Park Lane Condominium Jomtien

[jingjingna]

Hi all

I'm interested to hear from any board members who have actually bought a condo in this project. As far as I can tell the project is nearing it's final stage and three of the four buildings are completely sold out with around only 35-40 1 bed apartments remaining in the fourth building.

I am not looking to live there personally but looking at it from an investment point of view. I would either look to sell upon completion or rent out. The question is, is this project going to hit the mark and will it be that easy to re-sell or rent out for a profit when there are so many other condos on the market to choose from that are even bigger/better located?

Your comments:

Cheers!

[LennyW]

Send board member Thaifan2 a message, i think i am sure he has bought in there and posted recently to say all was on target.

Be careful of that as an investment to rent out though, there are a large number of these 1M baht or so places about now, with more coming (Suwan Sawarm etc), and a huge number of people have had the same idea as yourself, if people are not careful these type of schemes/projects could "burn out" with an over ammount of speculative buyers, along the same lines such as you are suggesting, resulting in a lot of unoccupied and uncompleted units, some people are already giving them the handle "slums of the future", i hope not!!, or Jomtien is going to be a mess in a few years time!!

Maybe look at something like Apus, City Garden etc. a little more expensive, but in my view, more potential?

But what do i know, i hate all condos!!

Be careful.

[sealy]

your investment confidence sounds good for the agents and devlopers. near sold out, you say? near completion? or just the shells?

[Thaifan2]

your investment confidence sounds good for the agents and devlopers. near sold out, you say? near completion? or just the shells?

I have heard that of a total of 600 Condos in Park Lane 500 have been sold .I also heard that there is only 35 foreign ownerships left .Whatever it has clearly sold well with massive advertising .Two of the buildings are completed and owners are picking up their keys .I collected mine last friday .The 3 rd building is nearly complete and the 4 th has reached its 8 th top floor with internal work starting .

The Condos are sold already furnished with full kitchens and bathroom shower units .Even an A/C is included ,and plasma TV and bed etc .The only thing they left out were curtains .They are small Condos at 36 sm ,but they do have a seperate bedroom .A big selling point is the 1,800 sq m Lagoon pool ,which should be finished by the middle of next month .Also there is plenty of landscaping with many trees and plants .

I am happy with it ,and will try to rent it out as i have moved to Chiang Mai to live .I did not buy it to sell it on immediately and make a profit .Many others have done that however and in the current climate with discounts everywhere i think they can only hope to get their investment money back no more .

[jingjingna]

LennyW,

Thanks for your input, my sentiments exactly...although I did pay this project a visit a week ago..looks smashing but the developers will only 'commit' to taking care of the communal areas for 1 year...after that depending on who is in the said committee, the place could easily deteriorate without the right kind of people on the committee...so yes this project along with the other 1 million baht one's could well end up being the slum projects of the future.

I also looked at Suan Sawarn...not impressed with that setup at all and progress is rather slow, can't see it doing as well as Park Lane. Personally, I could never see myself living in 36/40 sq m box ( both condos are around 33-36 sqm from what I can remember), but I'm sure there are people out there who would, otherwise these projects would never have taken place.

Yes, both The Park Lane and Suan Sawarn come 'fully' furnished...but the quality of the loose furniture is nothing to brag about to be honest. Storage space is minimal and I can see most buyers spending more to improve on the built in storage facilities and furniture in general if they're hoping to make any kind of profit on the the condo unit.

That's just my opinion, I'd still be interested to hear from board members who have actually bought a condo unit in Park Lane ....Thai Fan2?

[jingjingna]

ThaiFan2,

We must've posted around the same time..thanks for your input!

How much do you reckon you'd be able to rent out for 'as is' per month? 10% -15% of purchase price including monthly maintenance fee?

Hope you're enjoying Chiang Mai, nice place to be especially in December/January.

Jingjingna

Edited February 8, 2010 by jingjingna

[Thaifan2]

ThaiFan2,

We must've posted around the same time..thanks for your input!

How much do you reckon you'd be able to rent out for 'as is' per month? 10% -15% of purchase price including monthly maintenance fee?

Hope you're enjoying Chiang Mai, nice place to be especially in December/January.

Jingjingna

Hi ,i am hoping for 10 % or B12,000 a month .( first i will see what others are charging in Park lane ) .For a long term renter ( 6 /12 months ) i am open to giving a discount .I would also arrange to have cleaning of the Condo done once a week .I would need to be paid directly into my bank a/c .

