Foreclosed Properties

[Homespace]

I have signed a Marketing agreement with the Thai goverment agency that sells NPA, NPL (foreclosed properties) taken from over 20 banks and 50 finance companies. There are over 3450 properties in Bangkok and over 12,500 in Thailand.

IF you are looking for land, commercial properties, commercial building, condos, houses, or even a factory. Contact me and I will try to help you out.

The majority of these properties have something wrong with them-mostly due to neglect. All are priced well below market value. The government has a

plan to liquidate these properties before June of 2011.

I have 61 condos on Sukhimvit 77, all are between 64 and 69 square meters, all are priced between 850,000 baht and 1,200,000 baht. There is no transfer tax on these condos. A savings of 7.3 percent. Some only need a cosmetic rehab. Others need plumbing, electrical, or other repairs.

Another example is a 6 story building on Ratchada that is 240 square meters per floor. This is a nice looking building on a nice soi not far from the BTS and not far from the main road. The building is empty inside. It has walls for condos but no flooring, no fixtures, no finishes of any kind on the inside. It is selling for 20,000,000 baht.

Rural land from 15,000 baht per rai. Let me know if anyone has questions or committs about these properties.

Edited February 20, 2010 by Homespace

[trogers]

A 6-storey condo building with 240 sqm per floor will give about 750 sqm sales area.

If you think the refurbished project can produce a gross sales income of Bt85m, selling price would have to be over Bt110k/m2.

Try harder...

[quiksilva]

and that's assuming that you can get 240 sqm of net sellable area on each of those floors after refurbishment, which at the top end you estimate at THB 40,000 per sqm, on top of the 26,667 per sqm purchase price!

Which is definitely unattractive seeing as condo's in the area are selling for 50,000 - 60,000 per sqm (e.g. Belle Park on Rama IX)

Even if refurb is half of your estimate you are at best looking a very slim margin, which is probably not worth the risk that a development project entails. (ROI should be 20-25%, at the very least, more for something like this!)

[Homespace]

The building is 1440 square feet. Your over estimating the common areas. The layout is configured for a loss of about 15 sq meters for the elevator, 30 sq meters for the common area in lobby ( first floor only), 27 square meters per hallway on floors 2 to 6. Other losses for chases, water, ect are 220 square meters for the whole building. Or a total loss of 480sq mtrs. This would make it 85,000 per square meter when selling it. So lets be even more concervative and say it only sells for 70,000,000 baht. That would give you a profit of 30,000,000 baht

A 6-storey condo building with 240 sqm per floor will give about 750 sqm sales area.

If you think the refurbished project can produce a gross sales income of Bt85m, selling price would have to be over Bt110k/m2.

Try harder...

[Homespace]

Also I didn't do a good job of making it clear that all of these prices are negotiable and they are taking offers. My estimate on refurbashing was meant to be conservative as well. Its 3 units per floor, all around 50 square meters per unit. I did forget that there are only two units on the first floor. So I was a little high. So given that what do you think the value should be? Good discussions.

and that's assuming that you can get 240 sqm of net sellable area on each of those floors after refurbishment, which at the top end you estimate at THB 40,000 per sqm, on top of the 26,667 per sqm purchase price!

Which is definitely unattractive seeing as condo's in the area are selling for 50,000 - 60,000 per sqm (e.g. Belle Park on Rama IX)

Even if refurb is half of your estimate you are at best looking a very slim margin, which is probably not worth the risk that a development project entails. (ROI should be 20-25%, at the very least, more for something like this!)

[richardt1808]

Hi there,

If you're a marketer, then one of the most basic things you should have, is a website which people could visit to check out details of the properties available.

If you don't already have one in the pipeline, you can check out this company which belongs to a friend of mine... www.xstreamstudio.net In addition to production services, they also do websites. If you dont have a large budget, maybe you guys could do some kind of profit share.

I'm interested in property myself, so you can go ahead and PM me a list too.

Cheers

[trogers]

The building is 1440 square feet. Your over estimating the common areas. The layout is configured for a loss of about 15 sq meters for the elevator, 30 sq meters for the common area in lobby ( first floor only), 27 square meters per hallway on floors 2 to 6. Other losses for chases, water, ect are 220 square meters for the whole building. Or a total loss of 480sq mtrs. This would make it 85,000 per square meter when selling it. So lets be even more concervative and say it only sells for 70,000,000 baht. That would give you a profit of 30,000,000 baht

Are you referring to a condo or an apartment?

A condo must have sufficient carpark space and driveways for access. I would assume the 240 sqm first floor will be used up as common area for parking and a lobby plus some admin and back of house functions. And to qualify for 'luxurious' status, there should be a pool with showers and steam or sauna room, and a fitness room. The latter will probably be on the top floor as the first floor is the carpark and lobby. That leaves units on the 2nd to 5th floor, or 190 sqm out of 240 sqm.

