Rama 9 · New build · Belle Development
Belle Avenue Ratchada-Rama 9
New build · 8 foreign units · CBD-East
Price from
3.8M
Net yield
6.6%
Appreciation
7.8%
p.a.
Khorna Score
A+
81/100
Verdict
MODEST EDGE
Transit
240m
MRT Phra Ram 9
Belle's Ratchada-Rama 9 flagship · CBD-East corridor with the densest concentration of new corporate HQ relocations from old CBD. Eight foreign-quota units at handover pricing. Strong young-professional tenant pool.
Khorna Verdict reasoning · refreshed monthly
Khorna Score A+ (81/100). DDproperty asking is 6.451612903225806% 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
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.
Unit type · changes the model
Studio purchase price · ฿4,960,000 THB
Gross rent
฿37,200
per month, before any fees
Annualised
฿446,400
After Maison Siam (20%)
฿29,760
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿357,120
Net to you · annual
฿298,944
after mgmt + juristic (24,960 THB) + 10% tax
Per month
฿24,912
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.
Live market data
What the market actually says about this unit.
Area asking median
projected165k THB/sqm
Area-baseline projection · data refresh pending for this listing
+6.5% vs our underwriting (155k)
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
6.6%
after fees, taxes, voids
Appreciation
7.8%
p.a. · 5y projection
Occupancy
92%
DTV-weighted
TCO foreign
13.6%
all-in over hold
Detail
- Rental estimate
- 22,000 THB · 1-bed furnished
- Management fee
- 20% of rent
- Price range
- 3.8M to 11M THB
- Price per sqm
- 155,000 THB
- BTS / MRT
- 240m to MRT Phra Ram 9
- Unit types
- Studio, 1 bed, 2 bed
- Units available (foreign quota)
- 8
- Completion year
- 2023
DTV / LTR fit
Strong. CBD-East emerging corridor, young-pro tenant pool.
Amenities
Tags
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
MRT Blue
Phra Ram 9
109m · 2min walk
ARL
Makkasan
942m · 12min walk
MRT Blue
Phetchaburi
1069m · 13min walk
BTS Sukhumvit
Nana
2187m · 27min walk
Available inventory · Belle Avenue Ratchada-Rama 9
Want the actual unit numbers and pricing?
Price range
3.8M to 11M THB
Foreign quota
8 units available
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 Belle Avenue?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.