A79
· WAIT
Bangkok · Off-plan · AP Thailand
Life Phrom Phong
Off-plan · BTS 200m · 2027
Building · 4 photos
Bangkok · Off-plan · AP Thailand
Off-plan · BTS 200m · 2027
Building · 4 photos
Price from
10M
Net yield
5.9%
Appreciation
7.8%
p.a.
Khorna Score
A
79/100
Verdict
WAIT
Transit
200m
BTS Phrom Phong
AP's premium-mid-market line, 200m to BTS Phrom Phong. Walking distance to Emporium and Emsphere. Family-friendly amenities. Solid yield-and-appreciation play.
Khorna Verdict reasoning · refreshed monthly
Strong project (A, 79/100) but our access price is 21% above current market asks · wait for a phase reset or off-market opportunity.
Khorna Score · proprietary 100-point ranking
Last refreshed · May 2026 · methodology
vs portfolio · top tier
Yield + appreciation are 50% of the score (weighted to what foreign investors actually underwrite). The remaining 50% is liquidity, demand, walkability, and developer quality · the data that distinguishes a good unit from a great one. Same methodology across the entire portfolio · A+ means the same thing in Mandarin Oriental Residences as in Tela Thonglor. Read the full methodology →
Cash yield after juristic, mgmt, tax
Source · Khorna underwriting · 10-year DCF
Expected % p.a. over 5-year hold
Source · Khorna underwriting · area-level baseline + project adjustments
Monthly TH searches for project name
F&B, gyms, malls, transit within walking distance
Source · Google Places API (NEW) · live data
Inventory type + BTS / MRT proximity
Source · Khorna ruleset · resale + BTS proximity bonus
Track record + balance sheet (SET 56-1)
Refresh cadence
Demand · monthly Ahrefs pull. Walkability · monthly Places refresh. Yield + appreciation · re-run quarterly. Quality · annual SET-filing review.
Same methodology, every unit
We don't tilt scores to favour units we want to sell. The formula is public · weights are public · raw data is auditable on /how-we-score.
Conflict policy
Higher-commission projects don't score higher. We surface conflicts in the underwriting deck if relevant. Score is not influenced by our payout.
Cash flow · what you actually keep
Unit type · changes the model
Studio purchase price · ฿8,320,000 THB
Gross rent
฿56,333
per month, before any fees
Annualised
฿675,996
After Maison Siam (20%)
฿45,066
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿540,797
Net to you · annual
฿464,253
after mgmt + juristic (24,960 THB) + 10% tax
Per month
฿38,688
FX rate: 1 THB = 0.0307 THB · refreshed 2026-04-30. Tax assumes 10% effective for Thai-domiciled foreign rental income · treaty crediting against home-country tax often reduces this further.
How Bangkok compares
TH · Bangkok prime
6%
net yield p.a.
Entry: ~$280K
SG · Singapore prime
2.5%
net yield p.a.
Entry: ~$1400K
HK · Hong Kong prime
2%
net yield p.a.
Entry: ~$2100K
JP · Tokyo prime
4%
net yield p.a.
Entry: ~$800K
UK · London prime
2.5%
net yield p.a.
Entry: ~$1500K
FR · Paris prime
2.5%
net yield p.a.
Entry: ~$900K
US · New York prime
3.5%
net yield p.a.
Entry: ~$1200K
AU · Sydney prime
3%
net yield p.a.
Entry: ~$950K
Bangkok prime delivers 2.4x the net yield of Singapore / Paris / London prime and at roughly a fifth of the entry price. The yield gap is structural · Bangkok is still being priced as a yesterday-Asia city, not the safe-haven capital it has become. See our analysis.
Off-plan economics · cash now vs handover
Mid-range price
฿19.00M
Based on the price band midpoint
Cash deployed before handover
฿2.61M
14% of price · spread across the construction period
Balance at handover
฿14.25M
75% · often financed via THB-denominated mortgage
Appreciation through handover
+8.5%
Projected based on 7.8% annual appreciation × 1.1 years to handover
Projected value at handover
฿20.61M
฿1.61M unrealised gain
Equity growth on cash deployed
62%
Capital gain divided by cash actually paid in before handover · the off-plan alpha
Payment schedule · today through handover
2026-05
Reservation
0.4%
฿75K
2026-06
Contract (10%)
9.6%
฿1.82M
2026-07
Construction · 1st
1.3%
฿238K
2026-12
Construction · mid (6 of 12)
1.3%
฿238K
2027-05
Construction · final
1.3%
฿238K
2027-06
Handover (75%)
75.0%
฿14.25M
Standard Bangkok off-plan structure · booking + 10% contract + 15% spread across construction installments + balance at handover. Specific developer terms vary · negotiable in phase-1. Appreciation projection uses the project's expected annual appreciation rate compounded over the construction period · sourced from CBRE Thailand + JLL Bangkok area data + this site's weekly market data feed.