Back to you.

Edited February 19, 2010 by trogers

[Crossy]

Back on topic

Is there a definitive list of the properties you have available, and is it permitted to make it public here or on another website?

Since these properties are in the possession of the banks / government are there special finance deal available (ha ha).

You don't know how close I came to banning a sponsor, 1 post noob with a major sale item

[Homespace]

The parking is not included in the 1440 sq mtrs. It is meters not feet. I see that i wrote feet at least in one place. Good point about a pool and or gym. Not sure of the possibilities on the roof. IF it needed to be done on the top floor that would throw the whole estimate out the window. I am not a developer so this is all good dialogue for me as well. The price is negotiable. It obviously would take more thought and planning than has been done up to this point. I was just attracted to the location (near the mrt) and the nice street.

The building is 1440 square feet. Your over estimating the common areas. The layout is configured for a loss of about 15 sq meters for the elevator, 30 sq meters for the common area in lobby ( first floor only), 27 square meters per hallway on floors 2 to 6. Other losses for chases, water, ect are 220 square meters for the whole building. Or a total loss of 480sq mtrs. This would make it 85,000 per square meter when selling it. So lets be even more concervative and say it only sells for 70,000,000 baht. That would give you a profit of 30,000,000 baht

Are you referring to a condo or an apartment?

A condo must have sufficient carpark space and driveways for access. I would assume the 240 sqm first floor will be used up as common area for parking and a lobby plus some admin and back of house functions. And to qualify for 'luxurious' status, there should be a pool with showers and steam or sauna room, and a fitness room. The latter will probably be on the top floor as the first floor is the carpark and lobby. That leaves units on the 2nd to 5th floor, or 190 sqm out of 240 sqm.

Back to you.

[Homespace]

there is no special financing available on these but there is no transfer tax on these properties. A savings of 7.3 percent.

Back on topic

Is there a definitive list of the properties you have available, and is it permitted to make it public here or on another website?

Since these properties are in the possession of the banks / government are there special finance deal available (ha ha).

You don't know how close I came to banning a sponsor, 1 post noob with a major sale item

[Homespace]

we just received the data base on Wednesday from the Thai government. It is 100% in Thai so it will take a while to convert to English and get on our website.

there is no special financing available on these but there is no transfer tax on these properties. A savings of 7.3 percent.

Back on topic

Is there a definitive list of the properties you have available, and is it permitted to make it public here or on another website?

Since these properties are in the possession of the banks / government are there special finance deal available (ha ha).

You don't know how close I came to banning a sponsor, 1 post noob with a major sale item

[jaapfries]

Hi; this sounds rather interesting; are there any properties on your list on the Eastern Seaboard ? (Patrtaya/Jomtien/Satahip/Rayong) ? I'ld be very interested to hear from you.Please do PM me, okay ?

Cheers,

JGK/Pattaya

[Homespace]

yes there is land and properties in this area. If you send me a private email with your direct email i will do a search for you next week and get you the information. It will take a few days to sort out the information.

Hi; this sounds rather interesting; are there any properties on your list on the Eastern Seaboard ? (Patrtaya/Jomtien/Satahip/Rayong) ? I'ld be very interested to hear from you.Please do PM me, okay ?

Cheers,

JGK/Pattaya

[Changian]

If you want to search bank properties & Thai property sites for cheap or repossessed land/condos/commercial units etc etc etc all at the same time see what used to be thai-listings.net

[123ace]

I have worked on a few af these NPL portfolios's here. It is always going to be very localised stuff and the dregs. These are not properties repossed by a Bank from middle class people that have overnight lost desirable assets, and now are being sold on the cheap.

Likley to be farm land, dilapidated shop houses and other equally hard to trade assets.

[Skint]

Homespace, you have PM

[Homespace]

this is partially true. there are lots of properties that will need a lot of work but they are also very cheap. If they were perfect they wouldn't be cheap. We have found some really nice properties. There are defianetely some middle class and upper class homes and condos on the list. But most need a lot of work. It is an opportunity for someone who doesn't mind the rehab. Remember labor is cheap in Thailand so its very possible to fix these up.

I have worked on a few af these NPL portfolios's here. It is always going to be very localised stuff and the dregs. These are not properties repossed by a Bank from middle class people that have overnight lost desirable assets, and now are being sold on the cheap.

Likley to be farm land, dilapidated shop houses and other equally hard to trade assets.

[stgrhe]

 

Remember labor is cheap in Thailand so its very possible to fix these up.

True, but the productivity of each worker here is low so where one man would do the job i a western country you would need at least five of them here, so in the end the difference in cost is not all that much.

[simcity]

 

Remember labor is cheap in Thailand so its very possible to fix these up.

