Lumpini Place

Post by **Sakhonnick** » June 16, 2013, 11:03 am

I was in Udon last week and found out through a friend about these Condo's

I only went in to have a look and was surprised to see 90%+ sold out already

Not much to choose from but i picked the last one on the 14th floor (top) with City Views, it backs up to the lift shaft but they say that there will be very minimal noise if any from that.

But reason i bought was the downpayments and in a farang name as only 10% has been sold to farangs

5,000baht down for 15 months then month 16, 30,000 total 105,000baht then balance on completion

Im sure with the 2015 asean thing and with the way udon is getting bigger it cant be a failure ofcourse anything offplan is a risk but with new build condos in other parts of the country asking for 40-60% downpayments over the building term the 8% down seems like to good to be true.

any other guys bought here?

Post by **pienmash** » June 16, 2013, 11:28 am

Not knocking to OP here or pissing on his chips .........but ,,, i know a few expats here who have done a similar thing ,, one is staying in the apartments behind the shop while his condo is being built ,,,, i got the impression my opinion only that some seem to rush into signing up because of the low down payment ,, without fully going through the full thought process ,, rather like going into toyota for a service , seeing a new car n buying it ,,, its that easy and these developers make it so tempting and easy to snare the impulse buyer ....... i aint no speculator just a humble shop keeper definately wouldnt buy on impulse or off plan ,,,,, remember the View Talay experiences of folks i knew in Pattaya.

Post by **Sakhonnick** » June 16, 2013, 11:40 am

If they were asking the same payments like pattayathere is no way i would of bought, The base condo is like that and i walked out, a few things swung it form, 105,000 is the total risk ofcourse no one does not want to loose that but the golden rule is dont invest more your prepared to loose in Thailand, Ive lost with property already well more broke even but a lot of stress to go with it with houses in Pattaya, condos are easier to maintain and leave locked up,
my plan is either to sell before i pay the balance if i can make a profit, or rent it out or just keep it as a place to stay when in udon, ok it will not compete with hotel prices but if anything the place should stay atleast the same value,

Post by **Sakhonnick** » August 9, 2013, 12:14 pm

OK, I know its only been a few months but not much happening at this location yet, is it a scam? maybe these condos that were told to be finished by Oct 14 will never go up?

Post by **parrot** » August 9, 2013, 1:48 pm

There's some sort of site prep going on behind the showroom building....pilings perhaps. More work going on at Lumpini than at the CP condo unit on Srichomcheun. I stopped by the showroom when they first opened....could have sworn the girl said completion date was to be late 2014.

Post by **rct** » August 9, 2013, 2:31 pm

More clarity on actual construction time and completion dates on these condo projects seems in order, and I cannot help.

In general in Thailand, a high rise needs 3 years to build, eg in Bangkok with professional builders. I suppose a mid rise needs 18-24 months. The condo opposite the land department is making fast progress now.

If anyone thinks a mid rise (what, 8-14 stories) can be done in just a few months, well, I know of a few bridges crossing the river to Laos you might also like to purchase.

Post by **Sakhonnick** » August 9, 2013, 3:45 pm

Yes im sure the target date of October 2014 for all 6 buildings 14 floors complete was well lets say a lie,

Good side is i can hadle 5,000 month payment total 105,000 over the term and rest on completion, no rush to move in, im sure it will get done and if it does not well ive not lost that much, i guess thats what buying off plan is all about. risks!!

Post by **faranginUTH** » August 10, 2013, 4:01 pm

Sakhonnick wrote:Yes im sure the target date of October 2014 for all 6 buildings 14 floors complete was well lets say a lie,

Good side is i can hadle 5,000 month payment total 105,000 over the term and rest on completion, no rush to move in, im sure it will get done and if it does not well ive not lost that much, i guess thats what buying off plan is all about. risks!!

What is the rest on completion? got me curious now?

Post by **Sakhonnick** » August 12, 2013, 11:55 am

1.2million balance so down payment around 8% over the term

Post by **Sakhonnick** » October 4, 2013, 2:11 pm

Any locals got an update on this Place? any work been done yet? up to 6th floor? haha

not been for a month just wondering thanks!

Post by **Sakhonnick** » January 15, 2014, 12:43 am

Hi,

Anybody know if this place has made progress? I was told October completed all 6 buildings

They did say 2014

Post by **parrot** » January 15, 2014, 8:26 am

There's work going on at Lumpini.....but Autumn of '14 ain't gonna happen. '15 maybe. I noticed some preliminary ground work going on at the CP condo unit across from the mosque. And Skyland Condo at the fountain circle is moving along.

Post by **parrot** » January 15, 2014, 8:20 pm

I passed by Lumpini Condo project this afternoon. The only thing that can be seen from the street, 50 meters in front of the project, are the cranes. It appears they're still preparing the ground for the foundation/first floor. Definitely not 2014!

Post by **Sakhonnick** » January 15, 2014, 10:58 pm

Thanks for the information, looks like nothing much has been done since mid last year

oh well ill keep paying the 5,000/month atleast its a smallish amount to loose if it never goes up, im sure it will though

Post by **parrot** » January 22, 2014, 2:07 pm

You can see photos of the progress on the condos at
http://www.skyscrapercity.com/showthrea ... &page=2545
Scroll toward the bottom of the page.

Post by **Sakhonnick** » January 22, 2014, 5:01 pm

Thanks Parrot,

I would say at least 18 months but more like 2years before people are living at this place

Post by **Sakhonnick** » May 13, 2014, 9:35 am

Went in by to see how it was progressing, buildings well on now and one up to 12th floor, scheduled 100% complete by December, I had a little laugh at this but she said Lumpini has a reputation to hold and it will be completed
For the few units left I asked about prices, my unit has went up 80,000 since I signed to buy
Should have no trouble renting it out 8,000/month to the Philippine community when ASEAN opens up

Post by **Sakhonnick** » September 16, 2014, 12:40 pm

Opening Party on 25th Oct

Seems Lumpini are what they say they are and do the right thing building on time

Was a bit unsure when buying this..now I guess it was a good idea

I may or may not rent it out will wait and see

Post by **pauludon** » September 16, 2014, 3:48 pm

With Asian Next year, philipinos and all other members of Asian countries still need visa, just like now, to be in LOS

Post by **pal52** » September 16, 2014, 7:55 pm

Sakhonnick wrote:Opening Party on 25th Oct

Seems Lumpini are what they say they are and do the right thing building on time

Was a bit unsure when buying this..now I guess it was a good idea

I may or may not rent it out will wait and see

What are your monthly maintenance costs. If you do not rent it you must still pay the maintenance costs every month. You have to cover these costs in the rent so 8,000 baht per month looks a bad investment. The book price has gone up 80,000 baht but try selling in in reality. There are lots of Condos available for sale in Udon