293 replies to this topic
Posted 2009-01-03 23:17:35
 Journalist, on 2009-01-03 23:57:12, said:
I went to see some units at Athenee Residences and Park Chidlom over Xmas.
The developers of both buildings are not allowing estate agents bringing potential buyers of units to view apartments that are being re-sold by people who have not yet paid their final installment.
In these circumstances, the buyers are invited to view similar units that the developer still has on his inventory.
In turn the developer is telling its purchasers that they have to pay up before estate agents can bring buyers to see their unit.
Pricing-wise, the developer is trying to hold the line - THB150,000 psm at Park Chidlom, THB130,000 at Athenee. Those people wanting to re-sell are more amenable to a discount.
I'd conjecture that this is because the developer doesn't want to foster a price war, at least until its inventory is sold and paid for, else it might make its debt collecting even harder.
Around both sites there has been recent clearance of low rise shophouse developments of 1970s-ish provenance, and Chu-Rai Rath infant school on Chidlom has closed - presumably a candidate for site redevelopment now. With these possible future developments, people should be mindful of not only supply/demand factors, but also the effect on their view. - eg: units on the north side of Park Chidlom are now overshadowed by 'The Address' next door, which is a long, mid-height, west/east axis-oriented white building just a few metres away, and P.C. THB40m units feel quite claustrophobic as a result.
Interesting, looks like number of off plan buyers are suddenly finding themselfs in trouble. Not able to pay final payments and now able to flip.
Any idea when developer is starting to take over these units failing to transfer? Sure they must have some clauses in contracts allowing them to repo units not paid after certain time has passed from completion?
Bad situation to those involved but then they are the same people who created the hype and quite steep increase in prices in past few years.
Posted 2009-01-04 16:04:26
Journalist, on 2009-01-03 23:57:12, said: Pricing-wise, the developer is trying to hold the line - THB150,000 psm at Park Chidlom, THB130,000 at Athenee. Those people wanting to re-sell are more amenable to a discount.
Wow, I'm surprised at the big difference in price between Park Chidlom and Athenee on available units. I would have thought that they would both be similar....
Posted 2009-01-04 16:10:15
can anyone one give the current price of property, undeveloped land, in this area (CBD) as per qm² ?
Posted 2009-01-04 16:28:49
Journalist, on 2009-01-03 22:57:12, said: I went to see some units at Athenee Residences and Park Chidlom over Xmas.
The developers of both buildings are not allowing estate agents bringing potential buyers of units to view apartments that are being re-sold by people who have not yet paid their final installment.
In these circumstances, the buyers are invited to view similar units that the developer still has on his inventory.
Journalist, thanks for the info.
As it relates to the Athenee, I am a little confused by this, as it has been reported several times by the developer that it was completely sold out. In addition, I have had friends over the past year (prior to completion) inquire about buying units only to be told by the developer that they were completely sold out. Therefore, they shouldn't have any units still in their inventory.
Posted 2009-01-04 16:55:00
MJo, on 2009-01-03 16:17:35, said: Journalist, on 2009-01-03 23:57:12, said: I went to see some units at Athenee Residences and Park Chidlom over Xmas.
The developers of both buildings are not allowing estate agents bringing potential buyers of units to view apartments that are being re-sold by people who have not yet paid their final installment.
In these circumstances, the buyers are invited to view similar units that the developer still has on his inventory.
In turn the developer is telling its purchasers that they have to pay up before estate agents can bring buyers to see their unit.
Pricing-wise, the developer is trying to hold the line - THB150,000 psm at Park Chidlom, THB130,000 at Athenee. Those people wanting to re-sell are more amenable to a discount.
I'd conjecture that this is because the developer doesn't want to foster a price war, at least until its inventory is sold and paid for, else it might make its debt collecting even harder.
Around both sites there has been recent clearance of low rise shophouse developments of 1970s-ish provenance, and Chu-Rai Rath infant school on Chidlom has closed - presumably a candidate for site redevelopment now. With these possible future developments, people should be mindful of not only supply/demand factors, but also the effect on their view. - eg: units on the north side of Park Chidlom are now overshadowed by 'The Address' next door, which is a long, mid-height, west/east axis-oriented white building just a few metres away, and P.C. THB40m units feel quite claustrophobic as a result.
