The Park Cidlom Condominium

[Nordlys]

believe it or not, not all people like living in hi-rises, some prefer lo-rises...also from personal experience, buying a stand-alone house does not mean lower maintenance fees (actually they are higher)....

<{POST_SNAPBACK}>

True. I for one, would prefer low-rise. I live in 8 stories condo in the area where you can't build a condo higher than 8 stories (23 meters). My condo is surrounded by single, detached houses in a soi with a lot of trees and I like this neighborhood. It's a good feeling to be able to see the green through your window. I also don't like living in commercial/business district surrounded by a lot of high-rises. But if I l don't live in Thailand and buying a holiday mansion, yes I would go for places like Park Chidlom and Plaza Athenee.

[baht&sold]

I'm not actually looking for high returns as this could well be my retirement home but <SNIP>

<{POST_SNAPBACK}>

In that case, sounds like you're on the right track, at least thinking long term, IF you're prepared to be the replacement "income" tenant/resident.

In other words, if you're speculating, you have a good crystal ball one would think, however, better to look at a purchase with long term personal residence in mind. That way, you're not only looking thru the eyes of a wistfull tenant but also the longer term leaseholder...

Basically, you really have to personally love the place, as if you yourself would have to live in it for the long term. If so, GREEN light

Edited July 21, 2005 by baht&sold

[pkrv]

I agree with Nordlys, I too prefer a greener location but one that is still central, for example my UK flat is in Hampstead, London. Unfortunately I don't know Bangkok all that well just the main (tourist) areas, so could not be really daring.

I am actually on a very low floor only 6 or 7 C2 units are being built so I chose an apartment that should be a tree canopy level rather than a high up city view from one of the 'A' apartments which were also available at that time. So as per previous comments its all-personal taste.

Baht&Sold's comments also resonate. This is not get rich quick, again I will be honest and say If money were no object I would have gone for one of the 3 bedroom apartments at 300 sq m they seem endless, but with a price tag of around 28m I had to put on my 'lets be realistic hat!

I will have a small mortgage at the end of this and at 46 cannot retire just yet so the important thing from my point of view to pay this off as quickly as possible hopefully with the assistance of rent income (another reason for not going with the larger apartment) but yes I could definitely live there I think its going to be superior to my main residence. Also its Freehold so yes a lifetime investment.

I hope I have covered all the bases from short-term financial shock (redundancy, I am not stretched and will have two properties to juggle) through to retirement at 50 with some reserves. But that crystal ball is notoriously poor at predicting the future.....

[IndoRealty]

I used to work for a realtor in New York, and we advised clients to buy higher floor if they can afford it. It is not that we make more money that way, but the clients truly benefit from higher floor. Thai developers have yet to recognize the value of higher floor condos. Price difference per floor is Bt500-1000/sqm, which is menial and sometimes higher floor unit is even cheaper per sqm basis (since they are selling larger sqm). In Manhattan, the price difference between a 50th floor condo and a 5th floor condo, all things being equal, at the Residences of Mandarin Oriental Time Warner for example would be in the million dollar range. “View is everything” as Donald Trump said. Indeed, Trumps condominiums are well sought since most of Trump buildings usually carry air space rights surrounding them so that no one can build another building immediately in their surroundings.

I am in the business of selling condos and it has been my experience that it takes quite an effort to sell low floor condos. Low floor condos are usually sold to people whose budgets are limited. Blocked view condos are also extremely difficult to sell. I have a client who wants to sell her 11th floor condo at Langsuan Ville, but the unit was completely blocked by Grand Langsuan. It has been sitting for sale for more than 2 years now and over hundreds of prospect visits and newspaper ads.

