Bangkok Condo Property Information

Bangkok Condo: Information Guide CBRE Thailand has a dedicated sales team specialising in Bangkok condo sales. We have been managing, selling and buying Bangkok Condos for over 20 years consequently our experience is unparalleled. Our Condo sales team is the market leader, currently marketing the 17 leading Bangkok condo projects. In addition to these projects we have a selection of over 4500 Bangkok Condominiums in our condo listing database (view Bangkok Condo Listings), thus we are able to provide you with the widest choice from a range of luxury Bangkok Condominiums. Bangkok Condo Resale Hot Deals      Bangkok Condominium: Thai Definition A condominium or condo – also known in some countries as an apartment or flat - is a building where individuals have freehold strata title of their own residential unit and where the common areas such as lifts, swimming pools and gyms are jointly owned by all the co-owners. In Thailand, foreigners are allowed to own up to 49% of the total area of a condo building. (Condo Ownership) Bangkok Condo Areas & Locations Our condo sales team have intimate knowledge in the condominium market in the following Bangkok locations. Silom/Sathorn The area incorporating Silom, Sathorn, Surawong, and Narathiwas-Ratchanakarin (north of Chan Road) Roads, as well as the sois in between Central Lumpini The area incorporating Wireless, Ploenchit, Rajadamri, Chidlom, Langsuan, Sarasin and Ruamrudee Roads, and other sois in between Sukhumvit The area incorporating Sukhumvit Road from Soi 1-65 and Soi 2-44, as well as other sois in between Pathumwan The area incorporating Ratchaprarop, Phayathai, Sri Ayutthaya and Petchaburi (from Soi 1-37) Roads, as well as other sois in between Rama III The area incorporating Narathiwas-Ratchanakarin Roads (south of Chan Road), Charoenkrung and Rama III on the side not adjacent to the river, as well as interlinking sois Riverside Includes developments on the riverside incorporating Charoenkrung, Charoennakorn and Rama III Peripheral areas All other areas of Bangkok lying outside the CBD, including Ratchadapisek, Ladphrao, Ramkhamhaeng, Paholyothin, Thonburi and Sukhumvit Road from Soi 44-76 and 65-115 Typical Condominium Purchase Opportunities There are essentially 3 choices to make when purchasing a condo in Bangkok: Condominiums in New Projects CBRE Thailand specialise in marketing and selling off plan “New build” projects. We currently have over 17 projects on our books comprising some 4000 units. Benefits of buying a condo in a new project can include: A new property Latest built in facilities (Gyms, pools etc) Usually built in the most convenient locations (Access to public transport) Capital growth for an initial small outlay Resale Bangkok Condos CBRE Thailand has an extensive database of condominiums available for resale. The benefits of a resale condo purchase are that it avoids the risks of an off plan sale. No risk of developer delays or failure Ready for immediate occupancy The chance to inspect the actual unit, views and fittings The opportunities to seek in some instances bargains Buying a Bangkok Condo as an Investment Purchasing a condominium for investment can offer an attractive investment opportunity with initial capital growth and later a rental income. In our New Bangkok Condo Projects portfolios investors buy condos “off plan” (i.e. before and during construction) paying in stage payments. Thus buyers invariably get the best prices (developers generally increase prices during construction), they also manage their cashflow as deposits and stage payments are between 10 and 30% of the total price. Buy to Let - There is a large and continuously growing expatriate population looking to rent condominiums, providing owners with solid rental returns. Speak to us about areas and property types to achieve the highest returns. In summary early buyers usually secure a rise in value for a small capital outlay. Of note is that generally, in Bangkok, real estate developers do not restrict condominium buyers from assigning their contracts at any stage. Flagship Bangkok Condominium developments Sukhothai Residences (Ref. #20354) Location: Bangkok - Silom/Sathorn Price: THB 58.5 million The River (Ref. #20621) Location: Bangkok - Riverside Price: THB 69.3 million View more condo listing    Legal Ownership of a Bangkok Condo   Freehold The majority of condominiums in Bangkok are freehold. Foreigners can own up to 49% of the