amarka

You meant skeptics right?

cv

no...I meant dyslexpics

regards

hi ..

not myexperience at all..

i see most thai people as being very open and friendly... land of smiles stuff....

but then again i dont live there... just a lot of business trips..

amarka

Oh to be an anti-sceptic living in a nation of 65 million sceptics.

regards

hi..

if Thaksin was the thai premier then such remarks must be seen as disrepectful against the thai premier ..therefore anti thai...

anyones pereference or dislikes can be descibed in a differnent way - no need for the lager lout stuff!

the picture is inhumane..... are you suggesting Thaksin did this just because he was premier at the time..?

i think you are going a bit overboard

amarka

hi...

this post is just an example...of what i originally meant.

is this not anti thai and totally disrespectful?

come on guys you can do better than that - show some respect.

amarka

Dear Toxin,

Please don't let the door hit you in the ass on the way out.

Respect is something to be earned.

I don't see the comment as anti-Thai at all.... it's anti-Thaksin.

To clarify things more easily, here's an example of something anti-Thai:

Tak Bai, 2004

hi..

it appears to me that Thaksin can do no right...

stay and he's wrong

resign and he's wrong....

seems like the same old ex pats just cant get it....

its nothing to do with you! this is a Thai issue and like it or not your your votes will not be counted!

amarka

Just have to look at things in a different light and be a little imaginative.

You might be surprised how some non-voters can have an impact:

http://www.thaivisa.com/forum/index.php?s=...ndpost&p=701626

as a follow-up to that post, our voting district had a majority of "no votes"...

hi..

ok yes you may have changed a couple of votes and yes some ex pats would have influenced a few people....

but not the majority and i dont think it had a majr impact..

amarka

hi...

this post is just an example...of what i originally meant.

is this not anti thai and totally disrespectful?

come on guys you can do better than that - show some respect.

amarka

Dear Toxin,

Please don't let the door hit you in the ass on the way out.

hi...

my apoligies if i upset anyone and of course we are all entitled to our opinion.

i am not anti farang.. i am farang....but i think the thai government deserves more respect. i am though, anti "skeptics" cant stand them!

i am just a little annoyed at the constant criticism of the ex premier... whatever he does is wrong in the eyes of some people. He has obviously discussed his decision with the king of Thailand and Thailand is calling for unity now. Depsite achieving a majority is the recent elections he resigned for the good of the country.

it seems seems to me that some ex pats just want to ravvage him.. i dont think that that is right.

the point i was trying to make is that "we" dont vote, therefore we dont count. i could have perhaps phrased it a little better.

opinions are something else.

sorry.

amarka

Hi there,

Just as this web forum does not tolerate anti-Thai posts, we do not tolerate anti-farang posts either. To suggest to our expat membership that their opinions are "worthless" is rather insulting. Please keep the discussion civil in the future.

Thank you for your understanding.

Meadish

hi..

it appears to me that Thaksin can do no right...

stay and he's wrong

resign and he's wrong....

seems like the same old ex pats just cant get it....

its nothing to do with you! this is a Thai issue and like it or not your votes will not be counted!

amarka

[inflammatory statement deleted. Please keep the debate civil. All opinions are worthy of consideration, if they are well thought out and presented. /Meadish]

hi...

the Regents have sent out letters to the buyers explaining the delays and offering slower payment alternatives.

i for one will not take the slower payment method and stick to the original contract.

anyway it looks like completion December 2007 now.

looking at the current state of the building i cant see this happening...any comments?

amarka

Hello Everyone......

its springtime here in europe and guess what...

lots are people are going on holiday to spain, italy, france and greece instead of Thailand, malasia and india.....

package tours from the U.K to spain for 2 weeks can be as little as 200/300 pounds.... a flight to Thailand is.......

it will pick up again when europe get cold again...like it does every year...

amarka

The drop in arrivals couldn't be anything to do with tourists (and everyone else) being told they have to go back to their rooms at 1am or 2am or whenever the BIB decide to close down places on any particular night, could it? Or that they run the risk of arrest if they don't carry their passport every time they go out? Or they can't pop into 7-11 for a beer in the middle of a tropical afternoon? Or they face the prospect of being drug-tested while out for the evening? Or that prices are rising so sharply that Thailand is no longer the good deal that it used to be when compared to some of the neighbouring countries?

