Most investors and homebuyers, think of stylish and newly launched Bangkok condominiums.
In reality, the Capital has great real estate opportunities that have always been hidden in plain sight: OLDER CONDOS.
Let’s first define old condos. In a rapidly transforming metropolis like Bangkok, any residential condominium over 10-years is considered old.
Yet, these old condos, and despite their unflattering titles offer numerous 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 or in many cases more spacious
- They offer the unique opportunity to RENOVATE and TRANSFORM
3 Selling points that 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.
Although it was completed over 20-years ago, the condo offers numerous amenities including a large pool, gym room, 24-hour security and it has shops selling daily essentials.
The original condo owner was based overseas, and was previously renting it at a low monthly rate to a long-term tenant. Once the tenant moved out, the property’s interior needed a revamp as it had not been changed since the 90s.
Whilst most buyers would run away at the sight of this outdated looking condo. Our buyer immediately saw an investment opportunity.
Sukhumvit Suite is located in Prime Central Bangkok and only 550 meters from BTS Nana. The Nana neighborhood has a lively lifestyle, and it is packed with restaurants, eateries and coffee shops, and is famous for its nightlife. The area is very convenient and residents can easily connect to different parts of the Central Business District such as Phrom Phong, Asoke and Siam.
The condo offers a spacious 40 square meters of living space. And it was listed at a discounted price of 2.2 MTHB, this was an estimated 25% under market price.
Our buyer, being an experienced real estate investor, used the condo’s old condition to leverage the negotiation and final price.
The seller finally agreed and the buyer got an even BIGGER DISCOUNT.
Renovating and transforming the living experience
Our buyer or new landlord, decided to transform the unit into a modern and beautiful designed condo.
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 to provide a new living experience and get better returns.
The condo has been transformed into a brand new and well designed space.
The old dark interior is gone. The property has been painted white and ceiling lights have been positioned to increase the feeling of space, airiness and depth in the room. Having an all-white room creates a beautiful contrast between the property’s interiors and the stunning skyline views of Bangkok that the condo provides.
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. A simple but practical and great detail to add during the renovation.
To complement the white walls, the new landlord added modern mat black tiles to the kitchen giving the property an elegant look. More importantly, the condo’s living experience was carefully re-crafted, with a new kitchen repositioned and modernised with fully updated kitchen appliances, including a kitchen island that also works as a functional dining area giving the condo a functional and contemporary look.
Bangkok’s real estate market is diverse and dynamic, with many neighborhoods, residential buildings and properties to select. This article highlights the unique investment opportunity offered by old Bangkok condos.
Investors willing to take on renovation and refurbishment projects, can quickly get a good deal and subsequently increase their investment’s resale and rental value in a short period of time.
The completely transformed and beautiful condo in Sukhumvit Suite is now on the rental market, it is being marketed at the price of 18,000 THB per month.
Considering the elegant interiors, the good location and affordable rental rate, properties like this will not 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.