The Tesco Lotus is coming soon, just in front. There will be food court and many other shops and facilities. The building is under construction and hope to completed within next few month.

It is just next to Nishachol residence and will be across the road for metropark sathorn. Hopefully there will be road crossing bridge so we all can go and shop there. Now there will be no more hassle to buy the groceries, vegetables and utilities of daily use.

Cheer Up all

A towering cement skeleton on Phahon Yothin Road, one of Bangkok’s notorious “ghost” buildings abandoned after the 1997 financial crisis, still haunts Nichapat Tulsakchuentana.

Her parents paid over one million baht for a condominium in the unfinished high rise. The fallout from the 1997 crisis, which devalued the baht and caused businesses to crumble, did not spare this project.

Almost 15 years later, her family has yet to get a single baht back from the developer.

“I learnt a costly lesson. I’ve been very afraid to buy any property,” said Ms Nichapat, 29. “We have no money to buy a place now because all our hard-earned savings were put into that condominium.”

Since the 1997 crisis and the subsequent collapse of several property projects, the Office of the Consumer Protection Board (OCPB) has received numerous complaints from homebuyers. The office has recommended that 20,294 of them take developers to court to seek a total of 4.6 billion baht in compensation.

Ms Nichapat and her family were among 42 buyers who purchased units in “The Natural Place Phahon Yothin” condominium project and who have spent the last decade in courts fighting for the return of their payments.

The courts have found in their favour, but the developer has declared bankruptcy and only two buyers have had their money returned to them.

While for Ms Nichapat and her family, the battle for compensation continues, the property itself is getting a new lease on life by a developer who is continuing the project with a different name, embracing Bangkok’s rapid condominium growth and increasing interest from buyers.

Bangkok’s latest property boom has brought with it a flood of new complaints to the OCPB. Even though developers are said to be regulated more strictly and consumer protection laws have been passed, prospective condominium buyers are told to avoid complacency.

Last month, outgoing Bank of Thailand governor Tarisa Watanagase warned that buyers should be prepared for a hiccup in the rapidly-growing condominium market to avoid a similar experience to the 1997 bubble.

Other analysts said there are no signs of a bubble yet, but warned the condominium market must be closely monitored.

“It is necessary that consumers spend a great deal of time studying property projects they want to buy,” said Nirote Charoenprakob, OCPB secretary-general.

Buyers are encouraged to thoroughly investigate whether high-rise projects have received a construction permit and environmental impact assessment approval from government agencies, as well as loan approval from banks for their projects, he said.

Purchasing units sight unseen also exposes buyers to potential problems, Mr Nirote said.

“In most cases, it’s safer for them to buy finished projects rather than those with no construction in place,” he said.

However, consumers have long criticised the OCPB for failing to offer sufficient and timely protection. The agency cites a lack of staff for its slow response time.

PM’s Office Minister Ong-art Klampaibul, who oversees the agency, promised on Monday he would work to track down “bad operators” and keep buyers better informed.

“Within a month, we will get information from banks and financial institutions on which property projects have had rejected loans and related permits,” he said.

The data will be available and updated regularly on the agency’s website, http://www.ocpb.go.th, along with lists of approved and troubled projects, he said.

“This will keep them informed about which projects they shouldn’t buy,” he said, adding financial institutions will be asked to reject loans for projects that are still waiting for construction permits.

In recent years, numerous legislation has been introduced to protect homebuyers from meeting a fate similar to those affected by the 1997 crisis.

The Condominium Act of 2008 protects consumers against misleading advertisements. This means developers must fully deliver on what they promise in advertisements as part of a legal agreement with buyers or face a maximum 100,000 baht fine.

The Escrow Agreement Management Act 2008 enables a third party to hold a downpayment on a project until the delivery of ownership or project completion.

“Consumers may not know that they can negotiate for an escrow account since this is not legally mandatory but voluntary,” said Mr Nirote.

However, banks have been reluctant to act as escrow agents, citing a need to review the law and related regulations, said Ladavan Tanatanit, an adviser to the Thai Condominium Association, a group of 197 developers.

Financial institutions are also concerned that they wouldn’t earn enough from the venture, as the service fee is set at 0.3% of downpayment, she said.

“I am confident the escrow management plan can practically begin by late next year,” she said.

“By then consumers will be better protected. If any problem occurs, they will get either the piece of property they bought or their money back,” she said.

Mrs Ladavan, a former executive vice president for property development at Bangkok Bank, played down the central bank’s warning of a potential property bubble.

Current developers have better cash flow and better management than those during the 1997 crisis, while financial institutions are stricter with their lending measures, she said.

During the next few years, condominium development will continue to grow steadily, with about 70,000 units offered to buyers every year, she said.

“Competition will be fierce. But consumers will be better-served with quality property,” she said.

• Published in Bangkok Post: 4/09/2010 at 12:00 AM
• Newspaper section: News

He said Chia Tai received a national licence to operate a bank in Shanghai earlier this year with Thai state-owned Krung Thai Bank. It did not disclose the investment.