If I were you, I would switch the condo to higher floor, if it is at all possible and while the condo is still under development. After all you should see some exit strategy for your condo in the future. Here in Thailand, people prefer to buy new condos. You can never be too long term or else you would be staying alone in a deserted building. Higher floor unit means easier to sell. Two months ago I checked the Park and was told that only 40% of the units were sold, which prompted the CEO David Nardone to oversee the condo sales directly by himself (the Park has started selling since Feb 2004 but results were poor). I have seen him come on many Saturdays, Sundays and even on holidays lately to the sales office.

Now compared the Park to the Athenee, which was 60% sold when it was launched in December 2004. This doesn’t mean the Athenee is much better in terms of development. In fact, the Park’s interior incorporates higher value furnishing (such as the Poggenpohl kitchenette) when compared to the Athenee. The Athenee had been started selling earlier than Dec 2004. One of my clients who personally knows Khun Charoen was invited to a pre-launch sale and was offered “special discounts” something like 20% off the price launched in Dec 2004.

Khun Charoen knows more rich people than David Nardone and among Thai socialite it becomes a face thing to buy such condos from Khun Charoen. i.e. if Khun Charoen believes you as a "high-so" Thai, you would lose your "face" and your "high-so" status, if you couldnt afford to buy Bt20million condo from him, after all why are you chauffered around, in say the Bt15 million Benz or BMW. "Is that all the money you got, all spent for the Benz/BMW?" My client is very satisfied with her Athenee purchase, since all her friends now can admire her more with her ability to buy the Athnee Residence and also by the gain she made on the purchase, at least on the paper.

So of course, the Athenee looks good in terms of marketing 80% sold in one month after it was launched, but it was all a gimmick. They hold the launching date until it was 60% sold, which drives all those unfortunate outsiders who didnt get the "20% inner-circle discount" rushing to buy the Athenee. Moreover, Khun Charoen is a shrewd businessman, he will never let CBRE pocket so much commissions after all he gets better connection to rich people than CBRE. (CBRE only handles the sales post of the launching dats and therefore they only make commissions on 40% of the remaining units). It is indeed a very clever marketing strategy.

I agree with Nordlys, I too prefer a greener location but one that is still central, for example my UK flat is in Hampstead, London. Unfortunately I don't know Bangkok all that well just the main (tourist) areas, so could not be really daring.

I am actually on a very low floor only 6 or 7 C2 units are being built so I chose an apartment that should be a tree canopy level rather than a high up city view from one of the 'A' apartments which were also available at that time. So as per previous comments its all-personal taste.

Baht&Sold's comments also resonate. This is not get rich quick, again I will be honest and say If money were no object I would have gone for one of the 3 bedroom apartments at 300 sq m they seem endless, but with a price tag of around 28m I had to put on my 'lets be realistic hat!

I will have a small mortgage at the end of this and at 46 cannot retire just yet so the important thing from my point of view to pay this off as quickly as possible hopefully with the assistance of rent income (another reason for not going with the larger apartment) but yes I could definitely live there I think its going to be superior to my main residence. Also its Freehold so yes a lifetime investment.

I hope I have covered all the bases from short-term financial shock (redundancy, I am not stretched and will have two properties to juggle) through to retirement at 50 with some reserves. But that crystal ball is notoriously poor at predicting the future..... 

<{POST_SNAPBACK}>

Edited July 23, 2005 by IndoRealty

[bluedragon]

Hi, all. nice to have this info on condos, but a little out of my price range.

Anybody have any suggestions on current or to be completed condos in the 4-6 mil range. Preferably close to the BTS.

Thanks.

[Butterfly]

I am making my first overseas property purchase and after reviewing all the options have gone for one of the two bedroom apartments (one of the C2's) in the Park Chidlom Condominium Bangkok.

The building looks to be of high standard and all the C2 units have sold. the unit is about 142 sq meters and the price tag was/will be 14m Thai Baht (70 % paid on completion). Aparently 60% of the units have sold with little or no advertising.

http://www.theparkresidence.co.th/

I have seen some interesting posts on the state of the property market in Bangkok but no one has really commented on the Park Chidlom. I do realize that this property is at the top end on the market but the rental market seems to be for properties in the 10-20 m range, which this falls into.

