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Chiang Mai: Is the property Boom still on?

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Chiang Mai : Is the property Boom still on?



Past Glory?: Hillside No.4 was "state-of-the-art" - in the Nimman area about 20 years old.

Things have moved on, since then. It took many years to recover from the Asia crisis,

but that began to happen in the last 2-3 years.


Boom time for Chiang Mai condo market (is this "old news" now?)

The Nation August 9, 2013

The price of land in Chiang Mai has risen following a residential-project boom in the northern province, according to research by Collier International (Thailand).

The research shows that Chiang Mai's condominium market is booming again after more than a decade of stagnation.

The city, which is the main business and educational centre for northern Thailand, was a popular location for condominium development in the 1980s and 90s, but that growth ground to a halt as a result of the 1997 financial crisis.

After the crisis, from 1997 until 2012, only around 3,540 units were added to the market, partly because most Thais prefer living on landed developments.


THB / Thai Baht exchange rate ... All data : 3yrs : 3yrs-etc : 10-days


However, more than 1,640 units were completed and registered at the Land Department during the first five months of this year.

As of end-May, there were about 18,640 units in the market, according to statistics from the Land Department - and that represents the highest number for 17 years.

Moreover, these new units have been sold at prices that are around 11 per cent higher than during the same period last year.


POSTFREESEO20120906194111.jpg : b2.jpg : The Unique

The Unique in the Nimman area is an example of a new condo, with Tower 1 recently completed

According to the Land Department, more than 6,000 of the units in Chiang Mai have been launched in the last two years, and the average take-up rate in the first five months of the year was about 72 per cent.

Because land has been available at a reasonable price in and around Chiang Mai, and because Thais tend to prefer to live in landed developments, condominiums have traditionally not been the most popular form of development in the city.

However, Chiang Mai province is home to a large number of universities with more than 100,000 students in total, for whom buying a condominium is often more attractive than renting an apartment, Collier International said in its research.

In addition, Chiang Mai's economy has enjoyed sustained growth over the last decade, and its close proximity to neighbouring countries means this is likely to continue.






> Map source: http://www.sawasdeemap.com/

Infrastructure plans

Over the last few years, a large number of new shopping malls and other retail developments have been built, and there are government plans for several large infrastructure projects that would directly benefit the city.

These include a second airport, a high-speed railway from Bangkok to Chiang Mai (now delayed), and a motorway between Chiang Mai and Chiang Rai.

Although condominiums have not been buyers' first choice because there is still a lot of land available in Chiang Mai, since the government announced the development of a high-speed rail link from Bangkok to Chiang Mai a few years ago, many condo developers have launched projects in provinces along the development lines, including Chiang Mai.

Of the 2,700 condo units that were available for sale in May, some 850 were in the city area. Nearly 62 per cent of these were launched between 2011 and May 2013...

. . .

One-bedroom units make up the majority of condominiums in Chiang Mai, the same as in other locations in Thailand.

One-bedroom units in Chiang Mai range from around 24 to 132 square metres, with an average size of about 38 square metres. Most buyers in the area are locals and young people working or studying in Chiang Mai.

The biggest target group for condo projects in Chiang Mai is students or young adults working there who prefer to live in a one-bedroom unit of their own rather than leasing an apartment.


> http://www.nationmultimedia.com/business/Boom-time-for-Chiang-Mai-condo-market-30212191.html


THAILAND : HOUSE PRICE INDEX : (see more in post #7)


+ New "home-made" THB / SM Index for GEI

(heavily influenced by Bangkok area, rather than Chiang Mai - so CM may be very different)


Up just 15% from 1991 (?!) ... Previous index was 115 (Q3'14, on 1991 base)


Thai_graph2_zpsbkbewrnr.jpg :Thai-191_graph1_zpsrhti4end.jpg


Thailand House price changes
Year :: Qtr. 1 : Qtr.2 : Qtr. 3 : Qtr. 4 / 4-Qtrs : GDP gr. : Inflation : Real-G :
2016 :: +0.08 : +3.32 :
2015 :: +0.34 : - 0.84 : +3.04 : - 0.15 / +2.39% : + 1.9 % : - 0.9% : +2.8% :
2014 :: +1.59 : +0.70 : +3.29 : - 0.75 / +4.87% : + 3.0 % : +1.9% : +1.1 % :
2013 :: +1.50 : +1.57 : +3.90 : - 1.40 / +5.61% : + 5.2 % : +2.2 % : +2.9 % :
2012 :: - 1.80 : +0.10 : +4.72 : - 1.66 / +1.23% : + 9.7 % : +3.0 % : +6.5 % :
2011 :: - 7.15 : 20.80 : +1.25 : +0.09 / 13.67% : + 3.9 % : +3.8 % : +0.1 % :
2010 :: - 0.91 : 11.65 : - 9.78 : 10.84 / 10.63% :+11.4 % : +3.3 % : +7.8 % :
2009 :: +2.74 : - 5.64 :-13.48 : +2.61 /-13.97% : - 3.2 % : - 0.9 % : - 2.3% :
2008 :: - 9.05 : - 2.94 : +2.10 : - 2.74 /-12.34% : +0.00% : +0.0 % :
2007 :: - 3.16 : +0.00 : +0.00 : - 4.71 / - 7.62% : +0.00% : +0.0 % :
2006 :: +3.93 : - 1.67 : - 2.71 : +2.46 / +1.87% : +0.00% : +0.0 % :
2005 :: +3.11 : +2.21 : +2.03 : - 0.32 / +7.18% : +0.00% : +0.0 % :
AveQ : - 1.20 : +2.98 : - 1.33 : +0.57 / 9yr2013: +1.02%


CM Projects. on ssc :: http://www.skyscrapercity.com/showthread.php?t=1536670&page=6

Festival City, on ssc :: http://www.skyscrapercity.com/showthread.php?t=926384

CM Property Ads --- :: http://www.chiangmaipost.net/realestate/en/thailand/

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CONDO LAND? : A Nice walkable part of Chiang Mai is the Nimman area...


alongside Nimmanhaemin Street, North of the airport and NW to the old City.

