Condominiums In Rajadamri Road - Ok Or Not?

[trajan]

"my guess is 185 Rajadamri will start around B300,000 p.sq.m."

In today's newspaper, it mentioned that the developer was going for 150K/sqm, and is now considering 300K/sqm.

yeah, opening up the Bangkok Post this morning it appears my guess was right... but god! Baht300K psm ... a simple 2 bedroom 120 sqm would be US$1,100,000.... at that level in Bangkok, even if they are all duplexes overlooking the Royal Sports Club, I would think they would need a lux branding (and possibly hotel rent-out scheme) kicker right? especially if they are offering pre-sale St. Regis leaseholds at B150,000 psm just a hop away....

[MojoJojo]

wow... 300k psm for 185 Rajadamri????

I guess the option of leasehold is sounding not too bad anymore

[trajan]

The RC is a bit of an ugly sod if it is going to look like that! yuck! Still...one way to deal with setback and GFA I guess.... knowing the rumour that Future System have been working on the British Embassy site with Ritz in mind, I'd be surprised if RC opens anywhere else though.

I hope you are right....I would prefer to have the R-C open up on the ex-British Embassy site....I understand it will also have a mall podium, offices...maybe other components (leasehold residences?).... I wonder if it will connect up with Central Chidlom?

[pkrv]

I took a look at 185 Rajadamri some time ago but now it seems to now be firming up in terms of plans (for launch)

http://www.skyscrapercity.com/showthread.p...t=185+Rajadamri

It is actualy quite boxed in by existing buildings so it will realy have to be sensitivly developed. God knows how they are going to achive the green space requirements (which will be critical to such an upmarket development) extensive communal roof gardens?

Again some time ago I looked at two of Raimon Lands past projects:

1) The Legend - Saladaeng - low to mid range project - There were unfortunately rumours of poor build quality long after completion

2) The Lakes - mid range property really targeted at local Thais and rental market. Appears to be well run and OK though I think they were 'very creative' in describing unit floor space.

Not seen:

3) I know of The Lofts - but thats it

4) Obviously The River - which is IMO targeted mid to high end

An interesting choice of developer for what looks to be targeted at ultra high end. An interesting one to watch. Will it have an impact on The Park and The Athenne resale market? It waits to be seen.

[steveromagnino]

Again some time ago I looked at two of Raimon Lands past projects:

1) The Legend - Saladaeng - low to mid range project - There were unfortunately rumours of poor build quality long after completion

2) The Lakes - mid range property really targeted at local Thais and rental market. Appears to be well run and OK though I think they were 'very creative' in describing unit floor space.

Not seen:

3) I know of The Lofts - but thats it

4) Obviously The River - which is IMO targeted mid to high end

An interesting choice of developer for what looks to be targeted at ultra high end. An interesting one to watch. Will it have an impact on The Park and The Athenne resale market? It waits to be seen.

yeah, Raimon Land have done well to build their brand to this level; you have to see their resort stuff to see their pipeline of higher end; nothing is truly Sukhothai quality, but I don't doubt they could rise to that level; they will have to if they want to sell at 300k+.

Legend is now selling for 120k+ per sqm; Sala Daeng is probably the single best st in BKK so it isn't hard to make cash there; quality wasn't up there with Park but neither is the one behind it Royal SalaDaeng yet everyone buying early has made a good profit or can make a decent rental yield on those projects. The Lakes was a refurb with a few problems in plumbing etc AFAIK but they did a great job and it is a great view. Lofts was a takeover project from Kudu who did the Trees Sathorn, it is a grade A project in a grade B location, so it had to be rejigged to let's say grade B+ which is why it is still not sold even though it is under 90k per sqm.

I do believe they can do genuine high end as well as Hemeraj (and the Park is already a slight step below the latest projects IMHO particularly with regards to sheer size and the pool facilities/road proximity, etc for some units) or Athenee (where some of the people I know who've bought personally aren't happy with what they got).... and Sukhothai is the real benchmark here; too early to know whether it will be as good as they are claiming (I am guessing it will, but anyhow, Sukhothai have been the worst of this batch at selling to Thais).

