Bangkok · Resale · Ananda Development (original)
Ashton Asoke · 2-bed resale (Soi 21)
Resale · in-place lease · day-one yield
Building · 4 photos
Price from
21.5M THB
Net yield
5.9%
Appreciation
6%
p.a.
Khorna Score
A+
91/100
Verdict
GOOD ENTRY
Transit
1m
BTS Asok / MRT Sukhumvit
Vetted 2-bed resale on Sukhumvit Soi 21, directly above the Asok BTS-MRT interchange. Currently leased to a senior expat at 78,000 THB until Q3 2026, providing day-one cash flow. Owner moving abroad.
Khorna Verdict reasoning · refreshed monthly
Khorna Score A+ (91/100). Our access price is aligned with DDproperty asking · solid entry point at fair value.
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
Cash flow · what you actually keep
Gross rent today, after fees, after tax · in your currency.
Unit type · changes the model
2 bed purchase price · ฿21,450,000 THB
Gross rent
฿131,828
per month, before any fees
Annualised
฿1,581,936
After Maison Siam (20%)
฿105,462
all-in mgmt · leasing + ops + tax filing · 6 months free on new builds
Annualised
฿1,265,549
Net to you · annual
฿1,084,238
after mgmt + juristic (60,840 THB) + 10% tax
Per month
฿90,353
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
ANAN · SET-listed
Ananda Development (original) · the balance sheet check.
Ashton Asoke juristic dispute factored into market sentiment. Solid delivery but elevated leverage.
Net D/E
1.78
sector benchmark 1.0-1.5
Transfer rate
88%
completed units transferred
Inventory days
28 mo
unsold completed stock turn
Gross margin
30.5%
pre-tax operating margin
Backlog
38.2B THB
contracted future revenue
Risk view
Solid
our underwriting stance
Live market data
What the market actually says about this unit.
Area asking median
273k THB/sqm
Median across 101 live market listings
-1.0% vs our underwriting (275k)
Within 800m walk
40 F&B venues
- · 20 gyms · 20 malls
- · 20 schools · 19 hospitals
- · 3 BTS/MRT stations · 6 supermarkets
Google Places (May 2026)
Buyer search demand
4,000 /mo
Monthly searches for this project name in Thailand.
8¢ 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
5.9%
after fees, taxes, voids
Appreciation
6%
p.a. · 5y projection
Occupancy
96%
DTV-weighted
TCO foreign
14.2%
all-in over hold
Detail
- Rental estimate
- 78,000 THB · in place
- Management fee
- 10% of rent
- Price range
- 21.5M THB
- Price per sqm
- 275,000 THB
- BTS / MRT
- 1m to BTS Asok / MRT Sukhumvit
- Unit types
- 2 bed · 78 sqm
Returns by unit size
Smaller yields more. Bigger appreciates more.
Location · BTS / MRT proximity
Where it sits.
BTS Sukhumvit
Asok
0m · 0min walk
MRT Blue
Sukhumvit
112m · 2min walk
BTS Sukhumvit
Nana
762m · 10min walk
BTS Sukhumvit
Phrom Phong
1049m · 13min walk
Available inventory · Ashton Asoke · 2-bed resale (Soi 21)
Want the actual unit numbers and pricing?
Price range
21.5M 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 Ashton Asoke?
We send the full underwriting deck, the current foreign-quota allocation, floor-by-floor unit availability, and our specific recommendation for your situation.