New Condo Developments

[itsgottabedone]

Hi,

I've seen some brief mention of the new developments around CM on this forum but no thread that consolidated the experiences from condo owners. I'm particularly interested in feedback from people that have bought units in the newer developments such as Twin Peaks, Karnkanok, Punna Residence etc or even prospective owners (particularly those of you that have bought off plan, as i'm considering doing at the moment).

Thanks :-)

[Gravelrash]

These are probably all ok if you like new buildings, depending what part of town you prefer. Punna and Twin Peaks are city condos where Karnkanok if out of town a bit. Twin Peaks did at one stage apparently have a missing sinking fund , also another one Prom Paradise, had heard that work on that had stopped, went past today and still appeared locked up. Perhaps others know more about this though.

[Flatouthruthefog]

Hi,

I've seen some brief mention of the new developments around CM on this forum but no thread that consolidated the experiences from condo owners. I'm particularly interested in feedback from people that have bought units in the newer developments such as Twin Peaks, Karnkanok, Punna Residence etc or even prospective owners (particularly those of you that have bought off plan, as i'm considering doing at the moment).

Thanks :-)

On another prospective purchasers' topic (auto), Packard summed it up for me with their memorable ads. Nice picture of a lovely car and the name. And the simple phrase: ASK THE MAN WHO DRIVES ONE!

Can't speak about the other condos you mention, but if you speak to a Twin Peaks resident you will find that there have been many serious problems in the past, but some of these have eased since the big Japanese company took over from the little Japanese man who first built the place.

Plans?! Would you buy from "an artists illustration" too??

Get out there and sleuth, youth!

[justcruisin]

Hi

I purchased an apartment at Baan Karnkonok 3,behind Wat Jet Yot on the superhighway in november last year'just happened to walk in at the right time and found what i was looking for with a completed building and another purchaser had bought off the plan but walked before taking posession.

Great location if you like the quiet life but only 10-15 minutes to the airport or night bazaar.

So far no complaints,very well maintained,all facilities and a moderate cost on purchase as well as on monthly juristic fees.

There is way too much risk involved buying off the plan.

IMHO further opportunities for buying (distressed sale) apartments will arise in the next 18 months.

[Greenside]

I purchased an apartment at Baan Karnkonok 3,behind Wat Jet Yot on the superhighway in november last year'just happened to walk in at the right time and found what i was looking for with a completed building and another purchaser had bought off the plan but walked before taking posession.

I looked at that building but all the best had already gone by then. Fairly pricey I thought at the time but the developer seems to have better taste than most and I'm glad to hear you're pleased with it. There's another going up across Canal Road, I see.

[justcruisin]

I looked at that building but all the best had already gone by then. Fairly pricey I thought at the time but the developer seems to have better taste than most and I'm glad to hear you're pleased with it. There's another going up across Canal Road, I see.

I think that it was ok for the money,less than 28k bt per square metre original cost,but then again thats where it just starts !!

Kitchen,furniture etc,then the bills start to mount,but in hindsight it is still a lot better proposition than the one in Changklan rd. per sq mtr,as well as many others with the same facilities

I looked at nearly everything here,just depends on personal preferences i guess.

I am not so sure about the other one they are building on canal rd,I am sure the standard will be up there but the location seems a bit isolated.

[WMHand]

We could add a little information about twin peaks. Twin Peaks was the original condo project. They still have some units left but they are the lease type and with no view.

There is another condo in there called Peaks Garden. There are still units available we know gentleman that recently purchased one and is quite satisfied with his unit. The project is under new management. They are building one out closer to the road which is called Peaks Changklan and one behind it called Peaks Avenue. Peaks Changklan does not have a swimming pool. It seems that the people who took over the project are doing a must better job of communicating with the owner. The funds behind Siam Zokei Co. have some very deep pockets. Hope this helps

Wilmar

[sparrow]

Old condo project i know, but about riverside; i seen around alot of conversions in there, people knocking 2 or 3 in to one, some not even arching just take the whole wall out. Is it just me or does this strike anyone else as dangerous? Especialy in a 30 year old building. I've got no knowledge of construction mind.