No. It couldn't possibly.

hello John,

thank you for your comments again...

i guess we are just at opposite ends of the pole.

amarka

Hello John,

Hi

some interesting points...

Thank you

my comments follow yours...

I appreciate that. Mine follow yours.

amarka

hi guys...

i also dont know of any other reliable leader in thailand at this moment in time... sure Thaksin has got rich.. or should i say richer whilst he has been in power, but lets not forget the man is in his prime and would had got richer anyway... thailand needs a leader... a capitalist leader, nothing is ever perfect but in my own humble opinion he is by far the best thailand has available right now.

I didn't think Thaksin got richer, only his 20-something kids. They were the ones that got the windfall from governmental policies that benefited their, not his, business.

so when you die... will you just leave your money in the bank.. or let your kids have it ?

His kids already have the money, right? He divested all his stock assests in 1994 when he entered politics, so there is no need to leave it to them.

and this other guy sontee should be prosecuted for inciting violence. there is a democratic procedure he can follow in thailand.

I thought constitutionally-guranteed public protests and petitioning WERE democratic procedures.

i said.... and this other guy sontee should be prosecuted for inciting violence

When did he incite violence? What did he say?

i can understand why a lot of expats dont like Thaksin... and those are mostly the types the Thai government ... or any government for that matter dont want on their soil....

You're probably right about that. Can't have individuals from abroad encouraging accountability and questioning the corrupt policies of a host country. Other countries' leaders in the past didn't like them either, such as Marcos, Amin, and Noreiga. Better to have the docile, unknowing, and uncaring types.

are you now comparing Thaksin to Marcos? Amin and the likes.. come on be serious..!

Marcos declared martial law in the Philippines. Thaksin has declared martial law in Thailand. Amin attacked his detractors, Thaksin has attacked his detractors. Similar, yes?

so perhaps its time to go home or show some loyalty to the country you are a guest in.... and if you must interfere in thai politics make sure you support only the democratic avenue.

I think the best way to show loyalty to this country is precisely by getting involved in it, not running away. Thailand is a wonderful country that deserves better that what it has currently. I fully and solely support the democratic avenue to effect change. I don't recall anyone advocating un-democratic principals.

no one sadi you should run away. just use some logic. can you provide a better alternative to Thaksin? you may not advocate violence.. but this guy sontee seems to. so if you care for Thailand like you indicate you do, then you should only encourage the diplomatic avenue. i am actually of the opinion the thais dont need us ex pats to get involved.

Sonthi "seems" to advocate violence? Where? When?

I DO encourage democratic means.

amarka

Hello John,

some interesting points...

my comments follow yours...

amarka

hi guys...

i doubt very much that Thaksin bought all of his votes....

Absolutely correct. I have heard from reliable sources that he received at least a hundred votes from his extended family for free.

would you not vote for your brother/father ?

i also dont know of any other reliable leader in thailand at this moment in time... sure Thaksin has got rich.. or should i say richer whilst he has been in power, but lets not forget the man is in his prime and would had got richer anyway... thailand needs a leader... a capitalist leader, nothing is ever perfect but in my own humble opinion he is by far the best thailand has available right now.

I didn't think Thaksin got richer, only his 20-something kids. They were the ones that got the windfall from governmental policies that benefited their, not his, business.

so when you die... will you just leave your money in the bank.. or let your kids have it ?

and this other guy sontee should be prosecuted for inciting violence. there is a democratic procedure he can follow in thailand.

I thought constitutionally-guranteed public protests and petitioning WERE democratic procedures.

i said.... and this other guy sontee should be prosecuted for inciting violence

i can understand why a lot of expats dont like Thaksin... and those are mostly the types the Thai government ... or any government for that matter dont want on their soil....