It is a very popular place for urban professionals, who want to live in a walkable, area with many restaurants and cafes

The Maya Mall is an attractive new addition that opened in Jan. 2014.


MAPS : Chiang Mai : Nimman Map image : x : y :








> some cheeky comments about : Nimman,etc- where here to live


the-nimmana.jpg : Nimmana


The Nimmana is one of the largest Condos with about 400 units, and is expected to be completed in March 2015



The Trio Condo

(near Trio in Nimman comes):

Following are some other Condos, with distances from a noted landmark:

Near the Mall very near the airport

There are probably over 1,000 condos not yet completed in the Nimman area.

Some of the projects have a high level of sales already, like 70-80% (is claimed.)

But some of the newer ones are less than that.


Prices on new condos in the area are typically TBH 70- 90,000 per sq.meter for 1-2BR.


100,000 seems to be a price barrier, rarely breached, but in a development (Astar),

on the opposite side of town, next to the Shangrila, we saw TBH 90- 130,000 -

which we found surprising, given the lack of a supermarket in the Shangrila area,

and the less developed street live.

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Think Vancouver, or Melbourne - at a discount


Thailand, and especially Chiang Mai are attractive places for tourism, education, living and retirement.


The city has scored well in some international polls, and is developing fast.



Chiang Mai in at number 10 for World's best Cities (in 2013)

Travel & Leisure have Chiang Mai in at no 10 for their World's best cities for 2013

Bangkok in top position and my beloved Cape Town at 4

So my home and second home are in the top 10.. Not too shabby

2013 World's Best Cities | Travel + Leisure


Another : Top 25 List


(2) No.4 For Retiring:

4. Chiang Mai, Thailand. Chiang Mai has been luring expats from the west for many years with its low cost of living and great weather. The high quality health care and health-related services are also big pluses for foreign retirees. Chiang Mai boasts modern infrastructure and an abundance of Western amenities. It's also a place where it can be possible for foreign retirees to find work if they're interested in supplementing their retirement nest eggs or simply looking to become involved in their new community. Many Westerners are employed in Chiang Mai in language schools, universities, medical facilities and tourist-related industries.


> http://news.yahoo.com/10-best-places-retire-overseas-2014-142702906.html



Chiang Mai, along with Vancouver, Valencia, Guam,Buenos Aires and Lake Atitlan, Guatemala, has been voted by Bankrate as one of the best places in the world to retire.


> http://seattle99.wordpress.com/2012/08/17/chiang-mai-voted-as-one-of-the-best-places-in-the-world-to-retire/

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The challenge in 2014 - has been a rather sharp decline in tourism.

The coup, which created international headlines, caused many people to cancel,

or not plan holidays to Thailand.


It seems odd, because the streets are safe, and there are many things to do.

Apart from the very noticeable drop in hotel bookings, Chiang Mai seems un-effected by the coup (to our eyes)


The Thai economy in 2014 is likely to grow at a slower pace than previously projected
. Due to the prolonged political disturbances in the first 5 months of 2014, the slow recovery of export sector, and the
continual decline in car production and sales, the Thai economy thus experienced a contraction in the first half of 2014.
In the latter half, it is expected that the Thai economy will grow at a faster pace, supported by the improved confidence and
the return of government administration and budget disbursement to normal process. However, the economy is likely
to perform below its full potential due to the following reasons:
(i) the constraints on export expansion due to the slower than expected recovery of the global economy and the decline in export price,
(ii) the delay in tourism recovery and competition among global tourism...
(continues) . . .
Hotels and restaurants sector contracted by 4.2 percent, deteriorating from a contraction of 3.1 percent in the previous quarter due
to a 12.3 percent contraction in inbound tourist numbers.
This is due to :
(i) international travel advisories and curfew announcement,
(ii) an exemption of travel insurance during the martial law period, and (iii) competition from other traveling destinations.
Concordantly, tourism revenue contracted by 8.4 percent, and the level of average hotel occupancy rate is lowest in 15 quarters at 47.5 percent.
Nevertheless, the inbound tourists from Europe, Oceania and Africa increased. In the first half of 2014 , hotels and restaurants sector contracted by 3.6 percent


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Chiang Mai's economy is heavily reliant on tourism, though there are some factories and industrial parks outside town,

so it may be more heavily influenced by the slump in tourism than is Bangkok.



During our trip, we found several restaurants closing, and guesthouses for sale.

Several hotels and their attached shopping areas looked surprisingly empty...

Big discounts to rack rates were available online.



> more photos: http://www.skyscrapercity.com/showthread.php?t=101602&page=1848

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From Global Property - REPORT of Thailand



The army has taken over the reins of government amid a political crisis in Thailand "to preserve law and order". The intention is apparently to calm the situation, while working for a compromise between reds and yellows after eight years of upheaval, which have pitted the largely rural supporters of populist former Prime Minister Thaksin Shinawatra against Thailand's traditional elites.

The populist businessman and politician Shinawatra was first removed from power in 2006 by the army, and then fled Thailand in 2008 after being given a jail term for corruption. His allies then won the first post-coup polls, but were later removed by the courts.
. . .
Do the military and the elite have the right to prevent the country being ruined by the results of the popular vote? Whatever the answer, the divide is deep, dangerous and will surely lead to disruption and bloodshed.

Thailand's economy has a long record of ignoring coups. The army has staged at least 11 coups since the end of the absolute monarchy in 1932. Yet Thailand’s economy grew by an average of 5% annually from 1999 to 2007.

Recent disruptions did slow growth to 2.9% in 2013, a sharp slowdown from a real GDP growth rate of 6.5% in 2012, according to the International Monetary Fund (IMF). But there is no evidence that Thais cannot combine work and street-fighting. It's almost a tradition.

