Jump to content
Sign in to follow this  

Chiang Mai: Is the property Boom still on?

Recommended Posts

Residential market could grow 5-10%

THE RESIDENTIAL property market this year could grow by between 5 and 10 per cent,

thanks to government expenditure and private investment boosting domestic spending, according to leading developers.

Meanwhile, the trend in residential construction and design will change, especially in regard to the use of prefabrication.

The proportion of prefabricated elements used in the construction process is expected to rise to more than 80 per cent in new residential launches this year, as developers seek to reduce the number of on-site labourers and save time.

There is expected to be a labour shortage in the property sector this year as the government's infrastructure development programme gets under way, absorbing a large number of people from the labour pool.

Residential design will largely focus on the functional and simple, to serve demand from young buyers.

Pruksa Real Estate president and chief executive officer Thongma Vijitpongpun is confident that the residential market will expand 5-10 per cent from last year's level, when the market slumped 10 per cent.

This is because many people who delayed their decision to purchase last year can be expected to take the plunge during 2015, while low interest rates seem set to be maintained, or even drop, he said. The nationwide residential market recorded sales of Bt650 billion in 2013, but fell to about Bt585 billion last year, split equally between Greater Bangkok and the provinces, according to research by the Government Housing Bank's Real Estate Information Centre.

Sansiri president Srettha Thavisin said that while he believed the market this year would be better than last year's, he could not estimate by how much, as it was dependent on the country's economic growth.

"If the economy expands 4 per cent, the property market will grow by about 8 per cent," he suggested.

Given the improving market trend, the top 10 listed property developers plan to launch residential projects worth more than Bt200 billion around the country this year. To speed up construction and minimise the use of workers amid a tightening labour market, companies will be making increased use of the prefabrication system.

Quality Houses president and CEO Rutt Phanijphand said that up to half of the company's residential projects would use prefabrication in the construction process.

Other leading property firms, such as Pruksa Real Estate, Sansiri, Property Perfect, LPN Development and SC Asset Corp, have also developed their construction process to use more prefabricated elements.

Share this post

Link to post
Share on other sites

Colliers Chiang Mai Reports

May-2013 : http://www.colliers.co.th/images/agency/5YLbuizKChiangMai2013-en.pdf

May-2012 : http://www.colliers.co.th/research-publications/detail-research.asp?rsch_id=359&link=market-reports.asp&link_txt=Market%20Reports&strRsch=Market%20Reports

(There does not seem to be a report for 2014... perhaps because of the Coup)


NOTES on CM Condo Market

================= : May'12 (pct) : May'13 (pct) :
TOTAL Condo Units : 16,600 ===== : 18,640 ===== :
Inner City Area*------ : 10,300 (62%) : 10,800 (58%)
Outer City Area ------- : 6,300 (38%) : 07,840 (42%)
Under construction-- : 2,854 +17.2%
Inner City Area--------- : 1,200 +11.7%
Outer City Area ------- : 1,800 +28.6%
+ Main business and educational centre of Northern Thailand. Many people from all over Thailand live there for 4-5 years, getting education. There are over 10 universities with a total of more than 100,000 students in the area. Many students prefer to buy a condo than to rent.
+ The Thai economy grew very rapidly into the 1997 financial crisis. The first condo project was finished in 1985 with 103 units, and it touched off a boom from 1990-96, when more than 13,200 units, or about 75-80% of supply was built. (That's 1,886 p.a.) The record year was 1991, with 4,250 units completed.

+ After the crisis, from 1997-2012, 3,540 units were added (only 236 p.a.!) More than 1,640 units were completed by May 2013, meaning that 2013 showed the highest rate of completion for the past 17 years.
+ Most Thais preferred living in landed properties, and there was enough land available at reasonable prices, to build houses, up until recently, when land prices climbed, and the buying interest shifted back to condos.

+ The most popular location for condominium development in Chiang Mai is along Khan Klong Chonlapathan Road, in the northwest of the city. During the past one to two years, the Chiang Mai – Lampang Road has become a new residential area.
+ Average land prices rose sharply in the last few years, by over 100% in some areas, especially Nimman and Chiang Mai - Lampang Road. Most new developments are in the Outer City area, due to increasing land prices in the City area

+ The previous Chiang Mai town plan expired in December 2006, so there was no town plan regulating and controlling development and construction from 2006 until May 2013. The newest Chiang Mai town plan, released in May 2013, affects some locations in Chiang Mai, especially in the City area. Height restrictions have been imposed.

+ There were some condominium projects launched in 2011 - 2012 and some are planned for launch in the second half of 2013 and next year, most of which are in the Outer City area. This is because developers seem to target the middle-income market in Chiang Mai, not just students or the low-end market in the university zone. The average price of condominium units launched during the first five months of 2013 is around 11% higher than last year. The increase in the minimum wage and logistics costs over the past few years also affected the market.

Flats Available- : May'12- Chg. /
Inner City Area : 430 : +4.17% /
Outer City Area : 540 : +8.57% /


Sizes'04-13 : min: max : average x10.76
Type: Studio : 25 : 040 : 31sqM = 333 sf
1 Bedroom - : 24 : 132 : 38sqM = 409
2 Bedroom - : 46 : 208 : 68sqM = 732




City Area
Most condominium projects are located in the City area, especially along Huai Kaew Road as the universities are located there. The City area includes Chiang Mai’s old town and its surrounding area. This runs from above Road No. 1141 and Suthep Road to the Super Highway and Chotana Road in the north, and Charoenrat Road and Chiang Mai – Lamphun Road in the east.
Outer City Area
The area along the Khan Klong Chonlaprathan Road and Super Highway Road in the Outer City area is the new location for condominium development as it connects directly to the City area. This area starts from the southern side of Road No. 121 in the north and continues on Road No. 121 in the east to Road No. 121 in the south, but

excludes all parts of the City

PRICES - as at May 2013

The average price this year has been 35-75 per cent higher than last year, depending on location, developers and project concept. The average price of launches to May (2013) is Bt62,790 per square metre, up 11 per cent over the average price of launches last year.

