On the tail of a construction boom lasting the best part of two decades, Bangkok now suffers from a glut of condominiums, with Bloomberg reporting in May that some 65,000 new apartments were added to the Thai capital last year alone, an 11 percent increase on 2017.
Although its been claimed that there are now as many as 450,000 residences sitting unsold across the sun-drenched Land of Smiles, and snapshots of more-ordinary properties are yellowing sadly in real-estate agency windows from Hat Yai to Chiang Rai, one sector of the market remains in fine fettle, mainly through demands of the domestic market, but also supported by a steady influx of foreign capital.
The luxury end is pretty resilient, though the mid and lower end of the market has fallen off, certainly compared to last year,says Tim Skevington, managing director at Richmonts Luxury Real Estate, which representsChristies International Real Estate in Bangkok.
Skevingtonis speaking in early August, from an exclusive gathering to celebrate the grand opening ofBanyan Tree Residences Riverside Bangkok,a luxurious freehold condominium tower comprising 133 luxurious units over 45 floors, all overlooking the Chao Phraya River. A large turnout is expected.
Particularly Thai people but also potential buyers from overseas, says Skevington, who hasmore than 15 years experience in Bangkoks high-end residential market. Thats an indication of where we are. Theres still a lot of interest in the higher end in Bangkok.
Thailands economy has wobbled in 2019, and tightened borrowing rules kicked in earlier this year. The result is what Bloomberg has dubbed tepid demand across the Bangkok property market as a whole (with developers reporting an overall new-project take-up rate of just 55 percent). The steamy City of Angels, however, is still one of the most attractivedestinations on the planet for high-end homes.
There are multiple reasons for this, says Apichart Chutrakul, CEO ofleading full-service real-estate developer Sansiri PCL, which is behind some of Thailands most sought-after addresses. They range from high build quality and the creative input of megastar designers to a plethora of value-added services and amenities that increasingly come as standard.
As a rule of thumb, Skevington says luxury properties in Bangkok should be considered those with buy prices upwards of 250,000 baht per square metre (roughly HK$5,920 per square foot). And then we have super-luxury, which would be from around 350,000 baht [about HK$8,300 per square foot], he adds. Thats where we and Christies are positioned.
Real estate consulting firm CBRE, meanwhile, defines premier residences as those requiring 300,000 baht per square metre, with about two-dozen Bangkok developments fitting the top-end bill at the close of 2018.
Sansiri recorded overall sales of US$1.5 billion that year, up 25 percent from 2017, and the company is currently bullish. Its sales target for the three years from 2019 is US$5 billion. This year alone, Sansiri will launch close to 30 new projects worth US$1.5 billion. It now boasts four super-premium properties in its Sansiri Luxury Collection.
That fab four includes the companys first branded condominium project, Khun by Yoo. Withconstruction to be completed in November, its27 storeys willhouse 148 residential units ranging from one-bedroom apartments (440-570 square feet) to ultra-luxurious penthouses (3,165-3260 square feet).Interiors described as playful come courtesy oflegendary French design whizz Philippe Starck,and the average buy price currently hovers at about 380,000 baht per square metre (HK$9,000 per square foot).
Top-tier buyers can achieve a high degree of design, service and personalisation at prices that are approximately four times less than Hong Kong, Chutrakul says, singing Bangkoks praises. All within one of the worlds most popular and vibrant cities, and a global gateway.
Also in Sansiris Luxury Collection are Regency-styled, single-house development Baan Sansiri Pattanakarn and prestigious 45-storey condo tower The Monument Thong Lo, which features bespoke trimmings by Bohemian hand-blown glass specialist Lasvit.
In 2018, the most desired of 77 units in the collections 98 Wireless Sansiris 25-storey, beaux arts-inspired residence, with interiors by New York-based designer Anne Carson (formerly interiors guru for Ralph Lauren) were being offered for as much as 700,000 baht per square metre (about HK$16,575 per spare foot), making it the priciest residence in the Big Mango.
While Thailand is no stranger to occasional financial turmoil, its frequently argued that, with tourism being a major driver of the economy, buyers here enjoy a coincidental level of protection when investing long-term in Bangkoks more exclusive properties. While theSoutheast Asian kingdomcan be knocked down, its natural charms mean it always bounces back.
