Ananda suspends condo project

[Enoon]

9 hours 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? 

The UK needs them now.

 

 

[Aussieroaming]

11 hours 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....

Yes, we live adjacent to the site. They've cleared the old buildings off, erected the show room and had started civil earthwork works for the foundations.

[mosan]

48 minutes ago, Aussieroaming said:

Yes, we live adjacent to the site. They've cleared the old buildings off, erected the show room and had started civil earthwork works for the foundations.

Oh, so it's the old "let's act like we're building something" trick.  Works every time!

Edited August 2, 2019 by mosan
Clarity

[RotBenz8888]

There must be 100s of other projects going on in BKK, many to become ghost towers. A symbol of greed.

[geoffbezoz]

12 hours ago, HeyHeyHey said:

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

Many have ????

[Essex Reject]

I have recently started paying for a similar project with Supalai in West Bangkok, due to be completed in 2021. The down payments are very fair, I think about 90% of the cost is due on completion. I believe it has sold out, I definitely got the last 2 bed available anyway.

Edited August 2, 2019 by Essex Reject

[RotBenz8888]

12 hours ago, HeyHeyHey said:

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

Just like those falling for romance scams and Ponzi schemes. An investment. 

[BritManToo]

12 hours ago, Andrew65 said:

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

You've probably made money out of the exchange rates.

If you were a Brit, 3.2M cost you 64,000GBP, now 3M will buy you 81,000GBP.

 

 

Edited August 2, 2019 by BritManToo

[geoffbezoz]

1 minute ago, Essex Reject said:

I have recently started paying for a similar project with Supalai in West Bangkok, due to be completed in 2021. I believe it has sold out, I definitely got the last 2 bed available anyway.

Good luck with that then. If I were you I would seriously look at cancelling if possible.  Money lost now will be a whole lot less then what you will eventually loose when the project grinds to a halt.

[Essex Reject]

13 minutes ago, geoffbezoz said:

Good luck with that then. If I were you I would seriously look at cancelling if possible.  Money lost now will be a whole lot less then what you will eventually loose when the project grinds to a halt.

Hahaha...I wasn't expecting any other type of reply on here.

 

And how can you 'loose' money?

Edited August 2, 2019 by Essex Reject

[Andrew65]

11 hours ago, Ron jeremy said:

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.?

The biggest scam is putting your property in someone else's name.

[mosan]

11 minutes ago, Andrew65 said:

The biggest scam is putting your property in someone else's name.

The second biggest scam is giving someone your money before you can walk in and inspect what you're buying...

[newnative]

18 minutes ago, Essex Reject said:

Hahaha...I wasn't expecting any other type of reply on here.

 

And how can you 'loose' money?

   Well, here's a positive response.  You should be fine. Supalai is a huge company and I have no doubt your project will be finished--and likely right on time.  You were wise to buy off-plan from a large, well-financed company rather than some iffy, no-name company with no track record. 

[Essex Reject]

8 minutes ago, newnative said:

   Well, here's a positive response.  You should be fine. Supalai is a huge company and I have no doubt your project will be finished--and likely right on time.  You were wise to buy off-plan from a large, well-financed company rather than some iffy, no-name company with no track record. 

Haha, yes I think so. It was one main reason why I signed up with them. And as I said in my initial post all down payments are only 10% so I would hardly be the next jumper if I only lost that. Thanks for your input, appreciated.

[geoffbezoz]

50 minutes ago, Essex Reject said:

Hahaha...I wasn't expecting any other type of reply on here.

 

And how can you 'loose' money?

Strange reply for someone thinking a condo is a real investment !!

 

So here is a clue.

 

My comment was "Money lost now will be a whole lot less then what you will eventually loose when the project grinds to a halt". So canceling it now will mean you possibly forfeit you deposit already paid. However losing that is possibly a much smaller amount then if you continue with your installments that you will never get back when the development folds or is fundamentally changed in design due to the downturn.

 

But like they say "A fool and his money is soon parted" and the Thai property market proves that over and over again.

Edited August 2, 2019 by geoffbezoz

[ExpatOilWorker]

This is the old and now canceled project:

 

No. of Residential Units 1,114 Units
Tower Terra 396 Units
Tower Luna 287 Units
Tower Sol 431 Units

No. of Shop Units 5 Units

No. of Parking Lots 546 Cars
Pubic Parking 6 Cars
EV charger 2 Cars

No. of Levels 39 floors
No. of Lifts 9 Lifts

 

Now they wand to redesign it with more units. Will be dense urban slum.

[geoffbezoz]

5 minutes ago, ExpatOilWorker said:

This is the old and now canceled project:

 

No. of Residential Units 1,114 Units
Tower Terra 396 Units
Tower Luna 287 Units
Tower Sol 431 Units

No. of Shop Units 5 Units

No. of Parking Lots 546 Cars
Pubic Parking 6 Cars
EV charger 2 Cars

No. of Levels 39 floors
No. of Lifts 9 Lifts

 

Now they wand to redesign it with more units. Will be dense urban slum.

So long as they re-design it with boat moorings and pier for electric water taxis then it will be a great investment for 50 years time. ????  But then with a few wet berths it will also become attractive to the property investment expert "wets" on this forum ????

Edited August 2, 2019 by geoffbezoz

[Essex Reject]

12 minutes ago, geoffbezoz said:

Strange reply for someone thinking a condo is a real investment !!

 

So here is a clue.

 

My comment was "Money lost now will be a whole lot less then what you will eventually loose when the project grinds to a halt". So canceling it now will mean you possibly forfeit you deposit already paid. However losing that is possibly a much smaller amount then if you continue with your installments that you will never get back when the development folds or is fundamentally changed in design due to the downturn.