In fact it was strong economic growth that pushed the Thai price index for single detached houses up by 5.71% (3.74% inflation-adjusted) during the year to end-Q1 2014, after annual house price rises of 5.61% in Q4, 5.34% in Q3, and 6.17% in Q2 2013, according to the Bank of Thailand (BOT).

The condominium index, which increased modestly by 3.76% (1.82% inflation-adjusted), is actually a more relevant index, since condominiums are what Bangkok people tend to live in. The price index for townhouses rose by 6.17% (4.18% inflation-adjusted) to end-Q1 2014, and the residential land price index surged by 7.04% (5.04% inflation-adjusted)

Property demand has been soaring. The value of land and building transactions surged by 16.5% in 2013 to THB991.3 billion (US$30.6 billion), according to the Department of Land, Ministry of Interior. The Central region accounted for about 62% of all transactions, followed by the Eastern region (13%) and the Northern region (9%). Total property credits outstanding rose 14.4% in 2013, to THB2.05 trillion (US$63.2 billion), according to the Bank of Thailand.



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+ New "home-made" THB / SM Index for GEI

(heavily influenced by Bangkok area, rather than Chiang Mai)


Up just 15% from 1991 (?!) ... Previous index was 115 (Q3'14, on 1991 base)


Thai_graph2_zpsbkbewrnr.jpg :Thai-191_graph1_zpsrhti4end.jpg


Thailand House price changes
Year :: -Qtr 1 : -Qtr 2: -Qtr 3 : Qtr 4 / 4-Qtrs- : GDP gr. : Inflation : Real-G :
2016 :: +0.08 : +3.32 :
2015 :: +0.34 : - 0.84 : +3.04 : - 0.15 / +2.39% : + 1.9 % : - 0.9% : +2.8% :
2014 :: +1.59 : +0.70 : +3.29 : - 0.75 / +4.87% : + 3.0 % : +1.9% : +1.1 % :
2013 :: +1.50 : +1.57 : +3.90 : - 1.40 / +5.61% : + 5.2 % : +2.2 % : +2.9 % :
2012 :: - 1.80 : +0.10 : +4.72 : - 1.66 / +1.23% : + 9.7 % : +3.0 % : +6.5 % :
2011 :: - 7.15 : 20.80 : +1.25 : +0.09 / 13.67% : + 3.9 % : +3.8 % : +0.1 % :
2010 :: - 0.91 : 11.65 : - 9.78 : 10.84 / 10.63% :+11.4 % : +3.3 % : +7.8 % :
2009 :: +2.74 : - 5.64 :-13.48 : +2.61 /-13.97% : - 3.2 % : - 0.9 % : - 2.3% :
2008 :: - 9.05 : - 2.94 : +2.10 : - 2.74 /-12.34% : +0.00% : +0.0 % :
2007 :: - 3.16 : +0.00 : +0.00 : - 4.71 / - 7.62% : +0.00% : +0.0 % :
2006 :: +3.93 : - 1.67 : - 2.71 : +2.46 / +1.87% : +0.00% : +0.0 % :
2005 :: +3.11 : +2.21 : +2.03 : - 0.32 / +7.18% : +0.00% : +0.0 % :
AveQ : - 1.20 : +2.98 : - 1.33 : +0.57 / 9yr2013: +1.02%

Year- : GDP- : Yo yr : Q. chg : IdxGEI : x 927 :

2008ye +0.0% :-12.34 : ===== : 097.59 :

2009ye +0.0% :-13.97 : ===== : 083.96 :

2010ye +0.0% : 10.63 : ===== : 092.88 :

2011ye +0.0% : 13.67 : ===== : 105.58 :

2012. : +0.0% : ????? : - 1.80 : 103.68 :

- Q2 - : +0.0% : ????? : +0.10 : 103.78 :

- Q3 - : +0.0% : ????? : +4.72 : 108.68 :

- Q4ye: +0.0%: +1.23%: -1.66 : 106.88 : B99,078 / SM : BKK est., CM maybe 70%?

2013. : +0.0% : ????? : +1.50 : 108.48 :

- Q2 - : +0.0% : ????? : +1.57 : 110.11 :

- Q3 - : +0.0% : ????? : +3.90 : 114.40*:

- Q4ye: +0.0%: +5.61%: -1.40 : 112.800: 104,566

2014. : +0.0% : ????? : +1.59 : 114.590: 106,224

- Q2 - : +0.0% : ????? : +0.70 : 115.392: 106,967

- Q3 - : +0.0% : ????? : +3.29 : 119.188: 110,488

- Q4ye: +0.0%: +4.87%: -0.75 : 118.294: 109,659 (@ x 927)

2015. : +0.0% : ????? :

- Q2 - : +0.0% : ????? :

* (matches chart above): IndexGEI in Q3-2013
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Prices compared with Per Capita GDP




Thailand : Per Capita Figures, with estimates for 2015 an 2016
Year : us$/SqM : THB/$ : THB/SM : Prop.Idx : Growth : GDPgr : Inflation : Real : PerCap.: rGDP/c*: Pr/rGDP
2016 :: $ 3,521e : 34.00 : 119,742 :: 129.17 :+5.00%e : + 6.0e%: +2.0 % : +4.1e%:
2015 :: $ 3,354e : 34.00 : 114,041 :: 123.02 :+4.00%e : + 3.8e%: +0.2 % : +3.6e%:
2014 :: $ 3,332 : : 32.91 : 109,659 :: 118.29 : +4.87% : + 2.0 % : +1.3 % : +0.7 % : $6,000 / $3,438 : 096.3 %
2013 :: $ 3,282 : : 32.72 : 107,387 :: 112.80 : +5.61% : + 5.2 % : +2.2 % : +2.9 % : $5,779 / $3,389 : 096.8 %
2012 :: $ 3,327a : 30.58 : 101,751a: 106.88 : +1.23% : + 9.7 % : +3.0 % : +6.5 % : $5-plug/ $3,158 : 105.4 %
2011 :: $ 3,180a : 31.60 : 100,513a: 105.58 : 13.67% : + 3.9 % : +3.8 % : +0.1 % : $5-plug/ $3,163 : 100.5 %
2010 :: $ 3,003a : 29.44 : 88,423 a : 092.88 : 10.63% :+11.4 % : +3.3 % : +7.8 % : $5-plug/ $2,940 :
2009 :: $ 2,388a : 33.47 : 79,931 a : 083.96 :-13.97% : - 3.2 % : - 0.9 % : - 2.3 % : $5-plug/ $3,014
2008 :: $ 2,674a : 34.74 : 92,907 a : 097.59 :
a-Adjusted prices - are 2013 prices, adjusted to match the Property Index
$5,779 USD (2013)-Th. / Sing.: $55,182 / Malaysia: $10,514 / Phil.: $2,765 / Viet.: $1,910 /

