Exploring a Bangkok Condo Investment: A Look at "The FINE Bangkok"
This article details a visit to a condo investment in Bangkok, Thailand, focusing on the community, amenities, and insights into the Thai real estate market. The owner, accompanied by Ivan and Emma from a real estate/property management company, explores the property and discusses common issues faced by foreign investors.
The FINE Bangkok: A First Look
The condo is located in the central Ekkamai area, within a community called "The FINE Bangkok." This visit marks the owner's first time seeing the completed community, having purchased the unit during pre-sale.
Community Features and Design
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The community boasts a Japanese-inspired design, evident in its landscaping and public spaces.
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Notable features include a lobby, small water features, and automated parking (common in higher-end Thai condos, unlike the preference in Taiwan for standard parking).
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The owner expresses a preference for the lobby's darker, more substantial aesthetic compared to cheaper accommodations that use paint.
Amenities and Common Areas
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The community offers a range of amenities, including a co-working space, meeting rooms, and a comfortable lounge.
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These spaces are available for residents to use, offering flexibility for those who work from home or need a place to meet.
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The building has a well-equipped gym that is open late.
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On the 30th and 31st floors, residents can find great views of the neighborhood.
Investment Details and Market Insights
The owner purchased this unit for approximately 5 million Thai Baht (THB), which included renovations, a price considered a good deal compared to initial pre-sale prices. The unit is currently rented for 26,500 THB per month.
Location and Transportation
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The Ekkamai/Thonglor area is considered a prime residential location, similar to Tianmu in Taipei.
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Unlike many markets, being directly next to a train station is not essential. The convenience and amenities of the local area are valued.
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The condo is 1.2 km away from the closest BTS Skytrain station.
High-Rise Amenities
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The building's top floors feature a shared kitchen/lounge space for residents to host small gatherings.
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The rooftop includes a pool with views of the Bangkok skyline.
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A unique amenity is a golf simulator, catering to a higher-end clientele.
Addressing Common Issues in Thai Real Estate
The discussion shifts to challenges faced by foreign property owners in Thailand, specifically those who are being taken advantage of by real estate agents.
Contractual Problems
- Some property owners have discovered that their signatures on contracts were digitally added rather than physically signed. This raises serious questions about authenticity.
Limited Renovation Options
- Some property owners have been restricted to a limited selection of renovation packages, preventing them from customizing their units to their desired style.
Rental Income Issues
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Rental rates offered by some agencies are significantly lower than the local market rate, potentially due to a lack of marketing effort or expertise.
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Not offering furnished rentals limits the amount of people who will be able to move into the property.
The Value of Property Management
The discussion highlights the importance of reliable property management, using Emma's company as an example of quality service.
Rapid Rental Turnaround
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The owner highlights the speed with which Emma's company rented out the unit after renovations, emphasizing the importance of effective marketing and presentation.
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Professional photos are a must-have to appeal to people looking for properties to rent in the area.
Proactive Problem Solving
- Emma's company promptly handles maintenance issues, such as a broken water heater, without burdening the owner, as well as gifting renters who are experiencing problems.
Addressing Rental Delays
- Clear contract terms and communication protocols are in place to address late rent payments, including warnings and potential eviction procedures.
Tenant Screening and Quality Control
The discussion covers tenant screening and how to weed out problem tenants.
Background Checks
- Emma's company conducts thorough background checks on potential tenants, asking about their purpose in Thailand, visa status, and employment history.
Identifying Red Flags
- Inconsistencies in a potential tenant's story or reluctance to share information raise red flags.
Addressing Misconceptions About Thai Renters
The article challenges the misconception that Thai locals cannot afford higher rental rates.
A Diverse Market
- The rental market includes both foreign expats and affluent Thai professionals, such as business owners and executives, who can afford premium rentals.
The Impact of Recent Earthquakes
The discussion touches upon the recent earthquakes and their impact on Thai properties.
Quick Assessment and Restoration
- Developers and engineers swiftly assessed building safety and structural integrity after the earthquakes.
Fast Recovery
- The Thai market has been very fast to get back to normal.
Reaching Out for Help
- If property owners are dissatisfied with their current management, they can contact SIC New Property Management Company through google, faceook, or LINE.
This article provides a comprehensive overview of a Bangkok condo investment, highlighting the importance of location, amenities, and, above all, reliable property management in the Thai real estate market.