Posts Tagged ‘Condo’

Construction boom on Sukhumvit Road

Monday, June 27th, 2011

The route from the Phloenchit intersection to Sukhumvit Soi 55 or Thonglor is seeing high competition among property developers as they launch condominium projects worth more than Bt100 billion, with more than 10,000 units.

Since last year nearly 100 projects have been launched in the area by both listed and non-listed property firms. Construction will be complete between the end of this year and 2013, according to a survey by The Nation last week.

Examples are The Clover Thonglor, Le Lux & Sky Walk condominium, Ivy Thonglor, The Trendy Condominium, Noble Phloenchit, Ideo Morph 38, and Aequa.

Condominiums along this route are priced between Bt80,000 and Bt200,000 per square metre.

Luxury residences priced over Bt150,000 per square metre are located between the Phloenchit intersection and the top of Sukhumvit Road between Sois 1 and 10. From Soi 10 to Soi 55, prices range between Bt80,000 and Bt150,000 per square metre.

One-bedroom units with utilisation space of 45-60 square metres are popular in this location.

Noble Development president Thongchai Busrapan said that after bookings for Noble Ploenchit opened from June 19-22, the company achieved presales worth Bt7.2 billion, or half of the total project value of Bt14 billion.

“Although this location has |high competition, our project is freehold, which is difficult to find |in this area, where most projects are for long-leasehold contracts,” he said.

Demand in this location is sufficient to absorb the high number of condominium launches, according to a survey by the Real Estate Information Centre.

Growing demand in this area from both local and foreign buyers who live in Bangkok has driven condominium prices 10-20 per cent higher than their presale prices, depending on how close they are to Skytrain.

For example, Ficus Lane on Sukhumvit 44/1, which was priced at Bt50,000 per square metre when introduced in 2005, now sells for Bt110,000 per square metre.

Condominiums on Soi Thonglor that recorded presale prices of about Bt100,000 per square metre now go for more than Bt120,000 per square metre.

Condominiums at Soi Ruamrudee priced at Bt40,000 per square metre five years ago now record sales at Bt120,000 per square metre.

 

source – http://www.nationmultimedia.com/business/

How to Buy a Condominium in Thailand

Friday, February 11th, 2011

Buying a Condo is Safe

Buying a condominium unit has become the simplest and easiest alternative for foreigners who want to own a piece of real property in Thailand. The foreigner can own the condo unit under their own name. Under Thailand law, it is not prohibited for a foreigner to own a condominium building in the country as long as his title therein does not exceed forty-nine percent (49%) of the whole condominium building.

Thus, a foreigner may purchase one or more condominium units, as long as it does not exceed forty-nine percent (49%) of the total number of units in the condominium building.

Funds for acquisition of property must come from abroad

In purchasing the property, the foreigner is required, under the law, to pay for the condominium unit in foreign currency with funds from abroad, and duly recorded as such in a Thai bank as evidenced by a “Foreign Exchange Transaction Form,” or the TT3 Form. A TT3 Form is required to be presented upon registration of the transfer of ownership.

To do this, the foreigner/buyer must: 1) open an account with a Thai bank; 2) after opening an account, the buyer must transfer the funds in foreign currency to a Thai bank account; 3) make sure that there is a written declaration that the reason for the transfer is for purposes of “purchasing a condominium; 4) ask for a Foreign Exchange Transaction Form from the bank (TT3 Form).

Procedure for Purchasing a Condo in Thailand

Step 1 Title Search It is very essential for the foreigner desiring to acquire a condominium unit, or for that matter, a share in the ownership of a condominium building, to determine whether title thereto is clean. The unit, or the building, and the land over which the condominium stands should not be mortgaged. It is also very imperative that the foreigner/buyer transacts with the legitimate owner of the property or the duly authorized representative.

Step 2 Sale Agreement A Sale Agreement is the contract between the seller and the foreigner/buyer wherein the condominium unit subject of the sale is transferred from the ownership of the seller to that of the buyer for a fixed price agreed upon by both parties after a meeting of the minds between the two parties.

Step 3 Payment The usual practice in Thailand is for the buyer to pay the price in full, in accordance with the Sale Agreement. At this point, ownership of the property shall be transferred to the foreigner buyer.

Step 4 Registration of Ownership Upon full payment of the condominium unit, the parties will proceed to the Land Office to complete the land title deed transfer.

 

See a selection of Condo’s @ – www.kalaraco.com

Foreigners flock to st register residences

Wednesday, December 8th, 2010

Bangkok’s residential property market surged in November with Thailand’s Minor Group completing sales of 7 luxury residences within November worth Bt680 million.

 Foreign buyers comprised 60 per cent of the buyers for the limited offering of 45 three- and four-bedroom residences and eight penthouses. Priced on a leasehold basis for 30 years, the units are located on the top 21 floors of the upscale mixed-use St Regis Hotel, which is scheduled to open in March next year.

While a global branding has played a key storyline, unit owners can avail a menu of hotel services and access to facilities but there is no rental pool operation so buyers are primarily end users.

Presently 26 units in the project are available for purchase in a finished hand-over condition. Six out of eight premium penthouse units have been sold. A pleasant surprise has been the strong Thai market making up 40 per cent of the market composition.

Full furniture fit-out packages priced from Bt7.5 million have received strong uptake. In line with the market positioning, important items like kitchens by worldwide brand Gaggenau and Pogen Pohl have struck a favourable note with clients as have the teakwood flooring and fully fitted bathroom specifications.

Given that all 53 residences directly overlook the Royal Bangkok Sports Club and are near luxury hotels such as the Four Seasons, Grand Hyatt Erawan and Siam Paragon, the St Regis Residences look to become the premier address in the city once fully opened.

For entrepreneur Bill Heinecke, the strategy to develop a smaller number of premium-sized residences has proved to be a winning combination along with the confidence to build out during a time of economic and political challenges and to promote and sell them now ready. Clearly the current near-complete status is fuelling demand.

 

source – www.nationmultimedia.com