When considering the price of a condominium in Phuket, it’s not just the cost. Buyers should also be aware of property taxes, transfer fees, maintenance charges, sinking funds and other costs of ownership before committing to a property.
For buyers researching The Element by Anocha, knowing about these additional costs can make budgeting easier and prevent surprise costs during ownership or resale.
Anocha’s The Element is a residential condominium development in Kamala, Phuket consisting of 278 units in 4 buildings. The current project information states that the maintenance fee for common areas is THB 50 per square metre per month and the sinking fund is THB 1,000 per square metre, based on the indoor area of the unit.
This guide details the main The Element by Anocha taxes and fees, including the costs buyers need to consider when buying, owning and ultimately selling the property.
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What Should You Expect To Pay For The Element By Anocha?
When you buy a condominium, there are a number of charges that make up the total cost. These can be:
- Purchase price of condominium
- Transfer fees / Registration fees
- Business tax or stamp duty, specific to the transaction
- Withholding tax if applicable
- Contribution to sinking fund
- Standard fees
- Utility connection and meter fees
- Legal and administrative costs
- Any financing costs
The buyer does not necessarily pay all costs. Certain taxes and transaction fees may be allocated according to the sale agreement, the seller’s status, the type of ownership and Thai regulations applicable. This is why buyers should ask for a detailed The Element by Anocha cost breakdown before signing the sales and purchase agreement.
Anocha Maintenance Fee The Element
One of the biggest ongoing costs you will have to deal with is the maintenance fee for the common areas – also known as the CAM fee. According to the published information on the project, the common area maintenance charge for The Element by Anocha is THB 50 per square metre per month based on the indoor area of the condominium unit.
For example:
indoor area of 50 square meters for the unit:
50 sqm @ THB 50 = THB 2,500/ month
THB 30,000 annually.
This is only an example based on the published rate, and a hypothetical unit size. The actual amount varies by unit purchased. The CAM charge helps pay for upkeep and operation of common areas and amenities. These may include building maintenance, common facilities, security, landscaping and other services needed to operate a condominium development.
Sinking Fund by Anocha Element
Another big expense is the sinking fund. The sinking fund is usually a one-time payment you make when you buy a new condominium, unlike the monthly maintenance fee. It is intended to provide funds to be used for major repairs, replacements, renovations and long-term upkeep of common property.
The published figure for The Element by Anocha sinking fund is THB 1,000 per square metre based on the indoor area of the property.
For example a 50 square metre unit would have an indicative sinking fund contribution of:
50 sqm x THB 1,000 = THB 50,000
Once again, this is an example calculation. Buyers are advised to confirm the exact amount applicable to their selected unit and the payment terms with the developer.
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Anocha Transfer Fee The Element
Another cost that buyers need to be aware of is the condominium transfer fee in Thailand. The standard registration fee for the transfer of ownership of real estate is generally 2% of the applicable assessed value, but the amount actually payable and any applicable government measures may differ the transaction and the regulations in force at the time of transfer.
Thailand has also introduced temporary measures affecting transfer fees for eligible residential transactions, so buyers should not assume a historic rate applies without checking the rules relevant to the actual transfer date.
For The Element by Anocha, some project/property sources currently quote a 2% freehold transfer fee and a 1% leasehold transfer fee, but buyers should confirm these figures and the contractual allocation of costs directly with the developer before purchase.
Specific Business Tax & Stamp Duty
Some transactions are also subject to Specific Business Tax (SBT) or Stamp Duty. The Revenue Department of Thailand states that the sale of immovable property in a commercial or profit-making way can be subject to Specific Business Tax. The statutory SBT rate is 3% and the local tax pushes the commonly cited effective rate up to 3.3% where applicable.
SBT may not be applicable but there may be stamp duty. The Revenue Department says that the stamp duty that applies to certain real-estate transactions is THB 1 for every THB 200, or 0.5%, based on the relevant sale price or assessed value as set by the rules.
Importantly, these taxes are not just an extra fixed fee that all buyers of The Element by Anocha will be automatically paying. The responsibility can depend on the structure of the transaction and if the seller is subject to SBT. Buyers should therefore seek confirmation of the final calculation of tax prior to completion.
