Share Your View On Wish@siam (ratchadewi)? First Time Buyer...

[currypuff]

Is "wish @ siam" a good buy? I like the location (near BTS) and the price is affordable. However, this is my first time buying a condominium unit in Thailand and if anyone can share their view or any information on this project (reputation of the developer, expected rental in that area for a one bedroom etc), it is much appreciated. Also, is there a website that provides complete advice (sale process, funds transfer, tax payable- both income and capital gains etc) to a foreigner on buying a condominium for the first time? Lastly, is it advisable to engage a lawyer for conveyancing when I buy the unit? Thanks alot!

[cmsally]

It is close to where I bought - Condo One Siam.

I know the company is rather unknown and I haven't actually walked down that street to see where it is located ( I don't think they have started building yet).

From memory, prices start around 1.9m for a small studio I think.

You might find that you can get something just a bit more expensive at Condo One which is already finished and has a well known brand name behind it. There are some studios at Condo One that are not expensive and transfer is soon , so probably some speculators ready to bail out.

[pkrv]

Is "wish @ siam" a good buy? I like the location (near BTS) and the price is affordable. However, this is my first time buying a condominium unit in Thailand and if anyone can share their view or any information on this project (reputation of the developer, expected rental in that area for a one bedroom etc), it is much appreciated. Also, is there a website that provides complete advice (sale process, funds transfer, tax payable- both income and capital gains etc) to a foreigner on buying a condominium for the first time? Lastly, is it advisable to engage a lawyer for conveyancing when I buy the unit? Thanks alot!

Hi currypuff - it always helps us guys on Thai Visa if you can provide a cross rerence to your question i.e a web link/address etc. Agreed local knowledge is great/ideal and you have a good response but it helps if you see what I mean.

Edited December 5, 2007 by pkrv

[currypuff]

Thanks for your replies. The website to the project is www.wishatsiam.com though it's in Thai. The site is located behind Asia Hotel, about 5 minutes' walk from the BTS station. Hope to hear more comments about the project. Thanks!

[cmsally]

I am not sure if it is sold out but there are a few resales on the web:

Prakard.com

There seem to be a couple of people on the forum having an argument over whether they will get planning permission. I guess anything can happen on an open forum but it might be a good idea to wait until they start building.

For the Thai buyers the company name doesn't have much background in the condo business. So you get a mix of the wait and sees who may have invested and the domesday predictors, which is fairly normal. But after the fiasco at the Vista maybe better to wait a bit.

As I said if you have the cash, a studio at Condo One can probably be had at around just over 2m, which is not much difference in price. No hassles there, they have already finished.

[currypuff]

Thanks. I am surprised that the developer may not get the planning permission as I would think that is the first step before marketing?

The project is selling well though and there are a few units left. I like this project because of the location but I am really concerned (after reading the forum and horror stories) if it is still wise to invest in Bangkok. Thai language is a problem and I wonder if I should engage a lawyer when I purchase off the plan? Also are there any good websites which provide advice to first time buyers on Thai regulations and the sale process? Thanks for the help!

[misterme]

I've got 2 units in Wish@Siam, a studio and a 1br.

Paid my downpayment, then contract amount when we signed the papers. I was given an english translation of the documents too, at that time.

18 monthly payments (I'm 3 months in) bring the total to 20%, the final 80% to be paid by completion.

I was in BKK a month ago and they've still to start building. I'd feel better if it was started, but we'll have to see.

[currypuff]

I was told by the agent that the developer will start building in January 2008. Is it necessary to engage a lawyer for the transaction? I know it is not a common practice in Thailand but I don't read Thai, you see.

[misterme]

I don't think a lawyer is necessary. They've been easy to deal with. And the english translation of the contract was amazingly precise.

What were you looking at, and at what price?

[currypuff]

Thanks, I am looking at a one-bedroom and the price is 72,000 baht per square metre. Will I be paying too much for that location and for such a project? I wonder how much the unit can fetch for monthly rent...

Any other projects in the same area or near Siam Paragon? Any new exciting launches?

[skippy]

Thanks, I am looking at a one-bedroom and the price is 72,000 baht per square metre. Will I be paying too much for that location and for such a project? I wonder how much the unit can fetch for monthly rent...

Any other projects in the same area or near Siam Paragon? Any new exciting launches?

http://www.skywalkcondo.com

[misterme]

Well, I've been making my payments, but they haven't started construction yet.

On trip to the sales office last month, they said (again) that it'll be started next month.

Looking at the floor plans, I asked how many units were still for sale. It appears they still have over 30 units unsold.

If anyone has any news to share, currypuff and I would love to have it posted here.

[cmsally]

Well, I've been making my payments, but they haven't started construction yet.

On trip to the sales office last month, they said (again) that it'll be started next month.

Looking at the floor plans, I asked how many units were still for sale. It appears they still have over 30 units unsold.

If anyone has any news to share, currypuff and I would love to have it posted here.

Prakard - Wish @ Siam

Last news on the Prakard website says it has just passed EIA and they have started clearing the land.

They are certainly going to be off schedule.

Condo One Siam has yet to be transferred with all the EIA problems as they were 2m over the height limit.

We are already 6 months over schedule but at least it is already built, although they have to do away with the 9th floor.

[thaigene2]

Yesh, well that's not good. But if they are now moving toward foundation that's something I guess! The thing that you ought to press them on is selling the remaining units! These places build on knowing they have somone else's money to spend (though as cmsally said don't under-estimate the issue of using post-tension flooring - it pushes the height up by 5 cm per floor - too overheight on a low rise and that causes problems for the regulators.