Rental yields in Bangkok range from 5.0% to 6.8%. Over the past year since we last conducted our survey, we’ve seen yields on larger apartments rise significantly. Smaller apartments earn higher rental yields than bigger apartments – but the difference is now very much smaller. A 65-square metre (sq.m.) apartment in Bangkok’s central location now earns gross rental yields of around 6.8%, while a 350-sq.m. apartment also centrally located, earns gross rental yields of around at 6.16%.

> GPG, Apr.2015: http://www.globalpropertyguide.com/Asia/Thailand/Rental-Yields

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Thailand’s economic success

There were many great years, before the more-recent slowdown




According to Michael Spence’s The Next Convergence Thailand is one of only 13 developing countries that have “managed to grow for twenty-five years or more at an average rate of 7 percent of more” (54). Thailand achieved this between 1960 and 1997. As the graph (below) of Thailand’s annual GDP growth rate shows, both the Asias financial crisis and the GFC sent the Thai economy backwards but healthy growth rates were quickly resumed.


An economy growing at an average of 7% per year will double in size in about 10 years. At this rate Thailand will have moved into the World Bank’s high income category in less than 20 years. Economic growth isn’t everything, and some will point to the social, environmental and cultural costs of Thailand’s modern transformation. But let’s not lose signs of some of Thailand’s great successes, despite some of the obvious failings in its political system:

  • In 1988 the poverty rate (using Thailand’s poverty line) was 42 percent; in 2009 it was about 8 percent.
  • In 1960, one in seven children died before reaching the age of five. In other words, most parents (especially in rural Thailand) experienced holding held a dead child in their arms. In 2009 the rate was about one in 77.
  • Over the same period life expectancy at birth has increased 14 years for men and 16 years for women. (All data are from here.)

These are dramatic successes and they highlight Thailand’s capacity for ongoing economic and social development. However, there is nothing inevitable about the path from an upper-middle income country to a high income country. Thailand faces some important challenges. Domestic consumption needs to be strengthened to balance out some of the heavy dependence on exports; the quality of education needs to be improved so that Thailand can increase its productivity as its low-wage advantages evaporate; and stark socio-economic disparity must be addressed so the benefits of growth are more evenly spread


> http://asiapacific.anu.edu.au/newmandala/2011/08/21/thailands-economic-success/





ECONOMIC News: http://www.focus-economics.com/country-indicator/thailand/gdp

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Chiang Mai for sale The local property market is now driven by projects for sale, not land,

thanks to the city plan that restricts heights for new buildings



22 Sep 2014


The city plan that came into effect in May 2013 has caused a dramatic change to the property landscape. After being driven by land for sale

in the previous two years, the market is now propelled by projects for sale.


+ The New city plan lowers the height of new buildings from 23 meters and above, to no more than 12 or 15 meters.

+ Greatest impact on speculators who gained condo construction permits for their land before the city plan became effective. Stymied by the restrictions, they are now putting them up for sale. (You can find many plots listed as "land for sale in Chiang Mai with construction permits")




+ Most are plots planned for condos with 7 or 8 story buildings, such as Nimmanhaemin Road, or Huay Kaew Road, or the city's walking street.

+ These locations cannot have any more construction of buildings higher than 12 m (3-4 storeys) or 15 m (five storeys)

+ The issue is that some of the construction permits (for beyond 15 meters) may soon expire. Delays can be granted if all the foundations of the building, or at least 20% of the construction area are completed.

+ 50 condo projects compromising about 6,700 units worth a combined 19 billion baht were outstanding in CM at the end of 2013 (ave. value: BHT 2.835 million.) 78% were one bedroom units. 46 projects were located in Muang district. Half the units were under construction, 33% had nor been started, and only 17% were completed.

+ Newly launched condo supply in recent years was driven by Bangkok developers who saw good prospects in CM

+ Due to oversupply of condo units, marketing activities have switched to single houses and townhouses


> source:


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Town Planning? What Planning? Ricky Ward Jan 22, 2014

Op Ed

A somewhat manic phenomenon of recent years to afflict Chiang Mai is the burgeoning of apartment houses or condominium buildings.


Rather than an orderly and planned development of high density housing in the West of the city centred on Nimmanhaemin Road, there proceeds a competition to pour as much concrete and steel as possible into the area, restrained only by height limits for the airport flight path above. No public parks are in walking distance nor are on the city’s plans for this slum housing concentration of the future.


> more: http://www.chiangmaicitynews.com/news.php?id=3057

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Minor’s new Chiang Mai luxury condo a big hit in Hong Kong


Oct 24, 2014 | Comments 1


With both Hong Kong and China being very good markets for Minor International Plc, it is not surprising that the famed Thai luxury developer chose to unveil its new Chiang Mai condominium at the former British crown colony rather than Bangkok.


Robert Collins, the company’s vice president, said in an exclusive interview with Property Report earlier this week that the Anantara Chiang Mai Serviced Suites, which is being developed as a joint venture with Natural Park Plc with approximate total investment of THB267 million (USD8.25 million), was well-received in Hong Kong because it is directly adjacent to the Anantara hotel, which is popular with both Hong Kong residents and Mainland Chinese people.

