Pattaya Has A Condo Shortage !

[Thaifan2]

Saw a full page add today on the back of the business section of the .A Condo called Lumpini Condo Town is to be built in North Pattaya off Sukhumvit ( the East side ) .

It will be two buildings one of which is going to be 32 storyies with 750 units .( not sure about the second building ?) .

Prices they say will start at B700,000 ,and building to start in June this year with completion end of 2012 .

The Company say that they have done many prodjects in Bangkok already .As if there were not enough new Condo prodjects in Pattaya already !

Edited May 4, 2011 by Rimmer
See posting guidelines in PNC

[janverbeem]

So they gonna build a 32 story condo in 18 months.Are you surfe they didn't meant to say that the foundations would be finished end 2012

[manarak]

I do believe there is no oversupply of condos in Pattaya.

I have been looking for one to rent long term in the past month and the prices are pretty high.

750 units comes a as good news.

[lovelomsak]

I do believe there is no oversupply of condos in Pattaya.

I have been looking for one to rent long term in the past month and the prices are pretty high.

750 units comes a as good news.

How long have you been in Thailand? Here the prices go up when customers numbers go down. So if condos have less apartments filled they raise the prices. They want to make the same mney if it is from all the apartments rented or only half are rented.

[BangRon]

Can only wonder if the booming condo development can keep going in Pattaya, freaks me out, seems there are hundreds of condos, many have very low occupancy rates, very hi-priced is my belief, yet there are fifty plus new projects in planning, pre-construction and building stages. These high-rise condos just keep popping up everywhere and are starting to hover. Some see coming a bubble burst in condos; wishing for a bust phase in the near future to get inflated prices down.

[manarak]

I do believe there is no oversupply of condos in Pattaya.

I have been looking for one to rent long term in the past month and the prices are pretty high.

750 units comes a as good news.

How long have you been in Thailand? Here the prices go up when customers numbers go down. So if condos have less apartments filled they raise the prices. They want to make the same mney if it is from all the apartments rented or only half are rented.

For sales, prices tend to stay stable even if the market goes down, but for rentals I think it works differently.

It seems many owners are not interested in renting out their units.

[powderpuff]

This is how you launder drug money.

[manarak]

This is how you launder drug money.

But the money still has to come back or heads roll.

[powderpuff]

Oops. You have a heap of money that you can't declare & you never paid tax on. You build condos, shophouses townhouses - whatever. After you sell the real estate the money is "clean". You pay the taxes & you smile.

[janverbeem]

Oops. You have a heap of money that you can't declare & you never paid tax on. You build condos, shophouses townhouses - whatever. After you sell the real estate the money is "clean". You pay the taxes & you smile.

So just bring it into the country in your suitcase yeah?

[gk10002000]

Can only wonder if the booming condo development can keep going in Pattaya, freaks me out, seems there are hundreds of condos, many have very low occupancy rates, very hi-priced is my belief, yet there are fifty plus new projects in planning, pre-construction and building stages. These high-rise condos just keep popping up everywhere and are starting to hover. Some see coming a bubble burst in condos; wishing for a bust phase in the near future to get inflated prices down.

Finding or getting "New" money is quite an art, and all over the world in many countries there are people that have a knack for raising funds. They can sell the project and get investors. It is hard to imagine that the majority of all those newer condo constructions are making money for the original investors. And of course, if it is a non-thai company or person that puts up the money, it is hard for them to get adequate redress or manage the project.

[Thaifan2]

Found out more about this prodject from the ''Nation''

''LPN Development, the latest player in the Pattaya property market, recently launched its first condominium project outside the capital called Lumpini Condotown North Pattaya-Sukhumvit, which is worth a total of Bt1.2 billion. The project will have 1,500 units, starting at the price of Bt699,000 per unit.

The building kicks off at the end of this month.

The firm's managing director Opas Sripayak said LPN Development was focusing more on local demand instead of foreign buyers.

"We see strong demand from both residents in Pattaya as well as Bangkokians, who want to buy a second home," he said. ''

[Thaifan2]

Easy to buy. Difficult to rent year round. Difficult to find reliable tenants. Extremely difficult to resell. The obvious exception being the high end- good location units, but they are expensive.

