Thailand is not just a poor mans paradise

Thailands reputation as a low budget tourist destination or poor ex-pat haven may proceed itself. 





Backpackers come from all over and hit the hostels of Bangkok, Chaing mai, Koh Samui, and Koh Pan Ngans Full Moon Party.

Ex-pats that sometimes fill the description on runaway, refugee, or retiree flock lower income housing developments and apartments in Bangkok, Pattaya, and Jomtien Beach. Some stay in Thai style apartments anywhere from 2,000 THB to 6,000 THB, others buy condos starting at less than 700,000THB for smaller units.

Would you believe a high end condo unit in Bangkok has just been sold for 480 Million THB??? According to an article in the Bangkok Post, luxury property developer Pace Development Corporation Plc last month sold a 1500 square meter unit in its Ritz-Carlton Residences for 480 MB!!! 

 

• Who would buy a condo for that kind of money?? Apparently it was all affordable enough for a retired Indian property investor that has been based in Dubai.
• Why would anyone spend that kind of money? Pace Development Corporation Plc.'s chief director Sorapoj Techakraisri seems to feel that "This year will be good for the high-end residential market, as foreign buyers' confidence is growing stronger,"
• What is the Ritz-Carlton Residences? The Ritz-Carlton Residences will be a luxury condo project with 194 units priced at 280,000 baht per sq m on average for a 99-year leasehold. It is part of the 77-storey MahaNakhon luxury mixed-use skyscraper being built on nine rai of Narathiwat Road next to Chong Nonsi skytrain station.
• How will such an expensive sell?  To date, Pace has sold 100 units worth a combined 5 billion baht, with 60% bought by foreign buyers. Another 3 billion baht in sales is expected this year.

 

Wealthy foreign buyers do not feel 400,000 baht per sq m, the level now offered for a resale penthouse at the St. Regis on Ratchadamri Road, is high, as they are used to paying more than that in major destinations such as London, Hong Kong and Singapore, Mr Phanom said.

So who said Thailand is a poor country or only for washouts, sex tourists, sex-pats, and back packers. It seems Thailand is capable of drawing the worlds richest investors. The only real explanation is that contrary to popular belief...Thailand has alot to offer!!