Withholding tax on purchases or sales
And a Thai property deal may also involve a withholding tax. For example, the Revenue Department says that when a Thai company sells immovable property, withholding tax is calculated at 1 percent of the sale price or the Land Department’s assessed value, whichever is higher, where relevant.
The calculation for individual sellers may be more complicated and depends on the seller’s ownership period and deductions that may apply. This means that property taxes for The Element by Anocha condo should be considered on a case by case basis instead of assuming one percentage applies to every purchase or resale.
Costs of Utility and Other Property
In addition to taxes and condo fees, buyers may have to pay for utilities. As for now, there is a water and electricity meter installation fee of THB 20,000, according to the property sources. Buyers should verify if the charge applies to their unit and if it is included in the latest purchase agreement.
Other possible costs might include:
- Use of electricity and water
- TV and Internet services
- Security
- Interior renovation and replacement
- Furniture care
- Private cleaning services
- Rental management fees if applicable
- Costs for legal and accounting services
- Mortgage or Financing Charges
They are usually in addition to the regular condominium maintenance fee.
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How much does it cost to upkeep The Element by Anocha?
The precise yearly expense hinges on the size of your unit and the use of the property.
The easiest place to start is with the published CAM fee:
Annual maintenance cost = Indoor area/unit THB 50 12
For example:
| Unit Size | Monthly CAM | Estimated Annual CAM |
|---|---|---|
| 30 sq.m. | THB 1,500 | THB 18,000 |
| 40 sqm | 2,000 THB | THB 24,000 THB |
| 50 sqm | THB 2,500 | THB 30,000 |
| 60 sqm | THB 3,000 | THB 36,000 |
| 80 sqm | 4,000 THB | THB 48,000 |
These calculations are for illustration purposes based on the current THB 50/sqm/month rate. Always check the actual charges with the condominium management or developer.
Is The Element by Anocha expensive?
Are The Element by Anocha high maintenance fees? Maintenance fees are based on the size of the unit, facilities, service level and comparable condominium projects in Kamala. The project offers facilities like communal pool, fitness facilities, spa, sauna, tennis court, yoga area, children’s outdoor zone, parking and security systems.
FAQs
The Element by Anocha Service charge
Currently the common area maintenance fee published is THB 50 per square metre per month based on the indoor area of the unit.
What is the sinking fund at The Element by Anocha?
The published sinking fund is THB 1,000 per square metre of indoor area and is usually a one-off payment associated with the transfer of a new unit.
What are the transfer fees of The Element by Anocha?
Yes. There are currently transfer related charges listed on property sources, some project information published lists a 2% freehold transfer fee. But the actual amount, applicable government measures and who will pay should be confirmed prior to completion.
Does the buyer have to pay property taxes in Thailand?
Property taxes and transaction fees vary by property type, ownership structure and transaction. Buyers need to distinguish between purchase-related taxes, recurring property costs and taxes that can arise from rental income or resale.
Is the sinking fund paid monthly?
No.The sinking fund is normally a one-time fee, not a recurring monthly CAM charge. The Element by Anocha is being sold at THB 1,000 per square metre.
Final Thoughts: Understanding Element By Anocha Costs
Before buying The Element by Anocha, you should be aware of the total cost of ownership. The headline purchase price is only part of the financial picture. Buyers of The Element by Anocha are advised to budget for the sinking fund, maintenance fee, transfer fees, taxes, utility costs and other professional fees.
The figures released at the moment are a good starting point: THB 50 per sq m per month for common area maintenance and THB 1,000 per sq m for the sinking fund.
But taxes and transaction costs may vary according to the circumstances of the purchase. When buying, buyers should request a detailed statement of the purchase price, transfer costs, taxes, sinking fund, maintenance payments and other applicable charges before signing.
For buyers researching The Element by Anocha Phuket, working with an experienced local property advisor such as K.Capital Realty can also help to clarify the current cost structure and explain which expenses may apply to a particular unit and ownership arrangement.
Property taxes, government fees and regulations are subject to change. This article is for general information purposes and is not intended to be legal or tax advice. Buyers should seek independent professional advice and verify the latest figures before making any property purchase.
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