I agree .The position of this new Condo complex is rather a long way from the beach to.Prices start at B700,000 but for a very small room of 22.5 sqm .

If i was buying again in Pattaya it would be way down on my list of desireable places.

Map

Edited May 5, 2011 by Thaifan2

[PattayaParent]

Found out more about this prodject from the ''Nation''

''LPN Development, the latest player in the Pattaya property market, recently launched its first condominium project outside the capital called Lumpini Condotown North Pattaya-Sukhumvit, which is worth a total of Bt1.2 billion. The project will have 1,500 units, starting at the price of Bt699,000 per unit.

The building kicks off at the end of this month.

The firm's managing director Opas Sripayak said LPN Development was focusing more on local demand instead of foreign buyers.

"We see strong demand from both residents in Pattaya as well as Bangkokians, who want to buy a second home," he said. ''

That explains why it was a full page ad in an English language newspaper then!

[Thaifan2]

^ good point !

[morphic]

So they are going to build 750 units, each one a cell of 22.5 m^2? And these are supposed to be homes or second homes? Maybe in fact these are supposed to be dormitories for low paid workers or perhaps they are actually building a prison?

How can anyone describe 22.5m^2 as a home, or even a second home? My living room is roughly 70 m^2. Thats okay for me. My kitchen is about 20 m^2. My main bedroom is 18 m^2 (not including its bathroom) and the others are, well, you get the picture.

I mean 22.5 m^2 really is tiny, its a small box and yet it will I suppose have to include a "bathroom" and kitchen area.

Pattaya is absolutely full of these monstrosities. If people are getting desperate enough to pay good money for micro cells then I would say there really must be a property bubble because it is only in property bubbles that developers can get away with this kind of thing.

In fact, if we were to argue that the height of the property boom is where the developers build the smallest conceivable units then is this the end of the bubble? After all, I don't see how it will be possible to make them any smaller. And if there isn't going to be any new way to persuade more and more people to come in and support the property Ponzi scheme then the property Ponzi scheme is going to collapse in on itself.

[Thaifan2]

>>So they are going to build 750 units, each one a cell of 22.5 m^2?<<

No the smallest units will be 22.5 sqm and the others 35sqm ( aprox ) .There will be two towers built of 32 floors and 750 units each so 1,500 units in total .

I can see the very small units appealing to people who spend a small amount of time in Pattaya per year and want a new build at the cheapest possible price .

It would be too easy to dismiss this construction but the builder has a good track record in Bangkok i believe . Still i think the location is strange ,and my thinking is that there are too many Condos already ( both built and being built ) .

[morphic]

>>So they are going to build 750 units, each one a cell of 22.5 m^2?<<

No the smallest units will be 22.5 sqm and the others 35sqm ( aprox ) .There will be two towers built of 32 floors and 750 units each so 1,500 units in total .

I can see the very small units appealing to people who spend a small amount of time in Pattaya per year and want a new build at the cheapest possible price .

It would be too easy to dismiss this construction but the builder has a good track record in Bangkok i believe . Still i think the location is strange ,and my thinking is that there are too many Condos already ( both built and being built ) .

OK, I stand corrected, so some will be large enough to fit in a bed and a sofa instead of just a bed.

But if you say this is aimed at people who don't spend much time in Pattaya then why would they want to buy a condo, surely it would be cheaper in the long run to just stay in a hotel?

[Thaifan2]

>>But if you say this is aimed at people who don't spend much time in Pattaya then why would they want to buy a condo, surely it would be cheaper in the long run to just stay in a hotel? <<

Some people dont like Hotels ,and like to have a permanent bolt hole .Also some where to store their personal things between trips .Although the larger unit is only 35 sqm aprox ,i am sure that they will also offer two units connected by a dividing door and sold as one apartment ,of 70 sqm or whatever .

[PattayaParent]

>>So they are going to build 750 units, each one a cell of 22.5 m^2?<<

No the smallest units will be 22.5 sqm and the others 35sqm ( aprox ) .There will be two towers built of 32 floors and 750 units each so 1,500 units in total .

