Here Is Proof The Bangkok Condo Market Is Still Booming

[popshirt]

Anyone know roughly how many condos there are in bangkok and pattaya,

how many are on the market at any one time, and a mean average of how long they take to sell?

I believe the simple answer is "no".

[bingobongo]

keep dreaming livinginexile, this will do wonders for all those empty condos........

ECONOMIC SLOWDOWN

Fears of lay-offs grow by the day

Growth needs to start accelerating soon or industrial sector will be hit: Finance Ministry

Private investment also suffered. Cement sales dropped by 4.6 per cent, revenue of specific business tax contracted by 0.1 per cent, and statistics indicated that investment in the property sector had dropped.

Edited April 27, 2007 by bingobongo

[pkrv]

The population figures for Bangkok seem to be around the 9 million mark and growing rapidly. This is roughly the same size as London.

Although I have not managed to look at all the projects suggested (this takes time and I will consolidate the links for review), many are years off and there don't seem to be that many of them for a city of this size.

People invest in property first (then sometimes other products). The buildings so far have fitted a profile of budget price apartments (for example 45, 65, 70 sq m) through to elite penthouses (hence in my opinion mid range)

The independent threads do not indicate problems. A problem with a particular block (unfortunately The Trendy comes to mind, though even here I believe it will just be delayed) does not indicate a problem with the market.

I have yet to encounter a new high-end apartment block (I would have loved the Customs House to have been turned into apartments, that would have been stunning, but probably not as profitable as the proposed hotel).

Don’t forget there are stringent new regulations in place to prevent another 97 crash. There are some very good projects out there but not that many.

Edited April 28, 2007 by pkrv

[Old Man River]

I asked this question earlier in the thread and got zero replies. Maybe the second time is a charm. There is a lot of discussion about investors buying units in the luxury condos in Bangkok and getting stuck. This is not why we bought our unit, but out of curiosity, typically just how many (what %) of a Bangkok luxury condos units are actually owned by investors looking to flip them as soon as possible?

[palm]

I asked this question earlier in the thread and got zero replies. Maybe the second time is a charm. There is a lot of discussion about investors buying units in the luxury condos in Bangkok and getting stuck. This is not why we bought our unit, but out of curiosity, typically just how many (what %) of a Bangkok luxury condos units are actually owned by investors looking to flip them as soon as possible?

Yes, I'd like to know some real statistics too on these so-called flippers - but where are they?

Where I live, the percentage is well under 2%. (sold empty condos for resale - prices 8m to 24m)

I'd like to know why people are saying such negative things about luxury condos in Bangkok?

Is it that these doom and gloom people:

- can't afford one themselves? at least not without putting their entire net worth into one?

- believe if a luxury condo development is practically sold out, it means really they are not sold out at all?

- grab a statistic and use it as a sweeping generalisation for the entire condo market?

- can't get to grips with the idea that property in Bangkok is still dirt cheap compared to most major cities with something decent to offer a foreigner (i.e. great shopping, nightlife, restaurants, etc)

- have had some hard luck in Thailand (either financially or with a girl) and are lashing out at why anyone would purchase something in Thailand?

- are peeved that many Thais earn far more than them, and so can't accept the fact that a Thai can possibly afford to buy a luxury condo so must be borrowing to flip it.

I'd sure like to see real physical hard evidence of the luxury condo market being in a 'depression'. (i.e. no sales, or sales going for a 20%+ off of the market price) - so far no one has given ANY WHATSOEVER.

Edited April 28, 2007 by palm

[chiang mai]

A picture tells a thousand words.

Taken from Chong Nonsi BTS 15th April, 2007.

I rest my case.

And here's the proof that it is not - BOT actual figures tell a tad more than your thousand words mate. Now that you've rested, best pick up that case again. http://www.bot.or.th/Bothomepage/databank/...Econ/Tab06E.asp

[pkrv]

We are buying for ourselves. We did ponder renting for a while but as we draw close to exchange are feeling selfish and want to keep it all for ourselves!

