Vieng Ping Condo

[baywatch82]

Hi ! What are you thinking about Vieng Ping condo now ? Is it good investment to buy it now ?

It is a quite old building, but in excellent location. I think location is one of the best in Chiang Mai. Corner of Superhighway and Huaykaew Road, close to Nimman area.

Do you think Maya shopping centre next door will increase value of Condo there ?

It looks like people selling now because of construction noise and dust. But after all it will be finished it will be very convenient to live close to shopping centre with good shops and cinemas.

Also I have heard from management, that building will be repainted and swimming pool renovated after Maya construction will finish.

Also I am worried about big traffic and noise in that area after Maya opens.

Please do not give me advice : RENTING better than BUYING.

I want to buy and I am sure about it (but not decided what Condo), just want to hear your opinion about Viengping condo.

Do you think Maya mall next door will increase or decrease value of that Condo ?

Edited May 12, 2013 by baywatch82

[JomtienEats]

Yes, from what I saw the new Maya was drawing interest from the Kaad Suan Kaew end (Nakornping, Srithana) to the Nimman end (Hillside 4, Vieng Ping). There is some speculation that KSK may close, leaving only Maya in the area.

The location is central - great for getting to other locations . . . university, city, zoo, superhighway etc . . but there are relatively few amenities there within walking distance - so the Maya opening will change that equation. Parking and traffic is surely going to be an issue - make sure to secure parking rights in the building.

VP itself is right beside the construction though, and when viewing units, I found the noise to be unbearable - you'd want to wait 6 months before moving in. Check what the construction does to the view too - I think most of the structure is in place now so you'll have a much better idea of what your long term view is likely to be than you would have had 1 year ago.

[hellodolly]

Like has been said every thing will be handy when the new Mall opens.

The one reservation I would consider if I wanted to go some place that I could not walk to. What with the traffic being what it is now and no sign of it getting better. Of course if you don't own a vehicle you can take a tuck tuck or a songhtel and sit in the traffic in one of them. If you get a back unit traffic noise would not be a problem but the after noon sun could be hot if you get the street one you may or may not adjust to the traffic sound. Many people do.

Good luck on what ever decision you make.

Are they going to have a cinema in the new mall?

[roger1999]

I'm almost certain I heard that Maya will have a cinema. It's a great location in my view, but pedestrian bridges over Huay K. are needed and I do not know if they are planned.

[Greenside]

Maya has a multiplex cinema and I have no doubt that the development will have a positive effect on the values at Viengping in the medium term. There is a new condo block going up on the other side of the building (not directly next door) and it looks like small shops are beginning to fill the units opposite the Grand View Hotel - the 7-11 is relentlessly busy whenever I visit. I expect that whole little patch behind Viengping and next to Greenhill to improve a lot in the next few years.

[NancyL]

I, too, worry about the lack pedestrian access to the Maya mall. Not just across Huey Kaew, but also across Nimman/Superhighway. I fear it's going to be like Central Airport Plaza, which can be very tricky to approach by foot from, say, the Rim Ping supermarket.

As for song thaew access -- well, currently song thaews often don't want to go up Huey Kaew from the other side of the city during rush hours. They know they'll spend a long time at the Sirimanklajarn and Nimm. intersections. Traffic will just be worse once Maya opens.

Edited May 13, 2013 by NancyL

[hellodolly]

I, too, worry about the lack pedestrian access to the Maya mall. Not just across Huey Kaew, but also across Nimman/Superhighway. I fear it's going to be like Central Airport Plaza, which can be very tricky to approach by foot from, say, the Rim Ping supermarket.

As for song thaew access -- well, currently song thaews often don't want to go up Huey Kaew from the other side of the city during rush hours. They know they'll spend a long time at the Sirimanklajarn and Nimm. intersections. Traffic will just be worse once Maya opens.

Good points Nancy

The one factor that so far as I can see is that not only is Chiang Mai expats aging but so are the Thais and an over pass can be useless to them. I have no idea what the answer is but it is a shame to see new modern up to date malls going in with out giving consideration to the aging population.

[uptheos]

Are they going to have a cinema in the new mall?

Yup, then they can show Pee-mak-phra-kanong (which was actually quite good) on 10 screens, whilst you go and buy movies like Lincoln to watch on DVD.

[wjmark]

Another benefit to Vieng Ping is that the driving access is much much better than for Nimmenheman or Hillside 4 (Huey Keow). Even with a car, Huey Keow - Nimmenheman can pretty much be avoided completely (unless you are going up Nimmen, or have to go to Central.)

