New Condo Developments In Bangkok

[shochu]

Greetings forum members,

This will be my first post so don't beat me down too hard,

I would like to ask you forum veterans and expats or locals living in and around Bangkok what you guys know and think about the new mid-range developments going up in and around the city - in particular - on soi 77 off suk (Oh Nut Road) - by ARREYA - their aSPACE condo. These condo's are going for about 1.5 million baht. They are styled as the place where you just bring your clothes. They include everything you need.

At first I was quite happy to have bought it - as anyone who purchases something, but then when I started doing some research, i found that they had said air-con in one publication, but then they said it would not be included when I sat down with them to buy a place. And their brochure says hardwood floors but I find out that it will be lino floors. Also, they are not good at returning emails, so I am left with many questions. Although they did call me once after some time.

I bought one of these places on a whim, partly because I come to Bangkok often - a few times a year, probably spend a few grand on hotels every year and am getting tired of hotels. I don't plan on renting it out, will probably only use it for a few months a year. I would be happy if one day I could sell it for cost taking into consideration inflation. Who knows when I will sell it, in a year, or after many years.

Now the concerns I have are:

1) I have heard expats say they have come to their place to find someone was living there while they were in their home country. What is the possibilty of this happening. Is this common. Can the building management enter your place with a possible spare key?

2) Are these new developemnts getting better?

3) Do you know of this company Arreya and what is their reputation? and What do you guys think of their new developement that will begin construction in January 2007 and finish in September 2008?

4) Should I get a lawyer to look this over, or are these new condo sales fairly straight forward? The reason I ask this is because this is not a lot of money here - about $40,000US and I compare it to buying a car - where I would not get a lawyer - but PLEASE correct me if I am wrong on this assumption. As a note - I saw many people just signing away, even some foreigners/expats as if this was business as usual within a few minutes of pondering. I believe they were almost all sold out after a four day event. I could be wrong.

And

5) Can anyone tell me where these new planned BTS or Metro routes will be? I already know about the extensions, but they are saying 6 new lines are in the works. Are they still going ahead or are they now on hold?

Any help in answering these questions would be greatly appreciated, and I appologise for so many questions. I have perused this site and others and can not find any answers so I rely on you Bangkok experts to help me out.

Thanks guys!

[backflip]

"I have heard expats say they have come to their place to find someone was living there while they were in their home country. "

Please provide the specific reference for this statement.

The first thing you should do when you move into your condo is to change the locks. It's both cheap and easy to do.

[lkm]

1) I think you just have to worry about the thief instead of the management company.

2) I they are good!

3) These company was big, but one thing this project is not own by Arreya, it just managment by Arreya! January 2007 and finish in September 2008, in Thailand that is normal and normally it will be late too. Again that is normal in Thailand.

4) I don't think you need a lawyer. In Thailand you don't need a lawyer to do the closing, the land department doing everything for you, but of course you can hire one, if it make you feel better.

5)The ture is No one in this world can tell you. This is Thailand

PS: Totally Aspace have 1500 units and was sold out 99.9%. And now they have a new project in another location. You are not the only one!!!! Me too I got 3 units Don't have to worry too much

[Moonfruit]

Im not a big fan of Areeya, though as said above its only managed by them. Maybe that good, or maybe bad.

I checked out their townhouse development further along On nut Rd, and was dismayed by the quality of the work (i have been dismayed by the quality of work in all the developments i have looked at though, aprt from Sansiri!). I actually took the sales girl through the house pointing out all the flaws (sp?) and she ended up asking me for a job!

Having said that, a friend of mine (thai) has bought at aSpace, and has the same idea as you. Its not a great deal of money, so for a place to crash its probably a good idea. Theres not a chance of them having hardwood floors at that price though. The best you can hope for is laminate, and i also thought that air con was included. Push for it and i think you will get it.

Best of luck.

[shochu]

Thanks for the reply guys. I think you guys have confirmed my thoughts about the project and things in general in Thailand. I am not too worried about this project - will just wait and see how things pan out and will take it from there. Will try and get my air-con.

This project seems a good jaunt from the BTS. More than I expected. Hope there is good service back and forth from Sukhumvit via tuk tuk.

"I have heard expats say they have come to their place to find someone was living there while they were in their home country. "

This comment was from one of the Thai forums - possibly this forum - from an expat married to a Thai lady and he had said this was not an isolated case, but I can not be sure about the specifics. If I can I will try to find it. This was all the info the person provided, and I am going off of memory. I'm sure some people have bad experiences so maybe this is just someone venting.

1km

You got 3 units. Are you planning on selling them, or renting them out?

I thought about getting another unit but I wiould like to see how this one pans out first. I am quir\te interested in their Asok project since it seems to be closer to everything.