I'm not actually looking for high returns as this could well be my retirement home but do I stand a good chance of renting this out? Have I made a good choice in the area?

<{POST_SNAPBACK}>

Nice building but you overpaid, above all for a project that is not completed.

That's 100,000 Baht per sqm, which is double the usual rate even in this area. Not sure you would get a decent return back on this.

45,000 baht / month = 25 years pay back (a normal rate)

of course this assume that you have 100% occupancy and no disaster cost like flood or someone shitting on your walls

[Nepal4me]

[i have seen some interesting posts on the state of the property market in Bangkok but no one has really commented on the Park Chidlom. I do realize that this property is at the top end on the market but the rental market seems to be for properties in the 10-20 m range, which this falls into.

I'm not actually looking for high returns as this could well be my retirement home but do I stand a good chance of renting this out? Have I made a good choice in the area?

<{POST_SNAPBACK}>

Nice building but you overpaid, above all for a project that is not completed.

That's 100,000 Baht per sqm, which is double the usual rate even in this area. Not sure you would get a decent return back on this.

45,000 baht / month = 25 years pay back (a normal rate)

of course this assume that you have 100% occupancy and no disaster cost like flood or someone shitting on your walls

<{POST_SNAPBACK}>

Actually you didn't overpay. 100,000 per sq meter is the standard price for freehold high end condo's in this area and Park Chitlom certainly qualifies as high end. If you look at other high end projects in the Lang Suan area, prices are in the 88 to 110K/sq meter. There is a new project coming on line on the soi between Villa market on Lang Suan and the Radjadmri BTS, the apt's here are going for 80,000 bt/sq meter and it's not even on freehold land, it's on lease hold, however, it does come with a 60 year lease rather than the standard 30 year lease. Nonetheless, it is leasehold and therefore less desirable. Your rental return for a condo of that size should be in the 60,000 to 70,000/mo on a full time rental basis. Apt's about 150 meters up Lang Suan (which are bigger, 225 sq meters but only 2 bedrooms) rent for 90,000 per month and they are always full. The facilities are nothing compared to what Park Chitlom will offer, Park Chitlom has some really great selling features, the pool, gardens etc.

I wouldn't expect significant appreciation over the short term as there is just too much product coming onto the market, but most are not at the qualitiy level of PC. You paid a premium for a premium product, you'll get resonable rental returns, 6% or so and if it's to be a retirement home for you later, that's fine. BTW, you'll have no problem finding renters and you can rent it out yourself, no need to pay a mgmt company for this service.

[pkrv]

bluedragon, you could try

The Lakes - 62 Langsuan Road

http://www.thelakesbangkok.com/

or The Legend - Saladaeng

Both have recently been completed or are near to completion and although they have sold out some resale units are available through (there may be others I don't know)

http://www.hamptons.co.th

Of the two I preferred The Legend.

butterfly - shit on the wall - hmmm not in argulably the finest and most exclusive development in Bangkok (I can argue this but I know at least one other person disagrees ) none the less most agree it is amongst the best...

[Butterfly]

butterfly - shit on the wall - hmmm not in argulably the finest and most exclusive development in Bangkok (I can argue this but I know at least one other person disagrees  ) none the less most agree it is amongst the best...

<{POST_SNAPBACK}>

I meant renters throwing shit on your walls and forcing you to redecorate everything after they leave and that only after a few months of rents. I am sure your property is of excellent quality for that price (it better be).

I still think you overpaid. That's "sucker" price, the "farangs" price. Thais will buy those things and resell them immediately to "save" face from those who brought them the deal.

For 15m, you can build a dream home (home magazine like) with a small pool on a 1/2 Rai good location (Rama 9) with a much better resale value

Also don't forget the annual property tax (around 70,000 baht in your case) and the monthly "service" charge (these are quite expensive, adding another 5,000 per month for expensive condos like yours). There is also the new "sinking fund" law that forces to pay upfront 3 years worth of monthly service charge.

