Apartments Lifespan

[vrsushi]

I am 41, I want to buy an apartment that will last till I am 81. Do you think I need to buy brand new?

[trogers]

Self-occupied or for renting out?

[vrsushi]

I plan to live in it.

[trogers]

Get a condo in a 10-15 years old 8-storey building that is within 500m from any BTS station, from Asoke to Prakhanong.

By the time you turn 60, your condo building is ready for redevelopment, and density of the site will be adjusted upwards to meet doubling of the city's population. Some developer will probably make an offer to buy the whole building, tear it down and build a highrise.

Structural life of a well constructed building can exceed a 100 years. But it's economic life depends of population growth and city redevelopment.

[think_too_mut]

Get a condo in a 10-15 years old 8-storey building that is within 500m from any BTS station, from Asoke to Prakhanong.

By the time you turn 60, your condo building is ready for redevelopment, and density of the site will be adjusted upwards to meet doubling of the city's population. Some developer will probably make an offer to buy the whole building, tear it down and build a highrise.

Structural life of a well constructed building can exceed a 100 years. But it's economic life depends of population growth and city redevelopment.

Thailand does not have that experience with buildings. Good ones and skyscrapers started 30 years ago, most in 90s.

The city population has grown but it was not a flood. Where newcomers came is - to 1500+ slums. They, on less than 10K baht per month hardly represent any force that may drive apartments take up.

It was equity-rich foreigners (that pool is rapidly drying up and disappearing) + wealthy or middle class Thais already there. Not many Isaan migrants made it into middle class, thirsty for nice apartments.

Firms, to get labor force had to go where the workers where - Ayuthaya, Choechangsao, Chonburi.

Edited March 14, 2009 by think_too_mut

[trogers]

Redevelopment of Bangkok city within the next 2 decades will be forced upon the local middle class and foreigners alike.

Population growth and decline in cheap oil supply will make the use of mass transit more sensible then relying on a personal car. People who can afford a choice location will want to stay within walking distance to the train station.

The lower income group will be relocated further (2-5km) from the train routes and have to connect with buses and sorng tell.

Sites within 500m from the train routes will be allowed to build higher to relocate more of the population nearer to these routes. Width of sois will no longer be an issue on project's gross floor area.

[think_too_mut]

Redevelopment of Bangkok city within the next 2 decades will be forced upon the local middle class and foreigners alike.

Population growth and decline in cheap oil supply will make the use of mass transit more sensible then relying on a personal car. People who can afford a choice location will want to stay within walking distance to the train station.

The lower income group will be relocated further (2-5km) from the train routes and have to connect with buses and sorng tell.

Sites within 500m from the train routes will be allowed to build higher to relocate more of the population nearer to these routes. Width of sois will no longer be an issue on project's gross floor area.

I don't know what you are saying.

Thailand still has to see a first good residential building celebrating 30 years of existence.

In my street in Sydney, Victoria Street Potts Point, there are houses from 1820 (now almost 200 years old), still selling for 2-3 mil. There, they know and can predict what the future holds (at least with the building standing and be habitable and sellable, even desirable).

Edited March 14, 2009 by think_too_mut

[Pushit]

Get a condo in a 10-15 years old 8-storey building that is within 500m from any BTS station, from Asoke to Prakhanong.

By the time you turn 60, your condo building is ready for redevelopment, and density of the site will be adjusted upwards to meet doubling of the city's population. Some developer will probably make an offer to buy the whole building, tear it down and build a highrise.

Structural life of a well constructed building can exceed a 100 years. But it's economic life depends of population growth and city redevelopment.

So if you have title to a condo apartment on say 10th floor of a condominium that is to be redeveloped, are you entitled to or legal owner of the airspace remaining in the same position and altitude after the building has been demolished?

[think_too_mut]

Get a condo in a 10-15 years old 8-storey building that is within 500m from any BTS station, from Asoke to Prakhanong.

By the time you turn 60, your condo building is ready for redevelopment, and density of the site will be adjusted upwards to meet doubling of the city's population. Some developer will probably make an offer to buy the whole building, tear it down and build a highrise.

Structural life of a well constructed building can exceed a 100 years. But it's economic life depends of population growth and city redevelopment.

So if you have title to a condo apartment on say 10th floor of a condominium that is to be redeveloped, are you entitled to or legal owner of the airspace remaining in the same position and altitude after the building has been demolished?

Yes, if it is Japan.