The average selling price in the city area is 14 per cent higher than in the outer city area and most of the projects launched this year, which have an average price higher than Bt65,000 per square metre, are located in the city area.

Most high-priced projects are on Nim Man He Min, Chang Khlan and Charoen Prathet roads, not far from the old town. The starting prices of some scheduled launches this year are higher than Bt80,000 per square metre, so the average price in the second half and in the future will probably be 5-10 per cent higher, he said.

Share this post

Link to post
Share on other sites

JIGSAW in CM Business Park - a look back

Average prices were about BHT 45,000-50,000 per SM

Example: A3 / 707 / Size: 57.42 SM / per SM: 50,244 / Price: 2,885,018





NAME】   The Jigsaw Condominium 2

【LOCATION】 Chiangmai Business Park M.4 , Super-Highway Chiangmai-Lampang Rd., T.Nongpakrung, A.Muang, Chiangmai 50000  
【BUIRD IN】 Year of 2011 
【NUMBER OF STORY / UNIT】  8stories / 79 Unites 
【FACIRITIES】 Front Service, Fitness Center, Card key access, Parking, 24 hours watching CCTV Cameras, Cable TV 
【THE SURROUNDINGS】 Inside of CHIANGMAI BUISNESS PARK area, Near by the big shopping center CARREFOUR. 
【COMMENT】 Few minutes form the SuperHighway, convenient to move by car to everywhere. This new area has the potentioal to be developed in the near future. The Jigsaw Condominium 1 was built in the same area already. 

> http://www.hiroproject.com/en/index.php?pg=jigsaw2

Share this post

Link to post
Share on other sites


Share this post

Link to post
Share on other sites

There's a New Thread on ThaiVisa, about CM's Condo Market

> http://www.thaivisa.com/forum/topic/790681-condominiums-in-chiang-mai/

(here's a comment from there):

Posted 2015-01-10 11:15:07


For what it is worth, I calculate the average of condos within three kilometres of CM centre (approx.) to be about 60k/sq meter. An average of about 2.5million Bht for 42sq meters. The factors that drive the scale up or down are, predicably, age, proximity, orientation, design and condition. Position, position, and position is usually the biggest factor. Then there is supply and demand and the usual economic ups and downs to consider. Factor into this the changing exchange rate. It's quite a juggling act.

Then there are personal situation factors: are you investing to rent or live. Do you intend to stay for xx years? After all if you intend to live in a place for a few years would you buy a place that you really don't like much but it was a good price? Or would it be better to pay a bit too much but get somewhere you really enjoy?

Investment wise the old saying that, "buy the cheapest house on the street" has some merit.

Oh, and one more factor is how well the condo is run. If there are condo management wars or if the common fees are too low or poorly managed, then a property will be affected.


(re: Nimman being close to the airport):

CM airport runs 24/7 starting August 2015.
Look forward to flights all through the night.

Share this post

Link to post
Share on other sites

Advantages of Chiangmai - per Payap University



In the heart of Southeast Asia, Thailand is a land of contrasts: gorgeous countryside of rice fields, mountains, hills, and ancient temples; bustling city life in the capital, Bangkok; and beaches world-famous for diving and snorkeling. A largely Buddhist society, Thailand's population is varied with many tribal groups and immigrants.

Set amidst the cool and beautiful mountains of northern Thailand, Chiang Mai has the advantages of a city but with the feel of a small town where the old style of Thai living is preserved. Chiang Mai, some 700 km (438 mi) north of Bangkok, is Thailand's second largest city, though it does not even have 10% of Bangkok's population. It is the capital of one of the largest provinces of Thailand (roughly 20,000 sq km, 7,720 sq mi) and is the center of Northern Thailand. In many respects, it is much more pleasant than Bangkok. A common claim is that it has the advantages of Bangkok without suffering the capital's disadvantages.

Advantages Of Studying In Payap University's International Degree Programs

  • International curriculum designed specifically to prepare graduates for international careers.
  • All classes taught in English by highly qualified professors.
  • Focus on individual attention -- small class sizes, personal advising.
  • Access to brand new computing and research facilities comparable to any major university in Thailand or the west.
  • Opportunities to study one or two foreign languages in addition to students' native languages.
  • Opportunities for international experiences of at least two months in Europe, Australia, and the United States through study abroad programs with partner universities and internships with companies and other organizations.
  • Affordable tuition and cost of living.
  • Safe and comfortable lifestyle in Chiang Mai, Thailand.
  • Convenient campus location in Chiang Mai with easy access to Bangkok and neighboring countries.
  • Professional support services, including career counseling and networking.
  • Opportunities to develop friendships with people from many countries and cultures.
  • First-class dormitories for international students, located right on campus.

Cost Of Living

The cost of living in Chiang Mai and Thailand is low compared to western countries, and some costs seem unbelievably low. For example, a heaped plate of delicious Thai food near Payap University costs 25 baht. A few more examples are listed below.

  • Apartments with an attached bathroom and balcony 1500-4500 baht per month.
  • Motorbike rental from 100 baht per day.
  • A shared taxi across town is about 20 baht per journey.
  • A non-alcoholic dinner for two in a riverside restaurant with live music costs from about 250 baht.
  • A can of Coke costs about 15 baht.