According to Mastercards Global Destination Cities Index, Bangkok has been the worlds most visited city every year since 2015 (ahead of London and Paris). International arrivals last year hit 38 million; 41 million are expected this year. The more high-net-worth of these visitors, perhaps lured by Thailands intoxicating brew of gorgeous weather, convenient regional access and high-end bang for the buck, might jet home with a shiny new home in the portfolio.
Ease of condominium purchase, says Chutrakul, is another convincing factor. In other major cities in Asia, he argues, its almost impossible to obtain freehold land in prime locations, whereas Thai property law allows foreigners to buy and own up to 49 percent of the total area of a condominium on a freehold basis.
Skevingtons years of experience tell him that the largest percentage of foreign buyers in Bangkok luxury are from Hong Kong, with Singaporeans traditionally taking second place, only recently to be eclipsed by mainland Chinese. Hong Kong interest has been steady for many years, he says. Singapore has been more up and down. Mainland Chinese are more recent buyers. The rest are mainly from Asia, but also from all across the world. But the majority are still Thai.
Foreign purchasers account for as much as 30 percent of Sansiris sales, with investors from Hong Kong and mainland China making up the lions share (even with Chinas economic slowdown and capital controls limiting cash outflows), followed by buyers from Singapore. But purchasers in Bangkok real estate are increasingly choosy and not every luxury property is a sure-fire winner.
As prime downtown land becomes ever more scarce (land prices in the city centre jumped 30 percent in 2017 alone) and the market becomes more selective, location is key. The most obvious port of call for the savvy luxury buyer is what Chutrakul calls Bangkoks Golden Triangle of the Siam district, Sukhumvit Road and Lumphini Park. Home to 98 Wireless, this sprawling downtown area accommodates most of the citys premium real estate far too many options to list here in total.
In-demand developments include the recently completed Nimit Langsuan, a super-luxurious 53-floor landmark,just north of Lumphini, with 187 freehold residences ranging from 840 square feet to around 6,460.Nearby Magnolias Ratchadamri Boulevardis a mixed-use development overlookingthe racetrack of Royal Bangkok Sports Club. It houses 316 residential units in a sculpted 60-storey tower (homes atMagnolias RatchadamriBoulevardare leasehold, with 50-year terms, meaning lower buy prices than at Nimit Langsuan). The building will also house Southeast Asias first Waldorf Astoria hotel.
Longer-in-tooth is MarqueSukhumvit, a freehold condominium complex beside theEmporium shopping mall on Sukhumvit Road at Phrom Phong. Completed in 2017, Marque contains 149 units with 3.4 metre-high ceilings; the plushest also feature private plunge pools.
Just one stop east on Bangkoks convenient Skytrain sits the Thong Lo neighbourhood, home to Sansiris The Monument Thong Lo and Khun by Yoo. Thong Lo has transformed in the past decade to become Bangkoks most happening entertainment zone, chock-full of stylisheateries, Instagrammable bars and nightclubs, cute coffee joints and boutique hotels.
Tela Thonglor, completed last years anddeveloped by Gaysorn Property (from the same group of companies responsible for the chic Siam shopping mall Gaysorn), is another condo complex to include on the shopping list.Thong Lo is attractive to investor buyers looking to rent out, because theres a lot of tenant demand in that area, says Skevington.
Unlike many other cities internationally, Bangkok was unfathomably slow in exploiting the waterway that meanders through its heart, but thats also changing. Three new ultra-luxury branded residences have recently debuted on the Chao Phrayas banks: the aforementioned Banyan Tree Residences Riverside Bangkok, Four Seasons Private Residences Bangkok, and The Residences at Mandarin Oriental Bangkok. And keep your eyes peeled for Magnolias Waterfront Residences, which will be the citys first residential-only super-tall tower.
Skevington says Bangkoks riverside traditionally lacked the facilities and mass-transit convenience of more downtown locations such as Siam and Sukhumvit, but thats no longer the case. Just outside the Banyan Residences is the brand-new Gold Line monorail [to begin operation next year], and Iconsiam shopping complex has opened next door, he points out. Until quite recently, the riverside lacked these amenities and was quite difficult to get to, but all of that is changing.
Skevington believes luxury buyers are considering what they will do with a Bangkok property, and choosing locations to suit. Many luxury residences are bought for lifestyle use as a holiday home or as apied--terre,or for their friends to use, he says. With that type of purchaser, a lot are now looking at the riverside. Id say investors are looking at city-central locations, and lifestyle users are leaning towards riverside.