I like the location and views from the riverside but hessitant incase the whole lot drop in an earthquake or something.

[SamSipEt]

Old condo project i know, but about riverside; i seen around alot of conversions in there, people knocking 2 or 3 in to one, some not even arching just take the whole wall out. Is it just me or does this strike anyone else as dangerous? Especialy in a 30 year old building. I've got no knowledge of construction mind.

I like the location and views from the riverside but hessitant incase the whole lot drop in an earthquake or something.

Should be okay provided that they don't take out one of the support columns. The internal walls are not load bearing. You should be able to see a floor plan of the building and see that some walls / columns are much thicker than the surrounding walls and these are the supports.

[itsgottabedone]

I would agree with all the replies and yes, as ever with property, a lot comes down to location and personal preference. For that reason i would personally rule out any of the new developments along the canal road.

Karnkonok 3 is slightly closer to town but again i prefer to be in walking distance of local amenities and less dependent on two wheels ...and having to cross busy roads everyday. Having said that i do like the simple, low rise look of KK3, some of the other developments, like Twin Peaks, are too grand for my liking.

'another purchaser had bought off the plan but walked before taking posession' - well done, this seems to be the ideal scenario and i suspect we will see more of this.

Renovating an old condo is certainly a good option, particularly knocking 2 into 1 larger unit, but i'm afraid i have neither the expertise or the patience to do this (particularly dealing with the local workmen).

Punna, while still at a premium price, offers the best location for me. As mentioned however, the price of these units, as most of the other developments, does not include Kitchen, A/C units, real wood flooring etc. So add another 300K on top of the purchase price plus significant ongoing costs and it starts to lose its appeal. As an medium to long term investment however, given the relative lack of new luxury developments and fairly good take up rate (relative to BKK) i think it maybe worth the risk.

One further drawback is the potential for rental income. I dont think the luxury status or high purchase price necessarily translates to achieving a premium rental rate. Once you're into the 20k bhat + bracket potential renters start to look at houses. As i'm only in CM for a few months of the year, i'm caught in the middle. Therefore i'm not counting on significant rental income for my return. I'm banking on appreciation alone over the years ..

I read somewhere there are 2 further luxury developments planned for CM. Any idea on their locations?

[ThaiPauly]

All the Peak developments are VERY expensive, comparable to BK prices.

Is the night bazzar now considered the best place to live?

Nimmanheimen Road is supposed too be the NEW BEST place to reside in CM...and prices are much cheaper.

What has the area around the Peaks really got to offer?

[engineer]

Hi,

I've seen some brief mention of the new developments around CM on this forum but no thread that consolidated the experiences from condo owners. I'm particularly interested in feedback from people that have bought units in the newer developments such as Twin Peaks, Karnkanok, Punna Residence etc or even prospective owners (particularly those of you that have bought off plan, as i'm considering doing at the moment).

Thanks :-)

Buying off plan in any country involves risk and potential gain. The price is usually lower but its rare that you get what you were promised or what was advertised.

If you are considering buying off plan in Chiang Mai or any area in Bangkok you should look closely at the article that was posted a few days ago saying that 50% of new developements in Bangkok will fail. Chiang Mai is not immune to this problem and the failure rate here could be higher or lower.

I am sure that if you scratch just below the surface you fill find many owners who are not satisified with what they got and who in fact are taking legal action against the company they bought from. There are always happy and unhappy people here and anywhere in the world.

If there is a specific property you are interested in, go to the other properties the company has built and talk to the owners about their experiences. You will find that people will love the opportunity to either praise or complain about what the got.

When you buy in Thailand you have to lower your standards slightly. The buildings you mentioned if you compare them to cheaper properties on the market are not that bad. Ultimately you get what you pay for and as the ole saying goes " Buyer beware ".

Spend some time researching the company and their other projects, the time you spend will either give you piece of mind or help you make the correct decision.

[sabaijai]

Agree with the above, overall it's safer to buy a unit in a complex that has been going a few years. Not only is it a WYSIWYG perspective, you'll also be able to get a fair impression of how well managed the complex is.