You're probably right about that. Can't have individuals from abroad encouraging accountability and questioning the corrupt policies of a host country. Other countries' leaders in the past didn't like them either, such as Marcos, Amin, and Noreiga. Better to have the docile, unknowing, and uncaring types.

are you now comparing Thaksin to Marcos? Amin and the likes.. come on be serious..!

so perhaps its time to go home or show some loyalty to the country you are a guest in.... and if you must interfere in thai politics make sure you support only the democratic avenue.

I think the best way to show loyalty to this country is precisely by getting involved in it, not running away. Thailand is a wonderful country that deserves better that what it has currently. I fully and solely support the democratic avenue to effect change. I don't recall anyone advocating un-democratic principals.

no one sadi you should run away. just use some logic. can you provide a better alternative to Thaksin? you may not advocate violence.. but this guy sontee seems to. so if you care for Thailand like you indicate you do, then you should only encourage the diplomatic avenue. i am actually of the opinion the thais dont need us ex pats to get involved.

amarka

amarka

hi penzman,

..... are you really able to make that judgment?

i mean this guy is very very rich..... he cant be a complete failure..... are you a business man of at least millionaire status to be able to understand what’s required?

its easy to criticize and pour scorn on a rich mans success....

amarka

hi guys...

i doubt very much that Thaksin bought all of his votes....

i also dont know of any other reliable leader in thailand at this moment in time... sure Thaksin has got rich.. or should i say richer whilst he has been in power, but lets not forget the man is in his prime and would had got richer anyway...

I doubt he would have gone very far had he used the same tactics in most democratic countries of Europe or in North America. He'd be a convict or ex-convict by now...

hi guys...

i doubt very much that Thaksin bought all of his votes....

i also dont know of any other reliable leader in thailand at this moment in time... sure Thaksin has got rich.. or should i say richer whilst he has been in power, but lets not forget the man is in his prime and would had got richer anyway... thailand needs a leader... a capitalist leader, nothing is ever perfect but in my own humble opinion he is by far the best thailand has available right now.

and this other guy sontee should be prosecuted for inciting violence. there is a democratic procedure he can follow in thailand.

i can understand why a lot of expats dont like Thaksin... and those are mostly the types the Thai government ... or any government for that matter dont want on their soil....

so perhaps its time to go home or show some loyalty to the country you are a guest in.... and if you must interfere in thai politics make sure you support only the democratic avenue.

amarka

I'm curious to see if any cash from the sales of Shin will ever make it to Thailand

To buy votes in the next election? I should hope not!

-----------------

Maestro

Hello Indorealty,

thank you - and everyone else for the very valuable comments you have made. you really seem to know your stuff... not that the other dont have valid comments, but you seem to have hte edge.

another price rise? .. well someone is confident..

my contract definatly says completion December 2006. in fact i was sent another copy by post because i thought i had mislaid my original and it also says December 2006.

Regents have now contacted me and asked to see me next month to discuss the completion date...lets see what happens..

what does Thai law say about this.

apart from the delay i am happy so far

thanks again

amarka

What I've tried to argue is that if they are so incompetent/unprofessional as to choose the name/concept "the Trendy", then can you trust their competence in developing the condo itself? The answer to that is there for all to see.

Trendy is not actively marketed toward foreigners. I have seen more Trendy ads on Thai language newspapers than Bangkok Post or the Nation. To most Thai, the name Trendy is very acceptable and very trendy indeed. Why dont you ask your local friends/acquiantances whether the name Trendy for a condo is acceptable to him/her? Thai condo buyers could care less even if the word Trendy is written Trendie or Trendi or if the condo is named whatever (it is only a name). What's important is the condo is located close to BTS (only 1 minute walk) and it is still affordable.

But the good news is Regent's price has gone up again

From the initial price of

Bt85,000/sqm (6th Floor) - Bt100,500/sqm (37th Floor)

to

Bt99,000/sqm (6th Floor) - Bt114,500/sqm (37th Floor)

Still though, Bangkok condo is cheaper than Shanghai's (average Bt160,000/sqm) and for an equivalent development like the Regent Residences if it were in Shanghai, it would fetch Bt200,000/sqm and higher.