After location, it should be noted that Bangkok in the 21st century is a mature luxury market. While the quality of facilities, fittings and finishes remains paramount to a propertys success, a state-of-the art fitness centre, pool and sauna, and the inclusion of top European brands such as Bulthaup, Franke, Dornbracht, Hansgrohe andBang & Olufsen, no longer cut it in turning the most discerning heads or opening the fattest wallets.
As well as securing the services of A-list designers Starck, Carson, Gert Voorjans, Lorenzo Castillo, Hutton Wilkinson, Mary Fox Linton and others for the Sansiri Luxury Collection, Chutrakul says the current trend is for the finest residential properties to supply luxury bespoke services and curated experiences.
To this end, Sansiri which will collaborate in a residential project with Tyler Brls lifestyle brand Monocle in coming years has partnered with concierge specialist Quintessentially. This has allowed the developer, Chutrakul says, to deliver high levels of personalisation to residents, such as securing tickets to the most exclusive sports and entertainment events, seamless hotel and travel arrangements, reservations to the most exclusive restaurants and anything you can think of thats legal and moral.
MAQE is a digital consultancy providing experience design and agile development services since 2011. We also happen to design, build and maintain websites, web applications and web services for a variety of clients.
Note: Dear Foreign candidates We're happy to hire non-Thai's however, the Thai Board of Investment (BOI) has strict guidelines on who we can issue a work-permit for. Please ensure you have the following:
Santiburi The Residences: Bt260 million per unit. Located on Praditmanutham Road in Bangkoks Bueng Kum district, the Bt6.5-billion project has 25 units. Each two-storey house has a useable area of 1,366 square metres. The land is priced at Bt265,000 per square wah, and the project was developed by Singha Estate.
Atelier Residence: Bt138 million per unit. Located in Soi Sahakarn Pramool, Pracha Uthit Road in Bangkoks Wang Thong Lang district, the Bt1.1-billion project only has eight units. Each three-storey house has a useable area of 1,150sqm. The land is valued at Bt120,000 per square wah and the estate was built by Aland Development.
Mavista Prestige Village: Bt100 million per unit. Located on Krungthep Kreetha Road in Bangkoks Saphan Sung district. The Bt1.39-billion project has 14 units, with each three-storey house having a useable area of 914sqm. The land is valued at Bt150,000 per square wah, and the project was developed by MJP Property.
Issara Residence Rama 9: Bt120million per unit. Located on Soi Rama IX 13 in Bangkoks Bang Kapi area. The Bt2.45-billion project has 20 units, with each three-storey unit having a useable area of 700-865sqm. The land is valued at Bt700,000per square wah and the project was built by Charn Issara Development.
Crystal Solana: Bt75 million per unit. Located on Praditmanutham Road in Bangkoks Bueng Kum district, the Bt3.08-billion project has 41 units. Each three-storey house has a useable area of 685sqm. The land is priced at Bt300,000 per square wah and the project was developed by KE Land.
The Riverdale Residence: Bt69 million per unit. Located on Thailand Route 345 in Pathum Thanis Muang district, the Bt3.86-billion project has 56 units. Each two-storey house has a useable area of 476sqm. The land is valued at Bt45,000 per square wah and the project was developed by Riverdale Golf and Country Club.
The Royal Kaset-Nawamin: Bt66 million per unit. Located in Soi Prasertmanukit 27 in Bangkoks Lat Phrao area, the Bt5.21-billion project has 79 units. Each two-storey house has a useable area of 420sqm. Land has been valued at Bt80,000 per square wah and the project developed by TCC Capital Land.
Baan Issara Bangna: Bt49.9million per unit. Located on the Eastern Bangkok Outer Ring Road in Samut Prakans Bang Phli district, the Bt2.87-billion project has 44units. Each three-storey house has a useable area of 380-697sqm. The land is valued at Bt550,000 per square wah and the project was developed by C.I.N. ESTATE CO.,LTD.
Veva Priva Ekkamai-Ramindra: Bt62 million per unit. Located in Soi Ramkhamhaeng 21, Praditmanutham Road in Bangkoks Wang Thong Lang district, the Bt434-million project has seven units. Each three-storey house has a useable area of 644sqm. The land has been valued at Bt150,000 per square wah and the project was developed by Narai Property.
