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Old July 5th, 2007, 12:31 PM   #121
Chad
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The Land parcel of 7-rai will only consis of a single building., The only way of building anything up adjoining the tower is to cover-up the Sukhothai Residence entire swimming pool., Which I do not think they will.

Honestly, I'm highly confident for this project., nothing compare to anything in Bangkok except W-Rethreat residence in Samui and The Shangri-La Villas in Phuket.

There are Luxuries, The Met, The River and 185 Rajadamri (which at the latest I know, they are reducing the average unit sizes and lower the starting price to late 100K.), then there are Super Luxury...The Sukhothai Residence.

I might be wrong, but this is defineitly one of a kind which we dont see everyday...
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Old July 5th, 2007, 04:36 PM   #122
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so tell us superchad, how much did you pay for a one-of-a-kind sqm ?
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Old July 5th, 2007, 04:58 PM   #123
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looks like sukhothai will be for farangs by farangs judging by the pricing

.. on the 7-rai single building, are you 100% positive chad ... the plot where the show units are will be bare after its knocked down will likely be enough to do something. alternatively, the front of the hotel towards sathorn obviously has enough land to also do something, although the whole feel of the hotel will change (for the worse).
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Old July 5th, 2007, 05:07 PM   #124
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Just as far as I know, there wont be an office building going up there for sure as well as another condo tower.

~200,000 per sqm. is about the price.
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Old July 5th, 2007, 05:16 PM   #125
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whao .. i would expect 185 to be similar in pricing then .. surprise that you said 185 is scaling it down a bit in size .. too risky to do large park-chidlom-like size units at this time with these prices i guess.
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Old July 5th, 2007, 05:16 PM   #126
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sukothai will be a great residence .. i love how the elevators open up to you private area .. great design.
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Old July 5th, 2007, 06:46 PM   #127
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Quote:
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Just as far as I know, there wont be an office building going up there for sure as well as another condo tower.

~200,000 per sqm. is about the price.
well done chad, for the leap of faith..
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Old July 6th, 2007, 07:09 AM   #128
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Indeed. Remains to be seen how large an 'elite' market like that really is...
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Old July 6th, 2007, 06:51 PM   #129
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The pricing at Sukothai is lower than I was told last year when the news first leaked out that there would be a new "condotel" at Sukothai. So the developer had come down to earth some. But it still is 25% higher than the highest on the market right now. Two things can happen: 1) It is so high that it screens out everyone except the very "elite" who are not price-sensitive, thus creating a "exclusive private clube" atmosphere. or 2) it is so un-realistically high that after the intial "new launch" rush is over, all buyers and agents stop going to the show offices and do not want to waste time with this "white elephant" anymore. I think we will know in less than 6 months which scenario it will play out. Personally, I think BKK condo prices are still relatively "cheap" compared with other major international cities in Asia. Even with a 200,000baht/m price tag, Sukothai is no more expensive than the regular run of the mill class A condo in Shanghai and far cheaper than any class A in Singapore or god forbid, Hong Kong! Of course, BKK is still a long way from Shanghai, Singapore or Hong Kong, and therein lies the explanation of the "low" condo prices, but potentially, BKK has lots of room to grow if not for the circus like political farce that occurs every few years.
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Old July 7th, 2007, 02:14 AM   #130
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at 200k/sqm, i am not a buyer. capital appreciation will be slow, and if you let sukhothai decorate and rent it out for you like the condotel concept, then your returns are also probably limited. but i am positive on what i see is new segments/demand coming into the bangkok property market - the global luxury leisure traveller.

condotels, fractionals, private residence clubs, destination clubs - ie. very expensive timeshares! - have done very well in the US. this (along with the st. regis residences) might be the initial forays into bangkok, as supposed to the traditional phuket destinations. the people buying this are not looking at investment in assets per say, but investment in leisure which carries a different price tag and service requirement by the developer.
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Old July 7th, 2007, 06:42 AM   #131
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Quote:
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The pricing at Sukothai is lower than I was told last year when the news first leaked out that there would be a new "condotel" at Sukothai. So the developer had come down to earth some. But it still is 25% higher than the highest on the market right now.
According to Nigel Cornick, chief executive of Raimon Land, The River had units selling for 200,000 Baht a sqm. See the IHT Article
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Old July 7th, 2007, 08:02 AM   #132
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Quote:
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whao .. i would expect 185 to be similar in pricing then .. surprise that you said 185 is scaling it down a bit in size .. too risky to do large park-chidlom-like size units at this time with these prices i guess.
it will be higher than we all think!
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Old July 7th, 2007, 11:57 AM   #133
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OMG ... what exactly is causing this escalation in pricing .. pure speculation? loose credit? higher construction cost? real new demand? the yen carry trade? i mean, how can something sell for 2x more (sukhothai residence, siri rajadamri) than another one block away (the met, 185 rajadamri) just a few years later? dont tell me that the next project in soi24/26 will go for 150k/sqm!
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Old July 7th, 2007, 11:59 AM   #134
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sorry .. corrected version ....

OMG ... what exactly is causing this escalation in pricing .. pure speculation? loose credit? higher construction cost? real new demand? the yen carry trade? i mean, how can something sell for 2x more (sukhothai residence, 185 rajadamri) than another one block away (the met, siri rajadamri) just a few years later? dont tell me that the next project in soi24/26 will go for 150k/sqm!
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Old July 7th, 2007, 12:08 PM   #135
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i think if a new developemnt come in soi 24, there could actually get more than 150k.
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Old July 7th, 2007, 12:18 PM   #136
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Talking about the price-skyrocketing....Singapore is a real good model.
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Old July 7th, 2007, 12:28 PM   #137
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well, i am not complaining ... just wondering what is driving the pricing thats all, particularly in bangkok
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Old July 7th, 2007, 01:27 PM   #138
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Quote:
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sorry .. corrected version ....

OMG ... what exactly is causing this escalation in pricing .. pure speculation? loose credit? higher construction cost? real new demand? the yen carry trade? i mean, how can something sell for 2x more (sukhothai residence, 185 rajadamri) than another one block away (the met, siri rajadamri) just a few years later? dont tell me that the next project in soi24/26 will go for 150k/sqm!
We will see. I heard that Sansiri is coming up with a project in Soi 39. If it's a nice one, i might actually reach the 150k.
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Old July 7th, 2007, 04:48 PM   #139
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Suk 39 is actually starting at 120K..but ofcourse, thats for the smaller, most lower floor...
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Old July 7th, 2007, 05:14 PM   #140
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To answer your question Kaxper: in the opinion of most independent economists (not those trying to sell any one product) the answer is: global liquidity related to the yen carry trade + Chinese/developing world commodity demand (which is linked).

Even 150K per square meter makes sense in terms of rental yield given how rubbish savings rates are here. For example a 150K/m condo of 100m2 will still yield around 5.8% after service charge of 40b/m. And, Bangkok is still cheap compared to other cities in the region and we are in an increasingly globalised world where some key parts of the city can benchmark themselves internationally, not just locally.

HOWEVER, as always, if everyone is doing it, it stops working. If everyone tries to rent, rents go down, and then the only point in buying is hoping prices go up further. And that really depends on...that's right, global liquidity. Look at the Yen/Dollar rate, the yield on 10-year US treasuries, and money supply growth data around the world as a rough benchmark. When they go up,up, and down (respectively) - start to worry!!
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