[thaigene2]

Well, I've been making my payments, but they haven't started construction yet.

On trip to the sales office last month, they said (again) that it'll be started next month.

Looking at the floor plans, I asked how many units were still for sale. It appears they still have over 30 units unsold.

If anyone has any news to share, currypuff and I would love to have it posted here.

Prakard - Wish @ Siam

Last news on the Prakard website says it has just passed EIA and they have started clearing the land.

They are certainly going to be off schedule.

Condo One Siam has yet to be transferred with all the EIA problems as they were 2m over the height limit.

We are already 6 months over schedule but at least it is already built, although they have to do away with the 9th floor.

What a place, huh? These buildings that have to knock a floor or two off the top of the building (sansiri/plus reported 11 of theirs will need to do this) are trying to make lite of what must be an engineering -uh, 'challenge' to say the least, wouldn't you agree?

I mean you construct a building as a whole - it's not a case of 'let's build it up until we decide to stop then we'll stick a roof on'. Maybe a structural engineer or architect can explain how easy/difficult this is to do when the places are already built?

[tangoll]

You think the Wish developer has problems. Another developer, Asian Property Dev PLC, put up two projects in the same general area, the Address@Siam and Baan Klang Krung Siam Patumwan. Turns out the buildings facing the Princess's palace cannot have windows or balconies that can be opened (to thwart potential snipers using those condo units as his/her's sniper post, a la "Day of the Jackal"). So the developer now has to go and seal all the balcony doors and windows from 16th floor and higher for those projects. I wonder how he is going to settle with the buyers of those units affected.

Amazes me that the architect/designer would not be aware of such a height regulation for buildings around the royal palaces.

[cmsally]

What's even more surprising is that whoever is signing off the plans at the BMA is not demanding the plans meet the specifications before granting permission.

A lot of the problems with the EIA and height restrictions, greenery etc came about because the law was only passed after they started construction (that is what I have been told and read in a few articles anyway). I think there was also some confusion as to exactly where they should have been measuring for height.

I think Wish @ Siam has already passed EIA as the law was in effect for them from the start.

Concerning the AP projects, seems a bit strange as most of their units have been transferred, so what are they now going to do, force them to close the windows!

[tangoll]

I have a unit at each of those AP units, but luckily my units don't face the palace, nor are they higher than 16th floor. I haven't heard how AP will settle with the owners of the units affected, but for sure, the windows and balcony doors have to be sealed. It's a police requirement, so transferred owners must comply. Question is how AP will settle with those owners for delivering a unit not according to specs. And how the architect will settle with AP for not knowing this regulation.

[thaigene2]

I have a unit at each of those AP units, but luckily my units don't face the palace, nor are they higher than 16th floor. I haven't heard how AP will settle with the owners of the units affected, but for sure, the windows and balcony doors have to be sealed. It's a police requirement, so transferred owners must comply. Question is how AP will settle with those owners for delivering a unit not according to specs. And how the architect will settle with AP for not knowing this regulation.

Well I'm no lawyer - but I reckon it's force majeur isn't it? Byond the developer's control and thus no compensation. I suppose the owners could sue, claiming the developer 'knew or should have known' about this. TIT

[tangoll]

Don't see how this can be construed as force majeure, which means beyond the developer's control. AP and/or the architect should have known about the open window/open door restriction for buildings surrounding the royal palaces, unless the restriction was put in place just within the recent past. How can a local architect not be aware of this restriction? The palaces have been here for many years. Any architect here who can shed any light on this restriction?

[thaigene2]

cmsally - did you notice this kind of thing in the lead up to the last bubble? (I mean the reduction of floors after built - in the 'gold rush' to build)

Edited April 7, 2008 by thaigene2

[sdchargerfan]

Any updates on this building? I have heard that there are possibly some legal issues going on right now... can anyone clarify and maybe lend some advice on whether or not Wish@Siam would be a good choice for someone moving to BKK soon and looking to rent a unit there? Thanks!

[sdchargerfan]

Just an update for those who care: I mentioned this building to the company I will be working for and then warned me against it. Seems like there are problems with this building in terms of management going back on their word and delayed constructions. Lot of unhappy people with Wish@Siam. And not to mention the units all practically all unfurnished, shame

[trogers]

Just an update for those who care: I mentioned this building to the company I will be working for and then warned me against it. Seems like there are problems with this building in terms of management going back on their word and delayed constructions. Lot of unhappy people with Wish@Siam. And not to mention the units all practically all unfurnished, shame

Doubt the units can be finished as per brochure and bookings when facade of the building facing a royal palace cannot have openings.

The way I see it is to demolish the building and redesign and build a couple of new ones, each with one facade free of openings.

[misterme]

I now have possession of my 2 units. The building is finished, occupied, and fully operational.

Wish at Siam only has 8 floors. This is NOT the building facing the palace with the problem above.

Besides being almost 9 months behind schedule, the units are just as the brochure indicated. The units are unfurnished, but this is how they were sold. I had no problems dealing with the company or transfering title. My units were both within .5m of advertised, so no surprises with the final price.

All the banter of people worried about construction delays was justified. Our contract allowed for 6 month delats, so the developer was in breach of contract. But this point is moot now, as the building is done.

Currypuff, did you complete on your units?