And, do you, or anyone else know what percentage of foreigners bought in - is it mostly Thai?

Does anyone know anything about some of the other projects such as Supalai or LPN?

[bluedragon]

Hi, I think it would be helpful if people could post webpage links to these new condo projects.

Regards, BD

[The Skipper]

Stay away from cheap developements if possible.

I was in a place yesterday and most don't have air-con so the doors are open with a dozen different TVs and Radios playing, kids screaming down the hallway on bikes, maintenence was lacking and the place was turning into a dump, fast.

Depressing.

[think_too_mut]

Stay away from cheap developements if possible.

I was in a place yesterday and most don't have air-con so the doors are open with a dozen different TVs and Radios playing, kids screaming down the hallway on bikes, maintenence was lacking and the place was turning into a dump, fast.

Depressing.

I've been to those too, not for house hunting...but, would anyone today build THAT cheap?

[shochu]

This project is not that bad - this is why I bought in. And I do not think it is that cheap - just geared towards the local Thais as opposed to the expats, so it is much cheaper. If you look at what you get compared to the other more expensive projects, I think they are a good bargain if everything pans out as they say. A good bargain for locals so a much greater bargain for foreigners.

It overlooks a river, is away from all the craziness, but close to the central area and each two buildings comes with a nice long pool in the middle. What is really nice about this project is the design of the entire site and each individual one bed apt. I am not too keen on the studio's as I fel they have erred in their layout scheme, otherwise I would have bought one of them instead and saved $8,000US. Design matters to me and I believe the people who are buying in. The overall design is nice , but like I said, will have to wait and see the finished product.

They have other projects on the go, one closer to the central area (Asok and New Pechburi), but in a much more crowded area and a bit more expensive. The other further out past Chatuchuk but cheaper.

Check it out at:

www.aspace.co.th

RE: the air con - it said in an advertising they woud be included - perhaps they are trying to reneg on me because I do not live in Thailand, I don't really know. It is possible they are included and are just trying to save money where they can.

If anyone can offer more insight into this company and or these new projects I and I think others would be happy to hear more.

Thanks

[The Skipper]

"RE: the air con - it said in an advertising they woud be included - perhaps they are trying to reneg on me because I do not live in Thailand, I don't really know. It is possible they are included and are just trying to save money where they can."

Sounds like a wonderfull company to work with

[think_too_mut]

I checked the web site, looks like it's not that cheap. Similar quality places in the hot areas would be 30-40% more expensive.

That is the end of the good news.

Now, why I would not buy in there:

- The units are what some hotels sell as single rooms. 35sqm 1 BR is so cramped, it may be barely livable for 1 person. Believe me, I rent a 45sqm brand new unit and had to bring in Japanese inventions to maximize the usage of that little space.

- The "kitchen" is a token one, no window, I would forget about any real cooking in there.

- The mix of the units is a guarantee that in those shoe boxes hardly anyone would live, unless they are renters. No 2BR that may bring families or people less adventurous than footlose singles.

- It is far from On Nut BTS.

- The area has been called a "bar girl colony" - you may expect many of them to move in. That could be fun between 2-4am when dozens of them start arriving back from their work, in different stages of intoxication. High heels ticketee-tacketee-tack and the rest.

- Similar places positioned nearby the Universities would keep on attracting busy students. Rich or wealthy provincial Thais buying the condos for their children to live in when they go to study won't fight for this one.

- The rents in the area (for similar places, completed just 1-2 yrs ago) are 5-7k baht, this one may get a bit more but I doubt it would be over 10K.

- The size of the units almost guarantees there will be a small number of owner/occupiers. That is important when building management becomes an issue.

Finally, that delusive winning feeling (all units are sold) is just that - a delusion. They have been "deposited", the real sale goes on upon the completion.

[Livinginexile]

Stay away from cheap developements if possible.

I was in a place yesterday and most don't have air-con so the doors are open with a dozen different TVs and Radios playing, kids screaming down the hallway on bikes, maintenence was lacking and the place was turning into a dump, fast.

Depressing.

Welcome Shochu

I agree with the skipper, if you are thinking about buying stay away from cheap developments. Cheap second hand condo's as well as they are very hard to re sell and lose value fast.

http://www.grandeasset.com/new/home.asp?

This is a good example of a good condo investment, due for completion in the next couple of months, great property management (Jones Lang Lasail). I think they are sold out now though.

I believe a must is within a short walk of BTS...NOT MRT.

[thaihome]

I checked the web site, looks like it's not that cheap. Similar quality places in the hot areas would be 30-40% more expensive.

That is the end of the good news.

Now, why I would not buy in there:

- The units are what some hotels sell as single rooms. 35sqm 1 BR is so cramped, it may be barely livable for 1 person. Believe me, I rent a 45sqm brand new unit and had to bring in Japanese inventions to maximize the usage of that little space.