Use the links below to find the current Thai baht exchange rate.
Euro to Thai baht : U.S. dollar to Thai baht : Other currencies

Share this post

Link to post
Share on other sites

CM - Business Park




Index: http://www.chiangmaibusinesspark.com/develop_details.php?did=8

Some features:

+ Green Plus Mall
+ Platinum Chiang Mai Fashion Mall
+ Lanna Commercial Technological College
+ Asia Technological College
+ Wachirawit School Chiangmai

Share this post

Link to post
Share on other sites

Monorail / Light Rail - possible map


"The Dream"

CityNews – The people of Chiang Mai are feeling the strain of the heavy traffic burden, and it only looks like more cars will arrive in the city. Then when the new malls are finished, and the roads to Laos, Burma, China open up, how will that affect at already congested city?


Part of the solution: The Chiang Mai Monorail.

Chiang Mai Administrative Organisation has said it will invest over eight billion baht for this high-tech public transportation system. The government has already approved the investment and it is expected that the monorail will be up and running within five years.

The monorail will provide four different routes:

The Gold Line A1 will go from 700 Year Stadium to Chiang Mai Night Safari.

The Red Line A2 will go from 700 Year Stadium to Samyak Market in Sansai.

The Blue Line A3 will go from Chiang Mai Zoo to Buakkrok Village.

The Green Line A4 will go from Thapae Gate to Changklan Road.

Each route, as the map shows, will go through various parts of Chiang Mai, covering much of the city.

Each car will be able to take up to 40 people, and there will be three cars for every line. It will travel at around 28 kilometres per hour and will pick up passengers every 500 metres. Each route should take about 30 minutes.

Boonlert Buranupakorn, the president of Chiang Mai Administrative Organisation, told the press that the monorail would run on the ground. It is not a skytrain, he said, or an underground train.

> source: http://www.chiangmaicitylife.com/news-archive/the-chiang-mai-monorail-a-dream-come-true-looks-like-it/


Another Map:


Note: stops at Central Festival and C.B.P. Chiangmai Business Park


> source: http://www.skyscrapercity.com/showthread.php?t=101602&page=1549

Share this post

Link to post
Share on other sites

SPALI Update


(I found this report from last year, upgrading Suplai... but the stock has not performed well):


Supalai / TH:Spali ... 3-years : Last: THB-20.00



SPALI : Macro risks removed / 24 July 2014


Investment thesis
Supalai operates real estate development projects for living and commercial purposes. Supalai’s main clients are middle- income families as its products focus on the THB3m per unit price range. The company is also a major player in provincial markets: provincial presales contribute around a quarter of total annual presales. Key highlights of the company’s products are value for money and functionality, thanks to its extensive industry experience and cutbacks in unnecessary project facilities. Despite having been able to achieve an impressive presales backlog of THB39b, SPALI’s 2013 performance was rather disappointing due to slower than expected project completions and delayed transfers. However, SPALI is likely to register its historical best earnings growth of 29-19% in 2014-15E.


Upgrade to HOLD, from Reduce
We have revised up SPALI’s earnings by 24-45% for 2014-16E and our DCF based TP to THB24 per share. The removal of
Thailand’s macro political uncertainties and improved consumer sentiment has urged us to lower our risk premium assumption to 8. 5% (from 9.5%).
Importantly, we also roll over our TP to end 2015E.

Downside risk to 2014 presales persists
SPALI launched seven new projects (six low rise and one high rise) in 2Q14 and generated THB3.9b in presales, +12% q-q but down 4% y-y. 1H14 presales were THB7,337m, -7% y-y, representing 33% of its full year target. However, SPALI carried THB38. 6m at end 1Q14, of which THB14.1b is set to be booked in 2014.

More launches scheduled for 2H14 During 1H14, SPALI only launched 11 projects. The company aims to launch 27 new projects in 2014. Improved macro conditions could now accommodate its plans. The change in our recommendation is a reflection of the lower product risk, as improved presales booking is now evident across the property sector.

Lower base in 2013 makes 2014-15 outlook brighter SPALI’s underperformance in 2013 set a low base for 2014-15, when we expect 19-29% earnings growth. Key downside risks are cancellations of backlog and postponement of new launches, which we believe bottomed in 1H14. Key upside risk is much stronger than expected 2H14 performance.


> source: http://www.bnppresearch.com/?E=dcfjgkbfjga


Supalai Monte 2
I don't read Thai, but it looks like an owner of a 2BR flat on the 19th floor is trying to flip
this for a BHT 700,000 profit, on top of a THB 4.2 Million purchase price
That would be huge for just a few months holding period

Sale Supalai Monte2 Brandnew Condo in heart of Chiangmai city

Share this post

Link to post
Share on other sites

BANGKOK may be leading the Thai property market higher



Colliers: Residential market may underwhelm in 2015
Bangkok Post-27 Jan 2015
The new supply of low- and middle-end condos priced below 100,000 baht a square metre is likely to remain sluggish this year as high ...

Bangkok condo market momentum revives along with confidence

Bangkok Post-7 Mar 2015
The Bangkok condominium market performed more poorly than expected in the first three quarters of 2014 due mainly to political tensions, but ...
. . .
New mass transit lines and increasing political stability promise to put developers on track for greater growth in the year ahead...
+ The number of units is expected to grow by another 10%, with a focus on higher priced units, because high household debt levels have curbed buying at the lower end of the market
+ SUPPLY: about 8,000 new condos were completed and registered in Q4-2014.
Total supply is now about 425,570 units, suggesting annualized growth of:
1.88% x 4 = + 7.5%. More than 50,000 units are scheduled to be completed in 2015
Provincial glut
Bangkok Post-10 Feb 2015
The condominium market in destinations favoured by SET-listed developers over the last couple of years is feeling the pinch from oversupply and weak demand. The situation is especially bad in major provinces... such as Chiang Mai, Udon Thani, Khon Kaen, Chon Buri, and Phuket.
+ The condo market in the provinces boomed in 2012-13 with many condos launched after floods hit Bangkok in 2011, but now "Demand is limited," says Samma Kitsin of the Real Estate Information Center (REIC)