Being on the other side of Huey Keow has it's advantages - easy to get to from Superhighway. Lots of back routes that avoid the major congestion, and being on the walking side of Maya will be a treat.

Yes, as always, pedestrians have it rough. Getting across Rincome interesection (in any direction) is difficult on foot. That will probably not get better with Maya, although a few pedestrian overpasses would be pretty good. Even one - Maya across Huey Keow - would do it...

[Thighlander]

saw a top floor selling for 550K in 2006. I like it better than hillslide and hate riverdump.

[wjmark]

I have been planning to wait until Oct 2014 to sell my top floor, 2-room corner condo. I will expect it will bring 1.5m fairly easily then.

But from next week I will be in CM for two weeks (May 27 to June 9).

If someone wants to swing a quick deal, I will be reasonable...

It is a very nice space (64 meters, two WC's), and still has a good view over Maya!

PM me if interested...

Mark

[JomtienEats]

>It is a very nice space (64 meters, two WC's), and still has a good view over Maya!

Not in the market, but sounds reasonably priced already, with up to 2mil being asked for 45sqm in HS4 on more modest floors.

Also interesting to note in the area is that the large lot next to HS4 has just started to be cleared. I'm expecting a new park for the area.

Edited May 19, 2013 by JomtienEats

[WinnieTheKhwai]

I, too, worry about the lack pedestrian access to the Maya mall. Not just across Huey Kaew, but also across Nimman/Superhighway. I fear it's going to be like Central Airport Plaza, which can be very tricky to approach by foot from, say, the Rim Ping supermarket.

As for song thaew access -- well, currently song thaews often don't want to go up Huey Kaew from the other side of the city during rush hours. They know they'll spend a long time at the Sirimanklajarn and Nimm. intersections. Traffic will just be worse once Maya opens.

Good points Nancy

The one factor that so far as I can see is that not only is Chiang Mai expats aging but so are the Thais and an over pass can be useless to them. I have no idea what the answer is but it is a shame to see new modern up to date malls going in with out giving consideration to the aging population.

So put an escalator on the foot bridge. Easy enough; they do it a lot in places like Hong Kong, where 'walking' seems to be a mode of transport to give some thought when planning stuff.

[Thighlander]

Do you notice heavier than usual ac costs on the top floor?

[JomtienEats]

Also, best online source of information on Maya is their Facebook page -

https://www.facebook.com/maya.chiangmai

If you scroll down quite a bit, you can see pics of the design, and what's planned for the different floors.

[wjmark]

Do you notice heavier than usual ac costs on the top floor?

Not really. Being on the corner gives me a great cross breeze, and it is almost hotter in summer because the sun comes in the window, instead of coming straight down on the roof as it does in winter.

Also, I am on the government rate, so I rarely spend more than 1,600bt on electric total. Maybe if it is real hot, and I am in all day and don't open the windows at night, it might get up to 2,000bt

[baywatch82]

OK, I took the risk. I bought there already. Will see how it will go !

I heard that Hillsiade 4 have a good reason to complaint. They will have brand new condo in front of their windows, loosing mountain view !

[binjalin]

OK, I took the risk. I bought there already. Will see how it will go !

I heard that Hillsiade 4 have a good reason to complaint. They will have brand new condo in front of their windows, loosing mountain view !

yes better to sell out of hillside 4

[Thighlander]

OK, I took the risk. I bought there already. Will see how it will go !

I heard that Hillsiade 4 have a good reason to complaint. They will have brand new condo in front of their windows, loosing mountain view !

How much, how many sm? If you don't mind sharin'

[baywatch82]

>> How much, how many sm? If you don't mind sharin'

Sure.

I am fully aware that this is not a great investment. I have inspected about 25-30 condos (about 6-7 in Viangping) before I decided to buy this one.

This is not for rent. I will live there with my gf and future family I hope for long term.

This condo ticked all boxes for me : good location, mountain view, 2 bedrooms etc. I was looking for place where I can invite friends for small party or invite my overseas family for holiday in Thailand.

So condo is 80m2, 2 bedrooms, 2 bathrooms (with shower and toilet both), kitchenette, nice size living room. 2 balconies - 1 bigger from living room and 1 smaller from bedroom. Fully furnished and renovated. 12th floor. Balconies on Doi Suthep side, great mountain view. 2 aircons. Good location in the building (no neighbours on both sides).