In the past two years, China has liberalised its financial services under its commitment to the World Trade Organisation and granted over 10 licences to foreign banks to operate fully incorporated local banks in the country. Bangkok Bank already has a licence and has operated under Bangkok Bank (China) Co since December 2009. It provides a wide range of banking services, including renminbi transactions.

Prior to liberalisation, foreign banks needed to set up representative offices in China before upgrading their services to offer transactions in dollars and becoming fully incorporated local banks. The investment stake of foreign banks in China was earlier limited at 20% ownership in Chinese banks. In 1996 CP Group joined with Kasikornbank and M Thai Group to invest in TM International Bank in China.

Chia Tai also received approval for real estate developments in several cities such as Luoyang and Xian. The developments are for residential, commercial or mixed-use properties.

Dr Phaichit said Chinese provincial governments prefers Chia Tai develop these projects rather than transferring the rights to other companies.

Some properties would be department stores like Superbrand Mall in Shanghai, a popular shopping complex opposite the iconic Oriental Pearl Tower.

He said CP Group has sufficient capital to develop real estate in China.

• Published in Bangkok Post: 31/08/2010 at 12:00 AM
• Newspaper section: Business

Next year’s projects have not been finalised, but the developer plans to focus more on ones that are eligible for BoI support, with prices estimated at 600,000 to 700,000 baht per unit, said executive director Kessara Thanyalakpark.

“The upward trend in interest rates is expected to have a significant effect on buyers who rely on bank loans. For every 1% rise in the interest rate, their budget for a home purchase drops by 8%. This has become a factor prompting us to consider developing new products that cater to this change in purchasing power,” she said.

The Bank of Thailand on Wednesday raised the key interest rate for the second time this year, to 1.75%.

BoI tax incentives require developers to build at least 50 units – townhouses or detached houses – with a minimum size of 70 square metres and a maximum price of 1.2 million baht. Condominiums must be at least 28 sq m and priced at no more than one million baht.

Supported projects receive a five-year corporate income tax holiday.

Sena plans to introduce three projects in this year’s fourth quarter with a combined value of more than 1.8 billion baht. One will be a condominium under BoI incentives, The Kith, worth 300 million baht, bringing its total BoI projects to four this year. Located in Sukhumvit Soi 113, the project will have 370 units.

The second one will be a 500-million-baht mixed-used project on Charoen Nakhon Road. It will featuring 7,000 sq m of retail and residential space. The design is still under study.

The third one will be a low-rise project worth about 800 million baht. Further details have not been disclosed. Sena has launched three projects worth a combined 1.3 billion baht so far this year.

The company posted a first-half net profit of 144 million baht, up by 13% year-on-year, on revenue of 632 million baht, down by 3%.

Net profit in the second quarter increased by 5.59% year-on-year to 63.5 million baht while revenue dropped by 8% to 304 million baht.

Sena is maintaining its revenue growth target at 20% to 1.5 billion baht this year. It has targeted presales of 1.7 billion baht this year. First-half presales reached 1.04 billion baht.

It currently has a sales backlog of 1.2 billion baht. About 800-900 million baht of that will be realised this year.

“A property oversupply may occur at some locations, but a bubble stage for the overall market is not likely. Rather, developers will tend to see a slowdown in sales,” said Dr Kessara.

SENA shares closed on Friday on the Stock Exchange of Thailand at 2.40 baht, up 12 satang, in trade worth 32.6 million baht.

• Published in Bangkok Post: 30/08/2010 at 12:00 AM
• Newspaper section: Business

คอนโด สำหรับ เช่า และ ขาย ที่ เมโทรปาร์คท สาทร

Please call at 086-324-2456 (+668-6-324-2456)

info@metroparsathorn.com

There are three types of rooms

1. Studio 31 to 34 Sqm.  Monthly rent from 7,000 to 9,000 Baht. Selling price is from 1.2 Million Baht to 1.4 Million.

2. One bedroom 41 to 44 Sqm.  Monthly rent from 11,000 to 13,000 Baht. Selling  price is 1.7 Million to 1.9 Million Baht

3. Two bedroom 56 to 76 Sqm. Monthly rent from 14,000 to 17,000 Baht. Selling price is 2.5 million to 3 Million Baht

All three types of condo are available either unfurnished, semi-furnished, furnished or fully furnished. The rental/selling price depends on the location of the condo within the complex, and whether the condo is furnished or unfurnished, etc.

ห้องทั้ง 3 แบบ มีให้เลือกตั้งแต่ แบบห้องเปล่า ไปจนถึง แบบมีเฟอร์นิเจอร์ครบครัน ราคาเช่า / ขาย ขึ้นอยู่กับชั้นที่ตั้ง, เฟอร์นิเจอร์ และปัจจัยอื่น ๆ

ให้เช่า 2 ห้องนอน เฟอร์ครบห้องใหม่อย่างดีพร้อมอยู่ 12,000-15,000 บาท/เดือน

ให้เช่า 31 ตรม. เฟอร์ครบ พร้อมอยู่ 7,000-8,000 / เดือน

ให้เช่า 43 ตรม. แยก 1 ห้องนอน 9,000-11,000/เดือน ราคาเดียวห้ามต่อรองพร้อมอยู่ เฟอร์นิเจอร์+ไฟฟ้า

Note: Some of the bellow listed condos are already rented,  but we still have some more rooms. Mostly all the condos are furnished same way and looks same as in pictures. So you can have a complete idea by following listings.

