My review of Reference Ekkamai by SC Asset

It is not very often that a new development comes up in Ekkamai. For those unfamiliar with the Bangkok residential scene, the Ekkamai and Thonglor areas are among the most desirable areas to live in. It is an area that is very popular with the expatriate community. One of the reasons is that there is a huge plethora of options for top cafes and restaurants. It also has good schools in an area with charming sidewalks, parks and quaint community malls. The unique part about Ekkamai, and also Thonglor, is that the popular areas are not exactly the area right next to the BTS stations. If you are familiar with where Donki Mall is located, that area is where Ekkamai comes alive. SC Asset’s latest development, Reference Ekkamai is located very close to this area. In fact, a mere 260 meters.

Details about the development

Reference Ekkamai is a freehold condominium by SC Asset Company Limited. If you are not already familiar with SC Asset, it is listed on the Stock Exchange of Thailand. Its largest shareholder is Paetongtarn Shinawatra, the current prime minister of Thailand. As of the time of writing, I am not familiar with whether she has relinquished her shares. I believe she would have to take the position of prime minister of Thailand.

Reference Ekkamai sits on a plot of land with an area of approximately 2 rais (1 rai is equivalent to 1600 square meters). The building is a 44-storey high-rise building with a basement. There are 396 units in total with 207 parking lots (this is a very impressive parking lot-to-unit ratio in central Bangkok).

The unit type mix is as such:

1 bedroom: 34.55 to 37.16 square meters
1 bedroom plus: 47.01 square meters
2 bedrooms: 65.78 to 68.26 square meters
Penthouse 157.97 square meters

The residential units are located on the 5th to 44th levels of the building.

Where is the development located?

Location Map of Reference Ekkamai

The development is located along the main Ekkamai Road. In some maps, it is listed as Sukhumvit Soi 63. This street is not your typical narrow small street. Instead, it is wide. The sidewalks are well-built and maintained.

Landmarks around Reference Ekkamai

There is a huge Health Land opposite Reference Ekkamai. This spot is very popular with tourists. Tourists also frequent Here Hai, a popular Michelin Bib Gourmand restaurant, which is just down the road as well. It should be around 200 meters away and hence may be closer to Reference Ekkamai than Donki Mall.

Walk from Reference Ekkamai to Ekkamai BTS

As stated earlier, Reference Ekkamai is not close to Ekkamai BTS Station. In fact, it is 1 kilometre from Ekkamai BTS Station. It will take 14 minutes to complete the journey. The walk is relatively unsheltered. The good thing is that the sidewalks are well-paved and the walk is rather pleasant.

Ekkamai BTS Station is 3 stations away from Asoke BTS Station, 6 stations from Chidlom BTS Station and 7 from Siam BTS Station. Hence, it is still relatively close to your typical tourist haunts. However, residents do not need to venture too far away from Ekkamai to get everything that they need. There are already high-end shopping malls at Phrom Phong which is 2 BTS stations away and there is a Big C diagonally across Reference Ekkamai. I see little to no incentive to make the trip to the Siam area if you are living in Ekkamai.

My thoughts about the development (selling points and investment potential)

It is not common for a new development to come up in the Ekkamai area. Many of the developments in the area are catered to the high-end luxury market with per-square-meter prices much higher than what you would expect to pay for a typical condominium in central Bangkok. Some people, critics of the market mainly, will point to the fact that there is a lot of land in Bangkok and hence land prices are supposed to be low. This is true for areas outside of popular areas in Central Bangkok. I agree that Thailand has a lot of land. However, in very well-developed areas, land is scarce. It is all about buying into a good, central location with a decent catchment. It is well known that in areas like Ekkamai, for developers to develop, they will need to purchase existing land from private owners. In most, if not all cases, there is already a building sitting on that plot of land. Therefore, the developer will need to demolish the existing structure to redevelop. Ekkamai is one such area.

Prices in this area start slightly above THB200,000 per square meter. This works out to just above 7 million THB for a 1-bedroom unit. The units are not your typical 20-odd square meter units. Instead, this pricing is for a 34.55 square meter unit. The rental demand in this unit is relatively high. However, the most important thing to note, in my personal opinion at least, is the type of tenants that will rent a condominium unit in Bangkok. These tenants are usually higher paid expatriates with families. Typically Japanese tenants will favour areas like Ekkamai and Thonglor. Hence your tenant profile is highly favourable.

Reference Ekkamai

Pricing 4.5/5

Prices start just above THB 200,000 per square meter. This pricing is generally in trend with the properties in this area. If you venture one BTS station up to Thong Lor, you will be hard pressed to find anything that this pricing. The 1 bedroom units start just above THB 7 million, the 1 bedroom plus is above THB 9 million and the 2 bedrooms are above THB 14 million. The unit sizes are larger than the typical Bangkok condominium. Rent wise, yield should be about 4% per annum thereabouts.

Location 4/5

The strange thing about Ekkamai is that the properties that are the closest to the BTS station are not always the most desirable. Instead, the properties around the Donki Mall area are the ones with stronger demand from both tenants and buyers. However, I still think that being closer to the BTS station should be a priority in terms of accessibility and in how I score the property in terms of location. Reference Ekkamai is a 1 kilometre walk to Ekkamai BTS station and that is not something that everyone is willing to do on a regular basis. On the bright side, the odd number sois are the better side of the train line to be located on. This is because going further up north via Petchaburi Road will get you to locations like Siam Paragon or the Rama 9 area. It also puts you on the better side of the train line to get to both airports.

Quality 4/5

I think a consideration should be the breadth of facility options. I will make this part of my consideration when it comes to quality since I seem to always be reviewing only listed developers. Reference Ekkamai is a mid-sized development. Therefore, the breadth of facilities is not as comprehensive as compared to a project like Park Origin Thonglor. The larger the development, the more extensive the number of facilities.

There is a rooftop garden (rather common among all condominiums in Bangkok), lounges, an infinity pool, onsen, a co-kitchen and lounges, a yoga studio and a number of terraces. In a myriad of condominiums trying to differentiate your development has become increasingly difficult. I have even seen virtual golf driving ranges in condominiums. Reference Ekkamai’s facilities are around what a typical condominium should offer.

p.s.I own and run a real estate company that specialises in dealing with Bangkok properties. SC Asset Corporation is a developer whose developments are being marketed by my real estate company. I also maintain a web portal InvestBangkokProperty.com where we list the various new project launches in Bangkok. The purpose of this review is to provide my thoughts and insights for buyers looking to invest in these developments.