Udon Condominiums

Post by **lee** » May 19, 2011, 11:56 am

A local construction company has plans to build Udon's first Condominium complex in central Udon near Radjaphat university.

The condominium complex will offer furnished and un-furnished one and two bedroom apartments with several different sizes, living room, kitchen and balcony. The building will offer 24h security, CCTV, car park, fitness center, reception and a swimming pool.

Prices will start under a million baht, 100% foreigner ownership.

The company would like to know how strong the demand is for condos in this area so I have put up a poll for them.

Any feedback would be appreciated also.

Post by **Aardvark** » May 19, 2011, 3:43 pm

Personally think it's a great idea and long over due. Considerably less than One Million I would suggest, as you can get a pretty decent stand alone Home for not much more than that. I would also be interested in the ongoing cost's associated with it ??

Post by **kjellsnell** » May 19, 2011, 3:48 pm

I think it is a god idea but....

a startprice around 1 milj batn aint cheap if compare whit condominiumcomplex in Pattay and other beachareas......for smaller apartments around the startprice can be around 650 k. They just finished a big condominiumcomplex in Pattay where the startprice is 650 for a studioapartment around 40m2

Also.....how can they go around the thailaw whit a 100% foreigner ownership.......Thats sounds weird to me!

Post by **WhoUrDaddy** » May 19, 2011, 5:53 pm

If the builder retains 50 %, then rents to foreigners only, you have 100 %.

The idea crossed my mind about a decade ago.

Post by **hangsaboot** » May 19, 2011, 6:16 pm

Aardvark wrote:Personally think it's a great idea and long over due.

LONG OVERDUE. ASAP.

to build condos , in udon ,
is the best option, and possibly the only viable option for farang investeors in udon.

there are enough contented ,and young @ heart bachelor boys in udon ,
with the ready finances , to buy a condo. .

i feel it in my water ,, that there are a few successful farang buisness men in udon

,
who have put their but their babies , on the market in order to raise the capital ,
required fo the condo project .
best of luck .

Post by **Saboo** » May 19, 2011, 7:04 pm

Self contained O.A.P. flats… Warden’s flat on the ground floor… resident nurse on duty… Intercoms and emergency help cords in every flat… aqua- exercise pool to ease them stiff old joints… resident’s common room for the weekly bingo… dominos… free wheel chairs and zimmers… laundry service for bed wetter’s… Sounds great… Just what we need in Udon... :-"

Post by **FrazeeDK** » May 19, 2011, 9:31 pm

100% "Foreign Ownershp"????. here's the real deal but of course in Thailand anything can happen:

http://www.thailand-lawyer.com/condo.html

In general, according to Thai real estate law and the regulations that govern condominium law, non-Thai nationals may purchase condo units in condo buildings throughout Thailand, as long as their purchase would not cause the foreign ownership ratio of combined units in the building to exceed 49% of the total floor area. Certain condo buildings in the Greater Bangkok Metropolitan Area may not be subject to the 49% foreign ownership ratio restriction.

What are the requirements for a foreign individual to purchase a condo unit in a building in which foreign purchases are permitted?

The condominium law of Thailand specifies that foreigners who do not have a Thailand residence permit must show proof that the funds for purchase of the condominium were brought from outside of Thailand. Non-Thais who have legal residence permits are not required to show evidence of funds coming from abroad for the condominium purchase.

What is the most typical way for a foreigner to purchase a condominium in Thailand?

Most foreigners purchase a condominium by showing evidence of an incoming remittance of foreign currency into their bank account from abroad. This is typically demonstrated by requesting the issuance of a certifying document from the receiving bank in Thailand. (requiring a Foreign Currency Transfer Certificate)

The actual Law in English:
http://www.thailawforum.com/database1/c ... m-act.html

Post by **boubee** » May 19, 2011, 10:45 pm

Very interesting project as condos for sale are not available in Udon. I think a lot of or foreigners shall be interested to buy a condo in such a building with many services located in Central Udon and be 100% owner of their appartment. But 51% of the property must be owned by thai citizens. Are they also interested ? Most of them prefer to buy a house for the same price. The choice can be better with the quality of services attached to the project.

Post by **WhoUrDaddy** » May 20, 2011, 7:22 am

Great idea for the non married or retired person who know they will be here for quite some time, or use as a base to live, while exploring in their later years. Million baht for an apartment, is a bit steep, but you do own it, unless they go bankrupt, or like the housing developments, once turned over to the tenants to maintain and it turns to a ghetto.

