by kevinyeo | Sep 23, 2018 | Questions and Answers
Hi everyone, this is the 2nd episode of our Invest Bangkok Property Ask Us Anything.
In the following video, we will be answering 6 questions posed to us by some clients.
Here are the questions we dealt with in this video.
Question: Why Are Prices Of Condominiums Different Within The Same Area?
Answer:
In Bangkok, it is interesting to see development prices varying as much as 20 to 30% when they are all located in the same vicinity. There are many contributing factors.
Firstly, you have to understand that in Bangkok, condominiums come in various grades. A condominium can range from having super high-end luxury finishes to the mass market where the developer squeeze 1000 over units within 1 tower block with average quality finishes.
There could also be high rise developments on the main road with a full plethora of facilities versus a low rise in the small lane with just a 20 meters pool and a simple gym.
These are all reasons why condominium prices can vary in the same location. And at the end of the day, these factors will also affect your rental demand and resale value.
Question: Should I Consider Buying Resale Versus New Launches?
Answer:
It depends. Resale condos are normally cheaper than new launches. A lot of resale condo on the market are quite run down with limited facilities.
Tenants may more than likely demand newer condos with better facilities.
However, having said that, there are still some resale condos that represent good value. You just have to find them.
There are also instances that investors may prefer new launches because typically, an investor is only required to pay a portion of the property value before it completes. And in between the purchase till completion, the investor can choose to sell on the property for a profit if the situation allows.
Over at InvestBangkokProperty.com, we also can assist our clients who may be interested to look at resale properties. We run an agency in Bangkok and will be able to source for quality properties locally.
Question: Do I have to pay tax when selling my property in Bangkok?
Answer:
Yes, there are taxes involved. We have a holistic article on the taxes to pay when selling your property in Bangkok. You may read more here: Thailand Property – Legal and Tax Issues.
Question: How should I transfer funds to pay for my property in Bangkok?
Answer:
For foreigners, you have to wire the funds via the bank. The wiring of funds has to be done in your respective foreign currency, not Thai Baht. This is a process that must be done right or you may encounter difficulties during the title transfer.
Question: What are the payment schemes for buying property in Bangkok?
Answer:
In Bangkok, for the purchase of new condos, you are typically required to first pay a deposit to the developer. This amount could range from THB100,000 to THB200,000.
Then within the next 14 to 30 days, you will be asked to make a transfer of about 25% to 30%. Once that is done, the developer will then proceed to prepare the Sales and Purchase Contract.
As for the final balance, it shall be payable when the condo is completed and ready to transfer.
The terms of payment will differ with different developers.
Question: Can foreigners get a loan to purchase property in Bangkok?
Answer: Yes, foreigners can get a loan. However, do note that a loan can only be secured upon completion of the property. There are a few banks that offer property loans to foreigners.
Typically, the loan to value for foreigners is up to 60% or 70%.
For the list of banks available, you can contact us for more information.
Got a question for us? Email us at [email protected]
by kevinyeo | Sep 18, 2018 | Bangkok Property Market Updates, Infrastructure & Urban Development, New Launches & Project Previews
July and August were busy months for condominium developers in Bangkok, with 11,600 new units launched, bringing the total to 33,395 for the first eight months of 2018.
The two-month total was 37% higher than for the entire second quarter of this year, and many more developments are in the pipeline for this month. Consequently, the industry is on track to match or exceed the 2017 total of 56,000 units.
Further success will depend on economic conditions, but purchasing power and consumer confidence have been recovering steadily in line with economic growth rates.
Seventy-six percent of all the new condo units launched in the first eight months of this year have been along existing BTS and MRT lines and around 20% along new routes under construction. The relatively low interest in new lines reflects skepticism among developers and consumers about mass-transit construction, which tends to run three years or more behind official schedules.
As well, new condo projects along existing mass-transit lines continue to enjoy high take-up rates among Thai as well as foreign purchasers. For listed developers, sales rates in these locations have averaged around 65% this year.
Sales to foreigners at some condo developments have reached the limit of 49% of the available space, with units fully booked within hours in some cases. Thai buyers’ purchasing power has also been improving, but some buyers remain concerned about political developments and how the economy will fare under a new government if elections take place next year.
Listed developers continue to be the main players in the condo market, responsible for 58% of all new units so far this year. Another 20% have come from well-known non-listed firms, with small and new developers accounting for the rest.
Some 70% of new units launched this year are selling at below 150,000 baht a square meter, as developers believe unit costs of 5 million baht or less are about right.
The housing market is also showing a positive trend, with a pickup in new projects, especially townhouse developments near under-construction transit systems. Listed developers, in particular, have seen brisk sales for their townhouses.
Single detached housing projects with selling prices below 7 million baht per unit have also done well, especially if they are near future mass-transit lines.