- The "kitchen" is a token one, no window, I would forget about any real cooking in there.

- The mix of the units is a guarantee that in those shoe boxes hardly anyone would live, unless they are renters. No 2BR that may bring families or people less adventurous than footlose singles.

- It is far from On Nut BTS.

- The area has been called a "bar girl colony" - you may expect many of them to move in. That could be fun between 2-4am when dozens of them start arriving back from their work, in different stages of intoxication. High heels ticketee-tacketee-tack and the rest.

- Similar places positioned nearby the Universities would keep on attracting busy students. Rich or wealthy provincial Thais buying the condos for their children to live in when they go to study won't fight for this one.

- The rents in the area (for similar places, completed just 1-2 yrs ago) are 5-7k baht, this one may get a bit more but I doubt it would be over 10K.

- The size of the units almost guarantees there will be a small number of owner/occupiers. That is important when building management becomes an issue.

Finally, that delusive winning feeling (all units are sold) is just that - a delusion. They have been "deposited", the real sale goes on upon the completion.

All good reasons to quit thinking that Bangkok is centered around Sukhumvit. That is one street in a huge city. I strongly suggest you get look at other areas inside Bangkok. Unless of course a quick taxi trip form Nana or Cowboy is important to you.

T

[Sophon]

I checked the web site, looks like it's not that cheap. Similar quality places in the hot areas would be 30-40% more expensive.

That is the end of the good news.

Now, why I would not buy in there:

- The units are what some hotels sell as single rooms. 35sqm 1 BR is so cramped, it may be barely livable for 1 person. Believe me, I rent a 45sqm brand new unit and had to bring in Japanese inventions to maximize the usage of that little space.

- The "kitchen" is a token one, no window, I would forget about any real cooking in there.

- The mix of the units is a guarantee that in those shoe boxes hardly anyone would live, unless they are renters. No 2BR that may bring families or people less adventurous than footlose singles.

- It is far from On Nut BTS.

- The area has been called a "bar girl colony" - you may expect many of them to move in. That could be fun between 2-4am when dozens of them start arriving back from their work, in different stages of intoxication. High heels ticketee-tacketee-tack and the rest.

- Similar places positioned nearby the Universities would keep on attracting busy students. Rich or wealthy provincial Thais buying the condos for their children to live in when they go to study won't fight for this one.

- The rents in the area (for similar places, completed just 1-2 yrs ago) are 5-7k baht, this one may get a bit more but I doubt it would be over 10K.

- The size of the units almost guarantees there will be a small number of owner/occupiers. That is important when building management becomes an issue.

Finally, that delusive winning feeling (all units are sold) is just that - a delusion. They have been "deposited", the real sale goes on upon the completion.

All good reasons to quit thinking that Bangkok is centered around Sukhumvit. That is one street in a huge city. I strongly suggest you get look at other areas inside Bangkok. Unless of course a quick taxi trip form Nana or Cowboy is important to you.

T

I really don't get your point. We are talking about Soi On Nut here, which although it is on Sukhumvit is definitely not "a quick taxi trip from Nana or Cowboy".

Sukhumvit is a very long street and generalizing as if though every part of it was the same is quite misleading. I used to live on Sukhumvt Soi 68 which is very different from lower Sukhumvit. In my opinion it's as different from the Nana/Cowboy area as most of the "other areas inside Bangkok" you recommend people to look at are.

Sophon

[bluedragon]

Ok, here's a link to one condo project.

http://www.theloftsbangkok.com/

Looking at the location map I can't tell how far it is from the BTS.

Anyone familar with this project.

I also, don't see any pricing on the website.

Regards, BD

[bluedragon]

Stay away from cheap developements if possible.

I was in a place yesterday and most don't have air-con so the doors are open with a dozen different TVs and Radios playing, kids screaming down the hallway on bikes, maintenence was lacking and the place was turning into a dump, fast.

Depressing.

Skipper, how about telling us which development your talking about. Regards, BD

[quiksilva]

The Lofts Yennakart was originally a JV between Kudo and Raimonland, following the success of the Lofts Sathorn, but this has been in the market for about 18 months or so and is still not sold out.

Early on it was designed as a high-end project but they quickly scrapped that idea, changed the room sizes and repositioned it as a lower mid-market project, when it was poorly received by the market.

Its pitched as being in the Yenakart area, but in reality its located on Soi Amorn, which is much closer to Klongtoey than Soi Yenakart.

Build quality should be good though, and at least it has decent access to the expressway...

Edited December 15, 2006 by quiksilva

[samtam]

Yep the location of the Lofts Yennakart is the boon docks, with nothing around it that is remotely comparable. The showroom indicates a view of the north towards the Sathorn skyline, but in reality the condos look east and west. It's cheap, but you pays for what you gets, location location location, and last but not least: caveat emptor....