“We launched last week in Hong Kong [and received] fantastic response—we have had a few bookings. We will be launching fully in Bangkok at the upcoming Paragon luxury property event in about three weeks’ time.”




“Hong Kong has been very good for us at Minor, we found a lot of our buyers across the portfolio have come from Hong Kong so we are quite well-known there,” he added. “Singapore is very good too but we found that the Anantara hotel in Chiang Mai has such a strong customer base from China and Hong Kong that it was good to go there.”


Aside from a prime location across from the Anantara hotel near Chiang Mai Bazaar and Ping River, the seven-storey building will only have 44 units, with one-bedroom units being 65 sqm, two-bedroom condos at 90 sqm and three-bedroom suites 162 sqm.

The construction is scheduled to start next year for target completion in 2016

. . .

The growing interest is attributed by analysts to the smash-hit movie Lost in Thailand, which was mainly filmed around Chiang Mai and put the northern Thai city on Chinese investors’ radar. “But it’s not across the market, generally it’s Chiang Mai and in time their aspirations will move to other marketplaces.” Minor International is also gearing up to launch 15 ultra high-end villas called The Residences by Anantara Layan on Phuket’s Layan Beach, which is adjacent to the Anantara Phuket Layan Resort & Spa which this company, under the tutelage of its CEO and chairman Bill Heinecke, added to its portfolio of prime real estate after purchasing and upgrading the Bundarika Resort, as well as an adjunct vacant land parcel.


- See more at: http://www.property-report.com/minors-new-chiang-mai-luxury-condo-a-big-hit-in-hong-kong-36771#sthash.sR7bKawb.dpuf

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The Perks of Retirement in Thailand and the Philippines

U.S. News & World Report (blog)-30 Sep 2014
... in cities including Bangkok, Pattaya, Chiang Mai and Chiang Rai,
... in a Philippine bank or purchasing a condominium costing $50,000 or ...

It is possible to stretch your retirement nest egg to enjoy a better lifestyle in Southeast Asia than you could afford anywhere else in the world. For example, in the United States you’re probably paying at least $50 per month for reasonably fast Internet. In the Philippines Internet costs $12 per month, likely for faster speeds than you have now. In Thailand and Malaysia fast Internet is $18 per month.


Similar savings can be seen in the prices of everything from rent and phone service to cooking gas, electricity and groceries. A visit to the doctor costs less than $20 throughout most of the region, and the care you receive is likely to exceed your expectations. English-speaking doctors educated in Europe, Australia and North America are the norm. They work in hygienic offices with modern equipment and can be affiliated with modern internationally accredited hospitals. Thailand and Malaysia are among the top five countries in the world for medical tourism.

. . .

Thailand. Thailand has some of the best beaches in the world, lush mountains and jungles, a laid-back, welcoming culture and a foreigner-friendly infrastructure. Thailand also has one of the world’s lowest costs of living. For these reasons, thousands of foreigners have settled in this country in world-renowned resorts such as Koh Samui, Koh Lanta and Phuket, in cities including Bangkok, Pattaya, Chiang Mai and Chiang Rai, and in the smaller towns of Hua Hin, Cha-am and Pai. It’s rare to find a town in Thailand that doesn’t have at least a few foreign residents.

It used to be possible to stay indefinitely in the country with a tourist visa, making visa runs to a neighboring country every month or so. However, the relevant laws were changed a few years ago. Now a foreigner who wants to live in Thailand long term needs a visa. Thailand offers several residency visa options. Retirees typically want the non-immigrant “O-A” (long-stay) visa. To qualify, you must be age 50 or older at the time of application, have completed a satisfactory police records check, obtain a medical examination, present a certificate of health and deposit 800,000 baht (about $24,800) in a Thai bank for at least two months prior to making your application or be able to prove that you receive a pension of at least 65,000 baht (about $2,000) per month.


The term of the “O-A” visa is one year. You can apply to extend it by showing three months of bank statements or pay stubs to the Immigration Department, proving that you continue to meet the financial requirements.


The Philippines. The cost of living in Thailand is low, but it’s lower still in the Philippines. A retiree could enjoy a quality lifestyle on a budget of $1,000 per month or less in this country, including dining out and in-country travel. An elegant dinner for two, including drinks, can cost less than $15. Plus, English is spoken by practically everyone, the scenery is stunning and the people are exceptionally friendly.


> http://money.usnews.com/money/blogs/on-retirement/2014/09/30/the-perks-of-retirement-in-thailand-and-the-philippines

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Condo and Hotel Investment Chiangmai

- Video : removed -


Published on May 16, 2013

The New Concept Boutique Condominium project is to meet both investors and consumers with the difference which can make profit to the buyer and they still keep their ownership. With the principle in condominium and hotel management professionally, the investor can get value for their money from the project and a secure collateral to create value more than 9% per year over the period of 5 years

Website : http://www.condoboutique.net (website seems to be down ?)

This link works: https://plus.google.com/u/0/102540093153244671281/posts


Clearly explained, but how good is it, really?

Some of the details are missing, and the location is of great importance



(A Resale ?):

C1649 - Partly-furnished, 2-bedroom condo with 2 bathrooms in The New ConCept Condo, Hang Dong, Chiang Mai

For sale - THB 3,588,000 : / 78 sm = 46,000 per SM
Extra charges: Common area fee THB 1,170 /Mouth, Electricity charge by Provincial Electricity Authority, Water THB 25/Unit, Free Cable TV


Condo_Chiangmai_zps756bd9b0.jpg : source-CMProp

Bedrooms 2
Bathrooms 2
Hot-water 3 / TV 2
Furnished Yes / Aircon 2 / Phone No
Pets Allowed No / Parking: Shared
District: San Phak Wan,Hang Dong,Chiang Mai
Location: South of the airport, inside C.M. Outer Ring Rd.
Address: The New Concept Boutique Condo
Condo size 78 m² : : THB 3,588,000 / 78 sm = 46,000 / SM
Pool No
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The Unique Condominium Chiang Mai


= https://www.youtube.com/watch?v=HcdJTHlmvro =


Visit Webside @ http://www.condounique.com/


The Unique @Nimman The Unique Condo:

A perfect answer of the ultimate life style following the concept, "The Unique is you".