I can see the very small units appealing to people who spend a small amount of time in Pattaya per year and want a new build at the cheapest possible price .

It would be too easy to dismiss this construction but the builder has a good track record in Bangkok i believe . Still i think the location is strange ,and my thinking is that there are too many Condos already ( both built and being built ) .

They're small so that they can be sold at a cheaper price and so maybe have some chance to get in some deposits to get it off the ground.

As for the track record of the builder whatever happened to Raimon Lands similar development The Lofts also marketed at the low / medium level of the condo market?

[dandare11]

>>So they are going to build 750 units, each one a cell of 22.5 m^2?<<

No the smallest units will be 22.5 sqm and the others 35sqm ( aprox ) .There will be two towers built of 32 floors and 750 units each so 1,500 units in total .

I can see the very small units appealing to people who spend a small amount of time in Pattaya per year and want a new build at the cheapest possible price .

It would be too easy to dismiss this construction but the builder has a good track record in Bangkok i believe . Still i think the location is strange ,and my thinking is that there are too many Condos already ( both built and being built ) .

There is a place indeed that is small in the general area of Jomtien and you have commented on it before. Basically if a television was installed in it ones head would be sticking through the door, the rest of the body hanging outside in the passageway The name escapes me,but I do know it has a bed hanging from a ledge half way up the wall, and needs a ladder to reach it.

If you would kindly direct me to the establishment I would be obliged.

Thanking You

[Thaifan2]

>>So they are going to build 750 units, each one a cell of 22.5 m^2?<<

No the smallest units will be 22.5 sqm and the others 35sqm ( aprox ) .There will be two towers built of 32 floors and 750 units each so 1,500 units in total .

I can see the very small units appealing to people who spend a small amount of time in Pattaya per year and want a new build at the cheapest possible price .

It would be too easy to dismiss this construction but the builder has a good track record in Bangkok i believe . Still i think the location is strange ,and my thinking is that there are too many Condos already ( both built and being built ) .

There is a place indeed that is small in the general area of Jomtien and you have commented on it before. Basically if a television was installed in it ones head would be sticking through the door, the rest of the body hanging outside in the passageway The name escapes me,but I do know it has a bed hanging from a ledge half way up the wall, and needs a ladder to reach it.

If you would kindly direct me to the establishment I would be obliged.

Thanking You

Depends what you are used to .I used to live in a bed-sit in London,which would make a new build even at 22.5 sqm seem like a palace ;-)

Japanese people are used to living in tiny apartments ,so it may appeal to them also .

As regards the place you refer to in Jomtien .Its out of my hands now but was 30 sqm with a hide away bed .The outside of the building has now been newly painted .The new owner is rightly chuffed .

[dandare11]

>>So they are going to build 750 units, each one a cell of 22.5 m^2?<<

No the smallest units will be 22.5 sqm and the others 35sqm ( aprox ) .There will be two towers built of 32 floors and 750 units each so 1,500 units in total .

I can see the very small units appealing to people who spend a small amount of time in Pattaya per year and want a new build at the cheapest possible price .

It would be too easy to dismiss this construction but the builder has a good track record in Bangkok i believe . Still i think the location is strange ,and my thinking is that there are too many Condos already ( both built and being built ) .

There is a place indeed that is small in the general area of Jomtien and you have commented on it before. Basically if a television was installed in it ones head would be sticking through the door, the rest of the body hanging outside in the passageway The name escapes me,but I do know it has a bed hanging from a ledge half way up the wall, and needs a ladder to reach it.

If you would kindly direct me to the establishment I would be obliged.

Thanking You

Depends what you are used to .I used to live in a bed-sit in London,which would make a new build even at 22.5 sqm seem like a palace ;-)

Japanese people are used to living in tiny apartments ,so it may appeal to them also .

As regards the place you refer to in Jomtien .Its out of my hands now but was 30 sqm with a hide away bed .The outside of the building has now been newly painted .The new owner is rightly chuffed .

No not your place (if it is the one we are on about) did you need a ladder to climb into bed ? is it sold? It was another establishment you were acclaiming some months ago,went by the name of Susan or something like.

