Sena Unloads Unsold Condos to Foreign Buyers: Where the Discount Is Real

Sena Development is not courting foreign buyers because demand is overflowing. The listed Thai developer is steering sales of unsold condos toward non-residents, and the move says more about the domestic market than about marketing: Thailand's middle-class buyers are failing bank approval. Bangkok Post and APACrealty report that Sena is expanding its rent-to-own program to foreign buyers to clear an inventory of over 6,000 condo units, citing weak domestic demand, mortgage rejections and reduced purchasing power after floods.

For an international investor, this sends two different signals. First, negotiation is possible, but it comes as a package rather than a percentage off the list price: furniture, transfer fee coverage, a year of maintenance fees, sometimes a guaranteed rental return. Second, you are being offered what is left after two to three years of sales, not the best units in the project.

Whether a deal is attractive depends on the gap between those two facts.

Quick Answer

• Thai developers are clearing condo stock through foreign buyers because local demand is capped by household debt (roughly 87-89% of GDP per Bank of Thailand data for 2025) and tight mortgage approval in the segment below 3M THB.
• The realistic discount on completed Bangkok stock is 10-20% off the price list, but most of the value is packaged as bonuses rather than a lower contract price.
• The foreign quota is 49% of total saleable area in a building. In projects already actively sold to non-residents, no freehold quota may remain, leaving only leasehold.
• The main risk is not the developer but the unit. What remains is typically low floors, views of a neighboring wall, units above parking podiums or awkward layouts. These are also the hardest to resell.
• Gross rental yields on new condos near BTS and MRT stations in Bangkok sit at 4-5% a year, and closer to 3% net after taxes, fees and building costs.

Key Facts

• Sena is widening its rent-to-own scheme to expatriates and overseas investors to clear over 6,000 condo units, according to Bangkok Post and APACrealty. Neither source discloses terms, unit allocation or a clearance timeline.
• REIC (Real Estate Information Center) data shows foreigners register roughly 14-15 thousand condo units a year in Thailand, worth about 70-75 billion THB, with Chinese citizens consistently above one third of units.
• Foreigners can hold condo freehold only within 49% of a building's saleable area, and funds must arrive from abroad in foreign currency with a FET form (formerly Tor Tor 3). Siam Legal Phuket notes that several buildings in Cherng Talay and Kamala are already near the cap, so check the current foreign ownership ratio before signing.
• The standard transfer fee is 2% of the appraised value, usually split between the parties, and mortgage registration is 1%. The reduced 0.01% rate for homes under 7M THB was introduced temporarily and later extended, so check its status on the date of your deal.
• Monthly maintenance fees in mid-market Bangkok condos run 50-80 THB per sq m, plus a one-off sinking fund of about 500-1,000 THB per sq m at handover.
• A strong baht (around 32-33 per USD for most of 2025) has eroded the currency advantage of buyers who entered in 2022-2023.
• Proposals to lift the foreign quota to 75% and extend leasehold to 99 years were discussed in 2024-2025 but gained no public support and never reached the stage of law.

Why the stock clearance is about banks, not foreigners

The mass-market segment is limited by credit approval, not price. Industry estimates suggest banks reject between half and two thirds of applications for units priced under 3M THB. When the mortgage fails, the unit goes back into inventory, and the developer carries property tax and maintenance costs. A foreign buyer is valuable not because of wealth but because they pay cash, transfer currency from abroad and close within weeks.

What actually sits in leftover inventory

In a project that has been selling for two to three years, the corner units, upper floors, river or park views and compact studios near the lift lobby go first. What remains is predictable: floors two to four above the parking podium, windows facing the neighboring building, long narrow layouts, and 60 sq m two-bedrooms in a district where tenants want studios.

A 15% discount on such a unit looks attractive until resale. A secondary buyer judges it by the same flaws that made the primary market pass it over, so the discount comes back to haunt you. The transaction costs stay, too: the 2% transfer fee, the 3.3% specific business tax if you sell within five years, and agent commission.

The honest test is simple: would you buy this exact unit at full price if it had been first in the project? If not, a discount will not save it.