FACT SHEET Owner: Tareena Property Co.,Ltd.
Location: Soi Sukkasem Nimmanhaeminda Road, Chiang Mai
Land Area: 1 Rai (1,600 sq.m.)
Project Type: 8-Storeys+ A basement Building
Total Unit: 75 Units


1 Bedroom 1 Bathroom: 52.39 - 88 sq.m.
2 Bedrooms 2 Bathrooms: 89.19 - 114.35 sq.m.
Fully Furnished with Home Appliances

Facilities include 24/7 security, swimming pool, gym, steam room and laundry service.



10/2014 :??


52 Sqm : 1 Bedroom, 1 Bathroom :: THB 3,700,000 = 71,154 psf : Floor ? (ugly furnishings may detract)

Inside, the condo comes with a nice kitchen area complete with washing machine, microwave and fridge freezer.

The bedroom offers plenty of storage space and the bathroom includes an automatic wash and dry toilet.



52 Sqm : 1 Bedroom, 1 Bathroom :: THB 4,160,000 = 80,000 psf : Floor : low= ground?

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Retirement VISA Issues


The Perks of Retirement in Thailand and the Philippines

U.S. News & World Report (blog)-30 Sep 2014
... in cities including Bangkok, Pattaya, Chiang Mai and Chiang Rai,
... in a Philippine bank or purchasing a condominium costing $50,000 or ...


Retire in Thailand

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BANKING in Thailand, and CM

Rank Name----------------- Total Assets

1 Bangkok Bank ---------- US$79.0 billion

2 Siam Commercial Bank US$77.1 billion

3 Krung Thai Bank ------- US$76.5 billion

4 Kasikorn Bank ---------- US$69.7 billion

5 Bank of Ayudhya ------- US$35.9 billion

6 Thanachart Bank ------- US$32 billion


Banking and Money Matters : Chiang Mai Banks

> http://chiangmai.thaivisa.com/banking-and-money-matters/#.VGA8IDSUdJc



Banking in Chiang Mai is relatively easy, given the large number of ATM’s and various branch outlets concentrated in popular areas around town. Visitors and residents alike can do any number of typical transactions such as opening local accounts, withdrawing cash, and doing money transfers all over town. To guarantee yourself the best results when looking for English speaking staff who understand the needs of foreigners, it’s best to stick to main drags like Thapae Road in the heart of town, Nimmanhaemin Road just to the west, Chang Puak to the north, and Changklan to the south. Thai banks in these areas often have several members with adequate English skills who can easily help you take care of your banking needs. Some of the most prevalent bank branches are Siam Commercial Bank, Bangkok Bank, Ayudhya Bank, and Kasikorn Bank. Some people prefer international banking through HSBC or Citibank which can be contacted here, though ultimately most expats choose to open a local Thai bank account for most of their local banking needs.

Opening Your Account

Major Thai banks operate branches along main drags like Thapae Road. Photo: AE

Both large and small branches of banks in Chiang Mai are willing to open accounts for expats. It is especially easy if you are accompanied by a Thai national who will act as your guarantor. While large branches on Thapae and Nimmanhaemin Roads may be more familiar working with expats, most small branches that you will encounter in Airport Plaza, Kad Suan Kaew, and even Tesco Lotus stores will be prepared to help get you processed.

Whether accompanied by a Thai guarantor or not, banks will require some documentation from you in order to open your account. As with most cases where paperwork is needed in Thailand, the rules may not always be consistent from bank to bank or even day to day. For instance, sometimes a bank will allow you to open an account with just a tourist visa, though it’s better if you have a valid Non-Immigrant O or B Visa. It’s also likely you’ll be required to show a copy of a rental agreement or residency certificate. Interestingly, some westerners have found that less paperwork is required when the bank understands that 30,000 baht or more is to be deposited upon opening the account...


> More: http://chiangmai.thaivisa.com/banking-and-money-matters/#.VGA8IDSUdJc

Ayudha Bank
Address: 222-226 Thapae Road
Tel: 053-251-811
Web: http://www.krungsri.com/en/index.aspx

Bangkok Bank
Address: 99/4 Moo 2, Huay Kaew Road, Kad Suan Kaew
Tel: 053-225-465 -7
Web: http://www.bangkokbank.com/Bangkok%20Bank/Pages/main.aspx

Kasikorn Bank
Address: 161-171 Thapae Road
Tel: 053-270-151 -8
Web: http://www.kasikornbank.com/EN/Pages/Default.aspx

Siam Commercial Bank
Address: 169/1-3 Chotana Road
Tel: 053-221-490
Web: http://www.scb.co.th/en/private-banking/

(Thai banks in HK: xx )

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  • 1 month later...

HOME Prices in London Surpass Hong Kong - SCMP Headline


==========: US$/SF : %Lon.: F/X : Lcl-FX/ SF : x 10.76 (/SM)

London------ : 3,380 : 100 % : 1.57 : GBP 2,153 :

Hong Kong- : 3,290 : 97.3% : 7.75 : HKD 25,498 :

New York--- : 3,042 : 90.0% : 1.00 : USD 3,042 :

Sydney------ : 2,030 : 60.1% : 0.83 : AUD 2,445 :

Paris--------- : 1,860 : 55.0% : 1.24 : EUR 1,500 :

Singapore -- : 1,605 : 47.4% : 1.31 : SGD 2,102 :

Los Angeles : 1,500 : 44.4% : 1.00 : USD 1,500 :

Tokyo ------- : 1,380 : 40.8% : 119 : JPY 164,220 :

Mumbai----- : 1,225 : 36.2% :

Milan/Rome : 1,000 : 29.6% : 1.24 : EUR 0,806

OTHER Cities)

Philadelphia- : $ 102 : 03.0% : 1.00 : USD$142,300/house (1400sf.Est)

Washingt.DC : $ 198 : 05.9% : 1.00 : USD$443,000/house (2237sf) almost 2X larger

Makati, Phil.- : $ 298 : 08.8% : 44.5 : PHP 13,267 : 142,750/sm

Bangkok,Th : $ 303 : 09.0%: 32.8 : THB 09,944 : 107,000/sm

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  • 3 weeks later...

