Siamese Asset Public Company Limited (“Siamese Asset”) is a local Thai developer that is listed on the Stock Exchange of Thailand. In 2019, it was awarded the Best Developer award at the PropertyGuru Thailand Property Awards.
Siamese Asset has a development in the Rama 9 area. The development is Cassia Residences Rama 9 Bangkok. It is located along the Orange Line MRT line.
Here’s our video review of Cassia Residences Rama 9 Bangkok:
It is located approximately 350 meters from MRTA station. MRTA station is an MRT station along the Orange Line. The Orange Line is a new MRT line and part of Bangkok’s expansion of its rail network. MRTA station is one station away from Thailand Cultural Center MRT Station which is along the Blue MRT line. The Blue MRT line is the metro line that has been around for a very long time. It is the one where tourists are familiar with. It links to Sukhumvit MRT Station which is located next to Terminal 21 Shopping Centre. Thailand Cultural Centre MRT Station is the interchange between the Blue and Orange MRT Lines. The Chinese Embassy and Stock Exchange of Thailand is located here.
In general, Cassia Residences Rama 9 Bangkok is close to these landmarks.
The demand for rental units should be very strong as there is a huge catchment area of tenants.
Cassia Residences Rama 9 Bangkok is in collaboration with the Banyan Group which will be running the development as a hotel/ serviced residence.
Here is the factsheet of Cassia Residences Rama 9 Bangkok.
This is how the building will be broken into residential and hotel zones.
Here are some mock-ups of the common areas.
The unique aspect of this development is that Banyan Group will manage it. Here are some of the exclusive services that will be available to residents at Cassia Residences Rama 9 Bangkok.
Here are some mock-ups of the units.
There is a rental guarantee scheme available for Cassia Residences Rama 9 Bangkok in collaboration with Banyan Group.
The rental program is exclusive to the units on the 10th and 11th floor.
There will be a guaranteed return of 5% for 5 years. For the first 15 years of the life of the development, the property will be managed by the hotel (i.e., Banyan Group). After 15 years, the owner can choose to take back the units for their own personal use or they can extend this lease by another 15 years.
The 1st 5 years will see owners getting a guaranteed return of 5% per annum. This effectively works out to 25% of the purchase price. For years 6-15, the units will be rented out by the hotel/ management. The owners will receive 90% of the profits.
There are also complimentary stays of 30 nights per year.
If you are looking for a condominium with steady returns, you may consider Cassia Residences Rama 9 Bangkok. The scheme looks attractive for investors who want security. This development is close to the Orange MRT Line which is still under construction and will be completed and operational around 2028. The line is already confirmed and construction is ongoing. In future, in about 3-4 years’ time, it will be about 350 meters to an MRT station in the heart of Bangkok.
Here is our walk from Cassia Residences Rama 9 to MRTA station:
If you want the price list for the available units, do contact the IBP Real Estate Sales Team:
4th September was the Wish Signature II Midtown Siam Agency Day. The IBP team made a visit to the development.
Here is the payment scheme for the development. There is a 2% discount off the listed price.
The lobby looks grand.
Looks like what the brochure made the development out to be.
The development is already completed. Therefore, the title to the units that are purchased by the buyers will be transferred to the buyers in a very short period of time.
Very nice looking pool with amazing sky views.
For the latest availability list and pricing, contact the IBP Real Estate team at +66 66 112 8862 (WhatsApp) or email willie@investbangkokproperty.com.
Nue Epic Asok-Rama 9 launched over the weekend that just passed. This project was hotly anticipated. It is located in the very popular Rama 9 business district. It is walking distance to the Phra Ram 9 MRT station.
Before this launch event, there were pre-launch sales. These sales were only to clients of certain agencies. Even then, sales were strong due to the good location and attractive pricing. Imagine a freehold condominium in the Rama 9 area for about THB 3.xx million.
Here are some pictures of the launch event.
More than 100 units were sold over the weekend! There are still some available launch units available. If you are interested in a unit, do contact the IBP Real Estate Sales Team at +66 66 112 8862 (WhatsApp) or email willie@investbangkokproperty.com.
Clients often ask us whether developers will increase their prices as time passes. The answer in most cases is yes. If you made a purchase during launch, the price which you paid for that development is typically lower than what you would pay if you bought into the development after a few years.