An Indian from Mumbai recently bought the last 3 units of Athenee Residences, for which he paid close to Bt60million. He thought that prices of condos in Bangkok is a lot cheaper than those in Mumbai for a comparable quality.

Hello stevero...

thank you for your reply...

selling when complete has its problems too..... but less risk agreed.

can you let me know what your website is, if not via this forum - then message me, i would be most grateful, i am sick of staying in Hotels and need a condo earlier than this one in the Regents will be finished.

yes i realise that some sales figures will be fictional - but do you really beleive as much as 25% - thats a heck of a lot of units and if sold at a considerable discount would badly effect the overall project profitability.

why is lower suk nasty? or do you mean seedy? is there trouble there? yes there are lots of bars and stuff, but some good restaurants too and lots of fun.. sorry i'm a tourist mainly!

traffic is not a problem with the skytrain right outside? at least not for me...

yes the building looks impressive and i guess the location is fine for tourists but i have to admit if i did actually live in BKK i would proabaly seek somewhere else...

thank you for your comments - most helpful.

amarka

THe success of Land and House type companies is that they go the opposite way and sell after building, to remove that off the plans but not finished at all/on time risk.

Then you have several good developers (including us I suppose) who for the most part run on time, deliver on spec, and mostly run a tight ship.  Sansiri, Noble, LPN, Asia Properties all have as good a reputation as the same sorts of companies where I used to live in NZ (where it is almost always the case that projects are finished behind time and sometimes under spec.

The 25% ratio is definitely true for earlier projects; a developer without a track record is looked at extremely skeptically by most Thais who recall 1997/98, and most savvy foreigners as well.

So they quickly flick  off a bunch to their mates (including themselves) to get the percentage sold up fast, and when a new buyer sees 95% sold, they figure, this must be alright, 95% of the building can't all be stupid.

And often the sales staff can juggle around 'I know about someone wanting to onsell' is a common line.  THis, in my expeience, occurs pretty much everywhere in the world.  Developer takes an option on the land; pitches the project; reaches a series of points in sales at which point the person funding it, bank or similar, reaches into their wallet and coughs up cash.

Regarding why the project might struggle to sell at the moment, Lower Suk IMHO has a reasonably nasty neighbourhood on that side unless you get deeper into the sois; the opposite side looks onto the monopoly which is greener.  My boss sold all their land and properties in this lower Suk area behind where the Regent is simply because it was no longer a place they felt comfortable driving around; beer bars, prostitutes everywhere and so on.  That said, a few big quality developments, and areas can scrub up; like the area aruond LPN in Suttisan which used to be a supreme slum.

For now though, the traffic in that area is bad, but so is pretty much all of Suk, Chitlom is a pain to get to and there are a few out by Sathorn but traffic isn't much better.  So there is quite a lot of competition, and at least as it seems to me, they have a worse track record than some of the other projects developers.  And guys like Sansiri with a fairly large stock have been selling off with some pretty good deals on the other side, I think Soi 8?  so it makes it harder when you have a bigger company with a better record discounting (which they can do, because Sansiri probably have a lower cost to do business).

Of course, why are they ramping up the price?  To some degree, it placates the people already in, and also, it encourages new buyers with a sleight of hand; 'the prices have risen since we first started selling the project, so if we project this for another 20- years look at the capital gain!"

Of course, you would have to be a bit naive to believe that, but as an agent, it is worth a shot, and again, not solely in Thailand, occurs other places too.

It looks like a very impressive building, so I hope it all comes through for you!  Good luck.

<{POST_SNAPBACK}>

happy new year.... all over the world

amarka

hi gharkness,

yes i get your feeling...

Thai / falang ... no difference! social conflicts happen everywhere.

again - these bad people are all over the world.

they always will be.....

amarka

i skipped through this thread and i'm not surprised to see that most of it contains posts from people that express opinions on what they think "must" have happened and what type of person they think someone is without actually knowing, this is why the jury system can be dangerous.