Some Tricks Developers play


A Game of Risk - Leading Edge column in Jan. 2015 Property Report (pg. 28)


"Anonymous marketing staff of some Bangkok condo developers revealed that representatives are being hired to book units in their projects to ensure that as much as 70 percent of units were sold within two days of the launch..."

(said a senior partner of Bangkok-based PIA Interior Company)


"Sometimes these fake investors buy a whole floor and genuine buyers are unable to get a unit. After two days all the units are gone and the price has risen."


Another agent (James Pinchon of CBRE) has debunked some of the more outrageous rumors saying:


+ All real estate investing is speculation to some degree

+ The game is to get to 50% sales as quickly as possible, because that is where the developers can draw down loans, and to get there quickly, speculators are often involved.


The mid-range market appeals mainly to local Thai buyers, and is also where you find the (local) speculators


Buy-to-Let investing is now moving out from Bangkok, to Phuket (and other markets)


In Phuket, some mid-range investments have not worked out for speculators

"Some of these speculators realised that they weren't able to resell quickly at a significantly higher price."


It is not always easy to spot the speculators. As Dexter Norville of JLL-Thailand pointed out:
"Investors who buy five condos with the intention of renting them out or reselling them could be called speculators, or others could just call them savvy investors."

(I suppose it depends whether or not they really have the capital to complete the purchase,

and/or ride out cyclical down periods.)


He says buying a plot of land in the hope that a mass transit project will reach a certain area is the true definition of speculation.

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COMPARISON : Nimman area could be a model for Central Festival-CBP


Will Central Festival ever become "the new NimmanHaeman" ?


Let's take a quick look:

Area ------- : Nimman--- : Central Festival
Baht / SM. : 80k - 100 K : 60,000 /SM : (Unique vs. Monte2)
University- : Ch.Mai Univ. : Payap Univ. :
# Students : 36,332 st.- : 7,000 students
Size, acres : 3,490 acres : 275 acres
Campuses : 3x CM, Lph : 2x CM
Affiliation - : Government : Thai Church of Christ
Main Mall(s): Maya Mall- : C.Festival, Big-C, Plat. Fashion
Finished--- : Feb. 2014- : Nov. 2013, 2010*, 2015?
Transport-- : near airport : Bus station, near Rail
MassTrans. : Very Likely- : Near Certain, when built (2120's?)
Challenge- : Traffic jams- : More commercial tenants needed
Commercial : Mixed Use - : Lack of business so far


= =

Central Business Park (CBP)




Malls : http://donslifeinthailand.com/Shopping_Malls.html

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Supalai Monte1 and Monte2 --- in the Central Festival Area


The two 32-story towers will be the highest skyscapers in Chiang Mai

(And there is now meant to be a height restriction of 4-stories in most of the city)




> no-labels : larger : source : http://www.skyscrapercity.com/showthread.php?t=1551515






Rooms: 734 units, 4 shops (at Monte-1)
Location: On Chiangmai's Superhigh
1. Payap Univ. (Northwestern Univ.)
2. Bus Station
3. Wachiwarit School
4. Central Festival mall
5. Big C shopping mall
6. Teppanya Hospital


CONSTRUCTION on M-1 : reportedly began in the first half of 2014 (?) after EIA was passed




Supalai Monte1


Supalai Monte2



Monte2's infinity pool faces a small lake



Each tower has 736 (?) flats, and most of them are Studio and 1-BR units, here's a 2-BR layout:




- - - - - - The 2-BR units are on each end:


Monte-1 : http://www.supalai.com/monte/location/

Monte-2 : http://www.supalai.com/monte2/index.html : floorplan

Foreign Buyers : http://www.supalai.com//my/index.php?option=com_content&view=article&id=67

SSC page, M-1 : http://www.skyscrapercity.com/showthread.php?p=105642685

Chiangmai M-1 : http://www.skyscrapercity.com/showthread.php?t=1536670&page=3

Local Agent---- : http://perfecthomes.co.th/supalai-monte-changing-chiang-mai-sky-line-forever/ : 609/105 Rimping Plaza

NewPattayaSite: http://newpattaya.com/chiang-mai/supalai-monte-2-chiang-mai/

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Supalai Public Co. / SPALI-R, Bangkok


SUPL_zps2069b157.png: Charts: 2-yrs : 5-yrs : 10-yrs / 6-mos




B. 24.10 x 1.7 bn shares = Bht 40.97 billion / B 33 = US$1.24 billion


Supalai Public Company Limited Reports
Results for the Third Quarter Ended September 30, 2014
Nov 11 14

Supalai Public Company Limited reported consolidated and company earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, on consolidated basis, the company reported total revenues of THB 5,886.59 million against THB 1,978.59 million a year ago.

Earnings before tax were THB 2,007.16 million against THB 474.63 million a year ago.

Net income was THB 1,580.08 million or THB 0.92 per basic share against THB 350.64 million or THB 0.20 per basic share a year ago. Book value per share was THB 9.50 against THB 8.57 a year ago. The revenue increase was mainly due to the transfer of ownership 3 condominium projects due in the third quarter of 2014 and the transfer of ownership of detached houses and townhouses was increase from the sale increase. Net profit increased THB 1,229.44 million or 351% from the same period last year, mainly due to revenue from sales of real estate increased as stated in No1. For the nine months, on consolidated basis, the company reported total revenues of THB 11,770.32 million against THB 5,998.15 million a year ago. Earnings before tax were THB 3,647.23 million against THB 1,453.51 million a year ago. Net income was THB 2,851.18 million or THB 1.66 per basic share against THB 1,124.31 million or THB 0.65 per basic share a year ago.