With so many condo projects downtown, your capital gain is going to be limited, and if owners stop paying "service charge" you will be paying for the other "owners" when the sinking fund kick in.

Condos are a bad investment idea in Bangkok but a great deal for renters. Sorry to be so negative.

[pkrv]

Nepal4me and butterfly - very many thanks for the posts

A quick survey of, for example, the Hampton’s web site, and indeed this thread indicates that although the market is near a peak it appears that pricing is correct for Chidlom. I noted the new Thai laws designed to reduce the risks of another 1997, which actually make any brand new property purchase a very appealing option indeed (and to clear down the surplus properties from that period one of the reasons I could still buy as a 'Johnny Foreigner', we all have our words for strangers in a strange land). I guess I’m a city guy this is acceptable to me.

Butterfly – your comments are not negative they are most welcome indeed. I can only research so far (remotely) those with local knowledge understand the nuances.

The guys selling the Park Residence Chidlom have openly outlined most of what you have said and to be quite frank the sinking fund and three full years upfront service charge is part of the reason why I went for the property. I did mention The Lakes development earlier and OK it’s finished and looks good but there was an unanswered thread on this site, which after I visited the building personally in April, I understand why the comment was made.

However I digress – I should have guessed a ‘council tax, poll tax, community charge’, which I guess you mean by the annual property tax? I knew nothing about this so again many thanks. Any additional info?

Nepal4me and butterfly - On renting – hmm a whole new area and one that I hope to take up in a year’s time….

[Nordlys]

However I digress – I should have guessed a ‘council tax, poll tax, community charge’, which I guess you mean by the annual property tax? I knew nothing about this so again many thanks. Any additional info?

<{POST_SNAPBACK}>

I don't think you need to pay property tax for residential property in Thailand. Developer, however, will be paying that for the land it has purchased until the construction is completed and the ownership/deed of the unit is transferred to buyers like you.

[pkrv]

Nordlys - Again my thanks - I understand this is the one off fee again fully explained upfront. The agreement is 50/50. A new standard I believe?

[Nordlys]

Nordlys - Again my thanks - I understand this is the one off fee again fully explained upfront. The agreement is 50/50. A new standard I believe?

<{POST_SNAPBACK}>

You mean the 2% transfer fee? I think it's totally up to how the seller and buyer agree upon. But 50/50 seems to be the customary practice in most deals. Developer pays 1% corporate (income) tax and 3.3% specific business tax.

[Butterfly]

There is a property tax in Thailand, always had. Until now, it was not enforced because nobody was paying and the government couldn't build the database to track all land and house owners. However this has changed thanks to Takshin new reforms. All new buildings and properties are being properly recorded by Tax officials so you can bet that "premium" properties like those are not going to be "missed". It's not high anyhow and you are doing your duties to the Thai governments like you would in your home country.

[Butterfly]

Transfer fee is another matter. It deals with registration etc... from developer to final owner. Usually cost is split between new owners and developers.

[Nordlys]

There is a property tax in Thailand, always had. Until now, it was not enforced because nobody was paying and the government couldn't build the database to track all land and house owners. However this has changed thanks to Takshin new reforms. All new buildings and properties are being properly recorded by Tax officials so you can bet that "premium" properties like those are not going to be "missed". It's not high anyhow and you are doing your duties to the Thai governments like you would in your home country.

<{POST_SNAPBACK}>

If you rent out your unit, maybe. But you won't pay property tax on residential property just for owning one. As to commercial properties (factories, office bldgs, shops, etc), yes there is and it has been enforced. We've been paying property tax on our factory we own every year for the last 8 years since we bought it. Also paid property tax for the land we sold last year to a developer (but that was less than B100K for more than 2 rai of land and including penalty for not having paid it for the past ten years). But none of my family ever paid property tax on a house and two condos my family own (oldest being more than ten years old). Tax officials?? You don't pay property tax at revenue department.

