Ananda suspends condo project 

By The Nation

 

Perspective of Ideo Q Phahon-Saphankhwai/Photo by Ananda Development Plc

 

Listed property firm Ananda Development Plc announced on Wednesday that it was suspending the development of condominium project, Ideo Q Phahon-Saphankhwai worth Bt10 billion and will refund down payments to customers who have booked units in this project since its April launch.

 

“Since introducing the project to the market in April this year, about 39 per cent of the first phase totalling 396 units have been reserved. It has become clear that the demand to buy into our project in this location does not match with the concept design and for this reason, we have decided to suspend sales and refund booking and down payments to customers. We will now revise the design of this project and will launch it again in 2020,” the company's chief strategy officer Sumeth Ratanasrikul wrote in the statement released on Wednesday.

 

Ideo Q Phahon-Saphankhwai is located close to BTS Saphan Khwai station on a six-rai plot. It was originally designed to have 1,114 units at a starting price Bt5.5 million per unit.

 

Source: https://www.nationthailand.com/property/30374017

 

-- © Copyright The Nation Thailand 2019-08-01

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The asking prices are getting mental, some could say it requires Idiot iQ to buy a condo

So as the other post today, the bubble really has burst.

At least they're doing this now and not when it's been part-built and buyers lose money.

 

Maybe this can be seen as a positive?

Had they controlled development 10 years ago , the condo market would be alive and well today...Greed

6 minutes ago, Andrew65 said:

At least they're doing this now and not when it's been part-built and buyers lose money.

 

Maybe this can be seen as a positive?

Well let's hope so although in the Thai busiess world what they promise and what they do are quite often poles apart.  However it seems a good move and an admission that Thailad really is entering into a downturn.

 

I just feel sorry for all those shops losing sales now of rose tinted glasses to the TVF "experts" who as predicted are having to face reality.

1 minute ago, geoffbezoz said:

Well let's hope so although in the Thai busiess world what they promise and what they do are quite often poles apart.  However it seems a good move and an admission that Thailad really is entering into a downturn.

 

I just feel sorry for all those shops losing sales now rose tinted glasses to the TVF "experts" who as predicted are proven wrong.

I just got back the last instalment back from a failed condo project. Had to use lawyers, but got it in the end.

2 minutes ago, Andrew65 said:

I just got back the last instalment back from a failed condo project. Had to use lawyers, but got it in the end.

Good for you you and lets hope the others are fortunate too.  Guess the lawyers fees were high though or did you find a sensible one ?

12 minutes ago, geoffbezoz said:

Good for you you and lets hope the others are fortunate too.  Guess the lawyers fees were high though or did you find a sensible one ?

Fees were about 200k Baht, to get back 3.2 million Baht.

I doubt that I would've seen any of it back without the lawyers and going legal. The debt/liability was "legally executable" in the courts if payments weren't made.

The contract gave the developer a 12 month grace period after a certain date, about 6 months after this date the lawyer took it to the civil courts.

4 minutes ago, Andrew65 said:

I just got back the last instalment back from a failed condo project. Had to use lawyers, but got it in the end.

Well done on getting your money back, although you had to use lawyers, but at least you are more fortunate than quite a few of the investors here in Phuket (Patong in particular) where condo/apartment developments have stalled over the past few years and the poor investors are out of pocket.

 

Apparently one development in Kamala here is not going ahead (and I wrote about this project potentially being suspect, some while ago) and I wonder if the investors will be getting refunds??

Too bad, so sad, never mind.

1 minute ago, Andrew65 said:

Fees were about 200k Baht, to get back 3.2 million Baht.

At least you got 3 mill clear rather than losing it. Problem is it appears whilst Anada is one of the better financed developers, many are not so, and as the property market deflation accelerates, these lesser companies will just fold without a care in the world about the people losing money, with the owners just driving away unconcerned.  A Bentley has a big boot to get all the property deposits in.