Book value per share was THB 8.88 against THB 8.02 a year ago. (8.88 x XX

For the quarter, on company basis, the company reported total revenues of THB 5,633.11 million against THB 1,715.16 million a year ago. Earnings before tax were THB 1,952.18 million against THB 400.76 million a year ago. Net income was THB 1,556.86 million or THB 0.91 per basic share against THB 313.70 million or THB 0.18 per basic share a year ago. For the nine months, on company basis, the company reported total revenues of THB 10,891.36 million against THB 5,417.23 million a year ago. Earnings before tax were THB 3,438.49 million against THB 1,320.86 million a year ago. Net income was THB 2,758.29 million or THB 1.61 per basic share against THB 1,068.19 million or THB 0.62 per basic share a year ago.


> http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=SPALI-R:TB

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Supalai Monte - 1 : A Fast Launch? Comments from the web:


Lowest Price at launch of M-1 was under BHT 40,000 / Sq.M, for M-2 maybe under 50,000 (?)




"Is this going to be the tallest building in Chiang Mai?" (at 32 floors: Probably, Yes.)


(And one of the images said "Sold Out" - whereas the sales office suggested there are dozens of units left

on floors like #14m, and #24, which are unattractive to some Chinese buyers... up to 50 flats, I heard)

Still, that's not bad for a project completing in 2017


> M-1 : http://www.skyscrapercity.com/showthread.php?t=1551515


Location : "Handy for the bus station" - 2012-11-05


excellent location. Near Star avenue where a Rimping supermarket is being built. Walking distance to the under construction Central Festival site. Near to ChiangMai business park area (BigCextra). Close to the bus station. Located right at Superhighway. However on frontage road and might be a traffic problem since its really close to the intersection. potential for capital gain. Its a winner! But its going to take 3 years before you get your keys and somewhat pricey for Chiang mai standards some people might feel. Other new condo projects aren't cheap as well.
A mcdonalds as well really closeby!
There is another project really close to it worth exploring in case you are interested is Punna Oasis Project
.- 2012-11-05


"I'd much rather look at a more low-rise development closer to the old town / river area. Even the big condo being built on Chang Klan road looks like a better bet."
You are quite right WTK but people are queuing up overnight to own a piece of this. It's snap up on the first day of pre sales.

Maybe the cheaper units are being snap up will see again on the 9th. - 2012-11-05


(the Height is not favored by some):

If it's going to be a building that high, then i hope everybody fails with their investments. I hope people with their greed buy up rooms and fail to rent them out. I hope the whole thing fails. Chiang Mai is being turned into a developers' playground, and greedy citizens are perpetuating the problems.
Just call the town Bangkok2.
And if the financial rug is swept from the world in the next year or so then we're going to have a lot of half-built buildings and tall condos just like in bangkok back in 97/98.
The whole ruination of things on this scale is based on the greed of the developers and the greed of those wanting to make some profit out of the destruction of the environment. Humans never learn
.- 2012-11-05


I also tend to agree somewhat.
This is not simple organic growth, to meet a need for new housing for locals and BKK people who want a second home in CM.
To me it is a sort of "build it, and they will come".
I think a lot of the developers see materials costs (steel, cement, etc.) going up, so they are taking a long term view and throwing up these buildings at a crazy pace, hoping the risk they take (with limited occupancy/purchases) will eventually pan out.
There seems to be a speculative element to all of this
. -


I have been to their office yesterday, just for information and prices.
SOLD OUT! in 1 day!
I asked them then why keep the office open?
They took my name and said they will start a new project soon.
prices where from 1.3m-7m baht.


Rubbish! Marketing hype.- 2012-12-01


Just so you guys know, all the units in the condo has indeed been sold out. All that is available at the moment are units being sold by the first owner themselves who tries to make a small profit. Call it a panic buy or whatever, but you don't have to be smart to see that Chiangmai is currently booming. I myself owned a few units at Supalai and i know first hand how well it sell a month ago.- 2012-12-01



> M-1 : http://www.thaivisa.com/forum/topic/595925-supalai-monte-viang-chiang-mai/

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How did Supalai beat the height restrictions ?




(from translation, from Thai > English):


This Act came into force and length. Who the construction permit after May 2013 onwards (but who permit it. It has 8 storey building).
1. In the old town and the surrounding moat. And the red zone is in Huay Kaew Road and the Riverside Rd must not exceed 4 storeys or 12 meters (2 underground floors).
2. The ring road around the city out to be no more than 7-8 storeys or 23 meters.

Now the condo up a mushroom around the world is only 7-8 ..... Low-Rise condo just because you want to be a city of Chiang Mai.

True cultural See Doi Suthep is elegant and beautiful. Without any ugly concrete tall buildings blocking the northern winter.

The Monte SUPALAI over 30 floors, now mounted on high definition. ...

May not be built And funds may be refunded to all customers. And Supalai may be required to create an 8-story condo instead.
And most importantly, it is next to ... court .... According to feng shui is not the best, because the house, condominium adjacent court.

Usually the problem and fail .. who are these problems and it will be a mess, but the rail. I kind of got sick ... and many stories.

Blessed is Something like that .. .... Come On... !!

Sansiri D Condo Sign homework well so I made 8 4th floor beside me ..... Central Festival

(This segment SUPALAI Monte. A hard problem because not consult anyone before to create something new that sits. I have to be this way).


> orig. : xx http://translate.google.com.hk/translate?hl=en&sl=th&u=http://www.prakard.com/default.aspx%3Fg%3Dposts%26m%3D4429815&prev=search

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