Anyone could bid for the site, and Raimon Land paid top dollar to get it. I think they are as able as most to launch something, but it has to be 300k to make them any cash.

And as you say, masterplan will be key to deal with the view restriction from the Sansiri building next door on one side in the L portion of the site; everyone living there will have to get a park view or a racecourse view, there is no way you can sell anything on that site without one or the other.

Personally, the sound of the BTS would drive me bonkers if it is anything like the Sansiri project next door! I guess that's why I'll have to buy on the 40th floor :-)

Edited July 3, 2008 by steveromagnino

[trajan]

Lofts was a takeover project from Kudu who did the Trees Sathorn, it is a grade A project in a grade B location, so it had to be rejigged to let's say grade B+ which is why it is still not sold even though it is under 90k per sqm.

The Lofts is a great project....but the location is a deal breaker for me....too deep in the nether sois........

.... and Sukhothai is the real benchmark here; too early to know whether it will be as good as they are claiming (I am guessing it will, but anyhow, Sukhothai have been the worst of this batch at selling to Thais).

Sukthothai promises to be a top notch product....only 200 condos set in 7 rai of lush grounds of the extended part of the Sukhothai Hotel compound (but 5 rai technicaly divided to the condo deed).....three separate entrances (main Sathorn Road, Sathorn Soi 1 and Suan Plu Soi 8), condo owner privileges at the hotel, gym, spa, pool and restaurants....private elevator lobbies for each unit ...49% foreign quota sold out extremely fast,.... but only about half of 51% Thai quota sold out so far as I hear.... but that's not too bad considering some (almost pro) local speculator flippers (who show up at other cheaper projects) probably shy away from that expensive a project.... largest penthouse (1190 sqm) sold to a Canadian expat for B409 million

I think the Sukhothai (with an avg B220K psm) will be in a top league with the 185 Rajadamri, but will be better value overall if 185 Rajadamri (on 4 Rai, but significantly blocked by Sannsri next door) starts at B300K psm for the cheaper lower floor units!

And as you say, masterplan will be key to deal with the view restriction from the Sansiri building next door on one side in the L portion of the site; everyone living there will have to get a park view or a racecourse view, there is no way you can sell anything on that site without one or the other.

Personally, the sound of the BTS would drive me bonkers if it is anything like the Sansiri project next door! I guess that's why I'll have to buy on the 40th floor :-)

maybe for the lower floors, they can have car parking, retail, serviced apart units and lobbies, common area pools and gym etc. and have the private residences all in the upper floors? I noticed that at the St. Regis, the private residences start on floor 24....

wow! even if you have that kind of ready cash, you'll probably find those upper units with the wrap-around views will already be pre-reserved ......but good luck anyway....

[pkrv]

You know if were the OP I would now be seriously considering the secondary market in this area (unless of course finances fit in well with off the plan, which BTW they did for me ) Perhaps someone like Hamptons.

http://www.hamptons.co.th/

I note that although the Sukthothai (sold by CBRE) is basically near the Banyan Tree it is actually a remarkably similar match to The Park. Similar Rai (vs 5.5) Similar no of units (vs 219) 2 beds are smaller (vs 140 sqm minimum) though my god what a penthouse its twice the size of the six Somkid penthouses (644 sqm, and Chidlom 530 sqm)! Do you know that price does not fit on my calculator! 6.3m GBP. Another one to watch!