True, but the productivity of each worker here is low so where one man would do the job i a western country you would need at least five of them here, so in the end the difference in cost is not all that much.

i got my bathroom tilled wall (bottom to ceiling) PLUS the floor tilled as well, was not in the rush, two around 10 days, cost me for labor 4000 baht, can tell you in Australia it cost me a lot lot more to get a trdeman doing tilling.

[Homespace]

I just got solid wood cabinets fabricated and installed in my kitchen 3 meters long, uppers and lowers for 22,000 baht. These are raised panel doors and the extra tall 100 cm uppers. Can you tell me anyplace in the US, Eurpore, that I could get it done for that. I agree productivity isn't as high but is still FAR FAR FAR cheaper to have work done here

 

Remember labor is cheap in Thailand so its very possible to fix these up.

True, but the productivity of each worker here is low so where one man would do the job i a western country you would need at least five of them here, so in the end the difference in cost is not all that much.

[YanTree]

You can PM me with any condo's on Sukhumvit - nothing above soi 36.

Edited February 21, 2010 by YanTree

[torrenova]

i got my bathroom tilled wall (bottom to ceiling) PLUS the floor tilled as well, was not in the rush, two around 10 days, cost me for labor 4000 baht, can tell you in Australia it cost me a lot lot more to get a trdeman doing tilling.

But you can do that in a day or two not two people on the job for two weeks !

[johnnyk]

Ex TGF's house had 3 ceiling fans installed, wired, switched all materials included. 3 guys, one day, 1200 baht.

[crudski]

Could you PM me with details of any houses in Chiang mai,if you have any that is.

[Thaifan2]

Could you PM me with details of any houses in Chiang mai,if you have any that is.

PM me also for anything in Chiang Mai under 1 M baht .

[Homespace]

Thanks to all of those who have sent messages. We were able to view the building today and were pleasantly surprised. We looked at the building with 61 condo units available. These units are priced between 850,000 and 1,300,000. They are from 59 sq meters to 71 square meters. We have asked to see the interior of the Units and we will recieve the Keys on Wednesday March 3rd. We will take pictures of these units and have them

on the website by Sunday March 7th. The exterior of the building was much nicer than I expected. The units on on On Nut Soi 70. So they are 4.5 km from the On Nut BTS station. I will post a few pictures her next week. As far as all of the other various requests we have received we will email you details soon. We have a full time person working on this so my hope is things will begin to become available.

[Homespace]

Thanks to all of those who have sent messages. We were able to view the building today and were pleasantly surprised. We looked at the building with 61 condo units available. These units are priced between 850,000 and 1,300,000. They are from 59 sq meters to 71 square meters. We have asked to see the interior of the Units and we will recieve the Keys on Wednesday March 3rd. We will take pictures of these units and have them

on the website by Sunday March 7th. The exterior of the building was much nicer than I expected. The units on on On Nut Soi 70. So they are 4.5 km from the On Nut BTS station. I will post a few pictures her next week. As far as all of the other various requests we have received we will email you details soon. We have a full time person working on this so my hope is things will begin to become available.

[trogers]

The units on on On Nut Soi 70. So they are 4.5 km from the On Nut BTS station.

I think Soi 70 is after Srinakarin road. You should check and see if this project is built on old BMA garbage landfill.

[mariav]

The building is 1440 square feet. Your over estimating the common areas. The layout is configured for a loss of about 15 sq meters for the elevator, 30 sq meters for the common area in lobby ( first floor only), 27 square meters per hallway on floors 2 to 6. Other losses for chases, water, ect are 220 square meters for the whole building. Or a total loss of 480sq mtrs. This would make it 85,000 per square meter when selling it. So lets be even more concervative and say it only sells for 70,000,000 baht. That would give you a profit of 30,000,000 baht

A 6-storey condo building with 240 sqm per floor will give about 750 sqm sales area.

If you think the refurbished project can produce a gross sales income of Bt85m, selling price would have to be over Bt110k/m2.

Try harder...

[mariav]

Thanks to all of those who have sent messages. We were able to view the building today and were pleasantly surprised. We looked at the building with 61 condo units available. These units are priced between 850,000 and 1,300,000. They are from 59 sq meters to 71 square meters. We have asked to see the interior of the Units and we will recieve the Keys on Wednesday March 3rd. We will take pictures of these units and have them

on the website by Sunday March 7th. The exterior of the building was much nicer than I expected. The units on on On Nut Soi 70. So they are 4.5 km from the On Nut BTS station. I will post a few pictures her next week. As far as all of the other various requests we have received we will email you details soon. We have a full time person working on this so my hope is things will begin to become available.

Hi, can you give me some info on foreclosed land in district Pathum Tani or Nonthaburi? Thanks.