Luxury condo in Nana/Asoke

[Nickjdj]

Hi everyone!

I was looking at investing in a property here in Bangkok, particularly the Asoke/Nana area as it is so central. I recently checked out Hyde Sukhumvit and was very impressed, but before i commit to anything i would really like some feedback from the BKK community before i put my life savings into something here. I've already read all the sticky's and know about all the horror stories that occur for farangs out here. 

 

Should i go for it? I would love to hear from a farang who already owns a condo at Hyde 13 or bought something similar!

 

Cheers

 

Nick

[trogers]

I would ask the following questions before investing:

 

What kind of people would be potential tenants? Long-term or short-term? A look at the immediate neighborhood and surroundings may be a guide.

 

What net rental yield would you like get, after deducting vacancy period between tenants, agency fees, common fees, and allowance for depreciation of furniture & fittings? How much competition for tenants for similar room size from Nana to Asoke?

 

Capital appreciation cannot start when the developer is still trying to sell his unsold stock.

 

 

 

[wordchild]

the developer has a very poor reputation and there are certainly some issues with the Hyde, e.g. Poor kitchen design and finish, the built in wardrobes not wide enough to hang a mans jacket, old design M and E and noisy air con system . I would not call it luxury more like upperish mid-range. 

Having said that there are some plus points, the location is pretty good and will look even better once the hotel is finished and the residents have direct access to sukhumvit  rather than via soi 13. Even better if they build the promised direct link to Nana BTS. And ,because it was a re-start of an older (failed) project , the condo layouts are somewhat more generous than you would get in some new projects.

 

Edited November 28, 2016 by wordchild

[trogers]

28 minutes ago, wordchild said:

the developer has a very poor reputation and there are certainly some issues with the Hyde, e.g. Poor kitchen design and finish, the built in wardrobes not wide enough to hang a mans jacket, old design M and E and noisy air con system . I would not call it luxury more like upperish mid-range. 

Having said that there are some plus points, the location is pretty good and will look even better once the hotel is finished and the residents have direct access to sukhumvit  rather than via soi 13. Even better if they build the promised direct link to Nana BTS. And ,because it was a re-start of an older (failed) project , the condo layouts are somewhat more generous than you would get in some new projects.

 

 

It would be a mixed development should there be also a hotel within the same piece of land.

 

Unless clearly spelled out in detail, a mixed development could likely end up with disputes between residents and the hotel owner over rights and financial responsibility on common areas. Diamond Pratunam project is a good example.

[wordchild]

I don't think that would be an issue with this project. There is a pretty clear separation between the two properties. There maybe issues such as access for the condo residents via the (hotel,s) Sukhumvit road entrance in the future. But even that I don't think will be an issue as the lower floors of the hotel will be a small shopping mall and so must have public access from Sukhumvit anyway (at least during operating hours).

   I do know exactly what you mean though. The same developer has another,older, project on soi 13, the Trendy building. And here I believe there has been some issues and conflicts between the owners of the commercial and residential units which in this case share the same building.

[blackcab]

One point of contention can be lift access. Does the condo block and the hotel have separate lifts?

 

If the lifts are shared then agreeing the usage/wear and tear is important.

[trogers]

37 minutes ago, blackcab said:

One point of contention can be lift access. Does the condo block and the hotel have separate lifts?

 

If the lifts are shared then agreeing the usage/wear and tear is important.

 

Elevators, carpark space, security services, pool and gym, utilities and maintenance of lights, roads and landscape...

 

Maintenance of building facades is also a big cost item. A hotel has an image to upkeep, while condo owners may well vote for less frequency on cleaning, etc...

[mcfish]

I have a friend at the Hyde. Its a good quality project but I believe it's a bit pricey but then again everything new in that area is. It's an outstanding location nearly half way between asoke and Nana bts and that area will continue to sky-rocket in the coming years. It's also an easy area to rent out again due to location

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[JB300]

Wow... average of > 200k per sqm & cheapest unit I can see is 5,400,000 for 30 sqm (smaller than a lot of hotel rooms!!!).

