Northpoint Condo - Bhat 15 million!

[GroundEngineer 0]

Ive been looking to buy property in Pattaya. The northpoint condo looks great but seems very pricey. Ive been quoted Bhat 15 million for a 3 bed condo there (BHat 112,000 per square metre). Is this price is reasonable. There also asking for 40% upfron before the building is finished. Sounds a bit risky is 40% up front also the norm?

 

Cheers,

 

Rob.

 

 

Dear Mr. Kitchen,

 

Thank you for your registration for Northpoint Condominium. Please find the details of Northpoint project in Pattaya as follow:

 

The first phase that we are releasing in North Tower is from floor 25th – 39th and South Tower is from floor 9th – 31st.

 

I am so sorry that we are unable to send price of unit 801 for you. May I pleased suggest unit 2501 North Tower Type H for your consideration.

 

Unit 2501 North Tower/Type H, 3 bedroom 133 sq. m.

 

Baht 14,896,000.-

 

Booking 100,000.-

 

20% contract signing, payable 10% x 2 = @ 1,489,600.-

 

5% x 4 installments, @ Baht 744,800.-

 

Payable in March, June, September, December 2007

 

Balance on transfer 60% Baht 8,837,600.-

 

I hope the information provided will assist you in making your decision.

 

Best regards,

[Guest Fatboyfat]

Overpriced by about 10 Million Baht ! Avoid dealing with Farang Companies. (Think Spain !)

Edited November 2, 2006 by Fatboyfat

[Bullfrog 2,224]

I bought into Nova Mirage, Naklua off plan at 32,000 psm... due to finish end 2007.

 

This is not a fair comparrison of course as mine is only on the 6th floor and not as well located.

[Shit_Happens 31]

Ive been looking to buy property in Pattaya. The northpoint condo looks great but seems very pricey. Ive been quoted Bhat 15 million for a 3 bed condo there (BHat 112,000 per square metre). Is this price is reasonable. There also asking for 40% upfron before the building is finished. Sounds a bit risky is 40% up front also the norm?

 

Cheers,

 

Rob.

Dear Mr. Kitchen,

 

Thank you for your registration for Northpoint Condominium. Please find the details of Northpoint project in Pattaya as follow:

 

The first phase that we are releasing in North Tower is from floor 25th – 39th and South Tower is from floor 9th – 31st.

 

I am so sorry that we are unable to send price of unit 801 for you. May I pleased suggest unit 2501 North Tower Type H for your consideration.

 

Unit 2501 North Tower/Type H, 3 bedroom 133 sq. m.

 

Baht 14,896,000.-

 

Booking 100,000.-

 

20% contract signing, payable 10% x 2 = @ 1,489,600.-

 

5% x 4 installments, @ Baht 744,800.-

 

Payable in March, June, September, December 2007

 

Balance on transfer 60% Baht 8,837,600.-

 

I hope the information provided will assist you in making your decision.

 

Best regards,

 

It is a good location and if you really want it the price is up to you. Personally I would be hesitant to part with this much but it also depends on your own finances and whether this is a lot for you. At this price it compares with the top Condo's in Central Bangkok.

My friend purchased 2 units on the 6th floor of Viewtalay 5 and paid around 31,250 baht per sq metre. They are being turned into a one bedroom 96 sq metre apartment and has ocean views. But VT5 is middle of the road where as Northpoint is at the top end of the property market.

At the time I think he had to pay 20% up front then monthly payments and the balance on completion or settlement.

[bob2005 0]

That's 200,000 pounds... way, way too much, about double a reasonable price! 5% interest on that would give 60,000 baht a month and you could rent something very nice for that and still have the capital with no ownership hassles.

 

I lived on that soi (5) for a year in 2003-4 and saw the wreaked hulk of the Northpoint building before they started doing it up, and although it looks swish I know what is underneath the facade.

 

Suggest you get to know the market while renting for a while.

[galt67 2]

Not only is OVER PRICED, relative to rental costs, I don't think the location is that good.

