Trying to make sense of the condo building boom

[Delight]

It has been suggested to me that when a particular event occurs in Thailand (an event so sensitive that I cannot refer to it directly), then post this event gambling will be legalised.

The aim being to make cities such as Pattaya -the Macau of Thailand.

The new construction of condos is in preparation for that change.

If so then all the new condo construction makes sense.

Another pointer is the building of a marina in Pattaya

The design being such that only yachts etc. can use it

Does anybody think that this suggestion has validity?

[trogers]

I had always thought that living in Pattaya City is already a big gamble...

[worgeordie]

When that happens there is going to be a lot more to worry about

than just gambling.

regards Worgeordie

[blackcab]

I think the suggestion might eventually have validity, but your method of getting there is completely wrong.

If you've been in the casinos in Macau, you will recognise that they are giant, purpose built resorts that look nothing like your average condo building.

Casinos are essentially large format hotels with specialist function rooms. Also look at Macau. The casinos are in the middle of nowhere and they bus in the punters from the ferry port with Hong Kong.

There is no way a casino is going to want to let it's customers leave the facility and spend money elsewhere. That's not how the game is played.

Don't look at congested locations such as Pattaya with poor national and international transport links that also have other attractions nearby.

Look for large, open and unbuilt pieces of land close to excellent transport connections that are in the middle of nowhere.

Owned by a Bureau that can not be named.

[KittenKong]

Most Thais seem to be addicted to gambling even when it is illegal and punished (occasionally). I dread to think what they would be like if it was legal.

I dont think that the condo building boom has anything to do with that though. I think they build and buy them for exactly the same reasons that the Chinese built/bought all those ghost condo cities: nothing better to do with the money and not enough sense to see through the marketing, all fuelled with a good dose of greed.

[bikerlou47]

I khao yai it is crazy.. No sense they will be ghost buildings! 1997 all over again!

[PT4]

1.) Singapore is trying exactly what the OP suggests: lots of condos, a marina, and casinos. How is it working out there?

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​2.) Besides Singapore, there is also, as mentioned above, Macau. Is there a large enough market in this corner of the world for a third gambling destination?

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​3.) I, too, am puzzled by the condo building boom in the midst of the high vacancy rate. Perhaps the OP has the answer for Pattaya. But would that explain the condo building boom in Bangkok? ?

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Edited March 7, 2016 by PT4

[KittenKong]

1.) Singapore is trying exactly what the OP suggests: lots of condos, a marina, and casinos. How is it working out there?

Singapore is quite different to Thailand.

Singapore = many people earning quite high wages on a tiny island with no space.

Thailand = many people earning relatively little in a big country with masses of empty space.

[trogers]

1.) Singapore is trying exactly what the OP suggests: lots of condos, a marina, and casinos. How is it working out there?

​

​2.) Besides Singapore, there is also, as mentioned above, Macau. Is there a large enough market in this corner of the world for a third gambling destination?

​

​3.) I, too, am puzzled by the condo building boom in the midst of the high vacancy rate. Perhaps the OP has the answer for Pattaya. But would that explain the condo building boom in Bangkok? ?

​

​

The building boom in Bangkok is different. It is a city with a growing population but not growing roadways. The masses will depend on the mass transit system to enjoy a comfortable standard of living without wasting hours in a car or bus each day.

And in that struggle for transportation , foreigners and rich Thais would prefer locations nearer to the CBD, but in areas with life after dark.

Edited March 8, 2016 by trogers

[Langsuan Man]

The building boom in Pattaya / Jomtien is fueled by the excessive amount of cash that is floating around

With record low interest rates, most Thais with cash will put it into a condo because they have to do something with it, especially if it isn't really all that clean

Rumors of Casino gambling is just a red herring

[JMWPACIFIC]

I think the suggestion might eventually have validity, but your method of getting there is completely wrong.

If you've been in the casinos in Macau, you will recognise that they are giant, purpose built resorts that look nothing like your average condo building.

Casinos are essentially large format hotels with specialist function rooms. Also look at Macau. The casinos are in the middle of nowhere and they bus in the punters from the ferry port with Hong Kong.

There is no way a casino is going to want to let it's customers leave the facility and spend money elsewhere. That's not how the game is played.

Don't look at congested locations such as Pattaya with poor national and international transport links that also have other attractions nearby.

Look for large, open and unbuilt pieces of land close to excellent transport connections that are in the middle of nowhere.

Owned by a Bureau that can not be named.

It is rumored there is already a space with a ready-to-go casino in the subground level around the Naklua area. This will be somewhat like Atlantic City, as compared to LV, where the low level, can't afford to gamble people will go.

[trogers]

I think the suggestion might eventually have validity, but your method of getting there is completely wrong.

If you've been in the casinos in Macau, you will recognise that they are giant, purpose built resorts that look nothing like your average condo building.

Casinos are essentially large format hotels with specialist function rooms. Also look at Macau. The casinos are in the middle of nowhere and they bus in the punters from the ferry port with Hong Kong.

There is no way a casino is going to want to let it's customers leave the facility and spend money elsewhere. That's not how the game is played.

Don't look at congested locations such as Pattaya with poor national and international transport links that also have other attractions nearby.

Look for large, open and unbuilt pieces of land close to excellent transport connections that are in the middle of nowhere.

Owned by a Bureau that can not be named.

It is rumored there is already a space with a ready-to-go casino in the subground level around the Naklua area. This will be somewhat like Atlantic City, as compared to LV, where the low level, can't afford to gamble people will go.