Having said that the same size unit is on for rent at 30,000 so assuming they get that it's a 1:180 return which is good (by way of comparison my house in the UK gets 1:300 & the condo I rent in Singapore is 1:500).

Anything under 1:200 is good in my books, though my (GFs) property in Davao gets 1:100.

[wordchild]

1 hour ago, trogers said:

 

Elevators, carpark space, security services, pool and gym, utilities and maintenance of lights, roads and landscape...

 

Maintenance of building facades is also a big cost item. A hotel has an image to upkeep, while condo owners may well vote for less frequency on cleaning, etc...

Not an issue for this project. Unlike Trendy the hotel and the condo are completely separate buildings on two distinct and separate land plots. I think there are other issues with the Hyde (mainly to do with quality of the finish) but conflicts with the hotel owners is not something I would worry about.

[wordchild]

24 minutes ago, JB300 said:

Wow... average of > 200k per sqm & cheapest unit I can see is 5,400,000 for 30 sqm (smaller than a lot of hotel rooms!!!).

Having said that the same size unit is on for rent at 30,000 so assuming they get that it's a 1:180 return which is good (by way of comparison my house in the UK gets 1:300 & the condo I rent in Singapore is 1:500).

Anything under 1:200 is good in my books, though my (GFs) property in Davao gets 1:100.
 

Zero chance of getting 30000 for 30sqm unit ,somebody dreaming;  more like 18000 if very well decorated!

i have 2 friends who are owner/landlords in that building,though their units are both somewhat larger than 30 sqm, and in both cases I act as keyholder and deal with the agents when needed,  I am fairly familiar with the achievable rents.

Edited November 29, 2016 by wordchild

[mcfish]

Zero chance of getting 30000 for 30sqm unit in that building, somebody dreaming;  more like 18000 if very well decorated!
i have 2 friends who are owner/landlords in that building, and in both cases I act as keyholder and deal with the agents,  I am fairly familiar with the achievable rents.

Dead wrong!! The trendy studios 35sqm are going for that in fact I have several long term friends there. And that building was a fraction of the price of Hyde

Don't talk BS and supply a link to your 18k LMAO!

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[JB300]

Either ways (above 2 posts) in my book I divide the monthly rent by cost of purchase & 1:200 or less looks good, 1:200 above not so good [emoji4]

18,000 would be 1:300 which to me is buy to live in rather than to make money from rental & I know from experience/experimenting (including an AirBnB 1 month stint in Trendy) that I need a minimum of 50sqm to feel at "home".

No disrespect to any of the guys who stay in a place smaller than that, but I've tried out various sizes & smaller than 50sqm has me going out much more (more or less every night) so is a false economy.

Edit: on AirBnB I paid 30k (plus some surcharges) for 1 month in Trendy in a Studio which was approx 30sqm...

Truth be told I only lasted 10 days (so it cost me > 3000 per night) then decided to leave, not 100% the room size (though it was hotel sized) more the noise in the building...

[mcfish]

Either ways (above 2 posts) in my book I divide the monthly rent by cost of purchase & 1:200 or less looks good, 1:200 above not so good [emoji4]


18,000 would be 1:300 which to me is buy to live in rather than to make money from rental & I know from experience/experimenting (including an AirBnB 1 month stint in Trendy) that I need a minimum of 50sqm to feel at "home".

No disrespect to any of the guys who stay in a place smaller than that, but I've tried out various sizes & smaller than 50sqm has me going out much more (more or less every night) so is a false economy.

How can it be false economy? The market sets the price, but don't go spreading misinformation since you just took a wild guess.

