Coconuts Bar redevelopment

[Xmas]

I heard that three bars (side by side) in Jedrod road including Coconuts bar had been purchased and were scheduled for imminent redevelopment.

Does anyone know if this has commenced, and are we seeing the start of a renewal of the infamous bar area ?

[villagefarang]

Maybe someone has decided to redevelop them into a sports bar.

[DonaldBattles]

Perhaps it is to expand the exocit girls on Jet Yod.

[ChaangNoi]

Maybe someone has decided to redevelop them into a sports bar.

If so not by me. Not the area I would want to invest in.

However this news is interesting if true. Coconuts has been there for a fair amount.

[DonaldBattles]

Maybe someone has decided to redevelop them into a sports bar.

If so not by me. Not the area I would want to invest in.

However this news is interesting if true. Coconuts has been there for a fair amount.

The three buildings are being remodeled. The businesses will return and reopen when finished. They will finish one at a time and then allow the business including Coconuts to reopen. This information came from the manger of Coconuts.

Edited April 22, 2015 by DonaldBattles

[ChaangNoi]

That is good to know. I wonder what caused them to need to close all three at the same time.

[wowjudo]

Maybe someone has decided to redevelop them into a sports bar.

If so not by me. Not the area I would want to invest in.

However this news is interesting if true. Coconuts has been there for a fair amount.

anyone perhaps know the approximate value of the properties ( per townhouse building/bars) in soi jed yord ?

starting from those massage shops near the temple till the last few bars

[ChaangNoi]

I have heard some of the rents can be pretty high. 15,000 a month. I also heard that where Elephant bar was they are asking 25,000 a month but it is sitting empty. I do not know what they sell for but assuming a ROI in 10 years you could take a guess. 18 Million or so?

Edited May 5, 2015 by ChaangNoi

[Rimkok]

I have heard some of the rents can be pretty high. 15,000 a month. I also heard that where Elephant bar was they are asking 25,000 a month but it is sitting empty. I do not know what they sell for but assuming a ROI in 10 years you could take a guess. 18 Million or so?

18 million is way too much. Only worth 2 to 3 million.

[ChaangNoi]

I have heard some of the rents can be pretty high. 15,000 a month. I also heard that where Elephant bar was they are asking 25,000 a month but it is sitting empty. I do not know what they sell for but assuming a ROI in 10 years you could take a guess. 18 Million or so?

18 million is way too much. Only worth 2 to 3 million.

I would think so as well but try to find one in that area selling for anything close to that price.

[tom07]

Chaangnoi, was that just a wild guess, or do u have relevant experience, training, and education? If not, please notify yr dad of a need to uplift the allowance ASAP.

[ChaangNoi]

Chaangnoi, was that just a wild guess, or do u have relevant experience, training, and education?

It was was based on the price of rent the Thais are able to charge in the area. It is shockingly high.

[Xmas]

There were recently 3 properties for sale in one line opposite the entrance to the Wangcome hotel, the asking price was 30,000,000 Baht .

Some time ago the usual price for a single multi story shop house in the area was 3,000,000 to 4,000,000 for a basic property.

Recently I have heard some wild quotes bandied around for some buildings.

Rents can vary wildly, the usual rent for a basic block is around 10,000 Baht a month.

The bar strip may attract higher rents.

[ChaangNoi]

Yeah, it is crazy anymore. Not sure why. My guess of 18 Million does not seem that far off if the asking price was 30 Million.

[JAG]

You really would have to sell an awful lot of Chang to even get near to getting that money back.

[ChaangNoi]

You really would have to sell an awful lot of Chang to even get near to getting that money back.

Yeah, I can not understand it as tourist numbers are way down. It has to be speculation or someone knows something that the rest of us do not.

[villagefarang]

I suspect sometimes it is as simple as money laundering. That dynamic has been around as long as I can remember.

Some ventures seem to be more of an expensive hobby. We visited a very nice new spa in Chiang Rai recently and I think they will be lucky to cover expenses. The woman has done a very good job and we were very impressed with the place but I can’t see here ever getting a return on her investment.

Edited May 23, 2015 by villagefarang

[Anthony5]

I have heard some of the rents can be pretty high. 15,000 a month. I also heard that where Elephant bar was they are asking 25,000 a month but it is sitting empty. I do not know what they sell for but assuming a ROI in 10 years you could take a guess. 18 Million or so?

Excuse me but 18 Million would mean an ROI of 1000 years, not?

Edited May 23, 2015 by Anthony5

[ChaangNoi]

I have heard some of the rents can be pretty high. 15,000 a month. I also heard that where Elephant bar was they are asking 25,000 a month but it is sitting empty. I do not know what they sell for but assuming a ROI in 10 years you could take a guess. 18 Million or so?

Excuse me but 18 Million would mean an ROI of 1000 years, not?

Yes it would. But this is Thailand and that is normal. At least there is a ROI. Most people lose money.

[DonaldBattles]

The few girlie bars on the strip don't amount to much. The real estate is all owned by Thais many of which are laundering money.

I am seeing the transition of Chiang Rai by those young educated people who are moving here some of which are looking for a higher quality of life and better economic opportunities. The farangs that are here add very little to the economy.

Last night In Den Ha I went to a new place called 71 C. It is run by a young Thai man who finished his education in Australia and and saw an opportunity. His entire menu is in English on the wall. He sells no Thai food. He sells small and large racks of ribs with choice of 2 side dishes. He also sells fish and chips and prawns. Last night my friend and I were the only farangs there. The place was full of young Thai people but none over 40 years old. This is an example of how the economy here is changing.

[sceadugenga]

Thanks Don, I'll add his facebook page for a more complete description.

https://www.facebook.com/71celsius

[ChaangNoi]

I also highly recommend 71 C. I wish their beer selection was a bit larger but their pork ribs are great. I'm always happy for BBQ, even bad BBQ is still good.