Methodology
A 100-point proprietary score we apply uniformly to every project we underwrite. Yield and appreciation make up half the score. The rest is the data that distinguishes a good unit from a great one. Same methodology across the entire portfolio · so when we say "A+", it means the same thing whether you're looking at Mandarin Oriental Residences or Tela Thonglor.
Why we built this
DDproperty lists thousands of units. Each carries dozens of data points · price, sqm, area, BTS distance, amenities, juristic fees, foreign quota, developer, age, condition. Most foreign buyers can't compare apples to apples across this. The result is decisions made on photos and gut.
The Khorna Score collapses everything into one number with a transparent formula. You see the breakdown, you trust the methodology, you compare across projects honestly.
The six components
Cash yield is the foundation. After juristic fees, taxes, management, and vacancy, what's left in your pocket. We weight this heavily because Bangkok's structural advantage over Western markets is yield · 5 to 7% net here vs 2 to 3% in London / Paris / NYC for comparable assets.
Formula
Score = netYield × 4, capped at 25. So 6.25%+ scores the maximum.
Below 4% net is a yield problem regardless of other factors. We rarely shortlist sub-4% units.
Bangkok prime has appreciated steadily for two decades. The drivers (BTS expansion, expat relocations, billionaire density) compound. Appreciation matters as much as yield over a 7 to 10-year hold.
Formula
Score = expectedAppreciation × 3, capped at 25. So 8.3%+ p.a. scores the maximum.
Below 4% expected appreciation suggests area or building issues we'd flag for closer review.
Resale exit speed correlates directly with how often the project name gets searched in Thailand. We pull Ahrefs monthly volume per project. High-search-volume projects exit faster · their natural buyer pool is bigger.
Formula
Logarithmic on Ahrefs TH search volume. 4,000+ vol = 15. 200-499 vol = 6. <50 vol = 0.
Score 0 doesn't mean bad · it means under-the-radar. Sometimes that's exactly what discerning buyers want.
Pedestrian access to F&B, gyms, malls, and transit stations within 800 metres. We pull Google Places live data. This drives DTV/LTR tenant satisfaction and short-term rental rates · walkable buildings rent for 5 to 10% more.
Formula
Sum of cafes + restaurants + gyms + malls within 800m. 70+ amenities = 15. Plus a +1 bonus for 2+ BTS/MRT stations within range.
Below 15 amenities means car-dependent. Tougher tenant pool, slower resale.
How fast you can exit. Resale-ready inventory with BTS access has the deepest buyer pool. Off-plan carries appreciation upside but slower exit until handover.
Formula
Inventory type baseline (resale 6 / new-build 8 / off-plan 5) plus BTS proximity bonus (sub-100m +3, sub-300m +2, sub-500m +1).
Score under 5 means narrow exit window · we'd flag for hold-to-handover scenarios only.
Off-plan delivery risk and post-handover building maintenance both depend on the developer's track record and balance sheet. SET-listed top-six developers (Sansiri, AP, Origin, Noble, Pruksa, Ananda) score full marks. Branded operators (Mandarin Oriental, Banyan Tree, Ritz-Carlton) also score high.
Formula
SET-listed Tier 1 = 10. Branded operators / Tier 2 = 8. Other = 5.
Below 5 means we either need exceptional unit-level value or we don't underwrite the developer at all.
Grade scale
Top tier. Best-of-portfolio · usually full-service in prime Sukhumvit corridors.
Default shortlist. Limited inventory, foreign quota fills fast.
Strong all-rounder. Good yield, strong area, healthy developer.
Excellent value · core of most investor shortlists.
Solid · slight weakness on one or two components, balanced by strengths.
Worth considering with explicit thesis · what trade-off fits you.
Average · adequate but not standout. Often older resale or non-prime area.
Better only if you have specific reasons (location preference, lifestyle fit).
Below median. Specific concerns we surface in the underwriting deck.
We'd recommend looking at higher-grade alternatives unless price is exceptional.
Not in our active shortlist. Multiple weak components.
Skip unless you have insider information we don't.
What we don't do
Talk to us
Five top-graded projects fitting your budget, visa pathway, and yield target. With the full Khorna Score breakdown for each.