Nana BTS
250 meters
1-2-3
Bedrooms
28k-130k
Price range
2014
Year Built



The HYDE Sukhumvit 13 is a luxury condominium located in Sukhumvit Soi 13 between the Nana and Asoke BTS stations. The building opened its doors in 2014; there are two towers, tower A with 20 floors and tower B with 40 floors. In the building you can find studios, one bedrooms, two bedrooms, three bedrooms and junior penthouses. The rental prices for the studios start around 28,000 THB, the one bedrooms from 35,000 THb, two bedrooms from 65,000 THB and 3 bedrooms from 80,000 THB.

Around the HYDE Sukhumvit 13 you will find many restaurants and shops. There is a Villa Market Supermarket next door; it is about a 5 minute walk to the Nana BTS station and about 8 minutes to the Asoke BTS station where you can also find the Terminal 21 Shopping M

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[wordchild]

10 minutes ago, mcfish said:

Dead wrong!! The trendy studios 35sqm are going for that in fact I have several long term friends there. And that building was a fraction of the price of Hyde

Don't talk BS and supply a link to your 18k LMAO!

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Well all I can say is buy a unit and try to rent it out for a reasonable length of time to a quality tenant, you may change your view. 

[wordchild]

18 minutes ago, mcfish said:

 

How can it be false economy? The market sets the price, but don't go spreading misinformation since you just took a wild guess.

Nana BTS
250 meters
1-2-3
Bedrooms
28k-130k
Price range
2014
Year Built



The HYDE Sukhumvit 13 is a luxury condominium located in Sukhumvit Soi 13 between the Nana and Asoke BTS stations. The building opened its doors in 2014; there are two towers, tower A with 20 floors and tower B with 40 floors. In the building you can find studios, one bedrooms, two bedrooms, three bedrooms and junior penthouses. The rental prices for the studios start around 28,000 THB, the one bedrooms from 35,000 THb, two bedrooms from 65,000 THB and 3 bedrooms from 80,000 THB.

Around the HYDE Sukhumvit 13 you will find many restaurants and shops. There is a Villa Market Supermarket next door; it is about a 5 minute walk to the Nana BTS station and about 8 minutes to the Asoke BTS station where you can also find the Terminal 21 Shopping M

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This is just sales patter from some brochure, the quoted rents are just a compilation of agents wet dreams.

as I said above I have direct experience of what the real achievable rents are in this building, based on the two units I help look after, and also based on numerous conversations with agents. The daily rental market maybe different, but for a landlord looking for long term quality tenants, achievable rents are nothing close to those quoted above.

Edited November 29, 2016 by wordchild

[JB300]

How can it be false economy? The market sets the price, but don't go spreading misinformation since you just took a wild guess.

Nana BTS

250 meters

1-2-3

Bedrooms

28k-130k

Price range

2014

Year Built

The HYDE Sukhumvit 13 is a luxury condominium located in Sukhumvit Soi 13 between the Nana and Asoke BTS stations. The building opened its doors in 2014; there are two towers, tower A with 20 floors and tower B with 40 floors. In the building you can find studios, one bedrooms, two bedrooms, three bedrooms and junior penthouses. The rental prices for the studios start around 28,000 THB, the one bedrooms from 35,000 THb, two bedrooms from 65,000 THB and 3 bedrooms from 80,000 THB.

Around the HYDE Sukhumvit 13 you will find many restaurants and shops. There is a Villa Market Supermarket next door; it is about a 5 minute walk to the Nana BTS station and about 8 minutes to the Asoke BTS station where you can also find the Terminal 21 Shopping M

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Please reread my reply & you'll see that #to me# staying in a 30SQM studio is false economy because I feel like I'm being driven out of the place every night (15+ years of living out of hotels tends to do that for you).

So say that's an extra 2 nights a week at 2,000THB I go out(will be more like 4 as I'm happy to go out every other night if I'm happy with where I live), that's an extra 16,000 THB a month to spend on rent.

Ok, let's say I spend 500 THB on staying in so we'll call it an extra 12,000 THB to spend on rent.

