Is this the ultimate proof the bubble is about to burst?

[Bassosa]

http://thesanctumchiangmai.com/

 

Prices start at 47 million baht.

 

Location: Nong Kwai, Chiang Mai

 

Seems completely outrageous?

 

 

[sanemax]

Poured concrete walls surround a fully-equipped nuclear fallout shelter on the ground floor of each villa, because at Sanctum safety and security come first, no matter the circumstances.

 

Flanking the master bedroom, steel-strong doors, hidden safes, and monitoring stations are just some of the features in Sanctum’s integrated panic room, offering an impenetrable shelter for all eventualities.

 

[tifino]

not too outrageous for an Abbot 

[Bassosa]

Seems such a small target market:

 

- High net worth individuals

- Who fear a nuclear holocaust

- And are willing to start company to 'own' the land (if not Thai)

 

How many people are we talking about here...5?

[robertthebruce]

For sure it won't Sell..

 

real gal estate in that price bracket anywhere in Thailand, even in Bangkok...has a very limited market...

 

one mega upmarket Residence in Bangkok, I looked at about 5 years back, they are still trying to sell some of,the units there ????

 

Silly Prices...

 

just my my two cents worth...

[trogers]

Nothing to do with bursting of RE bubble.

 

This project is more about preparation for a complete breakdown of law and order with the provision of a panic room.

[funandsuninbangkok]

The End is Near!

[funandsuninbangkok]

The End is Near!

 

Repent

 

in Chiang Mai

 

Sanctuary 

[funandsuninbangkok]

For only 47 million baht

 

No credit - payable in advance please 

Edited March 1, 2017 by funandsuninbangkok

[lkn]

They’ve started construction on the first one, which would imply they have a buyer.

 

If I could own land and they would be willing to negotiate about the price, I would certainly be interested.

 

And as written above, this offering has nothing to do with bubble economics.

[Bassosa]

1 hour ago, lkn said:

 

 

If I could own land and they would be willing to negotiate about the price, I would certainly be interested.

 

 

 

 And as such, you aren't interested.

 

Just like no one will be.

[trogers]

9 hours ago, lkn said:

They’ve started construction on the first one, which would imply they have a buyer.

 

If I could own land and they would be willing to negotiate about the price, I would certainly be interested.

 

And as written above, this offering has nothing to do with bubble economics.

Should you want to speculate on land for capital gain, you pay 10m for the land and spend 1m on a house.

 

When you subsequently sell, the house is a write off...

[impulse]

On 2/27/2017 at 7:44 AM, trogers said:

This project is more about preparation for a complete breakdown of law and order with the provision of a panic room.

 

Or for people who don't want any surprise visits from the authorities or rival gangs...  Not hard to believe there's a number of people in Thailand willing to pony up $1.5 Million to guaranty their "privacy".

 

Heck, in China they often find boxes and boxes of dirty cash being stored in multiple houses bought just for storing it where it doesn't have to be reported.   They don't even bother with the security features.  Maybe they're learning.

Edited March 2, 2017 by impulse

[Bassosa]

13 hours ago, impulse said:

 

Or for people who don't want any surprise visits from the authorities or rival gangs...  Not hard to believe there's a number of people in Thailand willing to pony up $1.5 Million to guaranty their "privacy".

 

Heck, in China they often find boxes and boxes of dirty cash being stored in multiple houses bought just for storing it where it doesn't have to be reported.   They don't even bother with the security features.  Maybe they're learning.

 

 

Will be watching the project with a close eye. So far progress has been slow. I saw the foundations for the first building being poured over 2 years ago and all they've got right now is a concrete skeleton.

 

I'm also intrigued by the fact that they're only building one villa, for the moment. Hope that presumed first buyer isn't thinking of moving into his cash vault upon completion. His/her stacks of cash might have dust settle on them for some time to come with all the construction still ongoing at that point!

[impulse]

14 minutes ago, Bassosa said:

 

Will be watching the project with a close eye. So far progress has been slow. I saw the foundations for the first building being poured over 2 years ago and all they've got right now is a concrete skeleton.

 

I'm also intrigued by the fact that they're only building one villa, for the moment. Hope that presumed first buyer isn't thinking of moving into his cash vault upon completion. His/her stacks of cash might have dust settle on them for some time to come with all the construction still ongoing at that point!

 

Maybe it's like Field of Dreams...  If you build it, they will come.  If you have a couple hundred $$$ Million to hide, what's $1.5 Mil for the vault?

 

It'll be interesting to see who (if anyone) moves in.  My guess is that it's so over the top that just moving in would put you under a whole new level of unwelcome scrutiny.

[Bassosa]

1 hour ago, impulse said:

 

Maybe it's like Field of Dreams...  If you build it, they will come.  If you have a couple hundred $$$ Million to hide, what's $1.5 Mil for the vault?

 

It'll be interesting to see who (if anyone) moves in.  My guess is that it's so over the top that just moving in would put you under a whole new level of unwelcome scrutiny.

 

If it succeeds it will surely change my perspective of the Chiang Mai property market..

[funandsuninbangkok]

http://www.cnbc.com/2016/10/04/these-6-cities-are-at-the-greatest-risk-of-housing-market-bubbles-commentary.html

 

 

[Naam]

On 2/26/2017 at 8:07 PM, Bassosa said:

Prices start at 47 million baht.

Location: Nong Kwai, Chiang Mai

Seems completely outrageous?

seems outrageous only to people who can't afford expensive property.

[lannarebirth]

19 hours ago, Naam said:

seems outrageous only to people who can't afford expensive property.

And the people who this may appeal to are just as likely to have half a dozen similar properties scattered about the globe.