Interesting, looks like number of off plan buyers are suddenly finding themselfs in trouble. Not able to pay final payments and now able to flip.
Any idea when developer is starting to take over these units failing to transfer? Sure they must have some clauses in contracts allowing them to repo units not paid after certain time has passed from completion?
Bad situation to those involved but then they are the same people who created the hype and quite steep increase in prices in past few years.
Hi Journalist - Very many thanks for the independent post - This stuff is always usefull to everybody. Sage advice on thinking about the potential impact on views from your condominium - consider future developments!
midas is correct in that living in a condominium does have its draw backs. Yes you are subject to, well lets not beat around the bush here, cretins! We are still settling in at The Park and I guess they have their kid gloves on for the moment. The clause that cover this is as follows:
"5.4 In the event that the Buyer fails to make any payment of the Purchase Price when due without proper reason (except in the case that the Seller is in default of this Agreement) it shall be deemed that the Buyer is in default and that the Seller shall be entitled to charge the Buyer an interest on the unpaid amount at the rate of 0.75% per month from the due date until such payment has been made in full
<We paid 30% down before the final 70% transfer>
Except for the payment under clause 6.5 (Transfer Date), if the Buyer fails to make payment of monthly installment of the Purchase Price for three (3) consecutive installments and fails to remedy such failure within thirty (30) days from the date that the Seller notified the Buyer to make such arrangements, the Seller shall be entitled to terminate this Agreement forthwith and all monies paid by the Buyer under this Agreement shall be forfeited. Additionally, the Seller shall be entitled to sell the Unit to any person and the Buyer shall have no right to oppose or object to such sale or to claim for any damages or compensation whatsoever from the Seller."
Thats alot of cash to lose either 4.35m THB or 9m THB 30% deposit depending on unit size. However I am please to see Juristic are sticking to their guns.
<edit - I will add one thing. I have already said that I was surpised to find a sales office still in operation at The Park handling resales. But think about it with units at 20m and 40m it is probably a business in its own right>
Edited by pkrv, 2009-01-04 17:05:23.
Posted 2009-01-04 17:26:46
Old Man River, on 2009-01-04 16:28:49, said: As it relates to the Athenee, I am a little confused by this, as it has been reported several times by the developer that it was completely sold out. In addition, I have had friends over the past year (prior to completion) inquire about buying units only to be told by the developer that they were completely sold out. Therefore, they shouldn't have any units still in their inventory.
Which I think just proves that developers rarely if ever tell you the truth about their development.
Posted 2009-01-04 20:11:57
samtam, on 2009-01-04 17:26:46, said: Old Man River, on 2009-01-04 16:28:49, said: As it relates to the Athenee, I am a little confused by this, as it has been reported several times by the developer that it was completely sold out. In addition, I have had friends over the past year (prior to completion) inquire about buying units only to be told by the developer that they were completely sold out. Therefore, they shouldn't have any units still in their inventory.
Which I think just proves that developers rarely if ever tell you the truth about their development.
I can't say either way on this.
Thinking about it, Journalist's comments would indicate that there have been some defaults (people forfeiting their deposits), putting inventory back into the hands of the developer when earlier they were turning away potential buyers due to lack of inventory.
Sadly, it is probably just a sign of the times.
Posted 2009-01-08 23:27:29
I have one friend who is trying to get out of completing at Le Raffine, (and he hopes to get his deposit back - though I think his chances are slim)
Another friend is thinking about walking away from his 10% deposit on a THB 320 million offplan Sukhothai Residences penthouse.
I'm hearing that CBRE - who are the dominant agency in Bkk condos - didn't sell a single unit in November or December.
Posted 2009-01-09 11:11:36
Old Man River, on 2009-01-04 20:11:57, said: samtam, on 2009-01-04 17:26:46, said: Old Man River, on 2009-01-04 16:28:49, said: As it relates to the Athenee, I am a little confused by this, as it has been reported several times by the developer that it was completely sold out. In addition, I have had friends over the past year (prior to completion) inquire about buying units only to be told by the developer that they were completely sold out. Therefore, they shouldn't have any units still in their inventory.