What we do know is that they argued often and had serious physical conflict, the sad thing is neither of them had the sense or courage to walk away before a serious injury took place, yes she was Thai (so what) he was farang (so what) they where both people, she probably had nothing to gain by killing him except maybe a backpack so no motive as such

I notice more and more as I stay here a certain type of farage that has some kind off superiority idea between themselves and Thais, I had an argument with a realy nasty ignorant farang one night when I was out playing pool with my team in another bar, I was accompanied by my Thai Girlfriend who also played on the team, this guy walks over to where she was sitting and told her to set the table up for the next game as he was above that sort of thing when Thai Girls where available, I grabbed her arm as she was getting off the seat and told her to sit down, this guy got angry, i basically told him to F off and do it himself, I've seen this sort of thing many times, my mates wife was at the center of another incident from a very rude farang who again though - ah thai girl - I can treat her like &lt;deleted&gt;, touch her up make joke of her..............he leaned a hard lesson that night

The point I'm making here is there are a number of farang or foreighners that come to this country with a preconceived idea that Thai people are below them and can abuse and treat them as they see fit, in the case of the unfortunate event on this thread they already have the answers based their own head in ass attitude, we are allowed to abuse Thais if they retaliate it's not our fault.

<{POST_SNAPBACK}>

Hello Steven,

some of your comments seem a bit strange to me....

you think that Thais cant speak english - except for the pros ? as you call them? and why should a 26 year old man not be able to meet a girl in Thailand - other than a bar girl?

what are you doing in thailand and who are you with? - not my business really , just wondered?

you paint a bad picture of the thais - but some guys are suckers and loose everything no matter where they are! doesn't have to be thailand!

just wonder why you are still in Thailand and who you are with?

we all know that girls dont just walk away - they get jealous and then anything can happen..... in any country of the world!

amarka

Just heard over CNN where a Tampa Bay football player was stabbed to death by his girlfriend...it happens everywhere.  But I don't think I would be so philisophical if it were my son dead at 26.

<{POST_SNAPBACK}>

I would like to clarify first that I assume the lady was a pro and also that I am familiar with Thai culture as I have been living in Thailand for 13 years. It is a very rare occasion that a 26 year old man would have opportunity to meet any other than a girl working in a bar as most thai know only how to say " what is your name' Where you go?" There are a few exceptions but a man of this age would have been spending most of his time hanging around the bars. I speak with a lot of experience as I have seen and talked to many foreigners who are or have lived with a Thai lady. I have heard a lot of sad stories of foreigners been cheated for everything they have. I could relate a 100 stories. Thai are perceived to be very friendly and beautiful smiling people and many of them are. What most foreigners that do not live here don't know is that they also can be very hot tempered and extremely violent. Disagreements often end in a midnight revenge killing when it is least expected. The killers are rarely found and if they are caught and have money they never see the inside of a prison wall. I personally know several Thai that have killed and feel no remorse for what they have done. I know there will be those that think I am being too sympathetic for the young man and putting most of the blame on the girl but that is just because I have seen it so many times and have probably more experience than you will ever know. Anything that you want to know about Thai just ask me. What it really comes down to though is that the girl if she thought her boyfriend was no good then all she had to do was to get up and walk away. Now a young man has lost his life for what? Nothing can justify what she did and now the parents of this man will have to live with the memory of the tragic loss of their son for the rest of their lives. You tell me what does she deserve?

<{POST_SNAPBACK}>

Hello charles,

when was the project first launched?

yes there is a difference between optimism and telling lies.

Mmm i like the location, but then i am only a tourist ( most of the time ) but i am looking for a second condo - given that this one is so late - can you recomend something that will be finished late 2006 ?

i am surprised that the sales have not been stronger at the Regents, but like i said i am an outsider, so i dont really know BKK that well.

thanks for the info.

amarka

Good luck with GAM - hopefully they'll be more responsive on the ground. TBH, Dec 06 was always impossible given the size of the project, so this might not be a slip, just a return to reality from an overly-aggressive sales pitch...

Fair enough, but it is not far off 2 years between launching the project and breaking ground...not acceptable (in my opinion). An "overly-aggressive sales pitch" might also be described as downright lieing.