[sfokevin]

Here is a good resource to check the progress of high rise developments

http://www.skyscrapercity.com/forumdisplay.php?f=329

[bluedragon]

Yep the location of the Lofts Yennakart is the boon docks, with nothing around it that is remotely comparable. The showroom indicates a view of the north towards the Sathorn skyline, but in reality the condos look east and west. It's cheap, but you pays for what you gets, location location location, and last but not least: caveat emptor....

samtam, you indicated that the Lofts were cheap. Do you know what the prices are??? Regards, BD

[shochu]

Some interesting comments and some helpful ones too.

I think the point of buying into these mid-range condo's is not to make money, but more for a comfort/convenience thing. Also with the new zoning laws out to make way for better living quality, I think these new developments will be the new thing to get into. But again - time will tell.

Yes, I could have bought a cheaper, and quite possible a bigger place with a better location, but I would also have been buying an old, worn place. I like the idea of new and clean, even if it is temporary. I think if you study markets and know about developments in the world - these are safe bets in that the world is shifting - developing countries will be moving up and the developed countries can only come down, so I am not really worried about losing out or not being able to sell. The Thai baht will eventually move up in the long run and western currencies will come down so even if I sell cheaper than I bought, in the long run, if I take the money out of the country I will be ahead, and on a second point I can only see prices moving up in the long run. Again the key here is location and I actually really like the idea of being away from the downtown area overloooking a river. My only concern is how easy or difficult it will be to get transport from the condo to the BTS.

Also, the reason I have not looked at the loft and such projects is, as I said earlier, this is a place for me to stay when i'm in town, my hotel room, but my very own hotel room, so I am not concerned about the size - less cleaning area the better. I live in a huge and expensive asian city and this condo would be a dream to live in. The lofts I belieive start at over 4million baht. If I were living in bangkok - yes, but I do not so - no.

1)Does anybody have any info on Supalai or LPN and their developments?

2)And does anybody know where the new subway/BTS links will be?

And,

1km

3) Did you get air-con included in your purchase or did anyone else?

[I Go With You]

I made my decision not to buy a condo due to the 51% Thai ownership rule. I decided to rent an APT instead where it is 100% non Thai

[astral]

I made my decision not to buy a condo due to the 51% Thai ownership rule. I decided to rent an APT instead where it is 100% non Thai

Everyone to their own.

I left my home country to get away from Europeans and the like..........

The estate where we live is almost 100% locals.

[unbiasbob]

For me, I love living in a foreign country. As for my immediate surroundings, dwelling of where I reside, I've tried the living and mixing among locals and couldn't handle it. It was different and weird for me, people hanging outside the doors of their rooms. I was uncomfortable and now live amongst other Americans, euros and Japs and it's much more peaceful. All I got to do is walk out of the building and I have my locals

[unbiasbob]

Stay away from cheap developements if possible.

I was in a place yesterday and most don't have air-con so the doors are open with a dozen different TVs and Radios playing, kids screaming down the hallway on bikes, maintenence was lacking and the place was turning into a dump, fast.

Depressing.

Skipper, how about telling us which development your talking about. Regards, BD

Stick with condos 4 Mil up I'd say. You get what you pay 4

[lkm]

I am not sure yet. I just think the price is good. But use one unit myself for sure!

Mostly is local people bought it. I was inerested the asko project too, I will check it out later!

[lkm]

Yes, I did have air-con!!! And a return ticker to Hong Kong too! Did you?

[shochu]

I just went to see them yesterday at the site.

I am quite happy that they have started work already clearing the land and there is a decent model house building/sales office.

Yes - I am getting air-con. There were two in each model unit and she said it comes with one.

Yes - the price is right!

[shochu]

And yes - got the hong kong tickets too!

[thaigene2]

Lowrise is in. Lower to mid-Pahonyothin is the place ot watch IMHO. Victory Monument to Saphan Kwai, esp. Soi Ari area. Lots coming on the market and prices are becoming a little more reasonable. Expect to pay 50,000 B.sq M. Some still trying for more..

Places I looked at weren't the kind of joints where people had their doors open due to lack of air-con..This area is middle and upper-middle class Thai-establishment. Has a better feel to it. Lots of chinese-thai families who received property grants via military connections during the 'good old days'. More affordable private bilingual and int'l schools and shopping/restaurants improving every year. (But don't expect beer-bars and Issaan girls).

Personally, I still think it's risky here to buy here - more than ever actually because of the visa issues (and the rather uncertain future in coming years when vested interests are likely to start to fight with each other)...so I'll continue to sit on the sidelines for at least another year.