When investors and homebuyers think of Bangkok condos, they immediately envision elegant and stylish newly-completed downtown projects!
However, the Capital has an interesting opportunity that has always been hidden in plain sight… OLD CONDOS!
Firstly, to define “old condos” generally speaking in a rapidly transforming modern metropolis like Bangkok any residential project over 10-years would be considered “old”.
Yet, these “old condos” despite their unflattering titles offer numerous fundamental investment advantages, especially when compared to newly completed projects:
- They are usually much cheaper on a price per square meter basis.
- Their interiors are relatively more spacious.
- They offer the unique opportunity to RENOVATE & TRANSFORM!
These 3 selling points are what attracted our buyer to this condo:
The condo is located in Sukhumvit Suite, a project completed in 1994 consisting of 44-floors and a total of 558 units.
Despite being completed over 20-years ago, the condo offers numerous amenities such as a large pool, gym room, 24-hour security and it even has shops selling daily essentials.
The original condo owner was based overseas and was previously renting the property at a low rental rate to a long-term tenant. Once the tenant moved out, the property’s interiors had not been changed since the 90s!
While most buyers would likely run away at the sight of this dated and scary looking condo… Our buyer immediately saw an investment opportunity!
Sukhumvit Suite is located in Prime Central Bangkok only 550 meters from BTS Nana. The Nana neighborhood has an eclectic and lively lifestyle; it is packed with restaurants, eateries and coffee shops and is famous for its vibrant nightlife. The area is very convenient and residents can easily connect to different parts of the Central Business District (I.e., Phrom Phong, Asoke and Siam).
The studio offers a spacious 40 square meters of living space. At the time, it was listed at a massively discounted price of 2.2 MTHB, this was an estimated 25% under market price.
Our buyer, being an experienced real estate investor, negotiated hard and used the condo’s poor condition as a point of negotiation.
… The seller finally relented and she got an even BIGGER DISCOUNT!
Renovating and Completely Transforming the Living Experience
What our buyer did next, was totally unexpected (Even for us her Real Estate Agents).
It is not uncommon for investors to try to save on renovation expenses, do minor updates and try to get rental returns ASAP. Instead, our new landlord decided to go for a complete overhaul of the condo’s living experience.
Look at the newly renovated condo, it is now transformed beyond recognition!
The original dark and dated interior is now a thing of the past, the property has been painted white and ceiling lights have been strategically positioned to increase the feeling of space, airiness and depth in the room. Having an all-white room creates an incredibly beautiful contrast between the property’s interiors and the stunning skyline views that the condo offers.
Detail oriented observers will note that the condo was fitted with space-saving built-in wardrobes and storage, where clothes and personal belongings can be conveniently tucked away and out of sight.
To complement the white walls, the new landlord added classy-modern mat black tiles to the kitchen giving the property an elegant look. More importantly, the condo’s living experience was carefully recrafted; the kitchen was repositioned and modernized with fully updated kitchen appliances. A kitchen island that also works as a functional dining area was installed to give the condo a trendy and hip vibe.
Bangkok’s real estate market is incredibly diverse, with literally hundreds of neighborhoods, residential buildings and properties to select. This article highlights the unique investment opportunity offered by old Bangkok condos.
This short article goes to show that adventurous investors willing to take on “renovation and refurbishment projects”, can quickly grab a good deal and subsequently increase their investment’s resale and rental value in a short period of time.
The completely transformed and beautiful studio in Sukhumvit Suite is now on the rental market, it is being marketed at the very modest price of 18,000 THB per month.
Considering the elegant interiors, the amazing location and very affordable rental rate, we don’t think this property will be on the market long!
Fresh Property is a full-scope and established Bangkok Real Estate Agency, we offer consultancy, sales, rental and property management services.
Buyers and renters are welcome to browse our extensive portfolio of new projects, resale properties and rental homes.
Alternatively, feel free to contact us by sending us an inquiry to [email protected]