Phrom Phong · Off-plan · Noble Development
Noble Around Sukhumvit 33
Off-plan · embassy district · 2027
Building · 4 photos
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.
Unit type · changes the model
1 bed purchase price · ฿11,340,000 THB
Gross rent
฿72,056
per month, before any fees
Annualised
฿864,672
After Maison Siam (20%)
฿57,645
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿691,738
Net to you · annual
฿593,080
after mgmt + juristic (32,760 THB) + 10% tax
Per month
฿49,423
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.
Off-plan economics · cash now vs handover
Pay 13% over 1.3 years · capture 10% appreciation before you owe the rest.
Mid-range price
฿26.50M
Based on the price band midpoint
Cash deployed before handover
฿3.44M
13% of price · spread across the construction period
Balance at handover
฿19.88M
75% · often financed via THB-denominated mortgage
Appreciation through handover
+10.3%
Projected based on 7.7% annual appreciation × 1.3 years to handover
Projected value at handover
฿29.22M
฿2.72M unrealised gain
Equity growth on cash deployed
79%
Capital gain divided by cash actually paid in before handover · the off-plan alpha
Payment schedule · today through handover
2026-05
Reservation
0.3%
฿75K
2026-06
Contract (10%)
9.7%
฿2.58M
2026-07
Construction · 1st
1.0%
฿265K
2027-01
Construction · mid (7 of 15)
1.0%
฿265K
2027-08
Construction · final
1.0%
฿265K
2027-09
Handover (75%)
75.0%
฿19.88M
Standard Bangkok off-plan structure · booking + 10% contract + 15% spread across construction installments + balance at handover. Specific developer terms vary · negotiable in phase-1. Appreciation projection uses the project's expected annual appreciation rate compounded over the construction period · sourced from CBRE Thailand + JLL Bangkok area data + this site's weekly market data feed.
Pre-handover exit simulator
Assignment / private resale before construction completes
What if you exit at month 7? -5% cash-on-cash.
Most Bangkok developers permit contract assignment before handover (with admin fee 1-2%). Bangkok prime in this corridor compounds at 7.6% per year. The math below shows what assigning the contract early looks like · gross gain net of assignment fee + SBT (3.3% if held under 5 years).
Exit at month
7 / 15
Cash paid by month 7
฿2.92M
Booking + contract + installments to date
Net gain after fees + SBT
฿-153306
Less ฿398K assignment + ฿913K SBT
Cash-on-cash ROI
-5%
Net gain ÷ cash actually paid in
Sansiri / AP / Origin permit free contract assignment. Noble / Ananda apply admin fees (assumed 1.5% in this model). A handful restrict resale until specific construction milestones · we flag this in the Khorna Verdict reasoning where applicable. SBT applies if you assign before 5 years from contract date · we model this in.
How the phased pricing ladder works
Most Bangkok developers release in 4 to 6 phases, raising prices each phase.
This is not an accident. The phased release is a deliberate revenue strategy: the developer wants the project to be visibly “moving” in marketing materials (which sells faster) AND wants to capture the upside of phase-by-phase price increases (which compounds the project total revenue). Both goals align with the buyer-of-the-month pattern · early phase buyers get below-comp pricing, late phase buyers pay the full marketed price.
Phase 1 · Private viewing
Lowest pricing, best foreign-quota allocation, full SPA negotiation room. Closed sales · invitation-only or developer-direct. This is where Khorna's sourcing pipeline operates.
Phase 2-3 · Soft launch
3 to 7% uplift per phase from phase 1. Public marketing begins. Still some negotiation room · foreign quota half-filled. By the time English-language portals translate the project page, soft launch is usually closing.
Phase 4-6 · Hard launch
15 to 25% uplift cumulative from phase 1. Full marketing campaign. Foreign quota mostly committed. SPA take-it-or-leave-it. This is where most retail foreign buyers enter · paying the full ramped price for what's left of the foreign quota.
The strategic implication for an investor · being in phase 1 means buying at 80-85% of the price the same unit will list at by phase 4. You can hold to handover and capture the construction-period appreciation, OR assign the contract during phase 4-6 marketing peak when the pricing ladder is at its highest. Either way, phase-1 access is the alpha.
Why speed matters · the best units go first
Foreign-quota inventory is allocated unit-by-unit, not by category. The corner units, the high-floor units, the units with unobstructed views, the units with the best floor plans · all get reserved by the buyers who arrive first. By the time public marketing scales, the foreign-quota allocation that's left is the bottom-third of the building.
This isn't aggressive sales tactic · it's how the developer's allocation system works. The corner-line foreign-quota cap is typically 1-2 units per floor; if those go in phase 1, phase 4 buyers can't access them at any price. We track which specific unit numbers are still available in foreign quota for every project · the difference between “there's a 2-bed available” and “there's a 2-bed corner unit on floor 28 still in foreign quota” is what we work in.
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
253k THB/sqm
Median across 119 live market listings
-6.0% 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 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
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.