I can say that the contracts at the Park Chidlom are very stringent; it would very expensive and difficult (if not impossible) to 'flip' an apartment there for short term profit, e.g:

30% down payments at initial early phases

Contractually bound to pay the first three years maintenance on completion

Contractually bound to complete or lose the lot (a significant amount on THB14.5m minimum)

These just name a few points. A luxury condominium should have these conditions in place. Even if flipped after completion that is at the owner's risk not the block's risk, which has been built and paid for. And that is the risk/reward process an investor takes.

[chiang mai]

A picture tells a thousand words.

Taken from Chong Nonsi BTS 15th April, 2007.

I rest my case.

And here's the proof that it is not - BOT actual figures tell a tad more than your thousand words mate. Now that you've rested, best pick up that case again. http://www.bot.or.th/Bothomepage/databank/...Econ/Tab06E.asp

My apologies, I misread the data sheet - will carry your case anytime as an IOU!

[pkrv]

Just to continue on with the list (in order of questions)

The Met - Sathorn Rd

http://www.skyscrapercity.com/showthread.p...The+Met+Bangkok

http://www.cbre.co.th/cbre_thailand/Proper...?PropertyID=106

http://www.met-bangkok.com/

Unit sizes from 93 sq m upwards.

Not (IMO) CBD but the equivalent of London’s West End (Covent Garden and Soho come to mind). Large amounts of green space and roof terraces are depicted –IMO Very High End! Based solely on what I have seen at The Park maybe 3 years off of completion?

Again having noted comments I thought this property merited its own post, as it appears to be more complex - composed of 6 structures each offset from one another.

Given past comments this may be the first high-end apartment block I have encountered. Entry price will probably be/is? appropriately high, in relative terms (Sorry that’s G7 to Thailand).

[nick2k]

some facts....

I got these figures from reading the local newspaper - the bangkok post. which issue, I can't remember. maybe someone else can recall that info.

anyway, basically, ONLY 20% of the entire population of thailand have a high school education or above. for those thais who don't have a high school education or above, the average monthly salary is around 4 to 6 thousand baht a month.

in other words, 80% of the entire population of thailand cannot afford to buy a place here in thailand EVEN if they can get bank financing.

..which brings us to the point of my thread - WHO do you think is causing the prices of condos to be as high as they are? ..someone mentioned 7m baht? even at 2m baht, the average thai would be hard pressed to pay the monthly mortgage - if they could get one.

what about the 20% of the population who have a high school education or above, you ask?

well, let's see.. if I recall right, starting out from college, the average college graduation would be content with making 7k baht a month, REALLY happy to start out with 10k baht a month. college graduates with several years of work experience will probably make around 15k to 20k baht a month. of course, there are occupations where the people make around 30k to 50k a month. but in general, it is a lot less.

..will these people be able to buy a 7m baht piece of property by themselves?? you tell me.

moral of the story... the current boom (questionable) is fueled by foreign investments. if something happens to force the foreigners out, you had better watch out if you have all your money tied up in a condo here. like with the dot com crash, you may never recover your investment.

[bingobongo]

hello livinginexile.....booming my backside......sorry, no pictures this time.....

HOUSING SECTOR

Smaller property firms now failing to secure loans

Work halted on Bt20 billion of projects amid bleak demand outlook

http://www.nationmultimedia.com/2007/04/30...ss_30032995.php

[pkrv]

some facts....

I got these figures from reading the local newspaper - the bangkok post. which issue, I can't remember. maybe someone else can recall that info.

anyway, basically, ONLY 20% of the entire population of thailand have a high school education or above. for those thais who don't have a high school education or above, the average monthly salary is around 4 to 6 thousand baht a month.

in other words, 80% of the entire population of thailand cannot afford to buy a place here in thailand EVEN if they can get bank financing.

