Thailand PLS Real Estate

This 3 bedroom, 3 bathroom Phloenchit condominium has a nice sized living space of 143 square meters and is fully furnished and ready to buy as an investment as it’s for sale with a tenant. This Bangkok, Thailand investment property for sale is situated in Renova Residence which is a 16 floor residential highrise condominium building.

Renova Residence is located on or near Soi Nai Lert Road in the Phloenchit neighborhood of central Bangkok. For public transit, this Bangkok condo is located convenient to the Phloen Chit BTS station. The skytrain is only 400 meters away so you can walk there in about 5 minutes. The building amenities include swimming pool, fitness center, sauna in addition to full-time on-site security.

Phloenchit is a small residential neighborhood in the Pathum Wan district of central Bangkok. South Phloenchit real estate includes the properties on either side of 3 primary roads, Wittayu (Wireless) Road, RuamRudee Road and soi Ton Son. The Phloenchit community extends all the way from Rama I (Phloenchit) Road to around Lumpini Park. The north side includes soi Som Kit and Nai Lert Road which also have exclusive, high-end condominiums and apartments.

Phloenchit real estate is exclusive and comes at a premium price. There is a limited amount of property in Phloenchit in part because there are several embassies nearby all which take up very large plots of land and affect the development of nearby areas due to logistics and security.

• RC International School (Ruamrudee soi 1)
• Mullberryhouse International Preschool (Soi Tonson)
• Phloenchit International Kindergarten (Sukhumvit soi 4)
• Topsy Turvy International School (Sukhumvit soi 4)
• British School of Bangkok (Sukhumvit soi 4)
• Webster Univeristy (Phloenchit Road)
• Mater Dei School (Phloenchit Road)

• Central Embassy (Phloen Chit Rd.)
• Bumrungrad Hospital (Sukhumvit soi 1)
• Lumpini Park (Wittayu Rd.)
• All Seasons Place (Wittayu Rd.)
• United States of America Embassy (Wittayu Rd.)
• The Netherlands Embassy (Wittayu Rd.)
• British Embassy (Wittayu Rd).
• Expressway (tollway) Entrance (Sukhumvit soi 1)

Buying a condominium in Thailand as a foreigner is a relatively simple process as it not subject to the many rules and regulations of land ownership. Most condominiums in Bangkok have foreign quota available. Foreign quota means the title deed (chanote) can be in a foreigners name. If a condominium building’s Thai ownership is less than 51%, the remaining units will be Thai quota. Thai quota means they can only be purchased by a Thai national. If you are a foreign national married to a Thai, you can purchase a Thai quota property but it must be in the Thai name.

There are fees associated with condo purchase that vary slightly but are pretty straight forward. In addition to the sale price which in this case is ฿18,750,000 the buyer is responsible for part (usually 50%) of the 2% transfer fee. The transfer fee is not based on the actual sale price, but the appraisal price from the land department. The seller is responsible for business tax, stamp duty and withholding tax. Along with the sale price, taxes and fees are somewhat negotiable. If you find a property you like, the purchase process usually begins by making a booking deposit along with preparing the sales contract, this holds the property and allowing you the time to prepare and execute the consequent funds transfers before the closing date determined in your contract.

Financing Your Bangkok Real Estate Purchase

Make sure you have your finances in order before viewing condos for sale. It is often difficult for foreigners to get financing for purchasing property in Thailand. If buying a property under your name with cash you must transfer the money into Thailand from a foreign bank. If you have a longstanding Thai corporation you can also purchase property using funds located in a Thailand bank account. If you are a first time Thailand real estate buyer it is best practice to hire an attorney who is well versed in Thai real estate laww.