Aside from hotels, apartments and condo units, there is also serviced apartment in Sukhumvit for visitors to Thailand. How do the serviced apartments differ from hotels? The serviced apartments are not just rooms; they feel and look like a home with living space, dining area, full furnished kitchen and services similar to what a hotel provides.
In Bangkok, the capital city of Thailand, foreign buying binge has reached phenomenal proportions to fuel the extra hot market of ultra-luxury real estate. When a luxury condo opened at 98 Wireless last March, it was immediately snapped up by a Hong Kong buyer for U$2.2 million without even thinking twice about the investment.
UthaiUthaisangsuk, an executive at property developer Sansiri, said that it was impulse purchase but the investor was able to gain an opulent 2-bedroom spread complete with Ralph Lauren furniture, three bathrooms that have been outfitted with Carrera marble, butler service and a chauffeured Bentley car.
Scenes similar to this are quite common in Bangkok where foreign investments are pushing up high end property prices at the top of the real estate market. Meanwhile, developers have a difficult time selling pedestrian properties. The Thai economy is still recovering and many families have household debt that disqualifies them from a home loan.
Companies like Sansiri and Country Group Development have to sell the luxury properties to foreign buyers who know that they will get more bang for the buck when buying property in Bangkok instead of Hong Kong.
Prices of condominiums in the heart of Bangkok have doubled during the last 5 years but they are still cheaper compared to less-travelled cities that include Jakarta, Kuala Lumpur and Ho Chi Minh City. Bangkok has surpassed London as the most visited city making it popular among investors particularly Chinese from the Mainland.
Expats who cannot afford to buy condo units in the heart of Bangkok have the option of serviced apartment in Sukhumvit as a second home. Most of the serviced apartments have generous living spaces with Wi-Fi and TV entertainment centre. There are also facilities like the fully-equipped fitness centre and outdoor swimming pool for relaxation.