Second part, if married, would your spouse let you buy one, or a house she will own.

Cost against renting an apartment or house, one million divided by 10, 15, 20 years rent, is 8333, 5555, 4166 baht a month, the price to rent a house in Esan, without the maintaince fees and no interest if having to borrow the money.

Though it can be re-sold or left to dependents to live in or as a rental for income.

Good to use as a base, but I couldn't live in an apartment, not enough space for myself, especially in the city.

Post by **WhoUrDaddy** » May 20, 2011, 8:28 am

Here's what a million baht gets you in Pattaya, and you have a beach to look at, instead of living in Esan concrete city. The basic condo is nothing but a hotel room. I've stayed in larger hotel rooms. Will be interesting to hear what sqare meter living space will be available.

http://teakdoor.com/construction-in-tha ... condo.html

Post by **noirohl** » May 20, 2011, 9:01 am

Interesting to see how this gonna works out... 100% foreign ownership. But sure, it sounds great with this condo project. I bet many would be interested in it

If married, i would say that 90% of the case, your spouse won't let you buy it if the 100% ownership to foreigner is not just a bad PR....

Post by **pienmash** » May 20, 2011, 9:25 am

I think its a good idea and will suit some but not others , i could see a few people buying numerous units as investments / rentals etc and if this first condo block goes/sells well i invisage it to be the start of many more similar projects inturn meaning lower more competitive pricing .

If under 1 mil we may see Expats and Bangkok Thais having "holiday or weekend" condos here , apparently the units with balconys overlooking the Rajabhat uni will be more expensive ........ whys that then , the futures bright - the futures black n white ,,, my sauce tells me Wazza has his name down for one of these already.

mash.

Post by **pienmash** » May 20, 2011, 9:41 am

Bangkok yuppies could invade Udon ,,,,,,, the same as London yuppies all buy second homes in Scunthorpe !!!!!

Post by **lee** » May 20, 2011, 9:48 am

Thanks for the feedback and votes everyone. I'm pleased to see a high percentage of yes and maybes.

WhoUrDaddy wrote:If the builder retains 50 %, then rents to foreigners only, you have 100 %. The idea crossed my mind about a decade ago.

That's the plan.

I believe there will be several sizes to suit all budgets. When I have the 3D visualizations, details specs etc I will post them here.

Post by **Prenders88** » May 20, 2011, 9:53 am

Good luck to the forward looking developer for thinking about building a condominium block.
Udon is on the up, high end grey car importer just opened on the ring road. Ducati showroom.
The fudamentals are already in place, Udon International Airport (No Taxi rank), and the mooted Chinese built TGV trains coming through the town. Good road network.
I agree with my good friend Mash, investors, single ex-pats who love to have a string of short term girlfriends.
Blokes with a few bob where they stash away the second wife.
The buyers will snap them up.

Post by **trubrit** » May 20, 2011, 10:27 am

I personally would be prepared to pay over a million and with a touch of luxury added, to maintain a degree of exclusivity .

Post by **WhoUrDaddy** » May 20, 2011, 10:56 am

Yes, I also believe they will sell, as I would probably of bought one as a younger, single man, if knowing I was going to be in the area this long. Real estate is the only guaranteed investment in Thailand, and condos the only thing foreigners can own. Kudos to the builder, and interested what the plans and pricing will be, when available.

Post by **old-timer** » May 20, 2011, 12:10 pm

OT wants one. And I want the best one at the top. The finishing and technology would need to be top notch. Swimming pool and gym would be handy, though not essential. Concierge, security and covered reserved parking is essential for car and bike.

I think it's a great idea, View without Talay 1.

OT............. $\:D/$

Post by **treehugger** » May 20, 2011, 12:24 pm

I voted 'No' in the survey, but have reconsidered. At present world intrest rates are very low, so 1m baht for a condo rented out at 5,000 baht per month gives a 6% gross - not bad at all. There is also the potential of increase in value, as well as a 'bolt hole' should the missus throw me out! I change my vote to 'Yes'

Post by **wiking** » May 20, 2011, 12:33 pm

1 mio to expensive

rent townhouse in center 4000 baht
rent room from 2000-4000

off course more expensive with furniture but then you do not have 6% and this is only when you rent out 360 days a year

there are several place for sale in udon, which bussiness is rent out room, price off these is about 300-350.000 per room
but these has not the same standard as the condominium they will build, I geuss

I am sure, there will also be some thais who want to buy

but we need to see the propect before we can say more

importen

location location
price

Would you be interested in purchasing a condo in Udon Thani?