[trajan]

I note that although the Sukthothai (sold by CBRE) is basically near the Banyan Tree it is actually a remarkably similar match to The Park. Similar Rai (vs 5.5) Similar no of units (vs 219) 2 beds are smaller (vs 140 sqm minimum) though my god what a penthouse its twice the size of the six Somkid penthouses (644 sqm, and Chidlom 530 sqm)! Do you know that price does not fit on my calculator! 6.3m GBP. Another one to watch!

well, to be fair dont forget, The Sukhothai..in addition to the main 5 rai of condo land (with condo tennis court, 50 meter pool, pavilions, reflecting pools etc.), there is another surrounding 2 rai with Spa Botanica and gardens and meeting rooms) AND an additional 6 acres of Sukhothai Hotel grounds attached (basically the front entry of the condo with courtyard walkway to the hotel lobby).... with attendant available hotel room service, concierge services, shops, restaurants, additional pool, gym etc. ....yes I did read alot of the marketing materials

also many of the 2 bedrooms at the Sukhothai are 140 sqm duplexes....(I believe the ones at the Park are regular, or simplexes at most, if Im not mistaken)

so a bit posher than the excellent Park Chidlom....

Edited July 3, 2008 by trajan

[pkrv]

I note that although the Sukthothai (sold by CBRE) is basically near the Banyan Tree it is actually a remarkably similar match to The Park. Similar Rai (vs 5.5) Similar no of units (vs 219) 2 beds are smaller (vs 140 sqm minimum) though my god what a penthouse its twice the size of the six Somkid penthouses (644 sqm, and Chidlom 530 sqm)! Do you know that price does not fit on my calculator! 6.3m GBP. Another one to watch!

well, to be fair dont forget, The Sukhothai..in addition to the main 5 rai of condo land (with condo tennis court, 50 meter pool, pavilions, reflecting pools etc.), there is another surrounding 2 rai with Spa Botanica and gardens and meeting rooms) AND an additional 6 acres of Sukhothai Hotel grounds attached (basically the front entry of the condo with courtyard walkway to the hotel lobby).... with attendant available hotel room service, concierge services, shops, restaurants, additional pool, gym etc. ....yes I did read alot of the marketing materials

also many of the 2 bedrooms at the Sukhothai are 140 sqm duplexes....(I believe the ones at the Park are regular, or simplexes at most, if Im not mistaken)

so a bit posher than the excellent Park Chidlom....

Sorry I could not resist but burst into laughter

However you do have a point! I note that this is how some products are sold in Thailand, "you can only afford one?" / "Oh this person has bought this". It is actually 'odd' to watch.

What has been most interesting (in the important area, not the periphery ) is that there is not much freehold left, it seems to have gone.

BTW Sukhothai sounds like a great development - Bangkok needs stuff like this.

[steveromagnino]

What has been most interesting (in the important area, not the periphery ) is that there is not much freehold left, it seems to have gone.

BTW Sukhothai sounds like a great development - Bangkok needs stuff like this.

With a foreigner market, leasehold is actually going to have a bit of a resurgence i think, Langsuan etc, but not structured on 30 years but rather longer where possible (especially if the owner is not CPB).

I have heard that the THai quota is rather less than 1/2 of the 49%, they are selling 120 year leaseholds in Sukhothai as well now that the 49% foreigner quota is gone; note that the Thai speculators will also usually secure a unit in the 49% foreign allocation otherwise hard to flick. The worst I heard is that there is not a single unit sold to a true Thai (i.e. not a wife's name, Thai cmopany, etc) but I cannot really believe that! It definitely has some problem though with reaching the Thai market, not surprising, Thai people don't care so much about Sukhothai brand, foreigners love it. Also I personally think great execution but Kerry Hill Tuttle at the end of the day are regionally known architects who produce somewhat of a mock Thai/Bali style e.g. Amanpuri which I think is like an ok copy of true Thai architecture. Appealing to foreigners, but would be like a Spanish person going to Horseshoe point or an Italian looking at the architecture of State tower somewhat (although of course Sukhothai looks miles better than that!).

220k is the starting price at Sukhothai isn't it? I would have thought average is higher than that; the best units in the Met and River are selling above 200 these days, and those developments are only Athenee Residence quality at best.