Some 7,000 new detached housing units were launched in the first eight months of 2018, with about 70% of the total price at 5 million baht or less. The average take-up rate of 50% is not low for housing projects and is evidence of a positive trend.
by Daryl Lum | Sep 18, 2018 | Pace Projects
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The Ritz Carlton Residences Bangkok by Pace Development
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The Ritz Carlton Residences Bangkok is developed by Pace Development. Reaching new heights in high-end living, Bangkok’s first Ritz-Carlton Residences feature 200 Residences as the city’s most prestigious address. Set within the well-known mixed-use MahaNakhon building, residence owners will reside in the most significant complex of contemporary architecture and landmark that is Thailand’s tallest building. Featuring the legendary service of The Ritz-Carlton together with outstanding facilities and unique design features, owners will truly enjoy unsurpassed luxury in a location that puts the entire city within reach.
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The Ritz Carlton Residences Location Map
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Visit the Ritz Carlton Residences Bangkok developer sales website:
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Visit The Ritz Carlton Residences Bangkok Facebook Page:
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by kevinyeo | Sep 17, 2018 | Bangkok Property Market Updates, Investment Analysis
The Bangkok condominium market remained healthy during the second quarter of 2018 in terms of demand and prices, says Knight Frank Thailand Research.
While new supply declined by almost half from the previous quarter, this reflected the fact that most developers are planning to launch new projects during the second half of the year. A total of 8,894 new units entered the market, a decrease of 47% from the first quarter.
It is clear that industry participants are increasingly turning their attention to the development of areas around the central business district (CBD) and in the suburbs. This was reflected in the number of new units launched in these two areas, which increased by 6.5% and 2.2%, respectively, compared with the first quarter.
The most popular locations were along the electric train extension lines, especially the Light Green, Blue, and Yellow lines. New project launches took place around the same time in the Lat Phrao, Phahon Yothin, Phetkasem and Charan Sanitwong areas.
Meanwhile, the CBD in the Sukhumvit area remained the most popular location for developers during the second quarter, with two new luxury projects in Asok and Ekamai, totaling 363 units. There were no official launches of new projects in other CBD areas in the quarter.
Data compiled by Knight Frank found that the average sales rate of newly launched units was about 60%. Condos that enjoyed brisk sales were located in the CBD and the suburbs, with the take-up of 70% and 50% of total units, respectively. Areas that were popular with buyers included Sathon-Tha Phra, Rama IX-Ratchada, and Phahon Yothin-Vibhavadi.
Overall, the asking price per square meter for new units during the second quarter of 2018 was 147,800 baht, up 5% from the previous quarter. The increase was driven by new developments in the CBD where average prices were 248,000 baht per sqm, reflecting a 16% increase from the previous quarter.
Market conditions warrant close watching in the second half of the year, with many developers scheduled to launch projects. There is a high probability that the new supply in the second half will be at least 22,000 units. If that is the case, the total supply in 2018 will reach nearly 50,000 units.
Prices in the second half could break a record after six quarters, as more than 40% of the new supply will be in the CBD.
by kevinyeo | Sep 16, 2018 | Bangkok Property Market Updates
SET-listed property firm Singha Estate Plc (S) has shifted to partner with Japanese contractor, Daiwa House Industry Co, for residential developments after joining Hong Kong-based investment firm Hongkong Land Ltd last year in a condominium project.
Chief executive Naris Cheyklin said the partnership with Daiwa House will help Singha Estate scale up investment in the future to develop larger projects like mixed-use facilities.
“Our financial status is strong but having an overseas investor can support large-scale investments in the future,” he said.
Next year Singha Estate plans to spend 8 billion baht to acquire at least four plots of land for development of new property projects, up from 6 billion baht allotted for this year. Of the amount, it already spent 3 billion baht.
“This will be a long-term partnership,” said Mr Naris.
“Daiwa House has experience with building low-rise house and high-end condos with prefabricated construction techniques that we can learn from.”
As labour wages in the near future will likely rise to 500 baht a day, which will increase construction costs, prefabricated construction will help ease that risk, he said.
The move will also shorten construction time, which also reduces financial cost.
Singha Estate yesterday announced a partnership with Daiwa House Industry in Eyse Sukhumvit 43, a low-rise condo project worth 2 billion baht, after six months of discussion in the joint venture.
In the partnership with Daiwa, the construction time for the project will be 10% shorter or a few months less than two years.
Last year Singha Estate had a joint venture with Hongkong Land in a luxury condo project, The Esse Sukhumvit 36, worth 6.5 billion baht near Sukhumvit Soi 36, which was launched late last year.
However, Singha Estate will likely join with the Hong Kong property investment group in only one project as the latter’s business style does not mesh with Singh Estate’s.
“Hongkong Land is a very large firm with an aggressive style that may not match ours,” he said.
“The Japanese partner is quite cautious, with slower decision-making.”
After partnering with Singha Estate last year, Hongkong Land partnered with SET-listed residential developer Property Perfect Plc in May 2018 to develop two luxury single detached housing projects together worth 10 billion baht, due to be launched this year.
Robert Wong, chief executive of Hongkong Land, a member of the Jardine Matheson Group, said in May during a visit to Bangkok the company is eyeing a high-end office tower development through a joint venture with Central Pattana Plc (CPN), with holdings at 49% and 51%, respectively.
Both are designing a high-end commercial property project on a 25-rai plot on Wireless Road that was previously owned by the UK embassy, which they purchased for £420 million (17.8 billion baht) from the British government early this year.
S shares closed yesterday on the SET at 3.48 baht, up six satang, in trade worth 145 million baht.