I like Chiang Mai ( only up there a month so far ) .I am hoping the rental of PL will cover my house rental up here in CM plus a little extra ( house rentals very cheap in CM) .At the moment i am down in Pattaya getting the Condo ready by adding extra storage and other improvements .I find its fine for a single person but now living with a TGF and her young daughter i need the space of a house and garden .

[Barack]

This project has a website with pictures showing the progress to date:

http://www.condo-for-sale-in-pattaya.com/p...ect=7&sp=80

[sharecropper]

LennyW, you comment: some people are already giving them the handle "slums of the future", is particularly chilling in an area where we already have the slums of today namely the state fo the exterior of the View Talay developments. Rust coming through concrete, large cracks in the exterior, flaking paint, thinly applied - and that's just on the recently competed ones (next to VT7). Goodness knows what they will look like in a couple of years time.

Edited February 9, 2010 by sharecropper

[jb4446]

Rust coming through the concrete,that will be the reinforcing rods exposed to the air,salt water air too,not a good indication for the years ahead.No slums,just demolition

[Thaifan2]

Maybe slumbs in 40 years time ,but i dont intend being still on this earth then .LOL ! My other condo is in Jomtien Beach Condo .Its 15 years old and well maintained and is far from a slumb .It does need exterior painting which they will do when 2nd road is finished .

[jay1980]

I bought a unit off plan building 4 in December.

I bought on the outside looking towards the sea.

The agent and sales manager gave me a lot of talk about investment potential, but took it with a pinch of salt really....bought it because I although it is small, I like the 1 bed layout over a studio and I have always wanted to buy a condo in Thailand near the sea to visit few months of the year between work contracts and maybe semi-retire to in a few years time. Not much smaller than my place in London that is worth the best part of £300K, and bigger than another flat I own in London and rent out.

Iguana were able to show me a few completed projects and when I signed up the complex was probably about 75% completed, so less risk than a more unproven company.

Also the finance for the project I was told was from private, not from banks.

Anyway a friend who is in Pattaya on holiday e-mailed me some pics 2 days ago and the progress since December looks good.

Hope it proves to be a good buy and looking forward to see it finished.

cheers

[barbersfort]

Hi, I reserved an apartment with a side view of the pool. Does anyone know whether this will seriously impede the rentability of the apartment. I would have prefered a sea or full pool view but the prices offered were a bit out of my budget.

[jay1980]

If you price it accordingly it will rent OK

One advantage Park Lane has is the seperate bedroom which is hard to find with a cheaper place.

When I lived in BKK 6 years ago with Thai partner and a low budget (was working as an english teacher LOL) had real trouble finding an affordable apartment with a seperate bedroom, but when she wants to watch Thai soap TV all night and I want to sleep it was a factor for living in harmony.

For this reason I think as long as the rent you want to charge is realistic the units will rent OK.

I choose a unit looking towards the sea, because if in 10 years time the swimming pool does not look so beautiful, I will still have a veiw that is OK. Also no other condo can see inside my living room like the some of the pool side units. The Majestic condo behind Park Lane is old but to me does not look like a 'getto' so I don't see why Park Lane would when it gets older.

Maybe your condo without a great view would be good for some people from a privcy point of view?

I am not planning on renting mine out, just keep to stay few months a year between work contracts and lend to friends and family, however if the UK pound crashes even worse than now I might be tempted and would be really happy to get close to baht 10-12K per month.

cheers

[jay1980]

pic from few day ago of progress on building 4 if it help anyone

[Thaifan2]

>>Maybe your condo without a great view would be good for some people from a privcy point of view?<<

I agree ,and the unit i bought looks out to the Soi Wat boon from B2 . Building 4 though should have the best sea views ,and as long as you are on a high floor your view should not be taken .

Have just spent the past week improving the Condo before i go back to Chiang Mai .I put up curtains ,added additional storage and put another lock on the door .I also bought some fantastic oil paintings to put on the walls . ( bought from a painter by the side of Mikes shopping mall ).

The landscaping is really looking good now with plenty of large trees and 1000s of orchids .Next month i return for a visit when the pool should be done .

[jingjingna]

Thaifan2,

Congrats! I take it you have picked up your keys and got your chanote in hand? It will be very interesting to see what this project looks like ina few years time. I for one hope that all who have bought into it will keep it in good shape as the sinking fund and monthly maintenance fees are very reasonable for what the owners are getting. I think it's also in Iguana's interest if they want to be in the property market for the longhaul.

