Sky Villa -- Undesirable Building?

[Scott123]

Sky Villas (http://www.goldenlandplc.com/projects/SkyVillas/) have been completed and on the market for more than 2 years, but still have 10 units available. I thought the real estate markets have been very hot in the last few years, why Sky Villas can not sell??

[backflip]

The Sky Villas have been available for more than 3 years, and they are leasehold - which might answer part of your question.

[Scott123]

The Sky Villas have been available for more than 3 years, and they are leasehold - which might answer part of your question.

But most projects in Chidlom and Siam Square are leashold and still sell quite well.

Edited April 24, 2008 by Scott123

[alive555]

The Sky Villas have been available for more than 3 years, and they are leasehold - which might answer part of your question.

But most projects in Chidlom and Siam Square are leashold and still sell quite well.

I believe Sky Villa is Private Leasehold not Crown Property such as you would find in Rajdamri Langsuan etc. ie def less attractive.

[Scott123]

Remember 3 years ago, some developer was building a Regent Hotel and residential condo (same Regent hotel as the Regent in HongKong) between BTS Nana and Asoke. It was heavily marketed at that time. They never finished it. I feel sorry for those buyers.

[steveromagnino]

Remember 3 years ago, some developer was building a Regent Hotel and residential condo (same Regent hotel as the Regent in HongKong) between BTS Nana and Asoke. It was heavily marketed at that time. They never finished it. I feel sorry for those buyers.

That was a Grande Asset special; now part of Lehman and their other projects are equally lame/dead at the moment - Sails Pattaya, the finally finished about 3 years late Trendy and Regent.

Rumour is the hotel have pulled out already; eventually would probably be finished if only Lehman could get off their butt and start work.

As for the development in Sathorn....for any given time, the biggest share market boom, the biggest employee pay increase market - there are a few exceptions.

I am not entirely sure why the units haven't sold in Ascott; it seems like an OK development in not a bad location; a little between sky train stations if I recall correctly (too far to Chongnonsi, too far to Surasak) but not a bad development. Maybe the price, maybe the lease, maybe the unit layouts.

Selling the biggest units in this type of development with serviced units below would always be tough unless the areas are well segregated (and I am guessing they are not).

[trajan]

Rumour is the hotel have pulled out already

for what its worth, the Regent Hotel website still lists the Sukhumvit location as opening "early 2009"...

Regent Hotels

[Moonfruit]

From a long term rental point of view, Sky Villa is not desirable as it feels too 'hotel like' according to many. The building is in a great location, with excellent facilities, and doesnt represent bad value for money, but for some reason, everybody i know says the above.

The gym is public and hence very busy, however it is a GREAT gym! The pool has restaurants overlooking it so you are being watched when you take a swim. Cannot chill out on a sunbed without wondering if your cellulite is showing. The entrance lobby has the Hu'u bar in it, so it really cannot feel like home.

The place is virtually empty. There are still units available to purchase, though i know a few investors who bought there and their units are empty too. Its a strange situation, one of those situations that probably couldnt have been envisaged by even the most professional investor.

[backflip]

I walk by the Sky Villas a couple times a day, and decided to check out the building again. As of April 17th, the last time the inventory was updated, there were 7 "new" units and 7 "resale units for sale. Four of the latter had a tenant.

I looked at the Villas when they were first offered, and there were several reasons that I decided not to buy:

- it's a leasehold, from the Crown

- without any protection from a balcony above, the heat gain through the windows was unbearable

- the only access to the AC units was through an interior panel (6' x 8', and 300 pounds)

Worse, the selling agent was arrogant-to-hostile, perhaps because I was with an agent, and she would have gotten a portion of the sales commission. She claimed that I could get a very special price...but I'd have to put 100,000THB in escrow to get the price. Actually, I got the same song-and-dance routine from an agent of C+M. Regardless, the units were available a year late, and I asked the sales agent what the delay was. She replied, "Traffic." All in all, a very funny answer.