( Please make an appointment, Prior to visit) (กรุณาโทรมานัดหมายล่วงหน้า ก่อนเข้าชมคอนโด)

rent@metroparksathorn.com or sales@metroparksathorn.com

Townhouses and condominium sales boomed while single houses priced from 3-5 million baht were the best sellers in Greater Bangkok during the first half of this year, according to a survey by the property management company Plus Property Co.

It said 67 townhouse estates were launched in the first half with 8,105 units, up 155% from the first half of 2009. More than 10 of the projects offered unit prices below 1.2 million baht, suggesting more developers are entering the market to take advantage of the BoI Home incentives from the Board of Investment home programme.

Spurred by the property tax incentives that expired on June 30, townhouse sales rose 92% from the same period last year to 12,051 units, accounting for 51% of all offered units and a 14% share of all residential units. The average selling rate per month was 7.2 units per project, up 2.9 units from a year earlier.

The number of newly completed condominiums totalled 41 projects with 19,128 units, with the largest number located in the Ratchadaphisek area, followed by outer Sukhumvit and Sukhumvit.

The cumulative total of completed condominiums rose 10% from 2009 to 212,468 units, showing that developers had good liquidity and were able to transfer units, said Plus.

Most of the completed condominiums were located in the outer Sukhumvit, Thon Buri and Nonthaburi areas, accounting for 44% of total supply. Other popular areas were Rama III, Phaya Thai, Phahon Yothin and Ratchadaphisek with a collective share of 37%. The central business district (CBD) and Sukhumvit accounted for 19%.

Plus estimated 77,000 units were under construction and the number of completed units by 2013 would rise 37%.

The number of newly launched condominiums in the first half rose 173% year-on-year to 25,301 units in 74 projects. Most were located in outer areas such as Nonthaburi, Min Buri and Ramkhamhaeng and featured smaller units.

Condominium sales increased 223% from the same period last year to 16,403 units. The largest number of units sold were located in the Ratchadaphisek area, followed by Rama III and Phahon Yothin.

The average selling price rose 6% from 2009 to 106,062 baht a square metre. The highest increase, at 13%, was in the CBD to 153,562 baht, followed by Rama III with a 9% increase to 82,876 baht and Phaya Thai with an 8% increase to 103,146 baht.

Selling prices in the Phahon Yothin area fell 5% to 81,153 baht per sq m as new projects featured more low-priced units.

Newly launched detached houses recorded sales growth of 50%, led by the northeastern zone, followed by the northern and eastern areas of the capital region.

Single house demand in the first half totalled 16,342 units. The majority were priced at 3-5 million baht, with a total supply of 8,839 units and take-up of 3,563.

Plus forecast that 8,000 new townhouses would be launched and absorbed within six months. Newly launched condominiums would total about 40,000 units over the next two years and could be absorbed within five months if demand remained good.

• Published in Bangkok Post: 28/08/2010 at 12:00 AM
• Newspaper section: Business

GMM Broadcasting, Nation Broadcasting, Rose Media and Entertainment, and Kantana Group have joined with real estate developers L.P.N. Development, Sansiri, Pruksa Real Estate and Supalai to add devices that broadcast their programmes to condo residents.

The “Big Pack” project is expected to draw more urban viewers to watch satellite TV, now mostly marketed for upcountry residents.

Dew Woratangtagoon, managing director of GMM Broadcasting, said satellite TV has expanded to over 6 million households nationwide, up 40% from last year, as viewers look for new content.

“Local satellite TV may become the equal of free TV in the next five years. However, satellite TV regulations are still restrictive,” said Sasikorn Monphichit, managing director of Kantana Group.

Somporn Teerarojanapong, CEO of PSI Holding, the technology provider for the “Big Pack” project, said it will cost 5 million baht for 100 M10-boxes to be installed in 100 condo projects, covering 30,000 units around Bangkok.

The cost will be shared among the four parties. The project will eventually reach over 120,000 residents.

Four of the channels will be from GMM, with two each from Kantana, Rose Media, and Nation. The initial phase of this project starts next month.

• Published in Bangkok post: 24/08/2010 at 12:00 AM
• Newspaper section: Business

We have one more brand new, fully furnished (with all electrical appliance) TWO BEDROOM CONDO at most reasonable price.

This is the only condo in which you get everything. Just  bring your personal belongings and can enjoy the comforts of this unit.

This offer is for limited time and only one room available, please hurry up. Fist come first serve.

Please call us to know more about this unit at 086-324-2456 or e-mail us at: info@metroparksathorn.com