Personally, I just think that for a "high class" condo there are so many better choices (e.g. Madison, Fullerton, Park Chidlom etc) - and for all these places construction is quite well to very well advanced. I think the Regent's weakness in terms of management and also location (in my opinion) is evidenced by its weak sales - and if a place in this price range hasn't got good bookings by now, it looks like it will really struggle from now on.

<{POST_SNAPBACK}>

Hi ... beer....

yes you might be right, maybe the end date was always too optimistic.

they seem to be working on the project all the time and now have the foundations complete and the next team has moved in....

so i guess we shall see..

thank you for your comments

amarka

Just to repeat, I had no such problems with a Noble project. Finished 99% in line with deadline, and with clear penalties to them if they hadn't done so.

Good luck with GAM - hopefully they'll be more responsive on the ground. TBH, Dec 06 was always impossible given the size of the project, so this might not be a slip, just a return to reality from an overly-aggressive sales pitch...

<{POST_SNAPBACK}>

Hello Charles,

thank you for your reply..

so you dont rate GA ?

yes it seems to be a sales/cash issue at the moment, but like i said having mortgaged the land and sold 50% - they should have enough cash ??

no the contract does not penalise them in any way - just says if i am late in paying they can confiscate the condo and sell it to someone else.....

looks like your contract was a lot better... maybe GA planned things this way from the start?

i can get out - by selling to someone else, or GA does that for me. but i dont want to get out...... i want to get in - the condo.

the fact that they dont answer my e-mails annoys me more than anything, i will be in Thailand soon and i guess i shall have the answers...

thank you for your information and insight...

amarka

Welcome to Thailand, where NO building gets constructed within the advertised time period. 

As Digger says, this is simply not true. There are plenty of companies getting projects up on time, e.g., LPN, Supalai, Noble - there for all to see. Many of these are big projects too, which of course need professional management and proper funding.

Unfortunately professional management and proper funding might not be associated with Grande Asset. Really don't want to say "you should have done this.." in a smart arse kind of way, but this just illustrates why you should very carefully check out the developer if booking an off-plan condo.

Remember reading one of Grande Assets glossy brochures myself - they do nice brochures and nice renderings of buildings they plan to construct. Unfortunately, looking at their track record, one is left much less impressed. They have the Westin Sukhumvit and that is about it, otherwise they only have projects "under construction": one in Hua Hin (apparently progressing reasonably); the Holiday Inn on Sukhumvit (progressing although apparently not too fast); the Regent and "the Sales" in Pattaya (both still to 'get off the ground') and finally "the Trendy" condo next to the Regent. This place is the biggest red flag of all. It is taking them longer to refit an existing building than it takes the more professional developers to build a project from scratch! Quite clearly they do not have the sales or cash flow. Not to mention of course that any company that comes up with such a naf name as the Trendy for a condo aimed at foreigners needs their competence seriously questioned.

As for the contract, does it say anything about what happens if they don't complete on time? From my experience, last Feb the wife and I signed a contract with LPN Development PLC to buy a condo (off-plan) near Onnuj. Completion was set as June 2006. The contract was very specific about late completion. In the case of something unavoidable/not their fault (e.g. due to the authorities or something) they could delay for up to one year, but they would have to inform the customer straight away and the customer had the right, if he wished, to withdraw from the contract and get all his money back. Other than such cases, they guaranteed to complete the project by early August 2006 (i.e. within 2 months of schedule), if they failed to do so they would incur fines (paid to the customer) and again the customer could choose to get his money back.

Of course, the above company knows what it's doing, quite evidently it will be completed on time and is already about 90% booked I believe. By the way, me and the wife changed our minds and decided to return to the UK - we got all our deposit back (about 10% of total cost) - sales staff found someone else to take over our contract (made some money for themselves in the process too). This was slightly not by the book - if I'd formally asked the company to withdraw from my contract, I believe I'd have got back 80% of my deposit - not bad really, after all it is a "deposit".

So, I'd look at what your contract says about penalties for late construction and what capacity for "get out" you have. Mind you, for this company I wouldn't be suprised if both were not even mentioned in the contract. It also doesn't suprise me that they have noone able or williing to reply to e-mails in English. By the way, how much deposit have you paid?