Which I think just proves that developers rarely if ever tell you the truth about their development.
I can't say either way on this.
Thinking about it, Journalist's comments would indicate that there have been some defaults (people forfeiting their deposits), putting inventory back into the hands of the developer when earlier they were turning away potential buyers due to lack of inventory.
Sadly, it is probably just a sign of the times.
After reading these recent posts I went to TCC's office in the Athenee and asked about available units. TCC has just 3 unsold units:
1) a 3BR (C3) on the 9th floor, 214SM, 130,000 Baht per SM
2) a 3BR (C4) on the 25th floor, 209SM, 135,000 Baht per SM
3) a 3BR (C4) on the 26th floor, 209SM, 135,500 Baht per SM
However, some 4 BR units are available for resale. Perhaps they also have some 3BR units for resale but they are not 'advertising' them for fear of competition with there three unsold units.
We live in the Athenee (for about 6 weeks now) and since January 1st there has been a sharp increase in 'moving-in' activities. At the end of 2008 only 30 units were occupied. Now there is a lot of action on the floors.
Posted 2009-01-09 17:10:18
corkscrew, on 2009-01-09 04:11:36, said: We live in the Athenee (for about 6 weeks now) and since January 1st there has been a sharp increase in 'moving-in' activities. At the end of 2008 only 30 units were occupied. Now there is a lot of action on the floors.
Thanks for the candid update corkscrew - We will be back over 2nd/3rd week in March (flights booked) - We and others have been talking for quite some time now, and fundamentally understand the value of the support/feedback during this time and how much it has counted.
I don't actually think that those outside of the off the plan condominium market understand how protracted a process this actually is. Even in the most well run projects, a finished project takes a huge amount of time to become a home.
My own posts go back to July 2005!
http://www.thaivisa....ium-t39330.html
I will focus on an update to The Park with first hand information, which as with you needs to be gathered face to face, so will get back to this thread.
Posted 2009-03-27 16:09:18
As promised an update on The Park and The Address.
The Park is currently undergoing a deep clean as the building work at The Address has finished. The Address is virtually finished (see later). The Address will be ready to move into within the next few months. Plastic protection on the balconies and open windows sort of detract from the building at this time. For the first time I swam in The Parks swimming pool because I did not feel overlooked at all, things have settled down.
Some 20 unsold units remain at The Park (out of 218) and there has been a deliberate holding back until things settled down with The Address. There will be a new sales initiative for the remaining Thai only quota in the next quarter. I understand they are mostly two bedrooms with one or two three bedrooms remaining.
The Address is virtually complete there was hectic activity when I took a look at the place. Very oddly the interior is more Art Deco than The Park and I liked the finishing to the hall floors. The halls also had artwork hung up and although The Park mostly has private lift lobbies, I am in one of the two bedroom units which share the lobby with one other unit. I will give some thought to this, because it does look a bit stark at the moment, but then again I don't have that much artwork up in my unit at the moment.
The Address comes fully furnished and the bathrooms are really, really, great. Big! Two people can easily get into the bath, and it is better than the two bedroom bathrooms at The Park.
That said realistically The Address is a studio and 1 bedroom development with a few exceptions. I was quoted for 11B-02 at 56.1 sqm 7,510,700.00 THB. If you go to the foyer there is a good picture of the towers with dots indicating the Thai and Farang quota still remaining for sale. There were perhaps 20-30 units left.
There is some great planting at The Address and although it will take a few years the long line of Statement Trees along the front of the building to mature, they will really, really, add to the area.
Oddly looking at The Address garages from its forecourt there are hanging/trailing plants which are great! BUT the front of the garage building has not seen such treatment which means the approach doesn't look too good. Perhaps this is planned? I don't know but is a silly and cheap oversight to fix if not.
Some pictures:
Edited by pkrv, 2009-03-27 16:22:10.
