Bangkok · Resale · LPN Development
Lumpini Park Rama 9 · Ratchada
Resale · 3M-baht entry · 7%+ net yield
Building · 4 photos
Price from
2.8M
Net yield
7.2%
Appreciation
5.5%
p.a.
Khorna Score
A
70/100
Verdict
GOOD ENTRY
Transit
350m
MRT Phra Ram 9
LPN's mass-market template applied to the Rama 9 corridor. Entry-tier studio resale, dense rental tenant pool, the project that delivers the 3M-baht 'haha moment' yield maths in practice. Walking distance to MRT and Central Rama 9.
Khorna Verdict reasoning · refreshed monthly
Khorna Score A (70/100). Our access price is aligned with DDproperty asking · solid entry point at fair value.
· Catalyst-adjacent · Rama 9 CBD-East · district build-out (2028)
Khorna Score · proprietary 100-point ranking
Last refreshed · May 2026 · methodology
vs portfolio · solid
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
Cash flow · what you actually keep
Gross rent today, after fees, after tax · in your currency.
Unit type · changes the model
Studio purchase price · ฿3,520,000 THB
Gross rent
฿28,600
per month, before any fees
Annualised
฿343,200
After Maison Siam (20%)
฿22,880
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿274,560
Net to you · annual
฿224,640
after mgmt + juristic (24,960 THB) + 10% tax
Per month
฿18,720
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
LPN · SET-listed
LPN Development · the balance sheet check.
Mass-market specialist (Lumpini Park, Lumpini Place series). Lowest leverage in the universe, highest transfer rate. Yield-first stock.
Net D/E
0.62
sector benchmark 1.0-1.5
Transfer rate
99%
completed units transferred
Inventory days
12 mo
unsold completed stock turn
Gross margin
28%
pre-tax operating margin
Backlog
15.4B THB
contracted future revenue
Risk view
Default safe
our underwriting stance
Live market data
What the market actually says about this unit.
Area asking median
projectedInsufficient live listings · we operate from direct developer data.
Within 800m walk
Amenity data syncing.
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
What we model before shortlisting.
Net yield Y1
7.2%
after fees, taxes, voids
Appreciation
5.5%
p.a. · 5y projection
Occupancy
94%
DTV-weighted
TCO foreign
13.8%
all-in over hold
Detail
- Rental estimate
- 22,000 THB · studio furnished
- Management fee
- 10% of rent
- Price range
- 2.8M to 4.8M THB
- Price per sqm
- 110,000 THB
- BTS / MRT
- 350m to MRT Phra Ram 9
- Unit types
- Studio, 1 bed
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
MRT Blue
Phra Ram 9
557m · 7min walk
ARL
Makkasan
1389m · 17min walk
MRT Blue
Phetchaburi
1651m · 20min walk
BTS Sukhumvit
Nana
2628m · 32min walk
Available inventory · Lumpini Park Rama 9 · Ratchada
Want the actual unit numbers and pricing?
Price range
2.8M to 4.8M 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 Lumpini Park?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.