Buy when there is blood in the streets, says the trusted investment advice of old. With a botched investment policy to withhold foreign funds and a series of exploding bombs last month, confidence in what was once Southeast Asia's brightest economy has sunk to a staggering new low.

If crisis brings opportunities, the big question for home-buyers remains: is it time to wade in as builders, shocked and shaken by the financial mess, offer discounts to draw transactions?

As usual, the stuff to avoid in a falling market is poor-grade items. In case your timing is off, it would not hurt to know you have a chance to offload if the streets become more bloodied.

The overpriced areas are probably the best to avoid. But in the middle-range ones, there are some projects such as The Address Siam, which may offer a bit of value in these troubled times.

As circumstances changed for the worse, the off-plan 24-floor city condominium is now hungry for enquiries.

In a recent site visit, the sales office on Phetchaburi Road, which has three mock-up units on show, offers a glimpse of what the freehold units will look like in about 16 months time, when the building is scheduled for completion.

However, all the 40-square-metre studios priced at Bt3 million and 50-square metre one-bedroom units from Bt4 million are completely taken.

If your budget is below that amount, you can save yourself the trip.

For buyers who can afford a Bt6-million condo, The Address has two- and three-bedroom units that may suit your taste.

Its 84-square-metre units with a modest terrace go for Bt5.82 million, while the 94-square-metre three-bedroom condos sell for Bt7.1 million on the low floors.

The price has dropped 10 per cent from December, for obvious reasons, but the salesperson warned that the company planned to raise prices back near Bt80,000 a square metre next month.

The price tag is a bit steep, and moreover does not include air conditioners and has a ceiling height of a modest 2.7 metres.

The parking facilities are on the first six floors, with the first apartments being built on the 7th to 23rd floors. The swimming pool and clubhouse are located on the 24th floor.

The strong point of The Address is its bathrooms, which are above average standard. Where many Sukhumvit developers are so stingy they cut out bathtubs, yet still charge massive amounts, Asian Property realises the importance of having them - if only to boost the resale value.

The other big plus here is the location, which is the former Hollywood cinema grounds. Until the mid-Eighties, Hollywood was easily the best cinema in Bangkok because of its quality projectionist and excellent choice of films such as the original "Gone With the Wind" and blockbusters like "Out of Africa".

But geed got the better of developers, who tore down the cinema to erect a mini-mall with two small movie halls. The venture turned a landmark into a dump. For years - until the arrival of Asian Property - the area was one of the most depressed parts of town.

Itthi C Tan

The Nation