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New Highrise developments Come see whats on the rise in this capital



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Old January 15th, 2007, 03:17 PM   #1
Chad
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Hilton Sukhumvit, 28 Storey : Sukhumvit-24

Name : The Watts (A Luxury Collection Hotel)
Location : Suhkhumvit 24
Owner : TCC Land
Project Management : TCC Capital Land
Construction Start : Feb 2007
Construction Finish : March 2009
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Old January 15th, 2007, 03:20 PM   #2
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The empty plot In front of Tara Hotel in this picture,

image hosted on flickr
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Old January 15th, 2007, 03:21 PM   #3
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Old January 16th, 2007, 02:53 AM   #4
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TCC is aggressively expanding its portfolio huh. Soi Sikhumvit 24 and 26 are are really booming. they really should make the whole soi look nice like the Au Bon Pain area
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Old January 16th, 2007, 04:45 AM   #5
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WOW, so i did not dream, i saw that TCC board last time next to that site, i actually thouight it could be Oakwood.
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Old January 16th, 2007, 08:35 AM   #6
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great location, hope the design would be impressive.
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Old January 16th, 2007, 01:11 PM   #7
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great location, hope the design would be impressive.
Has anyone considered traffic congestion issues... it is already bad as it is without the Siri developments on stream... also it seems to me possibility of ever having a decent sized sidewalk in soi 24 is a very long shot.
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Old January 18th, 2007, 05:39 AM   #8
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traffic will be horrible, and during construction even worth. well, residents of that hotel will probably go for BTS option...
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Old January 21st, 2007, 01:55 AM   #9
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too many shophouses in the sukhumvit end of soi-24 and will take long time to gentrify that area ... the other end towards rama-4 (aubonpai) area looks really nice. i just hope someone puts a retail concept into some of the remaining land plots (seafood market). all those high end thai/japanese/farang/singaporeans/indian in emporio/president/setiwan1-2/ideal should be a nice target.
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Old January 21st, 2007, 05:57 PM   #10
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too many shophouses in the sukhumvit end of soi-24 and will take long time to gentrify that area ... the other end towards rama-4 (aubonpai) area looks really nice. i just hope someone puts a retail concept into some of the remaining land plots (seafood market). all those high end thai/japanese/farang/singaporeans/indian in emporio/president/setiwan1-2/ideal should be a nice target.
I am afraid those shophouses are there to stay which is not necessarily bad if owners or lessees undertake creative renovation and overtime they cater to basic retail demand. As highrises prop-up there is less and less retail space available for haircuteries, dry-cleaners, non-starbucks spressos etc...

What I think will be interesting to monitor over the next 10 years (particularly with Singaporean players) will be the blocsales by existing owners in older low rise developments along Soi 24.
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Old January 22nd, 2007, 08:58 AM   #11
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I am afraid those shophouses are there to stay which is not necessarily bad if owners or lessees undertake creative renovation and overtime they cater to basic retail demand. As highrises prop-up there is less and less retail space available for haircuteries, dry-cleaners, non-starbucks spressos etc...

What I think will be interesting to monitor over the next 10 years (particularly with Singaporean players) will be the blocsales by existing owners in older low rise developments along Soi 24.
i thought about this (block sale) but isnt it difficult to get existing owners under one "contract" to sell a building? my idea was to buy these older buildings (all the units), particularly the no name white buildings in prime locatations (soi-24, saladaeng, etc) probably at ~50k/sqm, refurbished and resell at 100k+/sqm. (hope we are talking about the same thing).
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Old January 22nd, 2007, 11:07 AM   #12
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"the Watts" ....the first thing I think of when I hear that name is the very scary and poor neighborhood of Watts in downtown Los Angeles around USC (my Dad's university)... "Watts" is famous in the USA because of Watts riots and other problems....

it would be weird for a Luxury Collection Hotel (in the American Starwood chain like Westins, Sheratons, St. Regis, Ws) to be called "Watts"

