Phrom Phong · Off-plan · Noble Development
Noble Around Sukhumvit 33
Off-plan · embassy district · 2027
Price from
11M
Net yield
5.8%
Appreciation
7.6%
p.a.
Khorna Score
A+
82/100
Verdict
WAIT
Transit
600m
BTS Phrom Phong
Embassy-district low-density development. Walk to UN ESCAP, Australian + UK + Swiss embassies. Tenant profile: diplomats, senior corporate expats.
Khorna Verdict reasoning · refreshed monthly
Strong project (A+, 82/100) but our access price is 6% above current market asks · wait for a phase reset or off-market opportunity.
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
฿62,000
per month, before any fees
Annualised
฿744,000
After Maison Siam (20%)
฿49,600
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿595,200
Net to you · annual
฿480,924
after mgmt + juristic (60,840 THB) + 10% tax
Per month
฿40,077
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.
DDproperty asking
253k THB/sqm
Median across 119 live listings
-6% vs our underwriting (270k)
Within 800m walk
40 F&B venues
- · 20 gyms · 20 malls
- · 20 schools · 13 hospitals
- · 3 BTS/MRT stations · 10 supermarkets
Google Places (May 2026)
Buyer search demand
450 /mo
Monthly searches for this project name in Thailand.
10¢ 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
5.8%
after fees, taxes, voids
Appreciation
7.6%
p.a. · 5y projection
Occupancy
92%
DTV-weighted
TCO foreign
17.2%
all-in over hold
Detail
- Rental estimate
- 62,000 THB · 1-bed furnished
- Management fee
- 10% of rent
- Price range
- 11M to 42M THB
- Price per sqm
- 270,000 THB
- BTS / MRT
- 600m to BTS Phrom Phong
- Unit types
- 1 bed, 2 bed, 3 bed
- Expected delivery
- 2027-09-01
- Presale phase
- Phase 2
DTV / LTR fit
High. Quiet residential street, embassy-grade security tone.
Amenities
Tags
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
BTS Sukhumvit
Phrom Phong
409m · 5min walk
BTS Sukhumvit
Asok
670m · 9min walk
MRT Blue
Sukhumvit
764m · 10min walk
MRT Blue
Queen Sirikit Convention Centre
908m · 11min walk
Available inventory · Noble Around Sukhumvit 33
Want the actual unit numbers and pricing?
Price range
11M to 42M THB
Foreign quota
Phase-pricing live
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 Around?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.