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The Building

The apartment has 6 fully equipped luxury serviced apartments spread over three floors there are 2 No. two bedroom apartments and 4 No. one bedroom apartments. The ground floor apartments have their own private courtyard gardens. The upper apartments have front and rear balconies. The courtyard car park can accommodate 3 cars. The apartments have separate sitting rooms and each apartment has its own kitchenette. The building is 3 and a half years old and in a very good state of repair. The sale is freehold and includes land building and all furnishings fixtures and fittings. The business is being sold as a going concern. The building is situated on 100 square wah of land. Total floor area in the building is around 500 square meters.

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The business

The apartment building is run as a small hotel (serviced apartment) with the apartments sold on a daily basis (2800 baht/night for the two bedroom apartments and 2000 baht/night for the one bedroom apartments) additional income is also generated from tour sales and vehicle rentals.

The business is in a very healthy state, genuine personal circumstances have the led to the reluctant decision to sell the property. You are buying a going concern and not a failing or distressed business.

Occupancy rate for 2010 was over 85% while the marketing budget for last year was almost 0 baht!  The apartment business has an excellent network of web marketing already in place which has been built up over the past 3 years and the website is well optimized to rank highly on Google searches and other search engines. The future owner will of course need to keep standards high but there is no reason why this occupancy can not be maintained and improved and there is even scope for price rises especially at high season and at other peak holiday periods.

The apartment business enjoys excellent reviews on independent internet review sites and has the number one ranking on Trip Advisor:

Trip Advisor

The apartment is registered with a large number of internet brokers including Asia Rooms and Agoda and enjoys excellent reviews on these sites which leads to a healthy number of bookings from these organizations.

The website enjoys excellent rankings on Google and other search engine searches and is the main source of direct bookings. This apartment building is usually ranked the highest for many important search terms for its niche market try them on Google now:

Chiang Mai Serviced Apartments

Chiang Mai Apartments

google

The website and domain name will be included in the sale of the property

The apartments currently employ 4 full time staff (2 receptionists, 1 cleaner and 1 night security) Due to its very manageable size the business can be managed  by one competent staff member and does not require daily hands on input from the new owner.

The location

The Serviced Apartment Business is in an enviable location. It is situated in a soi off the main thoroughfare of Thapae Road and half way between Thapae Gate and The Night Bazaar. The location has been a key factor in the success of this business. Both are within an easy 5 minute walk and is an important deciding factor when the customer is choosing their Chiang Mai accommodation.

Address:

48 Soi 3 Thapae Road
Changklan
Chiang Mai

We believe there is further scope for increased profits, our prices do not rise during peak or holiday periods. For the high season of 2010 demand outstripped supply by about 5 times!! Space and comfort levels are equivalent or better than many hotel suites and priced very competitively compared to such accommodation.

Out line Figures

Room rates are sold directly at 2000 baht/night for the 1 bedroom apartment and 2800 baht/night for the 2 bedroom. Apartments are also allocated to online brokers when necessary at a discounted rate. At the current business level  there is no reason why your investment will not be paid off in 7 years!

Price

Asking price 22,000,000 baht

Contact

email:  studio99apartment@gmail
Tel English: Matt 0837633119
Tel Thai:  Supattra 0894354172

Agents are welcome to contact us

Apartment Plans:

1 bedroom apartment type B

2 bedroom apartment

1 bedroom apartment type A

We are also selling our house please see here for more details:

Stunning modern House for Sale in the city of Chiang Mai

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