[pkrv]

What has been most interesting (in the important area, not the periphery ) is that there is not much freehold left, it seems to have gone.

BTW Sukhothai sounds like a great development - Bangkok needs stuff like this.

With a foreigner market, leasehold is actually going to have a bit of a resurgence i think, Langsuan etc, but not structured on 30 years but rather longer where possible (especially if the owner is not CPB).

I have heard that the THai quota is rather less than 1/2 of the 49%, they are selling 120 year leaseholds in Sukhothai as well now that the 49% foreigner quota is gone; note that the Thai speculators will also usually secure a unit in the 49% foreign allocation otherwise hard to flick. The worst I heard is that there is not a single unit sold to a true Thai (i.e. not a wife's name, Thai cmopany, etc) but I cannot really believe that! It definitely has some problem though with reaching the Thai market, not surprising, Thai people don't care so much about Sukhothai brand, foreigners love it. Also I personally think great execution but Kerry Hill Tuttle at the end of the day are regionally known architects who produce somewhat of a mock Thai/Bali style e.g. Amanpuri which I think is like an ok copy of true Thai architecture. Appealing to foreigners, but would be like a Spanish person going to Horseshoe point or an Italian looking at the architecture of State tower somewhat (although of course Sukhothai looks miles better than that!).

220k is the starting price at Sukhothai isn't it? I would have thought average is higher than that; the best units in the Met and River are selling above 200 these days, and those developments are only Athenee Residence quality at best.

Thanks for this very interesting development. I have cross referenced your comments on the finance forum regarding prices of condominiums in 2 years time.

http://www.thaivisa.com/forum/Inflation-Re....html&st=25

Please if I have misinterpreted - please correct!

[pkrv]

Hi Trajan - Sometimes I can be a bit thick sometimes and make assumptions about some words. I have just realised (inspite of owning a condo) that I don't actually know what these terms are:

Regular - I assume a sort of UK flat?

Simplex - (god knows what that is)

Duplex - I assumed over two floors (upstairs and down stairs?)

I do know that double height ceilings means effectivly the second story floor does not cover the area - usually the main entrance.

Are there better definitions?

[trajan]

hi PK;

as I understand (with respect to condos).....

regular is just a normal one floor condo...

simplex is a condo with some parts having double (2 story) height ceiling....the Sukhothai has some very nice 3 bedroom simplexes...

duplex is a condo with two floors (with internal stairway) and parts (usually living rooms and/or dining room and/or foyer) with double height ceiling....the Sukhothai has many 2 bedroom 140 sqm duplexes.....and of course 3 bedroom duplexes with plunge pools...etc.

triplex (same as duplex, but with 3 floors)....

they also used these terms in the Sukhothai mini-theater presentation of the project and units....

[steveromagnino]

PKRV

Not sure which bit I have confused you with, my writing is terrible, what I should ahve said is:

of the 51% Thai quota, the rumour is that it is only 1/2 sold (whereas 100% of the foreigner quota is already sold) and there is a rumour that none of it is sold to actual Thais (i.e. the 50% of the 51% sold to Thais is either Thai companies for foreigners, Thai spouses of westerners using their names or this leasehold thing); knowing as we do that Sukhothai is rumoured to be somewhere around 75-80% sold out total.

Is this what confused you or is it something else?

[pkrv]

PKRV

Not sure which bit I have confused you with, my writing is terrible, what I should ahve said is:

of the 51% Thai quota, the rumour is that it is only 1/2 sold (whereas 100% of the foreigner quota is already sold) and there is a rumour that none of it is sold to actual Thais (i.e. the 50% of the 51% sold to Thais is either Thai companies for foreigners, Thai spouses of westerners using their names or this leasehold thing); knowing as we do that Sukhothai is rumoured to be somewhere around 75-80% sold out total.

Is this what confused you or is it something else?