Maybe some sense at last in an over heated market, but I rather doubt it. It will take a full blown economic crisis in Thailand for sense to prevail

Just now, Pilotman said:

Maybe some sense at last in an over heated market, but I rather doubt it. It will take a full blown economic crisis in Thailand for sense to prevail

2020 should see that actuality I suspect

So did they actually start building anything as yet on the project site?

 

Or, was this another vaporware condo project looking for buyers and a place in the market?

 

Wonder how they're going to re-design the project now to make it more viable in the market....

5 minutes ago, TallGuyJohninBKK said:

So did they actually start building anything as yet on the project site?

 

Or, was this another vaporware condo project looking for buyers and a place in the market?

 

Wonder how they're going to re-design the project now to make it more viable in the market....

with air-con and solar panels of course.

This project had already been scaled back by 65% from original plans and can't even sell them at that level. Will probably be put on hold well past 2020.

My guess is they made a fair amount of profit from all the down payment and pre-build purchase money they stashed/invested while waiting for this non-existent property to finally dissipate...

So the 'build it and they will come' mentality is running into the reality storm

1 hour ago, mok199 said:

Had they controlled development 10 years ago , the condo market would be alive and well today...Greed

It's the "fruit stand syndrome"!  Somebody opens a fruit stand on the side of the road and has some success, so other people start opening fruit stands beside him until there are so many that nobody can make a decent living anymore.   

45 minutes ago, overherebc said:

with air-con and solar panels of course.

Hey, that's my house!!

4 minutes ago, simon43 said:

Hey, that's my house!!

If I had known it was yours I would at least have put in a window for you.

????????

10 minutes ago, Inn Between said:

It's the "fruit stand syndrome"!  Somebody opens a fruit stand on the side of the road and has some success, so other people start opening fruit stands beside him until there are so many that nobody can make a decent living anymore.   

Funny thing is the 7/11 system, 15 in 500 metres, still seems to work.

1 hour ago, Andrew65 said:

Fees were about 200k Baht, to get back 3.2 million Baht.

I doubt that I would've seen any of it back without the lawyers and going legal. The debt/liability was "legally executable" in the courts if payments weren't made.

The contract gave the developer a 12 month grace period after a certain date, about 6 months after this date the lawyer took it to the civil courts.

With all the condo scams, who could be that stupid to give 3.2 mil baht before getting the keys?????????????????????????????

if your that dumb, you deserve what you get, did you also buy into the condo scam on the hill at Bali pier.?

I enjoyed my childhood being brought up in a prefab, it sort of reminds me of the shoe boxes for sale here at a ludicrous price, who the chuff would pay for something like that ?

 

 

Just now, Golden Triangle said:

I enjoyed my childhood being brought up in a prefab, it sort of reminds me of the shoe boxes for sale here at a ludicrous price, who the chuff would pay for something like that ?

 

 

dick heads with more money than sense. 

Just now, Golden Triangle said:

I enjoyed my childhood being brought up in a prefab, it sort of reminds me of the shoe boxes for sale here at a ludicrous price, who the chuff would pay for something like that ?

 

 

But the pre-fabs no doubt have a greater life span than some of the condos in Bangkok have

13 minutes ago, overherebc said:

Funny thing is the 7/11 system, 15 in 500 metres, still seems to work.

555

 

Yes, 7/11 seem to be a very addictive drug for Thais. I don't think they can be near one without having to dash in for a snack or a drink.  

1 minute ago, geoffbezoz said:

But the pre-fabs no doubt have a greater life span than some of the condos in Bangkok have

My mate in the UK still lives in the Prefab he was born in 72 years ago.  I believe that they were built to have a life of 10 to 15 years? 

13 minutes ago, Pilotman said:

My mate in the UK still lives in the Prefab he was born in 72 years ago.  I believe that they were built to have a life of 10 to 15 years? 

10 years according to Wiki

https://en.wikipedia.org/wiki/Prefabs_in_the_United_Kingdom