Pattaya condo market braces for downturn

Bangkok Post-4 Apr 2015
The condominium market in Pattaya has been growing continuously since 2007, with a total of 181 projects and 63,000 units developed.
Non-branded developers account for 79% of all the condominium units in Pattaya, compared with 21% for better-known names including those listed on the Stock Exchange of Thailand. Many of the non-branded...
Supalai plans big housing push for 2015
Bangkok Post-16 Mar 2015
"The worst provincial market for us was Surat Thani, which was greatly ... It has projects on hand in nine provinces — Chiang Mai, Udon Thani, ..
SET-listed developer Supalai Plc (SPALI) plans to launch 28 projects worth a combined 31.1 billion baht in a bid to have presales of 23 billion baht this year for growth of 19%... The overall housing market was expected to be in better shape in Greater Bangkok, but upcountry markets remained sluggish

Share this post

Link to post
Share on other sites

Palm Springs Condos : Four in the Nimman area ... location


Back in Chiangmai we noticed four new condos approaching completion


Three are clustered next to each other: Areca, Parlor, and Fountain.

And one nearby on Soi 9, The Nimman. Prices of the Nimman Condo are about 10% cheaper than the others.

That may be because of the location, though som (like this reporter) thinks the Nimman's location is as good.

Average Prices

N : 2f (THB 68k psf), 3f (71k), 4f (75k), 5f (77k), 6f (84k), 7f (89k)

A: --, --, --, 5f (88k), 6f (91k), 7f (95k), 8f (97k)

F: --, --, --, 5f (88k), 6f (92k), 7f (95k), 8f (98k)



A specific example was:

> https://www.facebook.com/palmspringsplacechiangmai

Share this post

Link to post
Share on other sites

MORE CONDOS near Central Festival area


The Spring Condo - quiet condo, behind the Central Festival mall


> gallery :


This is a quiet area, where the first of 2-3 phases has been launched and is 50%+ SOLD (reportedly).

Completion is expected in late 2015/ early 2016.

It has been planned for a high standard with luxury aspects, and furniture is included in the price.

Some unusual features include: the developer/owner is said to be planning to live on the first floor,

which will have a high ceiling, and only 5 (?) units, with some mezzanine floors.

At between THB 90-100k psm, this will be the most expensive floor, justified by the higher ceilings,

and the access and view of the pool and garden area.


Prices on the third floor were estimated at near THB 70k, for 1BR and 2BR when I spoke to them.

Check with the company for an update.


website: http://thespringcondo.com


The Treasure - over-looking a small lake, across the highway from Festival mall




> gallery:


The unusual feature here is that the condo is being built on a small lake, and the units on the lakeside

will have a unique view of the lake, and of the distinctive private school on the opposite side of the lake.

It is also a very short walk from the Big C shopping mall, and the forthcoming Platinum Fashion Mall,

in the Chiangmai CBD which has been under-development for some years.



The Platinum mall was reported to be due for completion in early 2016. and the first two phase of the

Treasure are said to be planned for completion in late 2016. Prices are in the region of THB 60-70 psm.

But may be higher than that on the upper floors. The same developer has recently completed the MyHip

development. The Treasure units will come fully furnished, and are said to be at a higher standard

than MyHip.


website: http://thetreasurecondo.com



(more later)


Share this post

Link to post
Share on other sites

LIES the Agents tell you

Here's a cautionary tale concerning Property agents - which applies to Thailand and many countries

I visited Chiangmai in Dec. 2014, and while there, I made arrangements to meet some agents, and had some useful chats with two of them. I got the sense that they would only show me what they wanted to show me, not what I was looking for. And so, I also visited several Condos on my own, in order to get a better idea of what was good value, and where I might want to buy. On one of our visits to a Condo showroom, we found a project we liked, and we placed a downpayment on the project - It will complete in 2018. We did not stop looking, since we might consider a second investment at some point - and thought the best time to get a sense of a project is often when it is in the off-plan, showflat phase (at least, that is how it works from the perspective of Hong Kong based investors.)

One of the agents we had contacted, we had been unable to meet in December. He contacted me after the trip. I told him that I would be back in April, and should be able to meet with him then. (As it happens, I had a family emergency, and did not get back to CM until the end of July.) Anyway, he came on quote strong with me - and put forward some very bullish comments about the state of the property market in CM.