Pre-handover exit simulator
Assignment / private resale before construction completes
Most Bangkok developers permit contract assignment before handover (with admin fee 1-2%). Bangkok prime in this corridor compounds at 7.8% per year. The math below shows what assigning the contract early looks like · gross gain net of assignment fee + SBT (3.3% if held under 5 years).
Exit at month
6 / 12
Cash paid by month 6
฿2.14M
Booking + contract + installments to date
Net gain after fees + SBT
฿-208906
Less ฿285K assignment + ฿651K SBT
Cash-on-cash ROI
-10%
Net gain ÷ cash actually paid in
Sansiri / AP / Origin permit free contract assignment. Noble / Ananda apply admin fees (assumed 1.5% in this model). A handful restrict resale until specific construction milestones · we flag this in the Khorna Verdict reasoning where applicable. SBT applies if you assign before 5 years from contract date · we model this in.
How the phased pricing ladder works
This is not an accident. The phased release is a deliberate revenue strategy: the developer wants the project to be visibly “moving” in marketing materials (which sells faster) AND wants to capture the upside of phase-by-phase price increases (which compounds the project total revenue). Both goals align with the buyer-of-the-month pattern · early phase buyers get below-comp pricing, late phase buyers pay the full marketed price.
Phase 1 · Private viewing
Lowest pricing, best foreign-quota allocation, full SPA negotiation room. Closed sales · invitation-only or developer-direct. This is where Khorna's sourcing pipeline operates.
Phase 2-3 · Soft launch
3 to 7% uplift per phase from phase 1. Public marketing begins. Still some negotiation room · foreign quota half-filled. By the time English-language portals translate the project page, soft launch is usually closing.
Phase 4-6 · Hard launch
15 to 25% uplift cumulative from phase 1. Full marketing campaign. Foreign quota mostly committed. SPA take-it-or-leave-it. This is where most retail foreign buyers enter · paying the full ramped price for what's left of the foreign quota.
The strategic implication for an investor · being in phase 1 means buying at 80-85% of the price the same unit will list at by phase 4. You can hold to handover and capture the construction-period appreciation, OR assign the contract during phase 4-6 marketing peak when the pricing ladder is at its highest. Either way, phase-1 access is the alpha.
Why speed matters · the best units go first
Foreign-quota inventory is allocated unit-by-unit, not by category. The corner units, the high-floor units, the units with unobstructed views, the units with the best floor plans · all get reserved by the buyers who arrive first. By the time public marketing scales, the foreign-quota allocation that's left is the bottom-third of the building.
This isn't aggressive sales tactic · it's how the developer's allocation system works. The corner-line foreign-quota cap is typically 1-2 units per floor; if those go in phase 1, phase 4 buyers can't access them at any price. We track which specific unit numbers are still available in foreign quota for every project · the difference between “there's a 2-bed available” and “there's a 2-bed corner unit on floor 28 still in foreign quota” is what we work in.
Developer financial health · 2024 56-1 filing
AP · SET-listed
Mitsubishi Estate partnership (institutional Japanese partner). Lowest leverage in the top-six. Best delivery record. Investor-friendly default.
Net D/E
0.78
sector benchmark 1.0-1.5
Transfer rate
97%
completed units transferred
Inventory days
16 mo
unsold completed stock turn
Gross margin
32%
pre-tax operating margin
Backlog
54.8B THB
contracted future revenue
Risk view
Default safe
our underwriting stance
Live market data
Area asking median
206k THB/sqm
Median across 79 live market listings
-21.0% vs our underwriting (260k)
Within 800m walk
40 F&B venues
Google Places (May 2026)
Buyer search demand
Below indexable threshold · this is a quiet/exclusive listing.
Ahrefs (May 2026)
The numbers above are live · pulled from public listings, Google Places, and Ahrefs search-volume data, refreshed monthly. We do not invent comps or wave away weak signals.
Underwriting · the numbers
Net yield Y1
5.9%
after fees, taxes, voids
Appreciation
7.8%
p.a. · 5y projection
Occupancy
92%
DTV-weighted
TCO foreign
17%
all-in over hold
Detail
DTV / LTR fit
Excellent. Phrom Phong corridor with strongest DTV/LTR demand pool.
Amenities
Tags
Returns by unit size
Location · BTS / MRT proximity
BTS Sukhumvit
Phrom Phong
180m · 3min walk
MRT Blue
Queen Sirikit Convention Centre
889m · 11min walk
BTS Sukhumvit
Asok
1073m · 13min walk
MRT Blue
Sukhumvit
1166m · 15min walk
Available inventory · Life Phrom Phong
Price range
10M to 28M THB
Foreign quota
Phase-pricing live
Gated inside · request to unlock
Why we gate this · unit-level inventory changes weekly. We send you the version that's live this week, with our active recommendation on which unit fits your profile. No sales pressure, no copy-paste reply · Alexandre or Etienne respond directly within 24 hours.
Talk to us
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.