total area of a condominium on a freehold basis. (Condo title ownership) Leasehold Some developments in Bangkok are built on leasehold land with leases of 30 years and options to renew. Leasehold ownership is also offered in condos where the foreign quota for freehold title has been reached. (Condo title ownership) Bangkok Condo Research   We conduct research on the latest conditions prevalent in the Bangkok Condo market, including supply, demand, and current property requirements of condo buyers. With our network of offices, CBRE Thailand has unparalleled access to resources in Bangkok, these enable us to identify trends that assist our customers. (Latest condo research) Quarterly Highlight The existing condominium supply in downtown and midtown areas reached 311,496 units. There were 2,319 units completed in downtown in this quarter. Five projects were launched in Q4 2011 in the downtown area. The number of newly launched units decreased from 1,254 units in the previous quarter to 1,153 units in this quarter. One bedroom and two bedroom units dominate new supply (73%). Central Lumpini was the area with the highest average achieved re-sales price level (155,417 THB/sq.m.). For full access to further Bangkok Condo Research or to access the Bangkok Property Report Condominium Funding/Financing   Financing Financing for foreigners to purchase real estate in Thailand is complex and changes regularly. As at the time of writing it is difficult to source mortgages for foreigners, however we recommend that you check with your bank to get the latest details. Money Transfer Under the 1991 Condominium Act, non-residents who purchase condominium units must transfer the funds to pay for the unit from overseas, with the money entering Thailand as foreign currency. Purchasers need to obtain a “Foreign Exchange Transaction Form” certificate for each payment from the beneficiary bank, and all these certificates must be shown to the Land Department in order to register the condominium. (Condo Funding Procedures) Bangkok Condo Sales Taxes   Individuals who invest in property in Thailand should be aware of the tax liabilities that may arise on either buying or selling the property. The table provided by Mazars, (one of Thailand’s leading international accounting, audit and tax advisory firms) is a sample calculation. Sample: Tax Calculation Assuming a 10 million baht sales price and assessed value of 10 million baht. * Depending on the wording in the contract, this fee is often split between the buyer and seller Bangkok Condo - Transaction Costs   Transfer fee: There is normally a 2% transfer fee for new condos which is either paid by the vendor, the buyer, or is split between both parties, depending on the purchase agreement. For resale properties there may well be a fee for the transfer of the registration. Sinking fund: In a new condominium project, the buyer pays a one-off lump sum on transfer of the property from the developer to the purchaser. This money is to be used for major renovations and replacement of equipment when necessary. The aim of this fund is to ensure the maintenance of the building and ultimately its future value. Legal fees: Each party pays its own legal fees and there is no norm as the purchase can depend on many different complexities. Common area management fee/utilities: These fees are paid by owners for the upkeep of the common areas of condominiums and housing estates. For new residential developments, it is common to pay up to several years’ management fees in advance. Utilities are generally paid on an “as use” basis Bangkok Condo: General Industry Classifications   We classify Bangkok Condo units into six categories based on price/m2. Classifications are based on the maximum number of condos in a project that fall into a category. Super Luxury Above THB 180,000/m² Upper-mid-range THB 80,000-THB 99,999/m² Luxury THB 130,000-179,999/m² Mid-range THB 60,000-79,000/m² High End THB 100,000-129,999/m² Entry-level Below THB 60,000/m² Condominiums that are high end or above generally demonstrate common characteristics such as: Easily accessible locations Good and secure neighborhoods, ensuring privacy of residents Good building design, layout and decoration Good standard of construction using high-quality materials and specifications Comprehensive range of facilities, including swimming pool, gym, squash, tennis courts. Adequate elevators and efficient M&E system Professional management Sufficient car parking