Edited August 5, 2005 by Nordlys

[pkrv]

Nordlys - Correct - this is my understanding on the transfer fee - the other stuff, well good luck these fees exceed the cities always quoted; London (always first ) New York, Tokyo, Rome, Paris (always last )

[Butterfly]

There is a property tax in Thailand, always had. Until now, it was not enforced because nobody was paying and the government couldn't build the database to track all land and house owners. However this has changed thanks to Takshin new reforms. All new buildings and properties are being properly recorded by Tax officials so you can bet that "premium" properties like those are not going to be "missed". It's not high anyhow and you are doing your duties to the Thai governments like you would in your home country.

<{POST_SNAPBACK}>

If you rent out your unit, maybe. But you won't pay property tax on residential property just for owning one. As to commercial properties (factories, office bldgs, shops, etc), yes there is and it has been enforced. We've been paying property tax on our factory we own every year for the last 8 years since we bought it. Also paid property tax for the land we sold last year to a developer (but that was less than B100K for more than 2 rai of land and including penalty for not having paid it for the past ten years). But none of my family ever paid property tax on a house and two condos my family own (oldest being more than ten years old). Tax officials?? You don't pay property tax at revenue department.

<{POST_SNAPBACK}>

You not paying those taxes as an individual on your personal properties doesn't mean those taxes doesn't exist. Like I said, not enforced except for newly registered property. You might want to ask a tax official maybe not at the Revenue Department but at some other places. Again this information should be easy to find for those who want more details.

[Nordlys]

You might want to ask a tax official maybe not at the Revenue Department but at some other places. 

<{POST_SNAPBACK}>

I did. At Khet Wattana where we went to pay property tax on the land we sold last year, at which time sales of Park Chidlom was already launched (I believe). My wife was once told by the amphor in Lamlukka to pay property tax on her house in Rangsit and all it took for her was to tell them she lives there herself and doesn't rent it out and she didn't pay tax.

BTW you pay property tax at Khet, Amphor, O.B.T. offices.

Edited August 5, 2005 by Nordlys

[Butterfly]

You might want to ask a tax official maybe not at the Revenue Department but at some other places. 

<{POST_SNAPBACK}>

I did. At Khet Wattana where we went to pay property tax on the land we sold last year, at which time sales of Park Chidlom was already launched (I believe). My wife was once told by the amphor in Lamlukka to pay property tax on her house in Rangsit and all it took for her was to tell them she lives there herself and doesn't rent it out and she didn't pay tax.

BTW you pay property tax at Khet, Amphor, O.B.T. offices.

<{POST_SNAPBACK}>

Ok interesting so you get to pay that property tax only if you rent it out, right ?

[Nordlys]

You might want to ask a tax official maybe not at the Revenue Department but at some other places. 

<{POST_SNAPBACK}>

I did. At Khet Wattana where we went to pay property tax on the land we sold last year, at which time sales of Park Chidlom was already launched (I believe). My wife was once told by the amphor in Lamlukka to pay property tax on her house in Rangsit and all it took for her was to tell them she lives there herself and doesn't rent it out and she didn't pay tax.

BTW you pay property tax at Khet, Amphor, O.B.T. offices.

<{POST_SNAPBACK}>

Ok interesting so you get to pay that property tax only if you rent it out, right ?

<{POST_SNAPBACK}>

That's the information I have. You pay property tax on commercial property or when you make income from renting out a residential property. Well I and the official at Khet Wattana could be wrong but if so I'd like to know the source of your information. Do you actually know anyone who paid property tax on residential property they live at?

Edited August 5, 2005 by Nordlys

[Butterfly]

You might want to ask a tax official maybe not at the Revenue Department but at some other places. 