Last edited by Speed; January 22nd, 2007 at 11:14 AM.
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Old January 22nd, 2007, 02:32 PM   #13
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i thought about this (block sale) but isnt it difficult to get existing owners under one "contract" to sell a building? my idea was to buy these older buildings (all the units), particularly the no name white buildings in prime locatations (soi-24, saladaeng, etc) probably at ~50k/sqm, refurbished and resell at 100k+/sqm. (hope we are talking about the same thing).
By Singapore-style blocksales I mean sales by existing condo (or townhouse) owners to a developer of a high rise building. Sukhumvit Soi 24 and Saladaeng are prime locations for blocksales to take place in time. Of course, blocksales come down to money just like land-sales...believe me...some willing sellers can put a hell of a lot of pressure on unwilling sellers, as evidenced by recent deals in Singapore... I think only proceeds generated from a high-rise can actually justify a developer's chasing a blocksale by existing owners.

Wooh!!! You are shooting for 100% (1 to 2 year) returns for turning around older units or buildings in Sukhumvit/Sathorn ..it’s pretty ambitious IMO, but you must know what you are doing. I would only venture to do something like that in a few places… and could never target 100% returns.

By and large I think most of the old (low-rise mostly) buildings are being refurbished for the rental market.... these units in low rise building are hard to re-sell unless you offer (or can afford to offer huge discounts to market prices) in Condominia with facilities....so its mostly a rental play...
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Old January 23rd, 2007, 03:23 AM   #14
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Quote:
Originally Posted by Kaxper View Post
i thought about this (block sale) but isnt it difficult to get existing owners under one "contract" to sell a building? my idea was to buy these older buildings (all the units), particularly the no name white buildings in prime locatations (soi-24, saladaeng, etc) probably at ~50k/sqm, refurbished and resell at 100k+/sqm. (hope we are talking about the same thing).
i thought about it also. however, let me know if you convince at least 3 shopowners to sell at that price i guess you will have to go for a long term lease option or wait for next generation.
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Old January 23rd, 2007, 11:41 AM   #15
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i thought about it also. however, let me know if you convince at least 3 shopowners to sell at that price i guess you will have to go for a long term lease option or wait for next generation.
yeah, i think conceptually its a workable idea, but practically not workable. the juristic entity can probably cough up the money to refurbished the common areas but to convince all condo holders to either sell or contribute money, move out for 1 year, refurbish and realise the increase in capital value is probably too difficult. talassa is right, the single-owner-rental-buildings are likely easier. btw, its not 100% gain cuz of refurbishment and financing costs, but i think the risk and return does balance out.
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Old January 23rd, 2007, 01:38 PM   #16
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yeah, i think conceptually its a workable idea, but practically not workable. the juristic entity can probably cough up the money to refurbished the common areas but to convince all condo holders to either sell or contribute money, move out for 1 year, refurbish and realise the increase in capital value is probably too difficult. talassa is right, the single-owner-rental-buildings are likely easier. btw, its not 100% gain cuz of refurbishment and financing costs, but i think the risk and return does balance out.
You are right!! what an a... I failed to subtract refurbishment costs... if you can keep these costs at 4000-5000 baht/sm (assuming no loose furnishings and major appliances) then you can start entertaining some high returns.

I think the difficult part is buying at 50 k and selling at 100 k...

If you have the cash...I advise you buy into existing "investor" buildings where you can take control of co-owners committee and take full control over the mismanaged resources...you do not need to move everyone out ...just refurbish your units and do costemic changes in common areas... a 50% 1 year net profit after tax could be achieved...
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Old January 24th, 2007, 10:55 AM   #17
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how much bankls will finance if you put this existing buildings in collateral to finance refurnishements?
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Old February 24th, 2007, 05:14 PM   #18
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Feb 24, 2007:


Chad, it's not the Watts but it's The Imperial Impala Hotel: 25 storey:



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Old February 24th, 2007, 05:15 PM   #19
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Old February 24th, 2007, 05:50 PM   #20
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It IS The Watts Hotel.
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