LOWI
Dossier · supplementary detail

Our thesis, in one measured number.

The whole investment case rests on one measured fact: price dispersion inside a single building is larger than most buyers assume, and larger than the choice of neighbourhood. That gap is not noise — it is where a disciplined, informed, and connected buyer wins.

What the opacity costs, measured

Based on our measurements, the gap between the cheapest listed unit and the median of its own building, at comparable typology, routinely reaches 25 to 42 %. Two neighbouring apartments, same building, same bed count, a third apart in price. Regardless of decoration, or the reason for the sale — that difference, and having cash ready, is what lets us win on our acquisitions.

Why the gap exists. Thailand has no public transaction registry. What circulates in listings is what sellers hope for, not what changes hands. Without a reliable comparable, most buyers price off the loudest listing in a building rather than its true median — and most sellers have no reason to correct that.

Why it persists. Foreign buyers face additional friction — the 49 % foreign-quota constraint, the Thai bank account and remittance requirements, the practical difficulty of viewing and verifying a building from abroad. That friction thins the pool of buyers capable of acting on a genuine discount, which is exactly what keeps the spread from closing on its own.

What closes it. A continuously refreshed, per-building reference price, checked against a human on-ground audit before any commitment. See the four case studies in the dossier for what that audit looks like in practice — including the one where the algorithm's headline discount did not survive scrutiny.

What this is not

The metropolis is transforming according to plans set by City Hall, and by economic and social needs. Following them means understanding them. We are not claiming the market as a whole is undervalued — we believe its imperfection, combined with current market conditions, is an opportunity.