Phayathai · Off-plan · Origin Property
Park Origin Phayathai
Off-plan · phase 1 · ARL-direct
Price from
5.4M
Net yield
6.4%
Appreciation
6.8%
p.a.
Khorna Score
B+
62/100
Verdict
FAIR PRICE
Transit
150m
BTS Phayathai / ARL Phayathai
Origin's Phayathai-corridor flagship · the only Bangkok corridor with both BTS and ARL (airport rail link) at the same station. 22-min direct ride to Suvarnabhumi. Phase-1 pricing for the executive-traveller / DTV / business-tourist tenant pool.
Khorna Verdict reasoning · refreshed monthly
Solid B-tier (62/100). Our access price is roughly aligned with market · acceptable if your priorities fit the area + spec.
Khorna Score · proprietary 100-point ranking
Last refreshed · May 2026 · methodology
vs portfolio · solid
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
฿32,000
per month, before any fees
Annualised
฿384,000
After Maison Siam (20%)
฿25,600
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿307,200
Net to you · annual
฿221,724
after mgmt + juristic (60,840 THB) + 10% tax
Per month
฿18,477
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
ORI · SET-listed
Origin Property · the balance sheet check.
Aggressive growth, multiple sub-brands (Park Origin, Knightsbridge, Notting Hill). Higher leverage = higher project volume. Generally on-time delivery with occasional 6-month delays.
Net D/E
1.65
sector benchmark 1.0-1.5
Transfer rate
92%
completed units transferred
Inventory days
22 mo
unsold completed stock turn
Gross margin
36.2%
pre-tax operating margin
Backlog
78.5B THB
contracted future revenue
Risk view
Solid
our underwriting stance
Live market data
What the market actually says about this unit.
DDproperty asking
Insufficient live listings · we operate from direct developer data.
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 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
6.4%
after fees, taxes, voids
Appreciation
6.8%
p.a. · 5y projection
Occupancy
92%
DTV-weighted
TCO foreign
14.6%
all-in over hold
Detail
- Rental estimate
- 32,000 THB · 1-bed furnished
- Management fee
- 20% of rent
- Price range
- 5.4M to 18M THB
- Price per sqm
- 195,000 THB
- BTS / MRT
- 150m to BTS Phayathai / ARL Phayathai
- Unit types
- 1 bed, 2 bed, 3 bed
- Expected delivery
- 2027-06-01
- Presale phase
- Phase 1
DTV / LTR fit
Excellent. ARL-direct DTV / digital-nomad / business-traveller fit.
Amenities
Tags
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
ARL
Phaya Thai (ARL)
44m · 1min walk
BTS Sukhumvit
Phaya Thai
83m · 1min walk
BTS Sukhumvit
Ratchathewi
664m · 8min walk
BTS Sukhumvit
Victory Monument
915m · 12min walk
Available inventory · Park Origin Phayathai
Want the actual unit numbers and pricing?
Price range
5.4M to 18M 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 Park Origin?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.