Thanking You for your reponse

[Thaifan2]

>>No not your place (if it is the one we are on about) did you need a ladder to climb into bed ? is it sold? It was another establishment you were acclaiming some months ago,went by the name of Susan or something like.

Thanking You for your reponse <<

I think you mean the SS building ?

<snip>

Edited May 11, 2011 by soundman
English only please.

[FarangBuddha]

Can only wonder if the booming condo development can keep going in Pattaya, freaks me out, seems there are hundreds of condos, many have very low occupancy rates, very hi-priced is my belief, yet there are fifty plus new projects in planning, pre-construction and building stages. These high-rise condos just keep popping up everywhere and are starting to hover. Some see coming a bubble burst in condos; wishing for a bust phase in the near future to get inflated prices down.

I just wonder how Pattaya's infrastructure can keep up, especially water! Also, with all the new high-rises planned for the naklua and pratumnak hill areas will take away whatever scenic beauty Pattaya once had.

[surayu]

There is a place indeed that is small in the general area of Jomtien and you have commented on it before. Basically if a television was installed in it ones head would be sticking through the door, the rest of the body hanging outside in the passageway The name escapes me,but I do know it has a bed hanging from a ledge half way up the wall, and needs a ladder to reach it.

If you would kindly direct me to the establishment I would be obliged.

Thanking You

Mini Siam?

[surayu]

Found out more about this prodject from the ''Nation''

''LPN Development, the latest player in the Pattaya property market, recently launched its first condominium project outside the capital called Lumpini Condotown North Pattaya-Sukhumvit, which is worth a total of Bt1.2 billion. The project will have 1,500 units, starting at the price of Bt699,000 per unit.

The building kicks off at the end of this month.

The firm's managing director Opas Sripayak said LPN Development was focusing more on local demand instead of foreign buyers.

"We see strong demand from both residents in Pattaya as well as Bangkokians, who want to buy a second home," he said. ''

That explains why it was a full page ad in an English language newspaper then!

Ok, you just blasted up the super-secret disguised mission.

The rumors about it, are that those condo units were to be assigned only to the foreigner special forces based in Pattaya.

As you might have already noticed, people involved are always talking about "square meters" and never "cubic meters", do you know why? because those 22 square meters condo units will have a height of 50 cm each, so only the elite forces will be able to fully appreciate those state of the (urban guerrilla) art apartments.

I also heard the condo"yam" will have to drive in a yellow hummer during his patrols

[dandare11]

>>No not your place (if it is the one we are on about) did you need a ladder to climb into bed ? is it sold? It was another establishment you were acclaiming some months ago,went by the name of Susan or something like.

Thanking You for your reponse <<

I think you mean the SS building ?

..uber das ish habe genug besagt .

Yes this maybe it, I do remember a reference to the Fatherland being made about a development in Jomtien and being critically acclaiming it,this maybe the building. Are you an interested person in this development,and have a property there?

Regards and Thanking You

[Thaifan2]

>>Are you an interested person in this development,and have a property there?<<

I did look at the show apartment ,which they did make look very appealing along with some nice sexy totty giving a sales speal .

I decided against it though and bought at Park Lane ,which has been completed for a little over a year now .The SS building are not even finished yet ,( maybe they never will be ? )

[doggie888888]

Sure there must be a shortage of condos. Hence a 1000sqm penthouse (which is really a rather large condo after all) in Saranchol on Wongamat is on the market for thb 150,000,000 (that's one hundred and fifty million bahts). When you step out of your thb 150mil condo, be sure to not trip over cracked paths, piles of rubbish/dog shit or catch any diseases from the murky seawater that is smelly from seeping sewage pipes all along the beach. If you have visions of a nice beach, good luck if you can find it for it is so severely eroded that it almost entirely disappears at high tide, hence all the damaged and exposed pipes.

It's no coincidence there are MANY units for sale at Saranchol, when a few years ago, it was hard to come by even at a starting price of thb 25mil.

PS...I thought that particular penthouse was owned by a certain ex PM (or his family). If true, then it appears that even he, with his connections, cannot get any improvements done to Wongamat so I guess one needs to be extra cautious as to which direction the beach environment is going (hint: not up!) before purchasing.