Ladawan Ratchapruek-Pinklao: Bt55 million per unit. Located on Ratchapruek Road in Bangkoks Taling Chan, the Bt12.87-billion project has 234 units. Each two-storey house has a useable area of 416sqm. The land has been valued at Bt100,000 per square wah and the project was developed by Land and Houses.
Baan 365 Rama 3: Bt53 million per unit. Located on the Industrial Ring Road in Bangkoks Yannawa district, the Bt2.19-billion project has 41 units. Each three-storey house comes with a useable area of 340sqm. The land is priced at Bt250,000 per square wah and the project was built by LPN Development.
Anina Villa: Bt52 million per unit. Located in Soi Yenakart 2, Yenakart Road in Bangkoks Yannawa district, the Bt1.14-billion project comprises 22 units. Each 4.5-storey house has a useable area of 530sqm. The land is valued at Bt700,000 per square wah and the project was developed by Yenakart Asset.
Ladawan Rama 2: Bt50 million per unit. Located on Rama II Road in Bangkoks Bang Khunthien district, the Bt6.1-billion project has 122 units. Each three-storey unit has a useable area of 434sqm. The land is valued at Bt100,000 per square wah and the estate was developed by Land and Houses.
Granada Pinklao-Phetkasem: Bt47 million per unit. Located on Kanchanaphisek Road in Bangkoks Bang Khae district, the Bt1.82-billion project has 39 units. Each two-storey unit has a useable area of 786sqm. The land is valued at Bt120,000 per square wah and the project was developed by SC Asset Corporation.
Grand Bangkok Boulevard Ratchaphruek-Charan: Bt44 million per unit. Located on New Prannok-Phutthamonthon Sai 4 Road in Bangkoks Taling Chan district, the Bt1.30-billion project has 30 units. Each two-storey house has a useable area of 588sqm. The land has been valued at Bt160,000 per square wah and the project was developed by SC Asset Corporation.
SKYVIEW Hotel Bangkok Em District boasts 285 thoughtfully designed modern guest rooms, each elegantly designed and featuring plenty of natural light. Ranging in size from 30 62 sqm, our vibrant hotel features floor-to-ceiling windows and a birds eye view of the glorious City of Angels below.
From high-tech features and comfortable furnishings to a harmonious colour palette and thoughtful design, your room or suite will quickly become your home away from home. All rooms come equipped with everything you would expect in a five-star hotel, such as large flatscreen TV, high-speed internet access, well-stocked mini bar, telephone, safe, coffee maker, hairdryer, bathroom amenities, bathrobe, rain shower and so forth.
For those of you with specific requirements, corner units and connecting rooms are available upon request. Our fully equipped Suite includes a separate bedroom, living and kitchen quarters for long-stay, family, or corporate guests. After an enjoyable day out exploring all the wonders Bangkok has to offer, youll love coming back to your SKYVIEW room for relaxation and a great nights sleep.
First time in town? Fear no more. Our professional team at the concierge desk is here to assist you with any wishes you may have during your stay at Skyview Hotel. Be it day tours, restaurant bookings, child-friendly activities, or even an umbrella on those rainy days, we have you covered literally. Speaking of child-friendly activities, the young masters are guaranteed a good time while staying with us. Place your request upon making the reservation, and they will be wowed with toys, games and plush dolls upon arrival. Kids menus are also available at our all-day dining restaurant on the 7th floor. Baby-sitting service is available upon request.
Its not a surprise that Bangkok lives up to the reputation of being one of the hottest travel spots in Southeast Asia. This city is famous for its funky markets, high-end malls, and vibrant nightlife, with riverside surprises, fabulous sights, and tourist attractions all which reflect the citys unique heritage. The modern Sky Train (BTS) and the underground systems connect many areas and you can avoid traffic jams by just choosing any of these modes of transport. Or else you can always explore the riverside by taking a river taxi or long-tail speed boat. The city is bursting with exciting opportunities and irresistible holiday memories, irrespective of being on a pleasure visit or business. Some of the more famous places within Bangkok that would take your breath away are the Grand Palace, floating market, Wat Pho, Bangkok National Museum, Lumpini Park, Chinatown, etc.