<{POST_SNAPBACK}>

I did. At Khet Wattana where we went to pay property tax on the land we sold last year, at which time sales of Park Chidlom was already launched (I believe). My wife was once told by the amphor in Lamlukka to pay property tax on her house in Rangsit and all it took for her was to tell them she lives there herself and doesn't rent it out and she didn't pay tax.

BTW you pay property tax at Khet, Amphor, O.B.T. offices.

<{POST_SNAPBACK}>

Ok interesting so you get to pay that property tax only if you rent it out, right ?

<{POST_SNAPBACK}>

That's the information I have. You pay property tax on commercial property or when you make income from renting out a residential property. Well I and the official at Khet Wattana could be wrong but if so I'd like to know the source of your information. Do you actually know anyone who paid property tax on residential property they live at?

<{POST_SNAPBACK}>

Someone I know do pay property tax on a number of personal properties, some of which are not rent, but they don't live in them either. So that could be it. Also, one official could say one thing and another something else. Who knows. But you might be right.

[Nepal4me]

It is worth noting that Butterfly's comments are indeed on the negative side. Not only are they negative, most of them are if fact quite inaccurate. It appears that he believes a PC investment is not ideal, certainly not for him. His inaccuracies and exaggerations are as follows:

-“100K/sq met you paid is double the going rate in that area”. It is not, it is spot on for that area.

-He suggests you would reap a 45K/mo rental rate, which is far below market for a condo such as yours, in the 60-70k/mo range.

-He suggests the 'shit at the wall' issue as a very important issue. While I recognize he's not being literal in his reference and tenant abuse is in fact a consideration, it's highly unlikely for your type of product. I've never had a problem of this sort in many years of condo rentals. In the 65K baht/mo range, you will only have quality tenants. It is a consideration but the probabilities of problems of this sort are almost negligible.

-He says " still think you overpaid. That's "sucker" price, the "farangs" price. Thais will buy those things and resell them immediately to "save" face from those who brought them the deal." That's insulting and inaccurate, I understand his point but the reality is the number of Thai that buy and resell is very small relative to the number of units.

-The annual property tax of 70,000 baht, the reason you didn't hear of it is because today there isn't such a tax. Altho there may be a gov't tax on the way, not sure of the rate. Hopefully it's not 70,000/yr, that would be a pretty high tax and would be disruptive to condo sales, something the gov't would prefer not to disrupt.

-He says the monthly mtnc fee is 5000/mo. While I’m only going my memory here, I recall it to be in the 3,400/mo range (although I could be a bit off on this) anyway, he’s exaggerated the rate by approx. 50%.

-He talks about if other owners stop paying service charge........just not realistic at all in a complex such as yours.

-He says condos are bad for investment and great for renters. Tons of people have made great money on condo investments, rent is quite high. Your potential 5% return is not bad if it is going to be kept long term and lived in at a later date. The vacancy rate for rentals of quality places is extremely low in this area, so it is more a “landlord’s” market, not a “renter’s” market right now.

He made a couple of points that were accurate but so many that were inaccurate I just thought I'd point them out so you weren't lead into believing your investment was bad and other readers weren’t lead astray by his misinformation.

Nobody has a crystal ball, if you look at the other 2 big markets in Asia such as HK and Singapore, we are dirt cheap. An apt of your caliber in Central in HK would be US$6 to 7K per month. Realistically you can't compare BKK to HK or Sing because there are an unlimited number of variables that are different, my only point is that BKK is cheap and if you're looking at 10+ years, I suspect you'll do very well at PC. Good luck.

[Butterfly]

Of course I am being negative and I "exagerate" on some of those issues because they DO happens in extreme case. I never said it will happen for sure BUT it might happen and these are the risks to consider, NOT to ignore like you are trying to do.