 

Buying there you'll probably want a car--which will add to your costs.

 

Consider a beach view at either VT6 or Northshore which are both MORE centrally located for LESS money.

[torrenova 644]

Way OTT in my opinion and with little or no potential uplift. Some recent builds are selling for less than off plan. Potential rental returns are going to be a very low yield. When you get to that level, the people who can rent want a house and those who want a condo like that have the money to buy.

 

Too many dodgy deals done with those in the know before the general public gets a loook at the units left.

 

Do you know how they build these ? The advertising people, marketing people, land owners and anyone else involved gets a cut from the properties. Then the "real" buyers pay up but what they are really doing is paying for the "free" condos given out to the people who would otherwise want professional fees or cash from the land sale.

[JohnnyK 28]

I don't think the location is that good. ....

 

Buying there you'll probably want a car--which will add to your costs.

I no unnastan...soi 6 can walk walk

 

I lived on that soi (5) for a year in 2003-4 and saw the wreaked hulk of the Northpoint building before they started doing it up, and although it looks swish I know what is underneath the facade.

 

I remember the bare rusty steel as well and when NP started to build I thought the same thing.

How many years was the skeleton standing there naked in the salt air and rain?

Since the 1997 crash?

Lots of gloss but I think there are better buys.

[eltib 54]

Overpriced by about 10 Million Baht ! Avoid dealing with Farang Companies. (Think Spain !)

 

Then he has to worry about a Spanish developer not completing the project. Anybody that's been to Cancun probably has seen The Dunas? It's a resort in Arabian style that was abandoned midway through construction.

 

Anyway I'd say don't pay more than 2 million baht tops. That's about 50K USD.

[GroundEngineer 0]

It looks as though Northpoint is setting new standards. The potential rental return doesnt put me off or the price, but Im not sure about the location. As pointed out VT6 is probably in a more desirable location and will be finished before Northpoint. VT6 is also a good quality build from what I have heard. Anyway Im coming over to Pattaya in December so I will get a better idea then. Thanks for all the replies. Hope to meet up with you lads when im over.

Cheers,

 

Rob.

[ruskiehat 0]

It looks as though Northpoint is setting new standards.

 

Um, let's see, what standard would that be, letting a un-finished building sit open to the elements from 1997 right through to last year.

 

Then dolly it up and say it's a premier development. Sorry mate no ammount of advertising will convince me it is safe to leave concrete and re-bar open to rain, wind and the atmosphere... especially not for 10 years.

 

If there are any constructual engineers on the board, I would like to hear what they think... is it safe or not?

[MM 6,562]

Some people are confused. Northpoint is not the same as Northshore.

 

Northshore is the development that was restarted from a failed older project (near Beach Road/Soi 5).

 

Northpoint (the subject of this topic) is a new development at Wong Amat Beach.

 

Both are Raimon Land projects.

[JohnnyK 28]

Right you are MM!

I'm a fucking muppet.

[ruskiehat 0]

Some people are confused. Northpoint is not the same as Northshore.

 

Northshore is the development that was restarted from a failed older project (near Beach Road/Soi 5).

 

Northpoint (the subject of this topic) is a new development at Wong Amat Beach.

 

Both are Raimon Land projects.

 

Cheers martin, ya I confussed the two

[bob2005 0]

MM:

Northshore is the development that was restarted from a failed older project (near Beach Road/Soi 5).

Northpoint (the subject of this topic) is a new development at Wong Amat Beach.

 

Ooops!

 

Well at least this thread hasn't spiralled down to look like so many other threads do, the usual suspects bashing each other. Executive action soon please!

[mr hyde 1]

the sails (beside the ambassador) in na jomtien beach is a comparison of at least equal standard. prices there are about the same per sq metre. it's further out from pattaya. on the other hand it's adjacent to a luxury hotel tower (meridien), and should be ready sooner. it's about 80% sold now. it calls for 70% at completion.

 

some people don't want to be smack in the middle of pattaya; others do.

 

have a look there too.

