Popular Post snoop1130 Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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 Follow Thaivisa on LINE for breaking Thailand news and visa info 1 4 Link to comment Share on other sites More sharing options...
Popular Post HeyHeyHey Posted August 1, 2019 Popular Post Share Posted August 1, 2019 (edited) The asking prices are getting mental, some could say it requires Idiot iQ to buy a condo Edited August 1, 2019 by HeyHeyHey 8 1 Link to comment Share on other sites More sharing options...
Popular Post geoffbezoz Posted August 1, 2019 Popular Post Share Posted August 1, 2019 So as the other post today, the bubble really has burst. 5 Link to comment Share on other sites More sharing options...
Popular Post Andrew65 Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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? 13 1 Link to comment Share on other sites More sharing options...
Popular Post mok199 Posted August 1, 2019 Popular Post Share Posted August 1, 2019 (edited) Had they controlled development 10 years ago , the condo market would be alive and well today...Greed Edited August 1, 2019 by mok199 4 1 Link to comment Share on other sites More sharing options...
Popular Post geoffbezoz Posted August 1, 2019 Popular Post Share Posted August 1, 2019 (edited) 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. Edited August 1, 2019 by geoffbezoz 3 Link to comment Share on other sites More sharing options...
Popular Post Andrew65 Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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. 7 Link to comment Share on other sites More sharing options...
geoffbezoz Posted August 1, 2019 Share Posted August 1, 2019 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 ? Link to comment Share on other sites More sharing options...
Popular Post Andrew65 Posted August 1, 2019 Popular Post Share Posted August 1, 2019 (edited) 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. Edited August 1, 2019 by Andrew65 3 Link to comment Share on other sites More sharing options...
xylophone Posted August 1, 2019 Share Posted August 1, 2019 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?? Link to comment Share on other sites More sharing options...
Popular Post overherebc Posted August 1, 2019 Popular Post Share Posted August 1, 2019 Too bad, so sad, never mind. 5 3 Link to comment Share on other sites More sharing options...
geoffbezoz Posted August 1, 2019 Share Posted August 1, 2019 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. 1 Link to comment Share on other sites More sharing options...
Popular Post Pilotman Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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 3 Link to comment Share on other sites More sharing options...
Popular Post geoffbezoz Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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 2 1 Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted August 1, 2019 Share Posted August 1, 2019 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.... Link to comment Share on other sites More sharing options...
Popular Post overherebc Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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. 1 3 Link to comment Share on other sites More sharing options...
wisperone Posted August 1, 2019 Share Posted August 1, 2019 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. Link to comment Share on other sites More sharing options...
Popular Post mosan Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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... 3 Link to comment Share on other sites More sharing options...
RichardColeman Posted August 1, 2019 Share Posted August 1, 2019 So the 'build it and they will come' mentality is running into the reality storm 1 Link to comment Share on other sites More sharing options...
Popular Post Inn Between Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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. 5 Link to comment Share on other sites More sharing options...
simon43 Posted August 1, 2019 Share Posted August 1, 2019 45 minutes ago, overherebc said: with air-con and solar panels of course. Hey, that's my house!! 1 Link to comment Share on other sites More sharing options...
overherebc Posted August 1, 2019 Share Posted August 1, 2019 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. ???????? Link to comment Share on other sites More sharing options...
overherebc Posted August 1, 2019 Share Posted August 1, 2019 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 Link to comment Share on other sites More sharing options...
Ron jeremy Posted August 1, 2019 Share Posted August 1, 2019 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.? 1 1 Link to comment Share on other sites More sharing options...
Golden Triangle Posted August 1, 2019 Share Posted August 1, 2019 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 ? 1 Link to comment Share on other sites More sharing options...
Pilotman Posted August 1, 2019 Share Posted August 1, 2019 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. 1 1 Link to comment Share on other sites More sharing options...
Popular Post geoffbezoz Posted August 1, 2019 Popular Post Share Posted August 1, 2019 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 3 Link to comment Share on other sites More sharing options...
Inn Between Posted August 1, 2019 Share Posted August 1, 2019 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. Link to comment Share on other sites More sharing options...
Pilotman Posted August 1, 2019 Share Posted August 1, 2019 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? 2 Link to comment Share on other sites More sharing options...
geoffbezoz Posted August 1, 2019 Share Posted August 1, 2019 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 1 Link to comment Share on other sites More sharing options...
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