After 30 years most of the buildings get teared off and the owners own a piece of land underneath. If I was the owner, I would have owned 1.2 sqm of land + carpark that is cheaper. Which would be worth 200K US$.

Can't imagine that happening in Thai. Demolishing and rebuilding with clear rules who owns what afterwards.

[Pushit]

So as condominiums' have no land title deed when the condo is demolished the condo owner is f@#$ed!?

[trogers]

So as condominiums' have no land title deed when the condo is demolished the condo owner is f@#$ed!?

If you have a condo unit on lease land, rights to use the land reverts back to the land owner at the end of the lease. So your condo unit is no longer yours, unless the land owner agrees to extend the land lease (for an agreed period of time) for a sum of money.

If your condo unit is on freehold land, you have ownership of the land with other condo unit owners.

In Singapore, the government has enacted laws to allow a majority of unit owners to vote and sell the development as a whole for a sum of money which will be shared by all unit owners according to their share of the land. This is called En Bloc sales.

See this: http://www.goenbloc.com/homepage.htm

Such a law is less than 20 years old and there are problems, especially minority owners who do not agree to the sales.

See this: http://www.theaustralian.news.com.au/story...from=public_rss

I anticipate some form of this law will be used in Bangkok 20 years hence when many condo building turns 30 years old or more. Either sell, or each unit owner has to come up with substantial money to replace M&E services and architectural upgrades for the building.

Edited March 14, 2009 by trogers

[think_too_mut]

So as condominiums' have no land title deed when the condo is demolished the condo owner is f@#$ed!?

If you have a condo unit on lease land, rights to use the land reverts back to the land owner at the end of the lease. So your condo unit is no longer yours, unless the land owner agrees to extend the land lease (for an agreed period of time) for a sum of money.

If your condo unit is on freehold land, you have ownership of the land with other condo unit owners.

In Singapore, the government has enacted laws to allow a majority of unit owners to vote and sell the development as a whole for a sum of money which will be shared by all unit owners according to their share of the land. This is called En Bloc sales.

See this: http://www.goenbloc.com/homepage.htm

Such a law is less than 20 years old and there are problems, especially minority owners who do not agree to the sales.

See this: http://www.theaustralian.news.com.au/story...from=public_rss

I anticipate some form of this law will be used in Bangkok 20 years hence when many condo building turns 30 years old or more. Either sell, or each unit owner has to come up with substantial money to replace M&E services and architectural upgrades for the building.

A far cry, with googling, from where you started from:

Redevelopment of Bangkok city within the next 2 decades will be forced upon the local middle class and foreigners alike.

Population growth and decline in cheap oil supply will make the use of mass transit more sensible then relying on a personal car. People who can afford a choice location will want to stay within walking distance to the train station.

The lower income group will be relocated further (2-5km) from the train routes and have to connect with buses and sorng tell.

Sites within 500m from the train routes will be allowed to build higher to relocate more of the population nearer to these routes. Width of sois will no longer be an issue on project's gross floor area.

What I am saying is - for BKK it's an uncharted theritory for them.

Can anyone imagine the Emporium being knocked off in 20 years?

[trogers]

A far cry, with googling, from where you started from:

Redevelopment of Bangkok city within the next 2 decades will be forced upon the local middle class and foreigners alike.

Population growth and decline in cheap oil supply will make the use of mass transit more sensible then relying on a personal car. People who can afford a choice location will want to stay within walking distance to the train station.

The lower income group will be relocated further (2-5km) from the train routes and have to connect with buses and sorng tell.

Sites within 500m from the train routes will be allowed to build higher to relocate more of the population nearer to these routes. Width of sois will no longer be an issue on project's gross floor area.

What I am saying is - for BKK it's an uncharted theritory for them.

Can anyone imagine the Emporium being knocked off in 20 years?

When I first come to work in Bangkok in 1983, it was really hard to find a university graduate able to speak english. I was forced to attend Thai Language classes for 6 months. Now, high school children are singing rap to me.

Do you know where Spinney supermarket was in Sukhumvit?

The Emporium is part of a mixed development with its highrise service apartment. Any changes will have to consider the development as a whole.

I have been here for over 20 years and have seen the changes. What else will change in the next 20? Bangkok will change like other metropolitian city, perhaps, with a touch of local flavour.

[think_too_mut]

So as condominiums' have no land title deed when the condo is demolished the condo owner is f@#$ed!?

Well, the condos won't be demolished. Thailand needs the laws to regulate such things. They have no plans as I know of.