Starting Prices For These Condos?

[cmsally]

As a matter of interest does anyone know the price per square metre when these 2 projects were first opened.

I tried to buy a studio at Address@Siam last year, was then around 83k but got pipped to the post.

Anyone know the prices they started at when reserved before construction.

[tangoll]

For Address@Siam, 84 sq meters, on 12/F, price from developer at launch was 6.115 million baht, but without A/C's. Later on, developer added 3 A/C's to stimulate sales of the 2 bedroom units. One bedroom units only had one per floor and studio units only two units per floor, both sold well and quickly. The 2 bedroom units had the largest proportion of units available for this project. I sold this unit two months ago for baht 7.25 million as delivered by developer without any additional equipment added on.

Don't know about Villa Ratchethewi, but I heard prices were higher than Address@Siam.

[cmsally]

Thanks for that info. Interesting to see resales at Address as well as Villa Rachathewi & IdeoQ now being sold at asking prices of around 95k

I wonder if there are any takers at these prices?

[tangoll]

The project (Bann Klang Krung Siam Patumwan) down a block from Address@Siam, by same developer AP, I sold an 81 sqm 2 bed/2bath unit on 9th floor of Tower B for a price of baht 94,000 per sqm, just this past month. With its proximity to the schools in area, and next to BTS Ratchethewi, these condo units should be highly sought after. Especially the one bedroom units, of about 50 - 55 sqm are the hot items. I think in six months time or so, units in both projects will fetch close to baht 100,000 per sqm.

Launch price of this 81 sqm unit 3 years ago was baht 5 million, and now sold for baht 7.62 million. Where are the doomsayers saying the Bangkok condo market is in the doldrums, that there's a huge oversupply of condo units on market. Hard to imagine that being the case when you see the number of obviously new buyers coming to both these projects looking to buy apartments.

[steveromagnino]

The project (Bann Klang Krung Siam Patumwan) down a block from Address@Siam, by same developer AP, I sold an 81 sqm 2 bed/2bath unit on 9th floor of Tower B for a price of baht 94,000 per sqm, just this past month. With its proximity to the schools in area, and next to BTS Ratchethewi, these condo units should be highly sought after. Especially the one bedroom units, of about 50 - 55 sqm are the hot items. I think in six months time or so, units in both projects will fetch close to baht 100,000 per sqm.

Launch price of this 81 sqm unit 3 years ago was baht 5 million, and now sold for baht 7.62 million. Where are the doomsayers saying the Bangkok condo market is in the doldrums, that there's a huge oversupply of condo units on market. Hard to imagine that being the case when you see the number of obviously new buyers coming to both these projects looking to buy apartments.

there is oversupply for garbage locations, but clearly demand outstrips supply for prime locations.

You could not build and launch either project for the prices they sold for 3 years ago; that's why the prices are spiralling up.

Well chosen and good timing!

[trajan]

prior to going on 2006 XMas vacation , I was close to buying two small adjacent duplexes on floor 39 of Villa Rachatewi for Baht 91.5K psm as a side investment (and for use as a place for friends and relatives visiting Bangkok) ... sorry I didnt do that now... I think that will be a nice development within short walking distance to the Phayathai airport train station terminal (and across the street from the Ratchewi BTS Skytain station).....

I understand it will also have a serviced apt in the front portion by Ascott, Somerset or Citadines (all subsidiaries of the developer Capita Land, which is a JV partner of TCC Capital Land)...

[cmsally]

I think it is an interesting area. Another one that is supposedly 5 star (very 5 star prices) is Pathumwan Oasis.

Very low key on the web and don't see much advertising, except on the bigger agent sites such as CBRE. Its on

the same soi as I bought (Kasemsan 3) and is very near completion. But only 22 units.

Anyone know about this development?

My unit at Condo One (1br) which was only 2.9M is now looking decidedly cheap for that area.

I tried to pick up a studio (Address&Siam) at the same time but was always a bit late and was sold by the time I got there.

I did hum and hah over another studio at Condo One, and am now wishing I had bought.

[trajan]

Patumwan Oasis seems like a nice lo-rise project near you (although I prefer hi-rises with a view)....

16 duplexes and 6 penthouse triplexes (each penthouse with private rooftop garden and lounge and private pool if you choose a bigger penthouse)...

