D Condo Sign by SanSiri

[ChenMatt]

Can someone confirm how close is this condo to Central Festival? (looking for walking distance) I am keen on getting a unit but 50k/sqm seems pricey...

i am also skeptical about the building time = start july 14, end sep 15 for a 11 rai development with over 800 units.

[elektrified]

LOL I would be skeptical too. It will probably go bust. 800 units? They will never be able to sell numerous other buildings with less units than that before they even get started on the one you are talking about. Construction to start July 2014 and complete September 2015? Not a chance. And by then the bubble will most likely have burst and the units will become worth substantially less than they will be asking. The LAST thing we need around here is an 800 unit! tenement.

[jingjoke]

^ 'by then the bubble will most likely have burst...."

Been here over 20 years and have heard the same line almost every month during that time; have yet to experience this predicted Thai realty bubble.

Interestingly a recent article predicts the very opposite in CMai with folks from Bangkok allegedly moving to CMai. Doubt too that Bkk will experience a bubble based on those allegedly now departing the big city:

Condo and housing market surges in Chiang Mai - Pattaya Mail

http://www.pattayamail.com/property/condo-and-housing-market-surges-in-chiang-mai-31592

Excerpt:

…in 2012 Chiang Mai saw more than 50% growth in housing …a pace that has never been seen before. He credited this in part to the floods in Bangkok that saw many people purchase a second home in Chiang Mai as well as investment buyers. …total construction area … will double to 600,000sqm next year.

.... difficult to find good buildable land because of the influx of capital invested by the large companies….

… land prices in Chiang Mai have increased more than 100% in some locations such as the Nimmanhaemin Road and Super Highway, Chiang Mai - Lampang Road. For the past 4-5 years the price has been steady at around 20,000 baht per sq wah but this year the price is already 50,000-70,000 and up to 100,000 baht per sq wah. This has forced expansion along the Ring Road and development moving to the third ring road with more showrooms and big commercial buildings. Even here prices have risen from 5,000 baht per sq wah a few years ago to 20,000-30,000 baht per sq wah today.

… Within five years, the price of land in the city is expected to be much higher and there will be less land for gated communities. It is expected that more Chiang Mai people will live in condos and the average price of a unit will be in the region of 1.5 million baht.

After years of renting, including (gulp) a condo unit, we bought a house on a large lot about two years ago; and we're thankful we did, now seeing the price increases in comparable units in the area of north and east of Michok Plaza-new Lotus on Route 1001/ Route121(Outer Ring Road). Two years ago this area seemed off the beaten path although only 5-10km from San Dek Underpass-Thepanya Hospital-Central Festival. Now it's a delight to have so many facilities readily at hand without all the traffic congestion (yet?) of the inner city area.

[kalbo123]

Now the facts,

D-Condo, right next to central festival, will open this month. (so very good location)

Starting at 55.000 baht a sqm, is considered cheap for new apartments, if you compare it with a lot of other projects.

Sansiri is one of the largest construction companies of Thailand, with good management and planning.

Over 70% of this project sold already, the 2 bdr apartments are sold out already.

Building wil start in February next year.

Personal I think a good place to live, not very good as investment.

Goodluck.,

[ChenMatt]

kalbo 123, can I confirm where did you hear that building starts Feb 2014 as their website stated July 2014.

Also is 70% sold verified?

why do you think it is not good as investment? I plan to buy it as an investment only but sad to know that 2 bedrooms are sold.

Do you have any recommendations that are really really near to Central Festival? Say 5-10mins walking distance or 5 mins drive?

Thank you.

[ChenMatt]

guess im answering my own question here:

I called the sales office and here's the details:

started pre sales 1 Oct, currently 80% sold and all 2 bedrooms are sold out.

starting to build Feb 2014, expected completion April 2015

available units are from 1.6 - 2 mil baht.

Foreigners need to downpay 30% after contract signing whilst Thais downpay 12% in 14 installments.

I wonder how many people that bought are actually investors versus people staying.

80% of a 800+ unit development is 650 units sold in 25 working days = 26 units sold a day. WOW! The average prices are 60K per sqm and I read a property report that says town area properties were in the 20K range and double the last 2 years to 40K.

Not sure if this is a worthwhile investment versus buying a house. Any old timers care to comment please?