Posted 2009-03-29 15:58:55
"Which I think just proves that developers rarely if ever tell you the truth about their development."
Why would a developer lie about selling out - to keep people from buying? That doesn't make any sense at all, does it? Everything seems to be a conspiracy to you. As people change their minds, for whatever reason, units go back on the market.
Posted 2009-03-29 22:00:21
pkrv, on 2009-03-27 17:09:18, said: As promised an update on The Park and The Address.
Thankyou for the update and for posting the pictures of The Address. It's great to see it practically finished and ready for moving in. It looks as though it complements The Park nicely and should help make that part of Soi Somkid a very desirable place to live.
Posted 2009-03-31 21:34:47
scl1056, on 2009-03-29 15:00:21, said: pkrv, on 2009-03-27 17:09:18, said: As promised an update on The Park and The Address.
Thankyou for the update and for posting the pictures of The Address. It's great to see it practically finished and ready for moving in. It looks as though it complements The Park nicely and should help make that part of Soi Somkid a very desirable place to live.
Thats Ok you posted as well when I became concerend, we guys sort out fact from fiction ];-) - The building noise has stopped except something massive to the left of The Athennee from The Parks perspective is going up big time - Anyone know what that is? I think it is sending shock waves out (physically and sonically and it's a long way away!), I can't see anything else that is doing that.
Edited by pkrv, 2009-03-31 21:37:32.
Posted 2009-04-01 12:57:18
Great info gentleman, many thanks. 
Posted 2009-04-03 21:05:48
badge, on 2009-04-01 05:57:18, said: Great info gentleman, many thanks.
As discussed media campagin for the remaining Thai only quota units at The Park (god hate that expression) here (Top six storys)
http://www.theparkre....co.th/news.htm
Posted 2009-04-11 01:24:32
pkrv, on 2009-03-31 22:34:47, said: scl1056, on 2009-03-29 15:00:21, said: pkrv, on 2009-03-27 17:09:18, said: As promised an update on The Park and The Address.
Thankyou for the update and for posting the pictures of The Address. It's great to see it practically finished and ready for moving in. It looks as though it complements The Park nicely and should help make that part of Soi Somkid a very desirable place to live.
Thats Ok you posted as well when I became concerend, we guys sort out fact from fiction ];-) - The building noise has stopped except something massive to the left of The Athennee from The Parks perspective is going up big time - Anyone know what that is? I think it is sending shock waves out (physically and sonically and it's a long way away!), I can't see anything else that is doing that.
That is going to be a Novotel hotel....right next to the Ploenchit station.
Posted 2009-09-24 18:03:10
Thanks corkscrew - That building is going up at a rate of knots.
The Address is now starting to be occupied people are out on the balconies. This project is pretty much done and dusted. Probably just awaiting their first juristic meeting.
http://www.skyscrape...p...3643&page=9
Photos from two weeks ago at the end of this post.
I note that The Park has set up its own sales/rental office
http://www.theparkre...operty_list.htm
All projects in the area seem to have completed, though I am still looking out for developments on the airport express and its station in the area.
BTW I did visit the Bangkok Art and Culture centre on my last visit (thanks trajan for the heads up), National stadium BTS but instead of turning right into the MBK, turn the first left off of the skywalk.
These guys however do not seem to have grasped the concept of advertising. This exit is not marked on the BTS signs.
Entry is free. Sort of illuminating.
Posted 2011-06-29 20:27:36
New projects in the area - of course I take an interest. Raptor7, on 2011-06-29 18:41:07, said: the planned nearby "Ploenchit City" landscaping and ped connections involving the Swissotel Nai Lert Hotel, upcoming Central Embassy (with Park Hyatt), Parkventures (with Okura Hotel) and Noble Ploenchit with lo-rise offices will certainly make your area even better!! and dont forget the new planned Bangkok Bazaar in those empty lots adjacent to Big C Rajadamri (across the street on Chidlom from you! will add further color to the area!) There seem to be so many projects in the area, a new eye in the sky I see. Stolen thoughts from another thread - PKRV
Edited by pkrv, 2011-06-29 20:47:23.
|
Sponsored by ...
|
0