Excerpts follow:
Chiang Mai prices had changed since last December with inflation markedly at 20 percent to date
What? Are you saying Condo prices are up 20% since December? Is that really possible?
Are you familiar with XXX? (the place we reserved)
(Note, at this point, I was thinking I could be a buyer or seller, but I did not think his 20% statement was credible)
I am assuming you are not familiar with the erratic property scene in Chiang Mai given your expression
I have seen some records of historical prices - But a 20% jump in 5 months would be more than have seen before anywhere. Who would be crazy enough to pay that?
I mention inflation rate rose approximately 20% Chiang Mai Property prices are erratic with no basis, on our recent transaction, second owner prices have risen not in small amounts especially on good properties.
XXX: I don't read Thai, but it looks like an owner of a 2BR flat on the 19th floor is trying to flip this for a BHT 700,000 profit:That would be huge for just a few months hold
I went for the brokers' meeting, XXX is completely sold. I have available three units only. The principal of dealing in Chiang Mai after a year plus study is … you bring your cash here for deposit even before seeing the unit, and prepare the remainder payments in 45 days or as agreed between the parties. Viewing, negotiation and deposit on the same instance. Precision is key to getting any good deals. For your information, i was Registered with CPA Australia since 1999 and our team holds a Thai real estate certification accreditation. On those basis alone I do not have grounds nor basis to pull your legs nor make a fast return on you by stating my studies... Chiang Mai is unlike any province and is now known internationally to provide the largest capital gains throughout the world since the China Chinese set foot near February 2014.
If prices are so hot in CM, then why are large stocks like Supalai (TH:SPALI) not performing better? I usually find that developer stocks, like SPALI, will lead the physical property market by 6-9 months, and I have studied this phenomenon in may countries, and would be very surprised if it did not work that way in Thailand also.
Chiang Mai is very much unique. Condo prices and Company performance may not parallel. Stocks perform in a spread market. The condo once sold does not form a platform to the Company performance as they are not lease by the Company. Pressures of foreigners, calamity in south and extreme north determines the locality demands of Chiang Mai. You are well the China Chinese are crawling everywhere there are gains...
In short: It is an illiquid and non-transparent market.I am most comfortable in liquid and transparent markets, like Hong Kong. Without wanting to sound disrespectful, I will tend to believe the transparent Stock prices,more than "broker chat" - And it might take a long time to get a comfort level and invest in second hand property in such a market. We did buy a 2BR flat at XXX, so if what you say is true, we may already be sitting on a profit
trend as you will since you feel that brokers have no basis. Good luck
I didn't say that.I have close connections with many brokers - all built on mutual respect.They know that I am : smart, informed, and careful... and also very fair and honest. But not all brokers want to do business that way

(How's that?? Pretty clear, that the guy was exaggerating from the beginning. But I'm not the sort to quickly shut the door, so I had more contact with him before this latest trip)
I will be in CM next week. Do you have time to meet? / (Later): WE might be sellers rather than buyers
Hard to sell now, more houses coming out lol, and with a budget blaster of 2000 baht a month almost equivalent to a house moo ban fees..
(If you want to know the name of this "erratic" agent, send me a PM. But I suppose there are many more just like him.)


wow. First he says prices jumped 20%.

And then when I tell him I might be a seller. he says: "It's hard to sell now,"

Share this post

Link to post
Share on other sites

Platinum Chiang Mai Fashion Center

900 shops allocated on 12 stories building and covering 120,000 sq.m with 1,200 in-door parking spaces


the V Group under Mr. Watchara Tuntranont, the One Stop Service Developer, and also the director of the Business Park is growing. They have invested 2 billion baht for the new Platinum Fashion Mall in Chiang Mai which is on 9 rai of land in the Chiang Mai Business Park opposite Airport Plaza. This will be not only the biggest place for wholesale and retail fashion but also the largest IT center and will provide parking for 1500 cars - See more at: http://www.pattayamail.com/property/chiang-mai-set-for-huge-influx-of-shopping-malls-this-year-31588#sthash.7ZhI1eT0.dpuf

The V Group under Mr. Watchara Tuntranont, the One Stop Service Developer, and also the director of the Business Park is growing. They have invested 2 billion baht for the new Platinum Fashion Mall in Chiang Mai which is on 9 rai of land in the Chiang Mai Business Park opposite Airport Plaza. This will be not only the biggest place for wholesale and retail fashion but also the largest IT center and will provide parking for 1500 cars
- See more at: http://www.pattayamail.com/property/chiang-mai-set-for-huge-influx-of-shopping-malls-this-year-31588#sthash.7ZhI1eT0.dpuf


ssc thread: http://www.skyscrapercity.com/showthread.php?t=1477342



map; http://www.chiangmaibusinesspark.com/images/news/%E0%B9%80%E0%B8%A7%E0%B9%87%E0%B8%9B%20copy%20copy.jpg


An agent at the Treasure told me it would open at the end of this year, but there have already been many delays


Another new Mall to Grace the Streets of Chiang Mai


Wachara Tantranont, President of Platinum Chiang Mai Fashion Center and Anucha Bupphaves, Senior Vice President Business Relations Department 1 of the Islamic Bank signed an agreement to support projection construction and all operators’ investments in this project with Cross Guarantee Credit for 500,000 baht per operator.

Platinum Chiang Mai Fashion Center is scheduled to open in September 2014 in the Chiang Mai Business Park with more than 900 shops allocated on 12 stories building and covering 120,000 sq.m with 1,200 in-door parking spaces. More than 500 shops are already registered by operators in Chiang Mai and nearby provinces. The centre will be a wholesale venue rather than retail.


Wachara Tanranont explained this is yet another project to develop Chiang Mai into a regional hub, a regional economic area for Southeast Asia, not just Northern Thailand, but Laos, Myanmar, Cambodia and China – with the opening up of ASEAN in 2015 and the government mega projects such as the high-speed rail link and AEC.


> http://www.chiangmaicitylife.com/news-archive/another-new-mall-to-grace-the-streets-of-chiang-mai/

Platinum Chiang Mai Fashion Mall

Platinum Fashion Mall developed by V Group planned to start in 2012 and complete in 2014 which designed to define the new concept of Chiangmai urban living;

- The grand shopping mall; the largest retail and wholesale fashion mall in northern area
- The IT hub; completed and various digital and mobile life devices and gadgets for retail and wholesale
- All-in-one service shop; banks, restaurants, counter services, supermarket
- Convenience; Chiangmai superhighway area and Chiangmai outer ring road.
- More than 1,500 parking lot area



Share this post

Link to post
Share on other sites

There may or may not be a glut is condos

(though: slower-than-ideal at most condos sales suggest "buyer resistance" in the face of so much choice.)


There is almost certainly a glut in Shopping Malls in Chiangmai.

Perhaps that is why Platinum has fallen so far behind its original schedule.... by more than two years (see above)

They supposedly have many tenant/owners waiting to move in - but most malls are now facing heavy competition,

and are running various promotions to bring in shoppers (I saw four sound trucks promoting Central Plaza, nr. the airport)


Will a supposedly high-end mall like Platinum fare well?