..which brings us to the point of my thread - WHO do you think is causing the prices of condos to be as high as they are? ..someone mentioned 7m baht? even at 2m baht, the average thai would be hard pressed to pay the monthly mortgage - if they could get one.

what about the 20% of the population who have a high school education or above, you ask?

well, let's see.. if I recall right, starting out from college, the average college graduation would be content with making 7k baht a month, REALLY happy to start out with 10k baht a month. college graduates with several years of work experience will probably make around 15k to 20k baht a month. of course, there are occupations where the people make around 30k to 50k a month. but in general, it is a lot less.

..will these people be able to buy a 7m baht piece of property by themselves?? you tell me.

moral of the story... the current boom (questionable) is fueled by foreign investments. if something happens to force the foreigners out, you had better watch out if you have all your money tied up in a condo here. like with the dot com crash, you may never recover your investment.

Population of Bangkok 9m

We have so far identified some 10 mid to high-end developments. Let us assume (for sake of argument) they have 500 units each so a total of 5,000 units.

Let us assume about half (by law) can be bought by foreigners, leaving 2,500 units for Thais. Are we saying that not even something like 0.003% of Bangkok’s population alone (Let alone Thailand) can afford this market? Hmm I don't think so somehow!

Wealth is typically concentrated in the top 1-5% of the population. Get the product right and people will just buy. These kinds of properties are peanuts to this (Thai) market.

[Old Man River]

Get the product right and people will just buy. These kinds of properties are peanuts to this (Thai) market.

Totally agree. The old age of location, location, location doesn't just apply to western countries.

[london]

Sorry that I am a rather late comer into this blog.

However, it seems to me that as with all other blogs regarding Thai condos, houses, real estate in general, that there are always people who say that the market is about to fall and others that say that it is on the up.

Frankly, to make this whole discussion more transparent, it would be interesting to see those members who post here declare their holdings.

Being realistic, I would suggest that those forecasting a demise in the property market are non-owners, and those forecasting rising prices, are most likely owners.

So, let me open it up by saying that I own two condo's in Bangkok in the 4+ million range each.

What I see is that there is a potential over supply....but I doubt if that is going to have an effect on the prime location properties, as most of these new developments are in non-prime locations.

I would not buy in a non-prime location....anywhere in the world.

If you look at prime location condos, sure, they might remain at conservative growth levels whilst this situation with the government hopefully works itself out, but again, after this mild glitch, I expect to see things on the rise again.

There is no doubt in my mind that we are not in a boom situation. There isn't the overwhelming exhuberance of buyers to support that proposition. There are just a lot of condos being built! Speculators trying to make a baht (or a few million) are really concentrating on the lower end. The prime location buildings all appear to have steady sales.

Realistically, all we can do is observe. If the government makes some more bad decisions, then the market may soften for new buyers, but I doubt that people who have previously bought are going to sell.......unless the decisions are just plain stupid. Personally, I am optimistic about Thailand....and therefore positive on real estate.

[nick2k]

you forgot something...

like many thais keep telling us. this is thailand, and NOT the west.

in a place where the leadership changes by way of coup, you are only guaranteed the ownership of your property "until" the next ruler comes to power. what that means is - you are <deleted>#ked if the "next" leader doesn't care about you.

do you have any legal recourse in such a situation? no.

can you cry to momma if thailand tells you to take a hike? no.

(..well actually, you could, but it won't do you any good.)

we the foreigners are fortunate to observe the changes that can occur when rulers change by way of "coup". appreciate the experience. the new rulers are changing their constitution to suit their minority following. imagine if we did that in the west? there would be wide spread revolution.

will it happen here? ..only time will tell.

[pkrv]

Hi London - interesting post.

I think that everyone who is not predicting a fall has declared that they own (or will own) an A grade condominium (on this thread anyway). However there does not seem to be a reciprocal response from the other side of the fence.

