Asok · Resale · Ananda Development (original)
Ashton Asoke · 2-bed resale (Soi 21)
Resale · in-place lease · day-one yield
Price from
21.5M THB
Net yield
5.9%
Appreciation
6%
p.a.
Khorna Score
A+
91/100
Verdict
GOOD ENTRY
Transit
1m
BTS Asok / MRT Sukhumvit
Vetted 2-bed resale on Sukhumvit Soi 21, directly above the Asok BTS-MRT interchange. Currently leased to a senior expat at 78,000 THB until Q3 2026, providing day-one cash flow. Owner moving abroad.
Khorna Verdict reasoning · refreshed monthly
Khorna Score A+ (91/100). Our access price is aligned with DDproperty asking · solid entry point at fair value.
Khorna Score · proprietary 100-point ranking
Last refreshed · May 2026 · methodology
vs portfolio · top tier
Six components, weighted by what drives outcomes.
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
Gross rent today, after fees, after tax · in your currency.
Gross rent
฿78,000
per month, before any fees
Annualised
฿936,000
After Maison Siam (20%)
฿62,400
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿748,800
Net to you · annual
฿619,164
after mgmt + juristic (60,840 THB) + 10% tax
Per month
฿51,597
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
Net rental yield, prime condo · global capital cities.
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
ANAN · SET-listed
Ananda Development (original) · the balance sheet check.
Ashton Asoke juristic dispute factored into market sentiment. Solid delivery but elevated leverage.
Net D/E
1.78
sector benchmark 1.0-1.5
Transfer rate
88%
completed units transferred
Inventory days
28 mo
unsold completed stock turn
Gross margin
30.5%
pre-tax operating margin
Backlog
38.2B THB
contracted future revenue
Risk view
Solid
our underwriting stance
Live market data
What the market actually says about this unit.
DDproperty asking
273k THB/sqm
Median across 101 live listings
-1% vs our underwriting (275k)
Within 800m walk
40 F&B venues
- · 20 gyms · 20 malls
- · 20 schools · 19 hospitals
- · 3 BTS/MRT stations · 6 supermarkets
Google Places (May 2026)
Buyer search demand
4,000 /mo
Monthly searches for this project name in Thailand.
8¢ CPC · advertisers paying for this name
Ahrefs (May 2026)
The numbers above are live · pulled from DDproperty listings, Google Places, and Ahrefs search-volume data, refreshed monthly. We do not invent comps or wave away weak signals.
Underwriting · the numbers
What we model before shortlisting.
Net yield Y1
5.9%
after fees, taxes, voids
Appreciation
6%
p.a. · 5y projection
Occupancy
96%
DTV-weighted
TCO foreign
14.2%
all-in over hold
Detail
- Rental estimate
- 78,000 THB · in place
- Management fee
- 10% of rent
- Price range
- 21.5M THB
- Price per sqm
- 275,000 THB
- BTS / MRT
- 1m to BTS Asok / MRT Sukhumvit
- Unit types
- 2 bed · 78 sqm
- Completion year
- 2018
- Current rental
- 78,000 THB / month, leased through Q3 2026
- Owner hold
- 6 years
DTV / LTR fit
Top-tier fit. Direct interchange access to all of central Bangkok. The Sukhumvit-Asok corridor is the highest-density DTV settlement area.
Amenities
Tags
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
BTS Sukhumvit
Asok
0m · 0min walk
MRT Blue
Sukhumvit
112m · 2min walk
BTS Sukhumvit
Nana
762m · 10min walk
BTS Sukhumvit
Phrom Phong
1049m · 13min walk
Available inventory · Ashton Asoke · 2-bed resale (Soi 21)
Want the actual unit numbers and pricing?
Price range
21.5M THB
Foreign quota
Status updated weekly
Gated inside · request to unlock
- · Currently available units (specific floor + unit numbers)
- · Exact asking prices per unit
- · Floor plans and unit dimensions
- · Foreign-quota allocation by unit
- · Phase pricing trajectory + best-value picks
- · Direct developer / owner contact path
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
Want a deeper look at Ashton Asoke?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.