Steve - That is what I understood - I am simply drawing on your infomation and posting my interpretation on other threads and simply did not wish to misrepresent what you were saying (I don't think I have )

Thanks trajan - that helps alot

Edited July 4, 2008 by pkrv

[trajan]

of the 51% Thai quota, the rumour is that it is only 1/2 sold (whereas 100% of the foreigner quota is already sold) and there is a rumour that none of it is sold to actual Thais (i.e. the 50% of the 51% sold to Thais is either Thai companies for foreigners, Thai spouses of westerners using their names or this leasehold thing); knowing as we do that Sukhothai is rumoured to be somewhere around 75-80% sold out total.

actually, I know of some rather established Thais who have purchased units under the Thai quota so I wouldnt go so far as to say none of the 51% Thai quota have been sold to Thais....however, yes, I understand that some of the Thai quota have been sold to foreigners under 120 yr leases (30+30+30+30) and also freeholds sold to Thai holdcos controlled by foreigners...

[donx]

I have heard that the THai quota is rather less than 1/2 of the 49%, they are selling 120 year leaseholds in Sukhothai as well now that the 49% foreigner quota is gone; note that the Thai speculators will also usually secure a unit in the 49% foreign allocation otherwise hard to flick.

Explain to me how it is possible for a Thai speculator to secure a unit in the 49% foreign allocation. Do they use an offshore business or something?

[glyph]

"The Lakes was a refurb..."

Nope. The Lakes was going to be an office building, and then the financial crunch hit. Using the bare skeleton of an office building, it was completed as a condo project.

[trajan]

I have heard that the THai quota is rather less than 1/2 of the 49%, they are selling 120 year leaseholds in Sukhothai as well now that the 49% foreigner quota is gone; note that the Thai speculators will also usually secure a unit in the 49% foreign allocation otherwise hard to flick.

Explain to me how it is possible for a Thai speculator to secure a unit in the 49% foreign allocation. Do they use an offshore business or something?

through a foreign relative/friend?

through a Thai individual holding a foreign passport?

through an offshore island shell holding company in Cayman Islands, BVI, Mauritius, Anguilla, Bermuda, Barbados, Bahamas, Guernsey, Hong Kong, Isle of Man, Seychelles, etc....?

[steveromagnino]

"The Lakes was a refurb..."

Nope. The Lakes was going to be an office building, and then the financial crunch hit. Using the bare skeleton of an office building, it was completed as a condo project.

you say potato I say potato; agreed; office project converted into a condo after going NPL.

Awesome location.

[trajan]

I note that although the Sukthothai (sold by CBRE) is basically near the Banyan Tree it is actually a remarkably similar match to The Park. Similar Rai (vs 5.5) Similar no of units (vs 219) 2 beds are smaller (vs 140 sqm minimum) though my god what a penthouse its twice the size of the six Somkid penthouses (644 sqm, and Chidlom 530 sqm)! Do you know that price does not fit on my calculator! 6.3m GBP. Another one to watch!

well, to be fair dont forget, The Sukhothai..in addition to the main 5 rai of condo land (with condo tennis court, 50 meter pool, pavilions, reflecting pools etc.), there is another surrounding 2 rai with Spa Botanica and gardens and meeting rooms) AND an additional 6 acres of Sukhothai Hotel grounds attached (basically the front entry of the condo with courtyard walkway to the hotel lobby).... with attendant available hotel room service, concierge services, shops, restaurants, additional pool, gym etc. ....yes I did read alot of the marketing materials

also many of the 2 bedrooms at the Sukhothai are 140 sqm duplexes....(I believe the ones at the Park are regular, or simplexes at most, if Im not mistaken)

so a bit posher than the excellent Park Chidlom....

Sorry I could not resist but burst into laughter

However you do have a point! I note that this is how some products are sold in Thailand, "you can only afford one?" / "Oh this person has bought this". It is actually 'odd' to watch.

What has been most interesting (in the important area, not the periphery ) is that there is not much freehold left, it seems to have gone.

