Bangkok · New build · Noble Development
Noble Form Thonglor
Boutique · low-density · Thonglor lifestyle
Building · 4 photos
Price from
8.4M
Net yield
6.2%
Appreciation
7.2%
p.a.
Khorna Score
A+
85/100
Verdict
MODEST EDGE
Transit
500m
BTS Thong Lo
Ultra-low-density boutique tower in prime Thonglor. Walk-up to The Commons, Vanilla Garden, and the soi 55 F&B cluster. Suits younger DTV cohort + Japanese expat tenants.
Khorna Verdict reasoning · refreshed monthly
Khorna Score A+ (85/100). DDproperty asking is 6% above our access price · typical developer-direct or off-market advantage. Real but not exceptional.
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
Cash flow · what you actually keep
Gross rent today, after fees, after tax · in your currency.
Unit type · changes the model
1 bed purchase price · ฿10,500,000 THB
Gross rent
฿71,094
per month, before any fees
Annualised
฿853,128
After Maison Siam (20%)
฿56,875
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿682,502
Net to you · annual
฿584,768
after mgmt + juristic (32,760 THB) + 10% tax
Per month
฿48,731
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
NOBLE · SET-listed
Noble Development · the balance sheet check.
Mid-size with strong design reputation. Solid balance sheet. Premium-priced product · higher resale appreciation track record.
Net D/E
1.32
sector benchmark 1.0-1.5
Transfer rate
94%
completed units transferred
Inventory days
21 mo
unsold completed stock turn
Gross margin
34.8%
pre-tax operating margin
Backlog
28.4B 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
264k THB/sqm
Median across 83 live market listings
+6.0% vs our underwriting (250k)
Within 800m walk
20 F&B venues
- · 20 gyms · 19 malls
- · 20 schools · 19 hospitals
- · 2 BTS/MRT stations · 10 supermarkets
Google Places (May 2026)
Buyer search demand
400 /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
What we model before shortlisting.
Net yield Y1
6.2%
after fees, taxes, voids
Appreciation
7.2%
p.a. · 5y projection
Occupancy
90%
DTV-weighted
TCO foreign
17.4%
all-in over hold
Detail
- Rental estimate
- 55,000 THB · 1-bed furnished
- Management fee
- 10% of rent
- Price range
- 8.4M to 32M THB
- Price per sqm
- 250,000 THB
- BTS / MRT
- 500m to BTS Thong Lo
- Unit types
- 1 bed, 2 bed, 3 bed
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
BTS Sukhumvit
Thong Lo
78m · 1min walk
BTS Sukhumvit
Ekkamai
792m · 10min walk
BTS Sukhumvit
Phrom Phong
1501m · 19min walk
BTS Sukhumvit
Phra Khanong
1572m · 19min walk
Available inventory · Noble Form Thonglor
Want the actual unit numbers and pricing?
Price range
8.4M to 32M 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 Noble Form?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.