Supalai Monte @ Viang Chiang Mai

[ShopBoy]

need opinions on this development Supalai Monte @ Viang Chiang Mai from you locals here in CNX

do you think it's worth buying for investment ?

[hellodolly]

I think that there is so many new condo's going up that it will be a long time before you could realize a profit in it.

Going to be the same with Malls once all the proposed once are ready for opening.

[ShopBoy]

do you think the location is good hello dolly ? better than most of the condo's that is on sale now ?

[cmsally]

Should be fun when the next earthquake strikes!

[MESmith]

Handy for the bus station

[tigerbeer]

excellent location. Near Star avenue where a Rimping supermarket is being built. Walking distance to the under construction Central Festival site. Near to ChiangMai business park area (BigCextra). Close to the bus station. Located right at Superhighway. However on frontage road and might be a traffic problem since its really close to the intersection. potential for capital gain. Its a winner! But its going to take 3 years before you get your keys and somewhat pricey for Chiang mai standards some people might feel. Other new condo projects aren't cheap as well.

A mcdonalds as well really closeby!

There is another project really close to it worth exploring in case you are interested is Punna Oasis Project.

[WinnieTheKhwai]

excellent location. Near Star avenue where a Rimping supermarket is being built.

Right, so that puts it way out on the superhighway ringroad. Not bad to get land or a house, but condominiums I would favor more in a true downtown area.

Remember what happened to other condos in the area, like RS Land.

I'd much rather look at a more low-rise development closer to the old town / river area. Even the big condo being built on Chang Klan road looks like a better bet.

Edited November 5, 2012 by WinnieTheKhwai

[ShopBoy]

excellent location. Near Star avenue where a Rimping supermarket is being built.

Right, so that puts it way out on the superhighway ringroad. Not bad to get land or a house, but condominiums I would favor more in a true downtown area.

Remember what happened to other condos in the area, like RS Land.

I'd much rather look at a more low-rise development closer to the old town / river area. Even the big condo being built on Chang Klan road looks like a better bet.

You are quite right WTK but people are queuing up overnight to own a piece of this. It's snap up on the first day of pre sales. Maybe the cheaper units are being snap up will see again on the 9th.

Edited November 5, 2012 by ShopBoy

[MESmith]

but people are queuing up overnight to own a piece of this. It's snap up on the first day of pre sales.

The bubble inflates a little bit more........

[femi fan]

If it's going to be a building that high, then i hope everybody fails with their investments. I hope people with their greed buy up rooms and fail to rent them out. I hope the whole thing fails. Chiang Mai is being turned into a developers' playground, and greedy citizens are perpetuating the problems.

Just call the town Bangkok2.

And if the financial rug is swept from the world in the next year or so then we're going to have a lot of half-built buildings and tall condos just like in bangkok back in 97/98.

The whole ruination of things on this scale is based on the greed of the developers and the greed of those wanting to make some profit out of the destruction of the environment. Humans never learn.

[elektrified]

but people are queuing up overnight to own a piece of this. It's snap up on the first day of pre sales.

The bubble inflates a little bit more........

Indeed and if 'ShopBoy' believes what he is told then I have a bridge to sell him. LOL queuing up overnight to own a piece of 'this'...

[elektrified]

If it's going to be a building that high, then i hope everybody fails with their investments. I hope people with their greed buy up rooms and fail to rent them out. I hope the whole thing fails. Chiang Mai is being turned into a developers' playground, and greedy citizens are perpetuating the problems.

Just call the town Bangkok2.

And if the financial rug is swept from the world in the next year or so then we're going to have a lot of half-built buildings and tall condos just like in bangkok back in 97/98.

The whole ruination of things on this scale is based on the greed of the developers and the greed of those wanting to make some profit out of the destruction of the environment. Humans never learn.

I have to agree - somewhat.

[mcgriffith]

I also tend to agree somewhat.

This is not simple organic growth, to meet a need for new housing for locals and BKK people who want a second home in CM.

To me it is a sort of "build it, and they will come".

I think a lot of the developers see materials costs (steel, cement, etc.) going up, so they are taking a long term view and throwing up these buildings at a crazy pace, hoping the risk they take (with limited occupancy/purchases) will eventually pan out.

There seems to be a speculative element to all of this.

[ShopBoy]

seems like gotta give this a miss

[WinnieTheKhwai]

excellent location. Near Star avenue where a Rimping supermarket is being built. Walking distance to the under construction Central Festival site.

Walking... right. Good luck crossing the superhighway there.

[kalbo123]

I have been to their office yesterday, just for information and prices.

SOLD OUT! in 1 day!

I asked them then why keep the office open?

They took my name and said they will start a new project soon.

prices where from 1.3m-7m baht.

[TommoPhysicist]

Condos in CM are not a good investment.

They might be OK as a place to live, but you will never make money from it.

[elektrified]

I have been to their office yesterday, just for information and prices.

SOLD OUT! in 1 day!

I asked them then why keep the office open?

They took my name and said they will start a new project soon.

prices where from 1.3m-7m baht.

Rubbish! Marketing hype.

[taurusguy]

Just so you guys know, all the units in the condo has indeed been sold out. All that is available at the moment are units being sold by the first owner themselves who tries to make a small profit. Call it a panic buy or whatever, but you don't have to be smart to see that Chiangmai is currently booming. I myself owned a few units at Supalai and i know first hand how well it sell a month ago.

[hellodolly]

I also tend to agree somewhat.

This is not simple organic growth, to meet a need for new housing for locals and BKK people who want a second home in CM.

To me it is a sort of "build it, and they will come".

I think a lot of the developers see materials costs (steel, cement, etc.) going up, so they are taking a long term view and throwing up these buildings at a crazy pace, hoping the risk they take (with limited occupancy/purchases) will eventually pan out.

There seems to be a speculative element to all of this.

Also agree some what but I do not wish for people to lose money.

The building looks tall because it is in an area of low buildings. 22 stories is the building limit in Chiang Mai.

It was not exactly worded but I was lead to believe it would be 3 years to completion.

Even if it was a one year completion date I would be leery. It would not be the first project to come in long after the completion date you were given before you bought it.

Also who knows what will become available in three years. Might make this project look run down.

Edited December 1, 2012 by hellodolly

[Rancid]

Yeah, as i posted before Shine also sold out, but now well progressed. Couple of issues here, how long will the mania phase (selling this fast is definitely mania and there will be flippers in there) of this current bubble last? Maybe quite a while but I have doubts it at the actual state of the world economy. As I believe we are in that phase will the develper go under if it finishes or not? Just as a reminder many bargains were to be had from banks owning Riverside, Galae Tong etc which all got caught in the last big crash. As i understand it escroe accounts are now available in Thailand under new laws introduced, it is being offerred or do the developers simply say thanks for the money and all have new Mercedes?

[Jobo]

A bubble in the making. Be fearful when others are greedy (now) and greedy when others are fearful (soon/later)!

[ShopBoy]

5 years ago it was bubble... now it's still bubble

[MESmith]

5 years ago it was bubble... now it's still bubble

One thing always certain, bubbles ALWAYS burst.

[elektrified]

If it's true that it sold like that (which I don't believe), I suspect a lot of people are going to lose their deposit money 100%. The bubble is about to burst. Look what is happening in the world economies. Germany, the old stalwart, is heading into recession. Japan? Things look as bad as ever. The double-dip is here. Only the developers will win on this one.