I agree that there is a component of the market looking to make money in the condominium market. But quite frankly I think they are now priced out of the high end (in deposits alone). To put this in perspective a profit (or loss) of 1m THB on a property is the price of a reasonable new car in the UK.

Markets are dynamic, in a sense we may be seeing a picture where some of 'the pioneers into Thailand' are finding life tougher and tougher. The good news is that they could adapt to change, but change may now be forced on them? They may well need to move into less well-developed countries. IMO Thailand is moving fast (if not already is) into the second world environment, with all the associated consequences.

PS - Does anyone know if Thailand is now third world or second world?

[bingobongo]

#s do not lie......overbulding, less supply, unfinished buildings......down prices will go.....

Housing loans drops in 1st quarter, says GHB chief

Kan Prachuabmoh, the bank’s president, said GHB earned a net profit of 309 million baht in the first-quarter performance, down from 880 million baht in the same quarter last year.

http://etna.mcot.net/query.php?nid=29170

[cuica]

Back to the original topic... the property used by the original poster to prove that the "Here Is Proof The Bangkok Condo Market Is Still Booming" is a grade A condo launched back in Feb. 2005 and finally achieved "SOLD OUT" status in 2006. Since the poster used a grade A condo as his proof we may assume then he was referring to the high end condo market as booming.

We will never know the original poster's exact motive. However, it's May 2007 now and the high end grade A condo scene is definitely anything but booming. Just take a look at Bangkok Post's Property Focus Issue today headlined "Heavy Blow but no bust." And then take a look at the current state of affairs playing at any grade A condo showroom near you. Many of the grade A projects launched in 2006 are less than 60-70% sold; take away about 10% to 20% of the choicest "Sold units" that the developers typically reserve for themselves and/or their friends (a usual practice in the industry), then many of the projects have sold probably around just 40-60%. With this in mind, I hearby declare the original poster is "LivingInDenial".

Having said that, I do admire companies like Raimonland launching 150,000+ Baht /sqm condos along the Chao Praya River, as well as the upcoming 185 Rajadmari condo that will surely be even more expensive than its river counterpart. Recently they've got bankrolled by some really wealthy Middle Easterns so that explains their boldness? We shall see whether they are foolish as well.

Edited April 30, 2007 by cuica

[palm]

... then many of the projects have sold probably around just 40-60%. With this in mind, I hearby declare the original poster is "LivingInDenial".

Can you give us a hard source for your figures please? Or did you use the word 'probably' cause you are making a guess?

I am still looking for Grade A condos being offered at 20%- 25% discounts for cash, over 2006 prices? Anyone know of any?

If someone holds a tainted view of the luxury condo market based on the fact that they can't afford to buy one, why can't they just be a grown-up and come out and say so?

[london]

Thanks for your post PKRV.

What you say is balanced...and in my humble view, correct.

I feel that there is a sector in the market that feels that Thai property must always be cheaper than property in the "west". This has been true in the past (and to some extent is still true) , but now with the huge amount of retirement money coming from Europe, Australia, NZ. and the US in the form of retirees wanting a "better" lifestyle...or more bang for their bucks (excuse the pun), this is changing.

As I mentioned on another post, I went to the opening sales day of The River. I was staggered at the number of units that had been sold in the first hour....mostly to farang buyers. But even at the prices quoted, they were still cheaper (just) than comparable developments in Queensland (Australia), or other "sunshine" locales. I do not expect this price differential to always be there.

These retirees are on the whole well off. Certainly a loss of 1m THB (on paper) or more, would not spur them into selling. These people are not in it to make money. It is a lifestyle decision. Thailand is a lifestyle destination.....and becoming more so as time goes on. I believe too that this is what the Thai government is wanting to achieve. (Try buying a decent property in Phuket for under 10m THB or for that matter in Bali for under $400,000 USD...another "lifestyle" destination.)

