A+92
· WAIT
Bangkok · New build · Sansiri
XT Phayathai
New build · ARL access · value entry
Building · 4 photos
Bangkok · New build · Sansiri
New build · ARL access · value entry
Building · 4 photos
Price from
8M
Net yield
5.6%
Appreciation
6.5%
p.a.
Khorna Score
A+
92/100
Verdict
WAIT
Transit
100m
BTS Phayathai · ARL airport line
Sansiri's XT line. 100m to BTS Phayathai with direct Airport Rail Link. Best-positioned for DTV holders flying frequently. Value entry at the lower end of central Bangkok.
Khorna Verdict reasoning · refreshed monthly
Strong project (A+, 92/100) but our access price is 23% above current market asks · wait for a phase reset or off-market opportunity.
· Catalyst-adjacent · Suvarnabhumi Airport · Phase 2 expansion (2027)
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 · ฿6,400,000 THB
Gross rent
฿41,333
per month, before any fees
Annualised
฿495,996
After Maison Siam (20%)
฿33,066
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿396,797
Net to you · annual
฿334,653
after mgmt + juristic (24,960 THB) + 10% tax
Per month
฿27,888
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.
Developer financial health · 2024 56-1 filing
SIRI · SET-listed
Largest pure-play residential developer in Thailand. Conservative leverage, strong margins, deep backlog. Default safe pick for off-plan.
Net D/E
1.05
sector benchmark 1.0-1.5
Transfer rate
96%
completed units transferred
Inventory days
19 mo
unsold completed stock turn
Gross margin
33.5%
pre-tax operating margin
Backlog
65.2B THB
contracted future revenue
Risk view
Default safe
our underwriting stance
Live market data
Area asking median
154k THB/sqm
Median across 35 live market listings
-23.0% vs our underwriting (200k)
Within 800m walk
40 F&B venues
Google Places (May 2026)
Buyer search demand
4,500 /mo
Monthly searches for this project name in Thailand.
60¢ CPC · advertisers paying for this name
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
5.6%
after fees, taxes, voids
Appreciation
6.5%
p.a. · 5y projection
Occupancy
90%
DTV-weighted
TCO foreign
14.8%
all-in over hold
Detail
DTV / LTR fit
Excellent. ARL access to Suvarnabhumi airport · DTV holders flying every 90 days love this.
Amenities
Tags
Returns by unit size
Location · BTS / MRT proximity
BTS Sukhumvit
Phaya Thai
0m · 0min walk
ARL
Phaya Thai (ARL)
109m · 2min walk
BTS Sukhumvit
Ratchathewi
607m · 8min walk
BTS Sukhumvit
Victory Monument
979m · 12min walk
Available inventory · XT Phayathai
Price range
8M to 19M THB
Foreign quota
14 units available
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.