- 45,000 baht/month : with so much competition, and more coming soon, you can't assume like you do it will be 60,000 because your average will be more like 45,000 baht (and don't forget the occupancy rate)

- "Shit on the wall" : You have as much risk as low rent customers. There are plenty of stories of "rich farangs" trashing their place after having a little bit too much of "fun" with some friends and "hookers". WE ARE IN BANGKOK, after all. There will be shit on the walls over a 15 year period investment, you can count it. You might have not personally reached that point yet.

- Property Tax: Yes it does exist. You obviously didn't read above previous comments from others. It seems to happen when you rent your place. I know for a fact that some "owners" are paying for it (not 100% sure of the conditions for it). Of course why would you expect your sales agent to tell you all about it ? he is not a tax man and he is going to focus on the "positives" and not try to scare you off. As soon as you mention "tax" farangs get turned off

- Maintenance fee: depends on condos but they can be as high as 5,000 baht per month for "luxury" condos. Check it out yourself and be amazed. Yes it's expensive.

These are the "dirty" little details that sales agent wants you to "ignore" so it won't interfere with their sales. And you have also the "occasional" property investor who got "sucked in" so badly that he is in complete denial over those "negative" details because they remind him of how much of a bad and risky investment he made.

Edited August 7, 2005 by Butterfly

[pkrv]

Butterfly, your opinions are noted.

There have been some excellent responses on this tread covering everything from the developers involved in the two major residential Chidlom projects (Park Chidlom and Athanee). The risk involved from my own personal experience and that of others seems very well contained.

On the salesman issue I can only reitterate; the price is correct for the area, the transfer fee and service charge were well explained and sales flannel was at a minimum, I was very impressed (I deal with salesmen day to day and know their 'techniques').

You did add one key issue on property tax but this seems unclear - something I will pick up again nearer the time if it becomes relevant (I may live there instead ).

To some extent I must agree with Nepal4me, whilst I really appreciate all the negative points they really need to be constructuve, precise and accurate.

[glaitong]

Met the CEO for the project a year ago when it was to be turned over to the buyers. Project is a year late already. Hope the project is overseen by some better qualified person than the stuckup prick I met.

[glaitong]

the park is a good choice.

they don't advertise because david thinks that the higher end market needs personalised sales service, hence viewing by appointments only.

based on today's grade A rates you are looking at about 600 psm which should generate about 7.3% gross, not too bad. my feel is that you won't get capital upside this cycle, but you are okay for the medium to long term.

its true that inventory will be high by the time this completes, but some good grade A's are very resilient and continue to enjoy 100% occupancy with a waiting list for rental, particularly those around lang suan, somkid and chidlom (but strangely not wireless). you can do your own survey to verify this. the reason is because you can count the number of units coming up in the ploenchit part of town, very few compared to other areas like sukhumvit. ploenchit land is becoming more scarce and there wont be much left. think long term, observe what is happening around central world plaza, central chidlom, siam paragon, erawan with all the skylinks, and you get an idea of what you have just bought into.

David N. is out to lunch, that is why you have to make an appointment.

[pkrv]

the park is a good choice.

they don't advertise because david thinks that the higher end market needs personalised sales service, hence viewing by appointments only.

based on today's grade A rates you are looking at about 600 psm which should generate about 7.3% gross, not too bad. my feel is that you won't get capital upside this cycle, but you are okay for the medium to long term.

its true that inventory will be high by the time this completes, but some good grade A's are very resilient and continue to enjoy 100% occupancy with a waiting list for rental, particularly those around lang suan, somkid and chidlom (but strangely not wireless). you can do your own survey to verify this. the reason is because you can count the number of units coming up in the ploenchit part of town, very few compared to other areas like sukhumvit. ploenchit land is becoming more scarce and there wont be much left. think long term, observe what is happening around central world plaza, central chidlom, siam paragon, erawan with all the skylinks, and you get an idea of what you have just bought into.

David N. is out to lunch, that is why you have to make an appointment.

I think it's past tense, you used to have to make an apointment, all gone