Rama 9 · Resale · Belle Development
Belle Grand Rama 9
Resale · CBD-East · day-one yield
Building · 4 photos
Price from
5.5M
Net yield
6.5%
Appreciation
6.8%
p.a.
Khorna Score
A
76/100
Verdict
GOOD ENTRY
Transit
200m
MRT Phra Ram 9
Mature mixed-use complex on the Rama 9 / Ratchada interchange · Bangkok's emerging CBD-East. Direct connection to Central Rama 9 mall, MRT Phra Ram 9. Strong rental tenant pool from corporate Asok-Ratchada belt.
Khorna Verdict reasoning · refreshed monthly
Khorna Score A (76/100). 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 · 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
1 bed purchase price · ฿6,930,000 THB
Gross rent
฿49,088
per month, before any fees
Annualised
฿589,056
After Maison Siam (20%)
฿39,270
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿471,245
Net to you · annual
฿394,636
after mgmt + juristic (32,760 THB) + 10% tax
Per month
฿32,886
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
+0.0% vs our underwriting (165k)
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
6.5%
after fees, taxes, voids
Appreciation
6.8%
p.a. · 5y projection
Occupancy
92%
DTV-weighted
TCO foreign
14.5%
all-in over hold
Detail
- Rental estimate
- 32,000 THB · 1-bed furnished
- Management fee
- 10% of rent
- Price range
- 5.5M to 22M THB
- Price per sqm
- 165,000 THB
- BTS / MRT
- 200m to MRT Phra Ram 9
- Unit types
- 1 bed, 2 bed, 3 bed
- Completion year
- 2017
DTV / LTR fit
Strong. Corporate tenant pool. MRT-adjacent, mall-adjacent. New-CBD trajectory.
Amenities
Tags
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
MRT Blue
Phra Ram 9
217m · 3min walk
ARL
Makkasan
1103m · 14min walk
MRT Blue
Phetchaburi
1229m · 15min walk
BTS Sukhumvit
Nana
2352m · 29min walk
Available inventory · Belle Grand Rama 9
Want the actual unit numbers and pricing?
Price range
5.5M to 22M 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 Belle Grand?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.