Over the years, Bangkok has attracted millions of tourists as well as investors all year round. Real estate is one of the fast growing markets, especially famous for its, condos. There are several types of condos available, which are designed and constructed mainly for foreign investor's.
Generally, the condos in Bangkok are most sought after by the expats as these condos are located near the business centers and in the heart of the city. You can easily find different types of condos according to your requirements. Some of the condos come with common areas which include manicured gardens, pool, and a fitness center. Also, there are condos in a high-rise building that gives a spectacular view of the city.
Condos are much more spacious and are better to live in than a congested apartment. Condos are easy to maintain as you would have the benefit of an onsite handyman that would carry out all of the maintenance. From budget-friendly condos to luxurious condos, you are spoiled for choice in Bangkok.
Any property investment plan should be weighed in terms of proximity of home to the workplace; minimal basic amenities such as restaurants, mall, and schools etc., In Bangkok, the best areas to invest would be the place where the best business opportunities are available. Areas like Sukhumvit and Sathorn attract renters naturally because of the high employment rates. The business-oriented areas come with various excellent amenities: banks, hotels, transport links and shopping malls. All of these places are connected with the metro or the Skytrain which helps to attract the investor.
If you plan to reside in condos, then you need to choose the place that you are most comfortable staying at. Asoke and Thong Lo are good areas for you to consider if you are planning for a long-term investment. Also, you could look for a place where you will get a spectacular view of the citys skyline like Phrom Pong and Lumpini Park.
Udum Suk is another ideal location to buy a condo in Bangkok. It is within the central business district. There is something for everyone here from the international trade center to bicycle tours, varied shopping outlets, the list is endless. Also, there are many spa and massage centers where you could unwind and relax or else you could enjoy the floating center of Bangkok. Other popular areas to buy condos are Watthana, Khlong Toei, Bang Na, Ratchatwei, Bang Sue and Huai Khwang.
Bangkok is packed with excitement, beauty, freedom, and adventure. Through its gigantic skyscrapers, world-renowned floating market, grand palace, and temples, the city keeps attracting millions of Tourists and is considered as one of the most popular tourist destinations. People living in the city can relieve their stress by choosing either a Thai oil massage, back massage or head massage. Also, you cannot ignore the number of shopping options that are available here.
Regardless of the budget, people are spoilt for choices. Taking a walk in the park, checking out art exhibitions, shopping in the farmers market, meeting your colleagues or friends in the beer garden, theres plenty to do to keep a person busy in the city. The floating market gives you a wide variety of fresh fruits and vegetables.
You can indulge in delicious cuisines from around the globe. You can enjoy the fine-dining restaurants or experience the mouth-watering dishes served in local street markets. The best part of living in this city is you can travel to exotic beaches situated in nearby islands. Weekend getaways are quite cheap and offer a fantastic travel experience, youcould easily catch a flight to travel to Chiang Mai, Koh SamuiorPhuketand enjoy any number of tours and activities without even leaving the country. Also, you could travel by train to visit the nearby natural treasures like Lopburi, Ayutthaya and various other famous places within the country.
Hub of ASEAN - Thailand serves as the largest economic market that is growing rapidly and Bangkok serves as the gateway to Southeast Asia. It is connected to the rest of the world through Suvarnabhumi International Airport. With the citys appeal, unique advantages and strategic location, Bangkok is positioned for rapid growth within the property sector. It is many opportunities to attract overseas investment and the regional headquarters are very much keen on tapping the economic potential of this city.
High ROI (Return on Investment) - The sale price of the condos as increased in the last few years and investors are getting a large return on their investment. These return rates are attracting local and international investors from Japan, Singapore, Hong Kong, and China who view the luxury condos in Bangkok as a good steady long-term investment opportunity.
Friendly, welcoming law - Foreigners are permitted to invest and own condos on a freehold basis. After purchase, the foreign buyers receive the same title deed just like the Thai owner with complete details mentioned with respect to the name of the owner, official seal from concerned authority, details about the condo, etc. Purchasing the freehold property is the right option for those who are interested to invest in a property for long-term that guarantees 100% ownership and it is considered as one of the best cities to live in.
Business and job opportunities - Millions of people traveling into the city has resulted in new jobs and business opportunities. New job opportunities are available within the Hotel business, financial sector, and Transportation sectors to accommodate the growing demand for the increase in tourists, who come to visit the fascinating city.