both impressed by the quality of the units and would love to take a 2 bedroom.

There is a deal with the 1 bedroom units whereby they are managed by the Alila Hotels group for the first 5 and you get to stay for 30 days free each year. We weren't really interested in the 1 bedroom, though, as we will come to live in it at a later date - maybe 5 to 7 years. Happy with it as an investment property initially.

Would love to hear some views from existing owners in Bangkok.

Regards

[jonniebkk]

Are there any pitfalls to watch out for with Leasehold versus Freehold? A banker friend from the TMB in Bangkok said that with Leasehold, after 30 years you then own the condo outright. The unit would be paid off in 10, so that does not bother me.

Is that the only real difference between the 2 - you own the Freehold immediately (well, after the mortgage is paid off) and the lLeasehold you own after 30 years?

Are you kidding...are you a troll?? The first thing you need to do is get rid of your banker friend...I can see now why some say TMB will be bankrupt in a year if they have idiots like your friend working for them.

A LEASEhold is just what it says...A LEASE!!! You are not purchasing any ownership interest in the land but only the right to occupy it (or in this case, the condo that occupies the land) for the period set forth in the lease. At the end of the lease, you have to renegotiate another lease term. Most leaseholds for condos are 30 years as that is the max lease period for real property under Thai law. Sometimes, there are automatic lease extensions offered for 1 or 2 additional periods upon expiration of the initial lease but these cannot be registered with the relevant government authorities and their enforceability 30 years down the road might be problematic for myriad practical and legal reasons.

If it were me, I would avoid leasehold properties and concentrate on freehold ones...there are plenty of these available also.

Edited October 27, 2007 by jonniebkk

[YoungFarangNa]

farang can only own 49% of a building.

[kaxper]

i think if you just do the economics according to the 30-year lease and it suits your pricing (definitely cheaper) and needs (you dont intend to live beyond 30 years and have no intention to leave anything to your kids), then go for it .. it a great location and for people who are not that familiar with bangkok, it probably is a good choice.

[merlion]

i think if you just do the economics according to the 30-year lease and it suits your pricing (definitely cheaper) and needs (you dont intend to live beyond 30 years and have no intention to leave anything to your kids), then go for it .. it a great location and for people who are not that familiar with bangkok, it probably is a good choice.

\

Get a freehold! Its better than any leaseholds.

[honkin]

I apologise for coming in so late on my own thread but I forgot to subscribe to it.

To johnniebkk, you asked if I was a troll and called a Thai friend of mine an idiot. Such warmth. I'm touched. My friend is neither an idiot nor an expert on leasehold. I merely asked him a question before we left Bangkok and he said what he thought. You know Thais. They never want to say "I don't know". They would rather give you some sort of an answer. He said what he thought and if he is incorrect, so be it. That was the reason for my post.

I posted ages ago re: property in Bangkok and received much the same response, though did finally find some fantastic people (actual owners), notably irene and london and a couple of others. Far too many doomsayers, though.

I have been told by the rep of CB Richard Ellis that in a leasehold building the 49% issue does not apply, as it is leasehold. Is that true? Seems an important point.

I think I understand now that from a legal standpoint, there is absolutely no such thing as an automatic renewal in a leasehold agreement nor is any subsequent owner of the land bound by any contractual agreement offering further renewals. At least there appears to be nothing the courts will recognise. Terrific article here http://www.samuiforsale.com/leasehold.htm

Has anyone seen the project I spoke of? If so, how does it compare with similar projects in other top areas? This sits directly behind the Four Seasons.

We have looked at only 4 properties in 4 great areas. All had pros and cons. Freehold versus leasehold, different locations etc. We tried The Pano, The Met, The Millenium and Hansar Ratchadamri. We liked all but preferred the latter. Perhaps after real legal advice re: leasehold, that may change.

I would love some constructive views on the 4 projects I mentioned and would dearly love some input from actual owners.

If I've offended anyone, I apologise.

Regards