BAM to sell condos for 2,000 baht down

BAM to sell condos for 2,000 baht down

Bangkok Commercial Asset Management Co plans to offer 500 condominium units in greater Bangkok for as little as 2,000 baht down.

Senior executive vice-president Somporn Moonsrikaew, said the company, which acquires and repackages nonperforming loans and assets from banks, is aiming its 40 projects at self-employed workers, including taxi drivers, motorcycle taxis, food vendors but they must have verifiable places of businesses.

The condos would have an average price of 300,000 baht, but BAM plans to offer 10-year payment periods to buyers who need only put down just 1,000 baht on the reservation date and another 1,000 baht on the contract-signing date. The unit then would be ready to move into.

Buyers can pay instalments of 1,000-3,000 baht a month, depending on pricing. However, they have to pay off the balance in a final-year balloon payment of about 20% of the total value.

The company will offer condos in the form of long-term leases, with the units transferred to buyers once they finish paying for them. Under such a system, buyers need not borrow from a bank to purchase a condo.

The projects will be situated in provinces surrounding Bangkok.

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