You are, in my opinion, correct when you say that:

"there is a component of the market looking to make money in the condominium market. But quite frankly I think they are now priced out of the high end (in deposits alone)".

I believe that Thailand is now moving from a Third World economy...but still has some way to go.

Nick2K : yes, you have raised a valid point.

However, I feel that now the developed/developing world is changing so rapidly that a government really cannot act with such abandonment and not expect severe consequences. Certainly, the debacle late last year with the currency, the foreign controls and the immediate (and quite long lived) backlash, surprised the government by its impact. A scenario as you outline, would have severe and immediate consequences for a country...and yet, really, what would it achieve? The total outflow of foreign reserves and investment, not for a matter of months, but years.....and almost certain bankruptcy.

But it is a valid point. I just hope that Thailand doesn't turn into a North Korea !!!!!! Yes, "time will tell".

[backflip]

"overbulding, less supply"

Hmmm, generally overbuilding means a GREATER supply...

[cuica]

Hello Palm,

Can you give us a hard source for your figures please? Or did you use the word 'probably' cause you are making a guess?

Please go take a look at Watermark, Millennium Residence, the Met, Empire Place, Pano (these guys are in trouble partly due to their inconvenient location). I did last month, and most are not even close to 70% sold out. That's a fact. If you factor in the developer's preferential treatment of reserving 10-20% units for their own or their friends, then my estimate of 40% to 60% is not that far off. Besides, if the market is indeed booming "now" as the original poster suggested, why aren't all high end condos launched in 2005/2006 80%, 90% or 100% sold by now like Infinity?

In a *real* booming market such as Singapore, Hong Kong, normally new condos launch and get sold out in just a few days or weeks. Meanwhile here in Thailand, grade A condos listed above are still struggling to achieve 60 to 70% after being launched for more than a year. You tell me if the Bangkok high end condo market is booming *now*... which is the topic of this thread.

Want more evidence? As for the resale (almost-new) market, go take a look at Sansiri's Lanai Sathorn or Nunthasiri low rises in the quiet yet upscale Yenarkart neighborhood, already completed and ready to move in since last year. I was there earlier last month: high end stuff, but empty like ghost towns. Just look at the empty parking lots, or the clear plastic sheet wrapping the doors to keep them shiny and new. Lots of flippers who bought off plan in these two condos want to sell but can't. Why can't they do so if the market is still booming? Incidentially, Sansiri.com says that Nunthasiri is all sold out; don't worry, lots of resale units on the market; just check CBRE website or give Plus Property a call. I suspect the units aren't going anywhere just yet. (And guess why Sansiri is shifting their focus to low end? [Article in Bangkok Post Property Focus today])

Now as you know condos in Thailand are allocated 49% for foreigners and 51% for Thai buyers. And we all know that Thais (except for flippers) don't really like to buy expensive, high end condos, so condos must rely on foreigners who use a company with Thai nominees to buy from the remaining 51% pool. Since the Thai govt. has been making noises about cracking down these nominee companies and therefore are scaring potential foreign investors (incl. condo buyers) away by droves, where are the new high end condos going to get their customers?

Regards.

p.s. Palm, if your definition of "not booming" means a 25% cash discount, I guess sure, Bangkok's high end condo market is booming. NOT!

Edited April 30, 2007 by cuica

[palm]

Hello Palm,

Can you give us a hard source for your figures please? Or did you use the word 'probably' cause you are making a guess?

Please go take a look at Watermark, Millennium Residence, the Met, Empire Place, Pano (these guys are in trouble partly due to their inconvenient location). I did last month, and most are not even close to 70% sold out. That's a fact.

Your source please for this 'fact'? The taxi driver who took you there; or the company management themselves?

If it's a fact, what % are sold? Is it a 'specific' % you have? Or an 'estimate'? Or a guess-timate? And where did you get the data from please?