Condo was listed for 3.150.000 baht, I bought it for 2.800.000. Not a great deal, but not too bad too. I just like this condo. I feel great in there.

Owner bought this condo 5 years ago for 1.6mln.

Currently I am looking for second one, which will be for investment, and for sure I will look under different categories.

[JomtienEats]

So condo is 80m2, 2 bedrooms, 2 bathrooms (with shower and toilet both), kitchenette, nice size living room. 2 balconies - 1 bigger from living room and 1 smaller from bedroom. Fully furnished and renovated. 12th floor. Balconies on Doi Suthep side, great mountain view. 2 aircons. Good location in the building (no neighbours on both sides).

Condo was listed for 3.150.000 baht, I bought it for 2.800.000. Not a great deal, but not too bad too. I just like this condo. I feel great in there.

Sounds like a pretty good deal to me. I think Thai's overvalue the brand-new and hence undervalue 'used' buildings. But, I notice investors tend to be looking for good value units in these older, established buildings . . . exactly what you've got. I'd say you've good investment there as well as a place to live.

[SDH]

555555 Come on, have you seen this place, do you know anything about structural engineering? If you don't maybe have someone that does have a gander......

[baywatch82]

555555 Come on, have you seen this place, do you know anything about structural engineering? If you don't maybe have someone that does have a gander......

Please explain

[NigelKennedy]

What does SDH know that we don't. My view,for what it is worth,is that Vieng Ping will increase in value once Maya complete. A good investment as Gale Tong and PP were a few years ago.

[Thighlander]

Even if it is going to be soley owner occupied, it still makes sense to look at the ratios. Ideally, you want to be able to rent it out for 1%, per month of the purchase price. Look for the yields, and the appreciation will take care of itself.

[binjalin]

What does SDH know that we don't. My view,for what it is worth,is that Vieng Ping will increase in value once Maya complete. A good investment as Gale Tong and PP were a few years ago.

now that IS funny... Galae Thong? yes 7 years ago - PP is a horrible place with cheap low end condos for 250 unrenovated 450 renovated ok for cheap skates but worst location of them all

VP is going nowhere - things to check:

1. management

2. accounts - how much is owed

3. committee

etc. etc.

Edited June 1, 2013 by binjalin

[NigelKennedy]

Hello Binjalin

Yes maybe I was giving the wrong impression, basically we like a minimum 10% yield on buying and renting out condos in CM. It is used as some extra income so basically we do not let emotion get in the way. Yes PP is out a bit

but you pay accordingly and they can return 10/12%. They are handy for teachers who do not have the finances to stay in Rimping or Floral. We still believe some of the older condos are a good buy if you find a motivated seller, give it a nice lick of paint get it rented and collect the money. We do not live in them but you can still get good returns from PP,City View,Vieng Ping,Riverside etc.

[binjalin]

Hello Binjalin

Yes maybe I was giving the wrong impression, basically we like a minimum 10% yield on buying and renting out condos in CM. It is used as some extra income so basically we do not let emotion get in the way. Yes PP is out a bit

but you pay accordingly and they can return 10/12%. They are handy for teachers who do not have the finances to stay in Rimping or Floral. We still believe some of the older condos are a good buy if you find a motivated seller, give it a nice lick of paint get it rented and collect the money. We do not live in them but you can still get good returns from PP,City View,Vieng Ping,Riverside etc.

Hi - yes of course you are right but the rentals are so low for me it's not worth the trouble at PP and it is a very poor location and building. I too have rentals but prefer to stick at the 15,000+ rooms. Cityview is poor in my view (great location) but ongoing problems with the pool, lifts, committee etc. good luck anyway

[heybruce]

Even if it is going to be soley owner occupied, it still makes sense to look at the ratios. Ideally, you want to be able to rent it out for 1%, per month of the purchase price. Look for the yields, and the appreciation will take care of itself.

So these new four to six million baht condos would have to rent at 40,000 to 60,000 baht a month. For people willing to pay that, the line forms near the Psychiatric Hospital on Suthap.

[NigelKennedy]

Hello Heybruce

I think what Highlander said was "ideally" a 1% monthly return. This is achievable but not with a lot of the new build condos. It is the same with BTL in the UK , London and the South East difficult to get more than 3 to 4 % but if you buy in the North you can achieve 10 to 12 %. Chiang Mai is a good place for BTL provided you buy at a discount

do enough due diligence and avoid voids. I think if you keep cash in the bank then you need to join the queue for the Psychiatric Hospital.