BTW Sukhothai sounds like a great development - Bangkok needs stuff like this.

I forgot to add that the Sukhothai ceiling heights are a tad over 3 meters.....I understand the ceiling heights at the Park Chidlom are 2.8 meters... therefore, duplexes (with 2 floors) at the Sukhothai really heighten this spacious effect

anyway, back to the topic...... the Rajdamri leasehold corner condo duplexes (on the corner diagonally facing the Ambassador's Residence grounds, and the Royal Sports club seems to have been an exeptional value (just about B80-90K psm) with fantastic views...... anyone who snapped those up got a great value deal IMO

Edited July 7, 2008 by trajan

[steveromagnino]

The build quality of Sukhothai and the spec is vastly better than anything else on the Thai market now (including the Park), you cannot really compare them; they are like Louis Vuitton vs. er, something not as good as LV, er, er, and to think I used to consult to these brands...er, er, Aigner or Coach.

There we go, that is a not bad comparison.

Coming second, Sukhothai learned from the Park; let's remember the launch price was effectively 2X higher.

[teej]

Are the remaining units still open to freehold ownership by Thais or are they strictly deemed leasehold now?

Am I the only one that thinks the psm prices at the Sukhothai are a bit high? The prices essentially equate to psf prices to be found in Central/Mid-Levels in Hong Kong, which is kind of scary IMO -- and we're talking off-plan too. As an investor, I know where I would put my money (HK) -- but if one imagines that the Sukhothai buyers are not buying for investment but rather for personal use, then anything is possible.

I imagine you could find some sweet properties in BKK for the prices paid at Sukhothai.

Sorry if I've missed the answer to this question in the thread somewhere: Have any TV members purchased at the Sukhothai?

[trajan]

Thais or Thai companies can buy the remaining units on freehold basis (about 20-30% of units unsold in the building so Im told).....

foreigners can also buy the remaining units, but only through leasehold or Thai holdco.... (the foreign 49% freehold quota sold out in a month or so)...

I think the prices at the Sukhothai Residences touched new price highs (~B220 psm starting) in Bangkok in part because it will be an integral part of the lux Sukhothai Hotel grounds and facilites and will also be managed by the hotel group... [the biggest penthouse sold for B409 mil...1190 sq meters or ~B340K psm...smaller penthouses 500 or 800 sqm went a bit cheaper as reported in the news] I would guess mostly lifestyle buyers, not flippers or people chasing 6% returns at this level ]

but if you think The Suk is expensive..... wait till you see prices at the upcoming 185 Rajdamri (ex-Cambodian embassy)...starting at B300K psm

btw, I dont think youre gonna find any private condos for sale in HK in a lux (or even first class) hotel for B220-300 psm....if so let me know!!...

[steveromagnino]

btw, I dont think youre gonna find any private condos for sale in HK in a lux (or even first class) hotel for B220-300 psm....if so let me know!!...

As I understand it is something like 8-10X less than New York here, and perhaps 4-5X less than Singapore.

Sukhothai quality costs a lot to build.

Most of the buyers IMHO at the Sukhothai would simply not consider a single other development in Thailand, the quality is that much better. 185 and St Regis might be up there....haven't seen yet.

Bear in mind Sukhothai is only really famous in Thailand and regionally. Once Ritz Carlton/Oriental/Four Seasons type level residences come, we may see 400k as the new starting point.

[pkrv]

I think that the Sukhothai is a very interesting development (and not in the build sense). There are not many of us who contribute information regarding the high end projects and those who have bought tend to gravitate, quite correctly, to their own purchases.

The unfortunate thing is when this stuff is discussed it can piss off some people but quite frankly we are all in this together across an entire spectrum of 'financial ability', and look that is life.

For us (two people) no inheritance, two very good jobs, primary home paid for, no kids, little outgoing, holidays started at 30, extremely good with money, no debts, mortgage over payments a priority, bought primary home in the depths of the last UK property recession, etc... It was a serious decision to use savings to buy at The Park (14.5 m THB (about 200k GBP)) and pure cash savings were exausted, but of course are again building.