An example of this:
Let us take a look at a very popular project in the Rama 9 area. This project is Nue District R9. It is located next to Jodd Fairs, behind Grand Central Rama 9. This area is often heralded as the second central business district with the Sathorn Financial District being the first. Companies like Unilever and Huawei are in this area. So are the Stock Exchange of Thailand and the Chinese Embassy.
Back in 2022, the per square meter of a unit in Nue District R9 was about THB 130,000 to just above THB 140,000 per square meter.
Fast forward to July 2024.
This is the current pricing for the last eight units in the development. The per square meter pricing, before discount, has gone up to about THB 200,000 per square meter. After the discount, the per square meter pricing is averaging at just under THB 200,000 per square meter.
The increase in pricing is more than 30% from the launch.
We make this comparison because we sold units in Nue District R9 in 2022 and today in 2024, a client wants to purchase a unit in the same development.
To summarise, buying a development during launch is advantageous for two main reasons.
Prices are cheaper during launch.
You have more choices when choosing a unit.
To ensure this, may we suggest a few pointers.
Always buy from a reputable developer.
A large local Thai developer that is listed on the Stock Exchange of Thailand. Such developers have holding power and have reputations to maintain. They will not slash prices and will gradually sell units at higher prices over time. There is no time limit for Thai developers to sell out their stock. Nue District R9 is by Noble Development. Noble Development was the developer behind Noble Ploenchit. Noble Ploenchit was completed in 2016. The development was sold out only this year. The developer took their time selling their unsold stock.
Buy a development in a prime location.
The reason why Nue District R9’s pricing increased is because it is located in the Rama 9 financial district. It is within walking distance of Phra Ram 9 MRT Station. There are development plans in the area moving forward. The land that Jodd Fairs is sitting on will eventually become a mixed development with offices and hotels. Yes, we agree that there is a lot of vacant land in Thailand. However, land is extremely limited in the core regions of Bangkok like Siam, Ratchathewi, Ploenchit, Rama 9, Sathorn, Silom, Thong Lor and Ekkamai.
There is a new development in the Rama 9 area called Nue Epic Asok-Rama 9. Prices start from about THB125,000 per square meter. This is significantly lower than the current price of Nue District R9.
The Thai Department of Revenue has enacted Departmental Instruction No. Paw 161/2566, which introduces substantial amendments to the taxation of foreign-sourced income for personal income tax purposes, effective from January 1, 2024. 161/2566 was issued to provide interpretation to Section 41 Paragraph 2 of the Thai Revenue Code. This directive mandates that Thai taxpayers, including both citizens and residents, who earn income from employment, business activities, or property outside of Thailand, are required to pay taxes on such income upon repatriation to Thailand.
Under the prior regulations, foreign-source income was taxable only if repatriated to Thailand within the same calendar year it was earned. The new instruction closes this loophole by requiring the declaration and taxation of overseas income regardless of the repatriation timeline, within the tax year it is earned.
This revised taxation rule applies to all Thai taxpayers. This includes:
Thai nationals;
Residents who have previously filed taxes in Thailand;
Foreign nationals residing in Thailand for 180 days or more within a tax year.
For the 2024 tax year, with tax filings due by March 2025, income tax will be applicable under the following conditions:
Income earned both within and outside of Thailand, including wages, business income, and passive or property income as specified under sections 40 and 41 of the Revenue Code.
The income tax rates for Thai citizens and permanent foreign residents are structured as follows:
Income up to 150,000 baht is exempt;
Income over 150,000 baht up to 300,000 baht is taxed at 5%;
Income over 300,000 baht up to 500,000 baht is taxed at 10%;
Income over 500,000 baht up to 750,000 baht is taxed at 15%;
Income over 750,000 baht up to 1 million baht is taxed at 20%;
Income over 1 million baht up to 2 million baht is taxed at 25%;
Income over 2 million baht up to 5 million baht is taxed at 30%;
Income above 5 million baht is taxed at 35%.
Instruction No. P 161/2566 signifies a pivotal shift in Thailand’s approach to taxing foreign-sourced income, aimed at creating a more equitable tax environment for individuals earning from both domestic and international sources. This is particularly relevant for foreign investors and expatriates residing in Thailand.