Can you see now how (#to me#) it's a false economy living in a 30SQM studio?

[mcfish]

I just pointed out the misinformation being spread. TV is the king of real estate misinformation and this thread was heading that way the same as a million others lol.

I would say to the op DO NOT under any circumstances take advice here, why? 95% of expats are cheap renters because you can not get any finance here and how many of them have 10 million in the bank? 000.1% I would guess

The staggering jump in realestate in Bangkok in the last 5 years is mind blowing, that should give you a clue also google Bloomberg's Bangkok article from last week, it jumped from 19th place for investment in Asia to 8th in one year! I would trust Bloomberg compared to TV, hang on is that even a choice lol


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[JB300]

You actually quoted my post which implied (stated) that it was me that was spreading misinformation but apology accepted...

[mcfish]

This is just sales patter from some brochure, the quoted rents are just a compilation of agents wet dreams.
as I said above I have direct experience of what the real achievable rents are in this building, based on the two units I help look after, and also based on numerous conversations with agents. The daily rental market maybe different, but for a landlord looking for long term quality tenants, achievable rents are nothing close to those quoted above.

Sorry but that's complete BS you know nothing about the building and YOU never set foot in it
And you believe the sales patter from agents now? AS long as they are your agents BAHAHAHA!
Your a hypocrite

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[lkn]

2 hours ago, JB300 said:

Either ways (above 2 posts) in my book I divide the monthly rent by cost of purchase & 1:200 or less looks good, 1:200 above not so good

 

 

1:200×12 = 6% yearly revenue on your “investment” with 100% occupancy.

 

Deduct from that common area management fees, agent fees (unless you take care of that yourself), wear and tear, and of course lost income when the apartment is vacant.

 

So the actual yield might be closer to half of the above, i.e. 3%.

 

Of course a big unknown is the appreciation (or depreciation) of the condo itself.

 

The way I would go about it is to compare it with other forms of investments and compare the risk/return. For example it appears SCB currently gives 2.8% on a 1 year fixed deposit and the average return on stocks is 7%.

 

So ignoring condo appreciation/depreciation, it is a better investment than a fixed term deposit (but not by a lot), and worse than stocks (but my 7% is from the S&P 500, which is in USD).

[lkn]

There’s a list of condos for sale/rent at https://www.hipflat.co.th/en/bangkok/condo/hyde-sukhumvit

 

Starting price (rent) is ฿25,000 for a 31m². ฿30,000 will get you a 47m² unit (2 bedroom).

 

According to their data the achievable gross rental yield is 4.83%.

 

Though this may include Hyde 11, which would explain why some of the condos look different than the Hyde 13 condos I checked out on AirBnB. Though I would call none of what I saw luxurious.

[trogers]

I am more inclined on the type of tenants for that location, their length of stay, and their type of activities in the unit that affect wear and tear...?

[HampiK]

14 hours ago, mcfish said:

...95% of expats are cheap renters because you can not get any finance here and how many of them have 10 million in the bank? 000.1% I would guess

 

In general I think you are right... But I think there are more farangs who have 10 million baht in the account then you think. But maybe not a lot of them are writting here on TV.

But when I go into Kasikornbank many times I can find a farang who go into the Wisdom area... which needs some money on the account I was guessing it's more than 10 million... but not sure.

[blackcab]

You know someone has money when the bank manager visits them.

[jay1980]

On 28/11/2016 at 3:11 AM, Nickjdj said:

Hi everyone!

I was looking at investing in a property here in Bangkok, particularly the Asoke/Nana area as it is so central. I recently checked out Hyde Sukhumvit and was very impressed, but before i commit to anything i would really like some feedback from the BKK community before i put my life savings into something here. I've already read all the sticky's and know about all the horror stories that occur for farangs out here. 

 

Should i go for it? I would love to hear from a farang who already owns a condo at Hyde 13 or bought something similar!