That the Sukhothai is about double 400kGBP would have meant overextending at a critical point in life (I am 48). From a purely personal perspective either people are over extending to buy into Sukhothai OR more likely Bangkok is now attracting some serious multigenerational money.

If the latter is true, and I can only make assumptions because the place isn't built yet, so selling up a primary home to buy is not an option. It means that there is a serious, serious, and positive shift in G7 countries perception about Bangkok. IMO Thailand is left with a cut its nose off to spite its face issue with the 49% rule. IMO There is no way that wealthy Thais can cope with an influx of such interest from all G7 countries.

Thank god we bought at The Park when we did; much like our main residence we could no longer comfortably afford to buy, or in the case of the main residence even buy! Things will change when we retire (hopefully soon) but I have a sneaking suspicion that the secondary market will start to kick in by then. IMO interesting times ahead.

Edited July 8, 2008 by pkrv

[trajan]

Bear in mind Sukhothai is only really famous in Thailand and regionally. Once Ritz Carlton/Oriental/Four Seasons type level residences come, we may see 400k as the new starting point.

The vanguard are already here:

Four Seasons -Samui Estates B116Million - B143 Million

W Retreat Residences Samui B65 Million - B205 Million

Shangri-la Estates Phuket

Conrad Samui Residences

Raffles Phang Nga Residences

Banyan Tree Residences Phuket

Park Hyatt Samui Residences

sure, The Sukhothai is not as famous as the widely known international brands.....but some good target (and relevant) circles know it......e.g., people who know (and stay at) the Aman resorts internationally are likely to know Sukhothai......

...The Sukhothai Hotel was also relatively recently voted best hotel in Thailand by "Institutional Investor" (and top 8th in the world)... so some relatively well-heeled groups know it:

1 Ritz-Carlton, Battery Park (New York) 95.9

2 Four Seasons (San Francisco) 95.4

3 Adlon Kempinski (Berlin) 93.8

4 Four Seasons (Hong Kong) 93.5

5 Four Seasons (New York) 93.2

6 Çırağan Palace Kempinski (Istanbul) 93

7 Baur au Lac (Zurich) 92.9

8 Sukhothai (Bangkok) 92.8

9 Arts (Barcelona) 92.4

10 Bristol (Paris) 92.3

11 Ritz-Carlton (Four Seasons) Chicago 92.2

12 Bel-Air Los Angeles 92.1

13 Four Seasons Bangkok 91.5

13 Landmark Mandarin Oriental Hong Kong 91.5

15 Four Seasons Washington, D.C. 91.3

16 Peninsula Bangkok 91.1

17 Alvear Palace Buenos Aires 91

17 Phoenician Phoenix 91

19* Peninsula Chicago 90.9

20* Claridge's London 90.9

21 Four Seasons George V Paris 90.2

22 Taj Boston** Boston 90

23* Four Seasons Boston 89.8

24* Kämp Helsinki 89.8

25 Four Seasons Los Angeles 89.6

26 Mandarin Oriental Hong Kong 89.2

27 Mandarin Oriental New York 89

28 Four Seasons Istanbul 88.8

29* Park Hyatt Chicago 88.6

30* Ritz-Carlton Hong Kong 88.6

31* Mandarin Oriental San Francisco 88.5

32* Park Hyatt Paris-Vendôme Paris 88.5

33 Four Seasons Dublin 88.3

34* Shangri-La Singapore 88.2

35 Beverly Hills Los Angeles 88.2

35 Island Shangri-La Hong Kong 88.2

37 Raffles Singapore 88.1

38 Four Seasons Atlanta 87.9

39 Oriental Singapore 87.8

40 Oriental Bangkok 87.7

41* Bellagio Las Vegas 87.6

42* Grand Hyatt Hong Kong 87.6

43 Ararat Park Hyatt Moscow 87.5

43 Four Seasons Chicago 87.5

45 Millenium Hilton New York 87.4

46* Grand Hyatt Tokyo 87.3

47* Four Seasons Miami 87.3

48* Four Seasons Chinzan-So Tokyo 87.2

49* Hay-Adams Washington, D.C. 87.2

50* Oberoi Mumbai Mumbai 87.1

The Sukhothai Bangkok Recognised By Senior International

Business Executives As Thailand’s Best Hotel

14 NOVEMBER 2007

BANGKOK – The Sukhothai Bangkok hotel has been voted as the best hotel in Thailand and among the top ten hotels in the world by the respected Institutional Investor magazine in its annual poll of readers rating the World’s Best Hotels.

The results of the reader’s poll, published in the November international edition of the famous magazine, acknowledges the prestigious Bangkok hotel as Thailand’s best and the eighth overall in the global poll.

The recognition is seen as a major achievement in a highly competitive hospitality market with luxury properties being unveiled on an almost weekly basis.

The Sukhothai Bangkok General Manager, George Benney, said: “This is a great accolade from the astute and highly discerning readers of one of the world’s most respected international business magazines.”

“We at The Sukhothai do not have the advantage of being a major global brand, but I think our position on this exclusive list clearly illustrates that we are one of the premier independent luxury hotels in the world.”

Business facilities at The Sukhothai have recently been further improved with the recent launch of the Garden Villa Meeting Rooms set in 7,000 square metres of lush tropical gardens and a complete renovation of its Bussabong Business Centre.

The Sukhothai Bangkok was also selected as Thailand’s exclusive representative of the globally renowned brand Spa Botanica, which opened this month to provide executive guests with new levels of spa opulence and comfort.

The hotel also recently revealed a new fleet of Mercedes Benz S320 CDI class limousines and opened an upscale boutique-shopping precinct, featuring chocolates, silks, art and antiques.

The Sukhothai Bangkok

The 210-room The Sukhothai Bangkok hotel is a multi-award winning member of the exclusive Leading Hotels of the World network. As one of Thailand’s most luxurious accommodation experiences, its ancillary facilities from the Spa Botanica, limousine fleet, gym and swimming pool, modern meeting space

and superb culinary encounters combine to produce one of the finest hospitality brands in the Kingdom.

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[trajan]

Thank god we bought at The Park when we did; much like our main residence we could no longer comfortably afford to buy, or in the case of the main residence even buy! Things will change when we retire (hopefully soon) but I have a sneaking suspicion that the secondary market will start to kick in by then. IMO interesting times ahead.

congrats pk..sounds like you bought at the right time in a very good project....prices seem to be going up at good projects...not down as some might assert..........the important thing is buy what you will enjoy in life right? cheers

[pkrv]

Thank god we bought at The Park when we did; much like our main residence we could no longer comfortably afford to buy, or in the case of the main residence even buy! Things will change when we retire (hopefully soon) but I have a sneaking suspicion that the secondary market will start to kick in by then. IMO interesting times ahead.

congrats pk..sounds like you bought at the right time in a very good project....prices seem to be going up at good projects...not down as some might assert..........the important thing is buy what you will enjoy in life right? cheers

Hi Trajan - you are IMO one of the heavywieights when it comes to Bangkok architecture and travel/commercial developments. I think there were some four payments to make for The Park. Do you know how payment is structured at the Sukhothai? It is an important question to see what is happening on these (few) types of development.

And yes we ONLY buy what we will enjoy in life . Oddly we have just one of these .

[trajan]

thanks very much pk, but Im no heavyweight....just trying to be an informed consumer/buyer.....

anyway, I understand that payment at the Sukhothai is 30% over 18 month (3-4 installments).....with the last 70% upon title transfer.... pretty standard operating procedure AFAIK......

Edited July 9, 2008 by trajan