God that was long winded, apologies and best of luck!

<{POST_SNAPBACK}>

Hi Digger,

thanks for your comments once more...

it looks like the land is mortgaged as well, which i guess is normal. if they have really sold 50% and mortgaged the land they should be ok for funds ??

I cant comment on how solvent GA are - but i guess you only need one such project to turn a bit sour to have a drastic effect on the overall company cash flow.

yes i understand the logic you mention with price rises. its normal for developers to raise prices as each stage is completed. but the sales team seems to be under performing and it wont be made easier with big price rises.

the sales scenario you mention is very worrying if true....

yes i am a bit puzzled why it should be one year behind, given that they have mortgaged the land and have sold 50% already. they told me that in october 05..

thanks for your comments...

amarka

Yes it is normal that banks provide finance for such sized projects however they will only release funds based on % units sold - that way they minimise their exposure - a lesson learnt the hard way in '97 crash.

GA is not the most solvent of developers anyway and it appears they are getting ahead of themselves - again.     

Price rise is simple - in Thailand if things dont sell, the price goes up to compensate for lower sales - i.e fewer people buying still equals same money to the developer.  No logic in this but its how things work in Thailand.

25% of sales - yes for sure, but probably 50% of those have been sold at below cost to close friends, hoping to muck a quick buck when the thing is finished and the others are probably ficticious sales to keep the banks happy.  i.e use some id cards, pay the deposit and hey you have 25% sold and bank advances first tranche of money to get things underway.

Incidentally, there is NO reason for a building project to be 1 year behind schedule if its correctly managed.    Look at other condo's - they are more often than not coming in on time or within 30 days of when they said it would.

<{POST_SNAPBACK}>

hi digger,

thank you for your comments.

is it not normal for banks to fund such projects? i dont think many are funded by the construction companies themselves, although they would have to deposit some money.

do you really think 25% are sold to friends, maybe a few condos, but not 25%?

if there no protection in thailand? i thought that these types of constuction were controlled by the government?

yes its a grande asset project.

they must have some cash? but i dont think that anyone could build all of these projects from their own cash, without banks or private investors.

apparently the underground work is complete now and the next company have moved in to build up. so we shall see.

thank you for your comments.

amarka

I had a feeling this development was going to turn out this way.    Typical approach of an underfunded company who have ideas above their financial resources.    This development is being funded by banks and customers not the developers money and if not enough have been sold and deposits booked and receipted, the banks will slow down the funds accordingly.  Work will then slow down and this type of situation happens.      I have said this before, but in Thailand, there is very little protection against this happening and dont for one moment ever believe the sales figure that your quoted as the first 25% of sales are to *friends* to make it look like its selling better than it really is. 

Is this a Grande Assett management project?    Probably the same will happen to their new project in Pattaya/Jomtien - If its them, they actually do not have much cash and cash is what gets things built, not assets on a balance sheet. 

I hope I am wrong on this for your sake, but suspect I am not.

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hi - thank you for the replies...

i think it would be fair to say that most construction projects world wide are late, rather than early.

most hower offer some form of compensation if the delay goes beyond 6 months.

is this not the case in Thailand??

most of the private capital will be released on completion, but yes if sales fail then there will be a financial gap to fill.

if sales are failing - then why have they put up the price 3 times since march 2005 ?

what most alarams me is the lack of communication, surely this comapany is in a position to employ someone who can make sure that e-mails get answered.

anyone else go a contract saying completion 2006?

amarka

Welcome to Thailand, where NO building gets constructed within the advertised time period.  A good example is another GA project, "The Trendy" condo, just across the soi from the Regents.  Although just a refitout, the actual completion date will be TWO years from the original advertised date.  Check out "The Infinity", at the Chong Nonsi BTS station.  The project completion date is now 2010, or some such nonsense.

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thanks

can now avoid some days when everything is closed!

amarka

Thaivisa Calendar 2006 (thanks to member tywais!)

The Thaivisa Calendar 2006 is now ready for download in .pdf format. It has all the public holidays for 2006 as well. Print it out!

HAPPY NEW YEAR!

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