 

Cheers

 

Nick

a good friend of mine owns a large160 sq/m condo on Asoke in an older building called 'Las Colinas'

 

I stay there often when I come to BKK and like the building alot, it is seems very solid and well run.

 

Before commiting to a newer build I would advise looking at some older established buildings

[trogers]

17 hours ago, jay1980 said:

a good friend of mine owns a large160 sq/m condo on Asoke in an older building called 'Las Colinas'

 

I stay there often when I come to BKK and like the building alot, it is seems very solid and well run.

 

Before commiting to a newer build I would advise looking at some older established buildings

 

The one next to Soi Cowboy?

[jay1980]

5 hours ago, trogers said:

 

The one next to Soi Cowboy?

yes, that is the one, also opposite Terminal.

 

 

[RobertPaul]

Hey,

I just registered to give an answer to the OP.

I don't own a condo at the Hyde but I live in one of them since 4 months now and what I can tell is that I'm not too happy about it. First of all, I pay 40.000 per month plus extras for supposedly 46 sqm, which would be fine for the location and amenities, but not when I consider the overall quality of the building.

For example:

- In my room, the aircon is making trouble and loud noises since day one. Technicians could not help.

- When I have a shower that stresses the water heater while the aircon is on, I get a power outage. It took about 8-10 visits of technicians already and is still not fixed

- The pool area is closed down for 6 week at the moment because of "lightning maintenance". In the last 2 weeks, I have not seen a single person working there

- The construction area next to the Hyde is quite noisy and the new building is throwing a huge shadow on the pool area from 11:30 onwards

- The water pressure in some of the sinks is frustrating

- simple/cheap flooring and kitchen

- single glassed windows (is this standard in Thailand?)

- My owner said that people here have to rent for 6 months+

 

On the other hand, the building looks quite impressive, has a nice lobby, friendly Thai staff (no english, except in the management office), a small gym and some rooms that nobody ever uses like karaoke, children play rooms and a super small sauna.

 

When I decided to stay in this building, there was more than 120 free condos in this property, so I think the owners have a hard time to find people to rent their rooms. However, none of them offered me a rent below 37.000 per month, because of which most of them remain empty.

 

So if I had to invest in a condo in Bangkok, I would definitely look for something else.

[trogers]

1 hour ago, RobertPaul said:

Hey,

I just registered to give an answer to the OP.

I don't own a condo at the Hyde but I live in one of them since 4 months now and what I can tell is that I'm not too happy about it. First of all, I pay 40.000 per month plus extras for supposedly 46 sqm, which would be fine for the location and amenities, but not when I consider the overall quality of the building.

For example:

- In my room, the aircon is making trouble and loud noises since day one. Technicians could not help.

- When I have a shower that stresses the water heater while the aircon is on, I get a power outage. It took about 8-10 visits of technicians already and is still not fixed

- The pool area is closed down for 6 week at the moment because of "lightning maintenance". In the last 2 weeks, I have not seen a single person working there

- The construction area next to the Hyde is quite noisy and the new building is throwing a huge shadow on the pool area from 11:30 onwards

- The water pressure in some of the sinks is frustrating

- simple/cheap flooring and kitchen

- single glassed windows (is this standard in Thailand?)

- My owner said that people here have to rent for 6 months+

 

On the other hand, the building looks quite impressive, has a nice lobby, friendly Thai staff (no english, except in the management office), a small gym and some rooms that nobody ever uses like karaoke, children play rooms and a super small sauna.

 

When I decided to stay in this building, there was more than 120 free condos in this property, so I think the owners have a hard time to find people to rent their rooms. However, none of them offered me a rent below 37.000 per month, because of which most of them remain empty.

 

So if I had to invest in a condo in Bangkok, I would definitely look for something else.

 

Shows the substantial difference between asking rent and actual market rent - resulting in high vacancy rate.

 

Net rental yield after factoring the high vacancy rate could well be below 50% of gross rental yield calculated from asking rent.