It will not be easy with Central Festival so nearby, and cheaper prices in Big C


CHEAPER RENTS- thanks to a jump in supply

For malls and condos is not great for landlords, but it may be good for the CM economy over the next 2-3 years


(It may give a push to initiatives like ... )


Creative Chiang Mai (CCM) is an idea, vision and initiative to promote creativity and innovation in Chiang Mai. CCM’s mission is to promote Chiang Mai as a Creative City, special economic zone and creative hub. The aims are to generate economic development and diversification, attract new investment, and create new jobs and opportunities.

The initiative is coordinated by the “Chiang Mai Creative City Development Committee”, which was established by the Governor of Chiang Mai in August 2010. The Committee is a think-tank, network and sharing platform. Its members include 50 representatives from the academic, private and government sectors. All members join on a voluntary basis. It is a local initiative - not a government funded entity.

Many other organizations and individuals join and support the goals and activities. The secretariat of Creative Chiang Mai is the Chiang Mai University Science & Technology Park (CMU STeP). Creative Chiang Mai is not a project, but a long-term vision and network of people and organizations that work together to achieve this vision. Creative Chiang Mai encourages everybody to take action and work together to continue improving Chiang Mai as a place to live and work.



The Creative Chiang Mai initiative promotes creativity and innovation in Chiang Mai. In line with the Thai government’s vision, CCM builds on Chiang Mai’s existing strengths to develop its creative and knowledge economy.

> http://www.creativechiangmai.com/content.php?info_id=9#about

> and see the other CM thread:


Share this post

Link to post
Share on other sites

The new MALLS will help to attract more tourists, especially Chinese... and retirees for the West


Thailand first among Chinese travellers' top 5 summer spots ...

South China Morning Post (subscription)-Jul 23, 2015
... the east coast – and Chiang Mai in northern region are two new favourites. ...
Mainland parents also enjoy shopping for luxury goods in malls and retail ... areas of the island so they can experience life living among locals.
Top 7 Cities For Retiring In Thailand
Investopedia-Apr 16, 2015
The city of Chiang Mai, considered the cultural heart of northern Thailand, is often ...
“Anything you want in a big city can be found here: modern shopping malls, ...
Expert's New Best Places To Retire Abroad List Has Surprising ...
Forbes-Jul 23, 2015
Peddicord recently wrote: “Thanks to a strong U.S. dollar and recessed and depressed property markets, this is the best time perhaps in our lifetimes to be thinking about owning digs of your own in locations of particular interest to the retiree. Europe, especially, is a bargain of our age.”
7. and 8. Hua Hin and Chiang Mai, Thailand
They’re Asia’s best scoring places; Hua Hin is new to the winner’s roster but Chiang Mai is a repeat from last year. Internet’s cheap and pretty fast.
(high end Hotels are opening to serve the expected rising tide of tourists):
Delivering Thai culture to tourists at high-end hotels (Is it the real thing?)
The changing face of Chiang Mai
Herald Sun-May 29, 2015
OVER the past 15 years I've been fortunate to visit Chiang Mai more than ... of the Nimmanhaemin district and Maya Lifestyle Shopping Centre.

Share this post

Link to post
Share on other sites

Property Prices in Chiang Mai - Compared with Bangkok, Makati

====> Various Asian Cities : Ch'mai. : Ba'kok : Makati :
Monthly Rent 1BR in US$*: $0,343 : $0,561 : $0,723 :
Assume 1 BR = 40 SM, US$ : $55.4K : $137.K : $127.3k :
Estimated Rental Yield, 1BR : 7.43 % : 4.91 % : 6.82 % :
Mortgage Interest Yield------ : 6.95 % : 5.93 % : 7.47 % : Not sure these figures are accurate
Price to Income Ratio-------- : R12.00 : R17.99 : R21.46 :
Mortgage as % of Income--- : 111.2% : 153.9% : 207.0% :
Loan Affordability Index------ : I: 0.90 : I: 0.65 : I: 0.48 :
Price / Rent Ratio
-------------------- City Centre : R16.46 : R21.09 : R14.15 :
-------------------- Outside Ctr : R20.16 : R25.87 : R36.85 :
Gross Rental Yield (City Ctr) : 6.08 % : 4.74 % : 7.07 % :
Gross Rental Yield (Outside) : 4.96 % : 3.87 % : 2.71 % :
*Detail, Rent etc:
Apt. (1BR) in City Ctr, local-- : 11,817 : 19,346 : 32,556 :
------------------------- FX Rate : 34.500 : 34.500 : 45.000 :
------------------------- In USD- : $0,343 : $0,561 : $0,723 :
1BR Outside, As % of 1 BR- : 63.3 % : 54.7 % : 31.7 % :
Apt. (3BR) in City Ctr, local- : 27,222 : 59,921 : 114.00k :
----------------- As % of 1 BR- : 230. % : 310. % : 350. % :
3BR Outside, As % of 3 BR- : 56.6 % : 43.4 % : 23.4 % :
Buy Apartment, City Ctr. : 47,778 : 117.92k : 143.26k : per SM
------------------------ In USD : $1,385 : $3,418 : $3,183 : per SM
Buy Apartment, Outsisde--- : 35,023 : 69,545 : 99,290 :
Buy Outside, As % of City.C : 73.3 % : 59.0 % : 69.3 % :


Makati and Chiangmai beat the yields of Bangkok

Share this post

Link to post
Share on other sites

MIND THE GLUT ? Or Take advantage of it


(Comment received):
Careful of the glut in Thailand if it is a glut. Also currency depreciation in SEA. Phillipines peso seems strong but elections next year. Thai baht and indonesian rupiah more pressure.