Seems the appropriate gangs have already set root there, with the recent shooting incident...

[lonewolf99]

I personally know a lady that is here already selling Condos, Apartments and houses to the Chinese.

The big problem is that the Chinese government do not want money to leave China. They have recently set a limit of 50,000 U.S. per person.

A husband and wife could take 100,000. enough to easily buy here.

They will only have them as holiday homes I doubt that they will come and settle like western home buyers here.

They see it as an investment that they cannot have back in China. The Chinese government will only let them have a 70 year lease on an apartment. So you can barely pass it onto your grandchildren. Then the property goes back to the Gov. again.

The Chinese wrecked and are still wrecking the Australian property market you can read on these links below.

What I cannot understand is places like Australia, the UK and the USA just let foreigners buy property with no real thought to the process.

People from the UK cannot just buy a place here in LoS and truly own it like you would back home.

I am sure I cannot buy an apartment in Singapore but someone from there with enough money can buy all of Basingstoke if they wanted to.

I truly believe that property / company / Visa regulations should be reciprical. i.e. Thais cannot buy a home in the UK without me being 51% owner of their company....fares fare no ????

http://fortune.com/2015/11/19/australia-just-stopped-china-buying-a-farm-the-size-of-kentucky/

http://www.news.com.au/finance/real-estate/buying/chinese-property-investment-through-the-roof-what-it-really-means/news-story/ba6df0a7bcdcae773677d72a4545a41d

Edited March 8, 2016 by lonewolf99

[kingalfred]

One bedroom condos in Bangkok CBD for 15-20 million baht. Whose the most stupid, the sellers or potential buyers?

[blackcab]

One bedroom condos in Bangkok CBD for 15-20 million baht. Whose the most stupid, the sellers or potential buyers?

The person that buys in Basingstoke.

[kingalfred]

One bedroom condos in Bangkok CBD for 15-20 million baht. Whose the most stupid, the sellers or potential buyers?

The person that buys in Basingstoke.

or the person who pays or borrows 15million and will be a wreck when the property bubble bursts in Bang

[theguyfromanotherforum]

So, I was totally bored and went around Rama IX window shopping. I have some extra cash I need to put somewhere and, of course, I had this I wanna buy a condo moment I get every month and then give up because I see yet another facebook post in hiso building with window and aircon leaks that completely destroys the insides of the condo.

Anyhoo, I see a new Condolette by Pruksa on Rama IX advertised for 3.6 million. I go inside and ask how big is the unit. It's a studio - 22sqm . So, it turns out it costs more per sqm than my downtown condo in Toronto. Ridiculous.

[lonewolf99]

It is all part of a big pissin contest... who can do it higher up the wall than the next...In a 22 sq mtr studio you can stand in the middle and fire it into all four corners....

[mcfish]

One reason is thailand is still cheap compared to say Singapore, Hong Kong and a far more desirable location. I sold a condo to a Japanese guy who just wanted a place to keep his favorite girl. Lots of that going on along with frequent visitors investing in a studio rather than blown money on hotels

However the insane price increase in price per sqm especially in bangkok may slow things down but no sign of it yet..

Sent from my SC-01D using Tapatalk

[trogers]

One reason is thailand is still cheap compared to say Singapore, Hong Kong and a far more desirable location. I sold a condo to a Japanese guy who just wanted a place to keep his favorite girl. Lots of that going on along with frequent visitors investing in a studio rather than blown money on hotels

However the insane price increase in price per sqm especially in bangkok may slow things down but no sign of it yet..

Sent from my SC-01D using Tapatalk

Things will only slow down when the financial institutions get burnt. Most of that 51% have to be bought through a mortgage.

[trogers]

So, I was totally bored and went around Rama IX window shopping. I have some extra cash I need to put somewhere and, of course, I had this I wanna buy a condo moment I get every month and then give up because I see yet another facebook post in hiso building with window and aircon leaks that completely destroys the insides of the condo.

Anyhoo, I see a new Condolette by Pruksa on Rama IX advertised for 3.6 million. I go inside and ask how big is the unit. It's a studio - 22sqm . So, it turns out it costs more per sqm than my downtown condo in Toronto. Ridiculous.

Rama IX would not be covered by snow 4 months of a year...?

[theguyfromanotherforum]

So, I was totally bored and went around Rama IX window shopping. I have some extra cash I need to put somewhere and, of course, I had this I wanna buy a condo moment I get every month and then give up because I see yet another facebook post in hiso building with window and aircon leaks that completely destroys the insides of the condo.

Anyhoo, I see a new Condolette by Pruksa on Rama IX advertised for 3.6 million. I go inside and ask how big is the unit. It's a studio - 22sqm . So, it turns out it costs more per sqm than my downtown condo in Toronto. Ridiculous.

Rama IX would not be covered by snow 4 months of a year...?

But it's covered by smog 12 months a year.

[trogers]

So, I was totally bored and went around Rama IX window shopping. I have some extra cash I need to put somewhere and, of course, I had this I wanna buy a condo moment I get every month and then give up because I see yet another facebook post in hiso building with window and aircon leaks that completely destroys the insides of the condo.

Anyhoo, I see a new Condolette by Pruksa on Rama IX advertised for 3.6 million. I go inside and ask how big is the unit. It's a studio - 22sqm . So, it turns out it costs more per sqm than my downtown condo in Toronto. Ridiculous.

Rama IX would not be covered by snow 4 months of a year...?

But it's covered by smog 12 months a year.

That's why this area is a hit among Mainland Chinese...the feeling of home.