So good luck to you and anyone else who has bought a unit or two here

[prefabs]

Are there any of you buyers who are NOT renting their condo out?

Seems like a whole load of condos getting dumped on to the rental market at a time when it is pretty dire

[jay1980]

Are there any of you buyers who are NOT renting their condo out?

Seems like a whole load of condos getting dumped on to the rental market at a time when it is pretty dire

Well if I do decide to rent mine out it is in building 4 which would not be finished until later in the year, so the diffrent times the buildings finish will meen all condo's not coming to rental market at the same time.

For me I prefer not to rent it out and keep for myself and sometimes friends and family.

ThaiFan2, congratulations on taking possesion. For the Chanote, I was told it would come few months later as the Land office would need to measure all the units offically before the Chanote could be issued, does this sound correct?

Anyway if you or any other unit owner would like my details please feel free to PM me.

cheers

[Thaifan2]

Are there any of you buyers who are NOT renting their condo out?

Seems like a whole load of condos getting dumped on to the rental market at a time when it is pretty dire

Well if I do decide to rent mine out it is in building 4 which would not be finished until later in the year, so the diffrent times the buildings finish will meen all condo's not coming to rental market at the same time.

For me I prefer not to rent it out and keep for myself and sometimes friends and family.

ThaiFan2, congratulations on taking possesion. For the Chanote, I was told it would come few months later as the Land office would need to measure all the units offically before the Chanote could be issued, does this sound correct?

Anyway if you or any other unit owner would like my details please feel free to PM me.

cheers

I was told a few months also ,and possibly by June in my case .I dont know if they have to measure every condo ?

[jingjingna]

Buildings 1,2 and 3 have been ready a while now...so I wonder why it takes so long for the 'Chanote' to come through?

I wonder if there are any members here who bought into projects 1 and 2 and if so have they got their chanotes yet...? According to Iguana they say a few months after moving in (4-6).

The chanote is extremely important guys!

[Thaifan2]

Buildings 1,2 and 3 have been ready a while now...so I wonder why it takes so long for the 'Chanote' to come through?

I wonder if there are any members here who bought into projects 1 and 2 and if so have they got their chanotes yet...? According to Iguana they say a few months after moving in (4-6).

The chanote is extremely important guys!

The keys were only started to be given out at the 1st of this month ( feb) ( 3 months ahead of schedule ),so nobody will have a Chanote yet .There is no problem its just time and due process .It was all laid out in the initial contract i got .

[jingjingna]

Cool ...keep us posted on future developments too...rent or not to rent...etc . Cheers Thaifan2 !

[malky49]

Hi all .....I have brought one in buliding 3 on the car park side which seems quiet. I was just wondering if anyone has one on the second floor above the water pump room in 1 or 2 ( I think that what is it) and will it be noisy ????

thanks

[Thaifan2]

Hi all .....I have brought one in buliding 3 on the car park side which seems quiet. I was just wondering if anyone has one on the second floor above the water pump room in 1 or 2 ( I think that what is it) and will it be noisy ????

thanks

I think you are refering to the electrical room which should have an emergency generator .This should only be noisey when used during a power break down .

[jb4446]

Think I saw Park Lane 3 being advertised on side of Baht bus this morning down from 3.2 to 1.6 million,one bedroom,still not interested but if its correct perhaps a good buy.

[jay1980]

Think I saw Park Lane 3 being advertised on side of Baht bus this morning down from 3.2 to 1.6 million,one bedroom,still not interested but if its correct perhaps a good buy.

I think 3.2 would be for a 72 sqm double unit with 2 beds and 2 baths and 1.6 would be for the 36 sqm with 1 bed and 1 bath.

1.6 is higher than I paid for mine though.

[jay1980]

Thaifan2, noticed in another thread you are living in your Park Lane condo now, how are you finding it?

How well is the gym equipped? static bikes and running machines only or any weight machines?

How is Building 4 looking?

cheers

[torrenova]

How on earth do you get a separate bedroom from 36sqm ? One of my studio condos is 46sqm and if you put another wall in you'd have a bedroom as large as a bed and a living room as small as a kitchen.

[CHdiver]

How on earth do you get a separate bedroom from 36sqm ? One of my studio condos is 46sqm and if you put another wall in you'd have a bedroom as large as a bed and a living room as small as a kitchen.

You will have to sleep in a upright position. Kind like a hide a bed that you cant put in the flat position. A certain Member of this Forum has already suffered from insomnia since he moved into his Box. You clearly can see that in his posts here