Yeah. But In a way the drop in FX might help us, since the remaining 87% of the price we pay is in THB.


So maybe that is how Thailand will address its excess supply problem.
There may be an OPPORTUNITY (for several years) for Tourists and Retirees,
who will enjoy cheap rents. There may be many more Tourists and Retirees coming by 2017-18.

... and maybe some new businesses and jobs may be created around Thai handicrafts, brands and manufacturing.


Bottom Line: We view the 13% downpayment as a Call Option premium

Share this post

Link to post
Share on other sites

BANGKOK Prices are FAR higher - well over Thb100k or even Thb200k per SM


Someone on AsiaXpat is trying to sell a property in Bangkok, and

posted a like to this website: http://www.park24.asia/#price


OffThePeak (55 mins ago)

At THB 7.46 Million, and 28.48 SM, you are talking about
THB per 304k per SM.
Can you compare that with other prices in the area?
I have some data on Thailand prices, and this is definitely on the high end, right?

It is a nice looking website, loaded with images, descriptions, and other info
/ 2 /
jay77hk (27 mins ago)
THB 7.46 Million for 28,48 Sqm is the developer price, i'm selling mine at 6.5 Million each that's 234K per sqm.

You are right it's definitely on the high end side but the project is located on Sukhumvit Soi 24 with plenty of Japanese expat and nearby Em District and Phrom Phong BTS.
The Mall Group owner of Emporium and Em Quartier is currently building a new mall and the whole area will be connected with a pedestrian sky bridge from Sukhumvit Soi 31 to the BTS station.

If you already have an apartment in Bangkok i'm sure you are familiar with this area which is among the most expensive in town.

Furthermore, Park24 will become the landmark of the area with a total of 5 buildings topping 50 floor high. Each building having his own 40m lap pool.

They are no nearby new buildings comparable in term of quality and facilities but if you check new projects being built around like Marque or Noble 33, prices are already well above 300K per sqm.

Let's have a coffee at your convenience, we can discuss some market info. I'm actually looking to expand my investments in the area.


Share this post

Link to post
Share on other sites

The Supalai Monte is Changing The Chiang Mai Sky Line Forever!

Posted on October 11, 2015 by Perfect Homes (Chiang Mai Properties) in Condominiums in Chiang Mai




The Supalai Monte since it launched it has been plagued with rumors about whether they would get their building permit or not! This was due to the projects close vicinity to the courts.
Even the owners did not think that they would succeed, so they purchased a second plot on the other side of the road with the plan to move the entire project a couple of hundred meters up the road.


To the absolute surprise of everyone, they got their building permit and building has started. Now the Chiang Mai sky line is being altered again.

Even as this building goes up to the 20th floor the building is looking very impressive from all over Chiang Mai and there are still a further 11 floors to go.

The sales started several years ago with a clever sales team that would sell out several floors at a time. Then wait several weeks before releasing several more floors.


Every time there was a new release of units there would be long ques of cars up the road trying to get to the sales rooms. Since this project I have not seen such a successful sales approach. This would be followed swiftly afterwards with “sold out” signs.

Then all of a sudden the doubt started and the rumors began.


Now it is time to see the building progress there is still a long way to go before its completion. Once complete the Supalai will be officially the tallest building in Chiang Mai. 5 floors higher than Floral Condo.

Currently there are few that do not feel that Chiang Mai has a glut of new units on the market and many are wondering if there will be enough demand on the rental front for many of the 700 plus units that will hit the market once complete, let alone the grand total of 1400 units once SUpalai Monte 2 is completed!


For now will just have to wait and see.

What are your thoughts on this building? Have you heard the rumors? Have you bought in this building? Or do you think they should not be allowed to build such high rise buildings in Chiang Mai?

We love to hear your comments below.


> http://perfecthomes.co.th/supalai-monte-changing-chiang-mai-sky-line-forever/

Share this post

Link to post
Share on other sites

Landed Property with Garden / received by email


> source: http://goldenemperor.com/thailand/news/chiang-mai-houses-a-private-preview/

Ever aspired to a landed property with your own garden, nice kitchen for those cozy family meals, safe neighbourhood where your kids can bike around or simply stargaze at night before bedtime? All this is now possible, from HKD1.2M in Chiang Mai. Come join our private preview session of Sansiri’s latest landed property project from Chiang Mai, the Burasiri.

Dates: 5 June 2016 (Sun)
Venue: Regal Hong Kong Hotel, Monaco Room, Basement 1, 88 Yee Wo Street, Causeway Bay, Hong Kong
Cost: Free, RSVP is needed
Time: 2-4pm (English seminar & exhibition)

*** Chiang Mai Houses from HKD1,200,000 ***

The Project – Burasiri, Chiang Mai:


Above: Your own private garden, yes that piece of land is yours!

Above: Common facilities which include Lanna club house, saltwater swimming pool, gym, community garden, free wifi at common area & 24-hour gated security



Above: Our Hong Kong sales team was in Chiang Mai recently to study the project and we all felt in love with these houses immediately



Click the link below to watch the TVB documentary about Chiang Mai houses:

Episode 1: http://mytv.tvb.com/tc/ch_hdjade/ed_j5newsfinance/propertymarket/252926

Episode 2: http://mytv.tvb.com/tc/ch_hdjade/ed_j5newsfinance/propertymarket/253592

Key features of Burasiri Chiang Mai:

  • Chiang Mai’s single detached houses from HKD 1,200,000
  • Average price HKD 800 psf
  • Freehold title for local Thai and leasehold 90 years for foreigners. However if a foreigner resells the property back to a local Thai in the future, the property title remains freehold
  • The project has just completed and it’s ready to move in now
  • 2-storeys houses with land area 2,263 – 5,728 s.f. and built-up area ~ 1,506 s.f.
  • 4 bedrooms, 2 bathrooms & 2 car parks
  • A gated community with its own facilities: Lanna club house, saltwater swimming pool, gym, community garden, free wifi at common area & 24-hour security
  • Purchase as 2nd home or join our short term let program (i.e. AirBnB) with expected gross rental yield of 6% p.a.*
  • Built by Sansiri – Thailand’s leading and publicly listed property developer with 32 years of track record – an award winning developer

Share this post

Link to post
Share on other sites

D-Condo, a good place to stay in Chiangmai


ณัชชา พาชม ที่ Dcondo Sign Chiang Mai

D Condo Sign for rent and for sale in Chiang Mai

I am now staying in a place called D-Condo, which I booked through AirBNB / see link

This is very convenient for me because I wanted to be near a mall, and the Central Festival mall is right next door


Central Festival mall, just 2-3 minutes walk, on a special sidewalk

While staying here, I discovered that one of the flats in the same development was for sale - here's more info:

Room detail as below :]
1) High Floor Studio/1BR in D-Condo @ D-Building ,
Head to South direction(Face out to Super Highway Road) which you will get Cool air all year round.
Since Thailand's Monsoon winds blow in the South and West around 8mth and Blow in the North and East 3-4 mth.
2) Room size : 30.30 SQ.M / Room
3) Full Furnish
1 Air Con. 12,000 BTU
1 LED TV 32"
1 Refrigerator
1 Microwave
1 Water heater
1 Table and 2 Chairs.
1 set of TV shelf
1 Sofa 2 seat and 1 Table.
1 Room Partition(Aluminum Frame).
1 Cloth cupboard
Bathroom set.

4) Real PHOTOS. pls check this link :

NEW Room (Not move in Yet)
I already paid "Club house member & Condo service" available till End of Year'16 (Amt. 15,888 THB)
I already paid yearly " Central Service Fund" (Amt. 15,150 THB)
I already paid "Electricity settle & Insurance" (Amt. 3,016 THB)
SALE 1,988,000 THB / Room *
*This price is not include Transfer fee 1%


Mr Ch--, the owner was kind enough to show it to me - it looks just like the Photos

It is a nice flat, brand new condition, and on a high floor (South facing)

His email : apchayanon8@gmail.com

(please feel free to contact him directly, he speaks good English, and can answer our questions)

Share this post

Link to post
Share on other sites

Update on Supalai & Supalai Monte


Dec. 2016 photo

Supalai Monte1's Roof garden


It has been a good year for Supalai's share price

Supalai PCL / TH:SPALI ... All : 10-yr : 5-yr : 2-yr : 6mo : 10d / Last:



2 BR on 29th Floor (asking B. 6 Million - too high?)

Meet Elle at Supalai Monte - Chiang Mai - Episode 9

Published on Aug 13, 2017

Thai Version - tour at Supalai Monte:

พบกับ Elle ที่ Supalai Monte Condo ตอนที่ 9


2BR Floorplan

RENTS at Supalai Monte 1


room: Size : Avail : Rent--- : /Sqm: Pr@B60k : Est.Yield :
1BR : 36.? : x 11 : B.13,000 : B361.: B 2160 k : 7.22% :
2BR : 64.0 : x 02 : B.21,000 : B328.: B 3840 k : 6.56% :

Detail & Averages:
1BR-33/6 : (15k-28th, 13k-20th, 12.5k-23rd, 11k-10th) ------------------------- : B12,875, #4 /34.5= B373
1BR-45/6 : (15k-10th, 14k-12th, 15.5k-14th, 20k-22nd, 13k-07th, 17k-23rd): B15,750, #6 /45.5= B346
2BR-64sm: (22k-11th, 20k-08th, 19k-10th, 25k-29th, 15k-12th) -------------- : B20,200, #5 /64.0= B315


For Sale
room: Size : Fl./#. : Price-- : Price/Sqm: furn?
1BR : 33.0 : 05/fl : B.2,200k : B 66.7K : FF
1BR : 33.0 : 23/fl : B.2,100k : B 63.6K : FF
Ave. : 33.0 : x 02 : B.2,150k : B 65.2K : ==
2BR : 64.0 : 29/fl: B.6,000k : B93.8K : == per Sqm price seems high (?)



SUPALAI MONTE @ VIANG CHIANGMAI is a condo project developed by Supalai Public Company Limited,

SUPALAI MONTE has 32 floors and contains 734 total units, Units range from 1 bedroom to 2 bedroom.

Chiang Mai has the following facilities: fitness, garden, parking, playground, security, swimming pool and wi fi.

> https://www.thailand-property.com/condo/3783/supalai-monte-viang-chiangmai

Another source of Supalai Monte rentals


Share this post

Link to post
Share on other sites

Inside the Central Festival Mall

/ 1 /

Central Festival and Maya Mall - Chiang Mai, Thailand



Published on Mar 7, 2016

A mini tour of Central Festival and Maya Mall in Chiang Mai

/ 2 /

Central Festival Plaza Chiang Mai - in its very early days

Published on Nov 26, 2013

The newest mall to open in Chiang Mai. As Western as it gets (almost anywhere).

This beautiful mall has all the latest name brand stores, elaborate food court, and a multitude of restaurants, plus an ice skating rink. If you want to visit for a day, sipping some coffee, having a great salad lunch, watching a movie, maybe drop some cash on the latest outfits, and perhaps enjoy some dessert before traveling home, this is a very nice place of entertainment. With at least 6 floors, one can explore for hours, all the while snacking on a variety of foods and ice cream.

/ 3 /

Big C is only walking distance away - and a newer and nice mall is near that one


Shopping at Big C extra in Chiang Mai, Thailand - July 2016

Share this post

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this