Funny how you claim Thai's don't buy luxury condos - my condo on the river is 90% owned by Thai people with big Mercedes, even a few Porches, one old Ferrari and even and old Rolls - all owned by Thais! Or maybe they bought them all on credit or Daddy's money and its a mirage?

Please let me know which luxury condo's are offering large discounts for cash right now, and I'll go see them. My budget for a couple of condos here is about 6m to 10m for a small size one, but can stretch to 15m+ if there is a great bargain to be had.

Not trying to be rude here, but every time I ask for examples of luxury condo's being offered for huge discounts, I get no replies. Sorry that such a basic question seems to rub many people up the wrong way, but when I spend quite large sums of money, I tend to look for facts rather than bitter falangs who give the impression they can't afford to buy these high-end places and bitch and moan as a result.

[admiraldy]

Hello Palm,

Can you give us a hard source for your figures please? Or did you use the word 'probably' cause you are making a guess?

Please go take a look at Watermark, Millennium Residence, the Met, Empire Place, Pano (these guys are in trouble partly due to their inconvenient location).

I do agree that the location factor has a big influence on the come about of the sale , Watermark location is so bad.

[pkrv]

Back to the original topic... the property used by the original poster to prove that the "Here Is Proof The Bangkok Condo Market Is Still Booming" is a grade A condo launched back in Feb. 2005 and finally achieved "SOLD OUT" status in 2006. Since the poster used a grade A condo as his proof we may assume then he was referring to the high end condo market as booming.

We will never know the original poster's exact motive. However, it's May 2007 now and the high end grade A condo scene is definitely anything but booming. Just take a look at Bangkok Post's Property Focus Issue today headlined "Heavy Blow but no bust." And then take a look at the current state of affairs playing at any grade A condo showroom near you. Many of the grade A projects launched in 2006 are less than 60-70% sold; take away about 10% to 20% of the choicest "Sold units" that the developers typically reserve for themselves and/or their friends (a usual practice in the industry), then many of the projects have sold probably around just 40-60%. With this in mind, I hearby declare the original poster is "LivingInDenial".

Having said that, I do admire companies like Raimonland launching 150,000+ Baht /sqm condos along the Chao Praya River, as well as the upcoming 185 Rajadmari condo that will surely be even more expensive than its river counterpart. Recently they've got bankrolled by some really wealthy Middle Easterns so that explains their boldness? We shall see whether they are foolish as well.

Sorry 'cuica', as a newbie you command considerable experience - please advise the original posters grade A building - I for one have not got an idea!

[pkrv]

Hello Palm,

Can you give us a hard source for your figures please? Or did you use the word 'probably' cause you are making a guess?

Please go take a look at Watermark, Millennium Residence, the Met, Empire Place, Pano (these guys are in trouble partly due to their inconvenient location).

I do agree that the location factor has a big influence on the come about of the sale , Watermark location is so bad.

Not so bad - Westerners may struggle a bit with new things but some don't.

[cuica]

Hello Palm,

Hello Palm,

Can you give us a hard source for your figures please? Or did you use the word 'probably' cause you are making a guess?

Please go take a look at Watermark, Millennium Residence, the Met, Empire Place, Pano (these guys are in trouble partly due to their inconvenient location). I did last month, and most are not even close to 70% sold out. That's a fact.

Your source please for this 'fact'? The taxi driver who took you there; or the company management themselves?

If it's a fact, what % are sold? Is it a 'specific' % you have? Or an 'estimate'? Or a guess-timate? And where did you get the data from please?

It's very simple; go to each sales office and count the little stickers on the floor plans. I did my own counting at all those places I mentioned and I am telling you what I saw last month. With all due respect, why don't you go to each place I mentioned and see for yourself?

Again: my argument is that since most of them are far from sold out even after a year or more being launched, it does not seem to me the Bangkok condo is booming. I don't think it is in dire straits either but the situation does not fare well given the general economy, the unstable political situation as well as the crackdown on nominee companies. Add to that the southern unrest, and the high Baht, I can't imagine many high end developers with projects in progress are sleeping well. I am afraid that if the situation gets worse, then we might be seeing what you want after all: huge discounts.