Midnight at the Oasis

penthouselover.com lists a smaller penthouse at B 28 mil

[thaigene2]

The project (Bann Klang Krung Siam Patumwan) down a block from Address@Siam, by same developer AP, I sold an 81 sqm 2 bed/2bath unit on 9th floor of Tower B for a price of baht 94,000 per sqm, just this past month. With its proximity to the schools in area, and next to BTS Ratchethewi, these condo units should be highly sought after. Especially the one bedroom units, of about 50 - 55 sqm are the hot items. I think in six months time or so, units in both projects will fetch close to baht 100,000 per sqm.

Launch price of this 81 sqm unit 3 years ago was baht 5 million, and now sold for baht 7.62 million. Where are the doomsayers saying the Bangkok condo market is in the doldrums, that there's a huge oversupply of condo units on market. Hard to imagine that being the case when you see the number of obviously new buyers coming to both these projects looking to buy apartments.

Why is it when I stand on that very Skytrain platform and look at New York or whatever they are calling thsoe twin towers behind it that around half of them have no A/C on the balconie and white curtained windows? I assume someone owns them - but I reckon that's your answer about oversupply isn't it? According to your pitch above they should have been sold or rented long ago since the place has been open about a year now.

I think you can do the Air Con test at many places - No air con on the baclony - no tenant/occupant + no revenue. For sale? For rent? who knows..At the end of the day as cmsally was suggesting - asking big prices is one thing - getting them is another. Glad you did - not sure it's a trend though. A farang buyer?

Edited July 21, 2008 by thaigene2

[tangoll]

Thaigene2 is correct about the % of unoccupied/non-renovated units in Bann Klang Krung Siam Patumwan, the full name of the two towers visible from the BTS Ratchethewi station. I would guess, even after a year, only 50% of units are actually occupied; what the owners of the other half are up to, who knows? But for sure, the developer is no longer holding any unsold stock, and asking prices are moving upwards. These factors are a more usual definition of oversupply, I think: whether developers are holding stock they cannot sell, and prices are stagnant, with discounts and sales incentives being offered. For sure, not the case here.

Of both projects, Address@Siam and BKKSP, only about 10% of units are held by non-Thais. In my case, both units I sold were to Thai nationals -- one from Chiang Rai and one from outer reaches of Bangkok, both families needing living quarters for their children about to start Chula University.

Address@Siam, 4 months after completion, probably only about 20% of the nearly 300 units are occupied; but viewing activity is robust and active there, because new buyers just want a pristine, virgin unit. Because there are few farang buyers, you won't get the volume of information about these two projects in TV or other farang sources, that one might get in other farang-heavy projects, like the Park Chidlom, Met, Athenee, Sukothai Residence, etc.

[steveromagnino]

Patumwan Oasis seems like a nice lo-rise project near you (although I prefer hi-rises with a view)....

16 duplexes and 6 penthouse triplexes (each penthouse with private rooftop garden and lounge and private pool if you choose a bigger penthouse)...

Midnight at the Oasis

penthouselover.com lists a smaller penthouse at B 28 mil

Location is pretty poor though; it will not be connected to the skytrain and traffic is pretty bad out there plus it isn't an immediate thought of grade A location.

Lovely design and concept though, anyone know how they have got on selling? With only 22 units, my guess is they really only are selling maybe 12 and the rest are the investors in the project.

Not too much corners cut though; underground parking...duplexes, seems like high end fit out Poliform in the kitchen! The spec is really good, it seems like the original Lofts Yennakart plan of Kudu when the project first launched; all big loft units....and a grade A project in a grade B location.

Lofts was too big so couldn't sell...this one might though. but what is it about 140k per sqm for this location????! that's asking a lot.

[thaigene2]

Thaigene2 is correct about the % of unoccupied/non-renovated units in Bann Klang Krung Siam Patumwan, the full name of the two towers visible from the BTS Ratchethewi station. I would guess, even after a year, only 50% of units are actually occupied; what the owners of the other half are up to, who knows? But for sure, the developer is no longer holding any unsold stock, and asking prices are moving upwards. These factors are a more usual definition of oversupply, I think: whether developers are holding stock they cannot sell, and prices are stagnant, with discounts and sales incentives being offered. For sure, not the case here.

Of both projects, Address@Siam and BKKSP, only about 10% of units are held by non-Thais. In my case, both units I sold were to Thai nationals -- one from Chiang Rai and one from outer reaches of Bangkok, both families needing living quarters for their children about to start Chula University.