What the bonus package is really worth

Developers rarely cut list prices because it devalues units already sold. They offer packages instead, and you should count them in baht, not by impression.

A furniture package for a 30 sq m studio is realistically worth 150-250k THB. Half of the transfer fee on a 4M THB unit is about 40k THB. One year of maintenance at 60 THB per sq m is roughly 22k THB. On a 4M THB unit that adds up to about 300k THB, or 7-8% effective discount. If a 10% price cut is offered on top, the total benefit reaches 17-18%, which is a number worth negotiating around.

Guaranteed rental schemes need a closer look. A 5-7% annual guaranteed return over 2-3 years in an urban project usually means the yield is already built into the price. Compare the price per sq m with recent resale deals in the same or a neighboring building. If the gap exceeds 10-15%, you are paying for your own yield.

The 49% quota: verify before any deposit

Ask the sales office exactly how many square meters of foreign quota remain in the building today, and whether that quota will be reserved for you in the contract. The condominium juristic entity keeps the record, so you can check the figure yourself.

If no quota remains, the alternative is a 30-year leasehold with a renewal option. For an investor planning resale this is a much weaker asset: a foreign secondary buyer will almost always prefer freehold, and leasehold liquidity in Bangkok is lower than in Phuket, where the structure is long established.

Our position

Buying leftover stock from a Thai developer makes sense under three conditions at once: the building is completed and the juristic entity is registered, the foreign quota is confirmed in writing, and you would choose the unit even without a discount. Otherwise, the resale market in the same building usually offers a better price per sq m, just without furniture or a sales presentation.

There is also a case where none of this applies. With a budget below 3.5-4M THB and a goal of rental income, the Bangkok mass market is not your instrument. You compete with tens of thousands of similar studios, and the management company absorbs the margin. At that budget, resort locations with seasonal occupancy offer a more predictable outcome, though with higher volatility.

If you plan a viewing trip, allow at least four to five days in Bangkok. View leftover units by day and by evening, on weekdays, and check noise levels and the real view from the window.

FAQ

Can I really buy a Thai condo at a 30% discount right now?

A 30% cut from the price list is rare and usually applies to illiquid units or projects in weak locations. The realistic range for completed Bangkok stock is 10-20% including the bonus package, and you should measure it against resale prices in the same building, not the developer's price list.

Can a foreigner own a condo in Thailand outright?

Yes, as freehold, within 49% of the building's saleable area. Funds must arrive from abroad in foreign currency and be converted to baht in Thailand. The bank issues the FET form, and without it the Land Department will not register the transfer.

Is developer stock better than the resale market?

It depends on the stage. In a completed building, resale is usually cheaper per sq m but comes unrenovated and unfurnished, and you have to negotiate with a private owner. Developer stock gives you new condition, a structural warranty and a service package. The difference is often 5-10%, and renovation costs can cancel it out.

How liquid are these units at resale?

Liquidity depends on size, floor and distance to the station, not on the developer. Studios and one-bedrooms under 35 sq m within walking distance of BTS or MRT can still take months to sell, while larger layouts in residential districts can take years.

What taxes and fees does a foreign buyer pay?

On purchase, a 2% transfer fee on appraised value, usually split with the seller. During ownership, annual property tax at a low residential rate plus building maintenance fees. On sale within five years, 3.3% specific business tax and withholding income tax.

Should I accept a developer's guaranteed return?

Only after comparing the price per sq m with the market. If the price is 10-15% above comparable units nearby, your own money funds the guarantee, and yield falls to market level once the guarantee ends.

Does the baht exchange rate matter at entry?

Yes, noticeably. At around 32-33 THB per USD you get fewer square meters for the same dollars than at 36-37. On deals above 5M THB, the currency effect often exceeds the entire negotiated discount.

What should I check in the building before paying a deposit?

The remaining foreign quota in square meters, minutes of juristic entity meetings, the size of the sinking fund, the level of owner arrears on fees, and actual occupancy on a weekday evening, judging by lit windows.

Source: Bangkok Post

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