Please do not deviate from the topic: if you think that the Bangkok Condo Market is still booming, can you give concrete evidence to prove that I am mistaken? And please: not getting steep discounts do not constitute evidence. Besides, there are condos being offered with discounts now. Check out Pano on CBRE's website. 10%. Boo hoo.

Or perhaps maybe we should really argue about the definition of booming? But then, I think I'd rather spend time doing something more productive. Good night and good luck condo hunting.

[cuica]

Hello Admiraldy,

Hello Palm,

Can you give us a hard source for your figures please? Or did you use the word 'probably' cause you are making a guess?

Please go take a look at Watermark, Millennium Residence, the Met, Empire Place, Pano (these guys are in trouble partly due to their inconvenient location).

I do agree that the location factor has a big influence on the come about of the sale , Watermark location is so bad.

I was actually referring to Pano only for its inconvenient location and lack of good, reliable public transportation. I think if Watermark can provide a boat service as they promised from their condo to Saphan Taksin pier so one can transfer to BTS Skytrain, then that would negate the disadvantage of being on the Thon Buri side. But without it Watermark would be inconvenient, indeed.

Bangkok Metro. govt seems to be starting a train-like bus project from Sathorn Narathiwat to Rama III so that might improve Pano's accessibility a bit if and when it is realized. Otherwise if you buy Pano you are stuck with driving yourself, taking taxis or buses.

Edited April 30, 2007 by cuica

[palm]

Where exactly did I personally say I think the high end luxury market is booming? You'd make a terrible witness!

Second, based on facts - I am trying to find Grade A luxury condos to purchase that are prime properties in great locations where I can get a good cash discount. No one's biting.

Again, it goes back to smoke-and-mirrors - posters picking selective items to try and say 'I told you so! Look a depression!'. Referencing condos that are not in prime locations is just one example.

If the high end condo market was in a depression or a crisis, you'd see desperate owners selling for large discounts. Instead, all the good prime condos are sold out, or only left with the condos in undesirable positions (bad views, very low floors etc).

Plus not everybody buying in Thailand eats out of cans and only has enough money to buy 1 property. And there are a lot of Thais doing VERY WELL for themselves; and a lot of people who buy these types of properties are liquid. The strong baht right now is slowing external investment, but hey that's basic economics.

Plus, the high end condo market cannot be compared to the sub 2m baht Thai townhouse market, yet some posters use it as a reference. Or by referencing developments in bad locations compared to ones in prime locations.

I view this as an good time to buy at the high end, if I can find a decent discount from a developer.

If a prime condo sells out 100%, its amusing to see all of the nonsense spewed out that it must be some kind of trick, or that its not real, or it won't last, or they can't be re-sold, or it must be all flippers, or its like a conspiracy or something.

Could it possibly be that many of the people here who are so against purchasing luxury properties in Bangkok simply can't afford it, or are so thinly stretched financially that dropping 6m to 10m on a condo is a huge financial risk to them? These properties are not cheap, but neither are they wildly expensive by any international standard.

[pkrv]

Comparing Singapore, Hong Kong and Bangkok's (Let alone Thailand’s) sales rates of new condominiums is like comparing apples and pears.

I think we would agree that over the last 5 years there has been a property boom. The Park began its launch around January 2004. The Park only achieved 78% sales in March 2006, and I believe is now sold out.

After the '97 crash I believe some people (maybe Thais?) wait until it is obvious that the project is going to finish before investing their hard earned cash? Or perhaps there is a difference in the cultures?

From past experience 40, 50, 60% sales on day 1 is good - for Thailand, where 100% sales day 1 are fabrications, and a good reason to stay clear when just 1 left sales pitches arise...

Edited May 1, 2007 by pkrv