Archived

This topic is now archived and is closed to further replies.

sharecropper

Posh Condo Developers

19 posts in this topic

I read recently in a rag whose name we dare not speak, that a Bangkok developer thinks Pattaya hasn't got enough "high end" condos and is planning another one for next year.

Perhaps they haven't notice that:

(a) the previously planned high end ones have gone bust, stalled or seem likely never be built;

(:) even if they were, there just aren't the foreign mugs blindly chucking their cash around to buy them, and they won't be flocking to Thailand or Pattaya again any time soon;

© there are even fewer (of the mythical?) wealthy Thais who want to live in overpriced Foreigner ghetto developments in Pattaya - immediately an unsold virtually 40% of your high end deveopment right there

(d) People would have to be naive bordering on insane to buy off plan right now.

Haven't they heard that Ocean 1 will swamp the Pattaya market with high end condos?

And how is that development going by the way. Any words from its real estate agent promoters or the developers themselves?

Share this post


Link to post
Share on other sites

I believe this is just the consequential enforcement of the age old plan , that Thailand, once it got rid of all the Farang Scum with only the wealthy and bald riches staying, will be the top holiday destination of middle and upper class chinese nouveau riches from the People's Republic. And they will start to invest soon, as Thailand is becoming their most southernward holiday destination in front of overcrowded Hainan Island. The numbers of Chinese tourists are constantly rising, and they will start flocking into the property market real soon with their buyers power. comes the day when Thailand does not need the "western" Farang any more, to keep it's tourism bustling. I guess this also is part of the scheme , it started with the visa rules change and will end up with beach properties in the hands of top end chinese tourists. At least that is what these developers are hoping for. So don t chuckle or start wondering at it . . just watch and believe !

Share this post


Link to post
Share on other sites
I believe this is just the consequential enforcement of the age old plan , that Thailand, once it got rid of all the Farang Scum with only the wealthy and bald riches staying, will be the top holiday destination of middle and upper class chinese nouveau riches from the People's Republic. And they will start to invest soon, as Thailand is becoming their most southernward holiday destination in front of overcrowded Hainan Island. The numbers of Chinese tourists are constantly rising, and they will start flocking into the property market real soon with their buyers power. comes the day when Thailand does not need the "western" Farang any more, to keep it's tourism bustling. I guess this also is part of the scheme , it started with the visa rules change and will end up with beach properties in the hands of top end chinese tourists. At least that is what these developers are hoping for. So don t chuckle or start wondering at it . . just watch and believe !

Interesting, but I don't think so.

Share this post


Link to post
Share on other sites

Why people even bother building 'posh' condos in Thailand is beyond me, nobody has really made any money out of it, with the possible exception of TCCC. The real action is in the low to mid end. LPN, which typically sells from Bt1.5m - Bt5m condo units, sold 2000 units over 2 days last weekend.

Share this post


Link to post
Share on other sites
Why people even bother building 'posh' condos in Thailand is beyond me, nobody has really made any money out of it, with the possible exception of TCCC. The real action is in the low to mid end. LPN, which typically sells from Bt1.5m - Bt5m condo units, sold 2000 units over 2 days last weekend.

I agree with you completely on activity being in the low to middle end, but where did you get that figure of 2,000 units sold in 2 days last weekend -are you sure you (or your source) didn't mean 20?

Share this post


Link to post
Share on other sites
I agree with you completely on activity being in the low to middle end, but where did you get that figure of 2,000 units sold in 2 days last weekend -are you sure you (or your source) didn't mean 20?

As you can see, LPN launched 3,700 units at the weekend in two separate projects. The company said that it had bookings (not quite the same as a sale but they have a conversion ratio over 90%) for 2000 units with a value of Bt3.8bn. They have been quite reliable in the past.

http://www.nationmultimedia.com/2009/11/17...ss_30116733.php

Share this post


Link to post
Share on other sites
I believe this is just the consequential enforcement of the age old plan , that Thailand, once it got rid of all the Farang Scum with only the wealthy and bald riches staying, will be the top holiday destination of middle and upper class chinese nouveau riches from the People's Republic. And they will start to invest soon, as Thailand is becoming their most southernward holiday destination in front of overcrowded Hainan Island. The numbers of Chinese tourists are constantly rising, and they will start flocking into the property market real soon with their buyers power. comes the day when Thailand does not need the "western" Farang any more, to keep it's tourism bustling. I guess this also is part of the scheme , it started with the visa rules change and will end up with beach properties in the hands of top end chinese tourists. At least that is what these developers are hoping for. So don t chuckle or start wondering at it . . just watch and believe !

Yeah maybe in Thaksins wildest dreams that was a plan.

Thankfully i think that's gone the way of the dodo.

There is still a recession on you know...

Share this post


Link to post
Share on other sites

BTW if anyone is still cynical about mid to low end condo sales they can go to the LPN website - www.lpn.co.th.

One of the two projects they launched last weekend - Lumpini Villa Ladprao Soi Chokchai 4 - consisting of 1,020 units is marked under one of the banner headlines - SOLD OUT - See you next project. Now selling out your project in 4 days seems a very sensible strategy. Many high end condos seem to just spend the first 3 or 4 years trying to sell the units will by definition wipe out any profits you can generate by actually building the thing.

What say LPN understand is that your key to profitability is asset turn not margin.

Share this post


Link to post
Share on other sites
I agree with you completely on activity being in the low to middle end, but where did you get that figure of 2,000 units sold in 2 days last weekend -are you sure you (or your source) didn't mean 20?

As you can see, LPN launched 3,700 units at the weekend in two separate projects. The company said that it had bookings (not quite the same as a sale but they have a conversion ratio over 90%) for 2000 units with a value of Bt3.8bn. They have been quite reliable in the past.

http://www.nationmultimedia.com/2009/11/17...ss_30116733.php

Phew. Thanks. We're talking about different markets -Pattaya and Bangkok.

In Pattaya I doubt 2,000 off plan condos have been sold in the past 2 years.

Share this post


Link to post
Share on other sites
BTW if anyone is still cynical about mid to low end condo sales they can go to the LPN website - www.lpn.co.th.

Shame this website is only in Thai language...would've loved to read about these priects!

Are they for Thai nationals only? I mean...I prefer western kitchen and bathroom :D

Oooopppsssss.....just found the English language button down in the bottom of the page :)

Share this post


Link to post
Share on other sites

Regarding the Chinese buying here...? Why?

They are foreigners and they cannot own either.

They will not get a good return on their investment either, and it will not take long for them to find out that the buildings are not being maintained, and from then on, they will stop buying.

Share this post


Link to post
Share on other sites
Regarding the Chinese buying here...? Why?

They are foreigners and they cannot own either.

They will not get a good return on their investment either, and it will not take long for them to find out that the buildings are not being maintained, and from then on, they will stop buying.

Are you really saying that foreigners cannot own condos in Thailand :)

Share this post


Link to post
Share on other sites

"will be the top holiday destination of middle and upper class chinese nouveau riches from the People's Republic. And they will start to invest soon, as Thailand is becoming their most southernward holiday destination in front of overcrowded Hainan Island. The numbers of Chinese tourists are constantly rising, and they will start flocking into the property market real soon with their buyers power."

SEE ABOVE

This says property, not condos. Property is far more general and includes land / houses.

They will also see the 49% rule in condo ownership and will shy away from it.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

BANGKOK 28 July 2017 15:54
Sponsors