[jackcorbett 2]

One year ago last April, I bought a condo here at Wongamat Beach for 27,381 baht per square meter. The place, Wongamat Residence is just one half a kilo from Northpoint so I often get a good look at the work in progress at this new development. Seems like everything is appreciably higher now than when I made this investment.

 

As to investing in a car to get around here, that choice would be up to you. I get by just fine with a Yamaha Nuevo automatic that I paid around $1400 U.S. for. Most guys living at Wongamat Residence drive bikes although some have opted for cars to escape the danger zone. The neighborhood here is more upscale than Central Pattaya. I will often joke with my girlfriend or pals...."Let's go to Phukett, or Ko Samui or (wherever)" and then we will go go down to the Long Beach Hotel's beach to lie around in the sun or swim in its pool or ocean. Consider that the Long Beach is a four star hotel with all the amenities my comment that we only have to walk 200 meters to get the glamorous resort feel is pretty much spot on.

[jackcorbett 2]

Update on Northpoint condos----My gf and I walked over to Northpoint down the Beach and we took a tour of the place. There are display condos here already and these displays are very nicely done. There are going to be two towers, the North Tower and the South Tower. One will be 46 stories high, the other 54. Very closeby are the Skybeach condos which are over 40 stories high. If one were to walk North along the beach from the site of Northpoint there is the Park Beach condo building at 30 stories and a third sister complex just a bit further North at about the same height. But if one were to walk South from Northpoint presently under construction there is a new View Talay project in which they are working hard well into the night. This place will be ready for occupancy within one year. Other projects are springing up here at Wongamat Beach. The real mystery card is a very large expanse of land about a quarter of a mile South of Northpoint, and something very big is going to happen there. I have heard rumors of a Big C or Carrefour type of shopping center. While at Northpoint yesterday I learned that this large property is owned by the same company that is building Northpoint so I think we can expect something really big to happen here.

 

Prices for the Northpoint condos start at 4.5 million baht and this is for just a 52 square meter efficiency. When you stand in front of Northpoint facing Pattaya Bay the view is stunning, easily equal to anything I've seen in Phukett or Ko Samui.

 

Barring some form of economic catastrophe, the handwriting on the wall is as clear as a bell for Wongamat Beach. It is going to be the place to live and it is going to become increasingly costly to do so. Already I'm seeing a lot more foot traffic near my condo along with more and more cars and motorbikes, easily double that of what I saw not much more than a year ago. Also, more and more restaurants.

 

One more thing......30 percent of Northpoint is already sold out and it's not going to be ready to move into for three years. Also.....I have just found out there are six units that have become available here at Wongamat Residence. I believe a handful of owners are trying to snap up a nice short term profit. Still.....these units represent good solid value in my opinion but you have to walk 150 meters to the beach to enjoy it.

[Bullfrog 2,224]

Hi Mate, What is the score with Nova Mirage ? Is building on going? Is anything being built near to it.....???

[jackcorbett 2]

I'll go over in the next day or so to take another look at Nova Mirage. There is of course, the first building where Tommy has his Nova Mirage Restaurant where there's damn good coffee, terrific bread, real bacon, etc and I think this is what you are referring to. I'm not sure you are aware of two new buildings simultaneously going up behind this first building. Then there's that open space on the other side of Park Beach condo. I think there will be some building going up there soon.

 

Then there are the back areas. For instance there are a couple of streets that extend towards Naklua Road East of the Long Beach Hotel, Skybeach, Northpoint, etc. All sorts of stuff going up there. And then in the general region of the Temple of Truth North and East of Nova Mirage there's condo building going up there. This area is starting to flesh out fast and there's going to be a fair number of people living here with needs for good shopping, restaurants and all kinds of other service businesses.

[Bullfrog 2,224]

Thanks Jack,

 

I am buying into 2 studios in building B which is the new wing being built at right angles to the existing one that houses the restuarent. Building C is opposite at the rear.

 

Any observations, opinions and advice will be greatly appreciated!