Address@Siam, 4 months after completion, probably only about 20% of the nearly 300 units are occupied; but viewing activity is robust and active there, because new buyers just want a pristine, virgin unit. Because there are few farang buyers, you won't get the volume of information about these two projects in TV or other farang sources, that one might get in other farang-heavy projects, like the Park Chidlom, Met, Athenee, Sukothai Residence, etc.

Yes I think you're right they are mostly Thai owners. Sons/daughters of bureaucrats/military types with money burried in the garden for a 'cash' sale. But I disagree with your suggestion that asking prices are moving upwards. It makes no sense to your premise. If you agree half the units are still empty, why would prices be moving 'upwards'?

[thaigene2]

Oh and really - for those just starting the learning curve here, and reading all the 'bullish' stuff by some of these guys - do the 'balcony test'! Works a charm. The curtain trick is an old one - as even white paper over the windows (as is done in many of the places above) will testify. However, the fact that a speculator is too cheap to install Air Con in a unit he/she has bought is a grand give away the places are EMPTY. Bear in mind - actually be warned - that a half-empty building may mean the people who 'own' these empty places (and hey, ask yourself 'do they really own the place'? Did they actually complete the 90% hand over fee?) - then ask yourself are all those 'empty' flat owners paying their maintenace payments? Welcome to the wild west folks..Many people on these threads are making money by talking things up...be alert.

Edited July 22, 2008 by thaigene2

[ray08]

Oh and really - for those just starting the learning curve here, and reading all the 'bullish' stuff by some of these guys - do the 'balcony test'! Works a charm. The curtain trick is an old one - as even white paper over the windows (as is done in many of the places above) will testify. However, the fact that a speculator is too cheap to install Air Con in a unit he/she has bought is a grand give away the places are EMPTY. Bear in mind - actually be warned - that a half-empty building may mean the people who 'own' these empty places (and hey, ask yourself 'do they really own the place'? Did they actually complete the 90% hand over fee?) - then ask yourself are all those 'empty' flat owners paying their maintenace payments? Welcome to the wild west folks..Many people on these threads are making money by talking things up...be alert.

I have just jumped onto the Hamptons Real Estate site ,now unless they are too busy to update , there are still a lot in fact,a real lot of properties both for rent and Sale that have been there at least all 2008 and a fair few in 2007 , and last time i checked Accom Asis real estate pretty much same thing

When you can't sell a Condo in 6-12 weeks something wrong ,normally the price ,and if you can,t rent in 2-4 weeks ,them again a bit of a problem again normally price

Like i said before if property so hot , Why not just Auction off to the highest bidder ,In a strong property boom Auctions allways perform well and get the best return because people fight over a property ,in a slow market they normally put a fixed price because dangerous move to try auction becuase if it fails .property is burnt

Who knows Maybe a bit of face might be lost if people auction here and have them passed in ?

Edited July 22, 2008 by ray08

[dotcom]

A sign on Villa Ratchtawee in 3 foot letters says "Sold out" Please call for resale units.

i.e. Flippers who have no intention of ever living there.

The old bigger fool theory.

Thaigene has got it right.

No maintence fees = no lights in the hallways. Trash piling up. That type of thing.

[tangoll]

thaigene2, since you like doing this as it makes you feel nice and warm all over (but nobody notices), why don't you do your balcony test for all the BTS stations, and clue us in as to the relationship of each station to their nearby buildings and the ratios of unoccupied balconies, and so on. Perhaps others here can help you by identifying which buildings of those that you've ratio-ed have uncollected management fees and trash in the hallways. Now that would be value added discussion for these threads.

No use ranting and raving to anonymous posters. No one cares, and we are all going to do our own thing anyway, regardless of what anyone says on these threads.

[cmsally]

For my condo, there will probably be someone staying in it 75% of days in the year (that's a generous estimate).

Just assuming that all the condos in the same building are the same as me, that's a fair proportion of lights out every night.

You could also do the A/C test and I have hidden my A/C out of view.

Also if you look on the thread for Ban Klang Krung the present gripe is that there is no where to sit in the lobby because there are too many students doing homework.

It is very true that in this area most units are bought by students' parents for nearby schools and uni.

Twice I tried to buy a studio at Address@Siam last year at about 3.3m and was beaten to it each time even though the advert had just been posted.

Even in the older condos of the area you won't see trash piling up.