 

But like they say "A fool and his money is soon parted" and the Thai property market proves that over and over again.

Well I appreciate your advice, thank you.

 

Now it's Friday, so go out and have a pint!

[BritManToo]

1 hour ago, Andrew65 said:

The biggest scam is putting your property in someone else's name.

My property is in SCBs name (they own most of it).

[p414]

Hopefully different from the big crash around 1996 when the developers line was 'No talk ,No pay, No run away'

[p414]

4 hours ago, Enoon said:

Re prefabs ......The UK needs them now...

 

 

I believe they were made with asbestos.They were warm,comfortable homes all with a small garden.Also had a back boiler to heat water from your coal/coke fire.

Edited August 2, 2019 by p414

[hotchilli]

15 hours 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?

Positive proof that the Thai economy is shaky !

[BobBKK]

Surely everyone knows buying 'off plan' is a huge risk here?  good job those that got refunds.

[newnative]

2 hours ago, geoffbezoz said:

Strange reply for someone thinking a condo is a real investment !!

 

So here is a clue.

 

My comment was "Money lost now will be a whole lot less then what you will eventually loose when the project grinds to a halt". So canceling it now will mean you possibly forfeit you deposit already paid. However losing that is possibly a much smaller amount then if you continue with your installments that you will never get back when the development folds or is fundamentally changed in design due to the downturn.

 

But like they say "A fool and his money is soon parted" and the Thai property market proves that over and over again.

    Well, it's not all doom and gloom.  My partner and I just sold our 17th condo in June--at a profit, as they have all been.  Last 4 sales have been to Chinese, who have bought in the 3MB range and the 10MB+ range.  

    Those of you who are British and bought a condo a few years ago pre-Brexit mess should be doing just fine with the crash of the pound.  Even if your condo hasn't appreciated much you'll do well if you sell with the current exchange rate.

[TallGuyJohninBKK]

2 hours ago, ExpatOilWorker said:

This is the old and now canceled project:

 

No. of Residential Units 1,114 Units
Tower Terra 396 Units
Tower Luna 287 Units
Tower Sol 431 Units

No. of Shop Units 5 Units

No. of Parking Lots 546 Cars
Pubic Parking 6 Cars
EV charger 2 Cars

No. of Levels 39 floors
No. of Lifts 9 Lifts

 

Now they wand to redesign it with more units. Will be dense urban slum.

 

More dense than 1100 units already?

 

The original design already sounds like huge towers full of shoe box units...

 

[Aussieroaming]

3 hours ago, mosan said:

Oh, so it's the old "let's act like we're building something" trick.  Works every time!

That company has two other relatively new condo developments built within a 2 minute walk of the current one that they have ceased development of. The latest one was only completed last year and I suspect they may not have sold it out yet. There are at least 4 other condo developments nearing final completion in the immediate area and probably another 5 in the immediate vicinity that are less than 4 years old, so competition to sell new condos in the area must be fierce. We thought they were insane when they started developing the land given the construction and development that was already taking place.

[mosan]

4 hours ago, Essex Reject said:

Haha, yes I think so. It was one main reason why I signed up with them. And as I said in my initial post all down payments are only 10% so I would hardly be the next jumper if I only lost that. Thanks for your input, appreciated.

Ok, so if you don't mind my asking, how much was the total cost of the property? 

[geoffbezoz]

2 hours ago, newnative said:

    Well, it's not all doom and gloom.  My partner and I just sold our 17th condo in June--at a profit, as they have all been.  Last 4 sales have been to Chinese, who have bought in the 3MB range and the 10MB+ range.  

    Those of you who are British and bought a condo a few years ago pre-Brexit mess should be doing just fine with the crash of the pound.  Even if your condo hasn't appreciated much you'll do well if you sell with the current exchange rate.

Well that's good for you but do you know what ? the advantage of an anonymous forum is the same as the disadvantageous People can claim anything or state anything to prove their points and the more outrageous the claims people make is evidence of their desire to attempt to impress. All of which should be taken with a pinch of salt unless accompanied by black and white evidence justifying the veracity of their statements. Anything else is mostly treated as purely fictional by the majority of TV members I suspect.

Edited August 2, 2019 by geoffbezoz

[newnative]

3 hours ago, geoffbezoz said:

Well that's good for you but do you know what ? the advantage of an anonymous forum is the same as the disadvantageous People can claim anything or state anything to prove their points and the more outrageous the claims people make is evidence of their desire to attempt to impress. All of which should be taken with a pinch of salt unless accompanied by black and white evidence justifying the veracity of their statements. Anything else is mostly treated as purely fictional by the majority of TV members I suspect.

     I post my experiences with real estate here in Thailand  to be at least one voice with a positive message against all the negativity.  Whether I am believed or not is up to the reader.

     I really don't know what the big deal is as far as believability goes--I'm not claiming to have cured cancer.  I've never lost money on a condo sale--here or in the US--simply because I don't sell until I can make a profit.  Not exactly brain surgery.  I had to wait about 4 years before I could sell my last US condo at a profit. While I was waiting, I rented it out.  I haven't ever been in such dire financial straits where I have had to sell quickly at a loss.  Knock wood.

     The timing was good for my partner and me for many of our Thailand condos.  We did 2 quick Rayong flips of bank foreclosure condos in 2010 and then moved to Pattaya.  In 2011, and for a number of years after, there was not the condo competition in Pattaya that there is now. 

     View Talay was the big cheese at that time with all their numbered projects--which came as empty shells.  Not even a finished floor.  It was quite easy to buy one of their 48sqm shells in foreign quota, put in a floor and a kitchen, extra lighting, air con, and furnishings, and sell at a profit to a farang who didn't want to do the work himself.  We did 7 of those and then foreign quota began to dry up--and we probably started to dry up, too.  After that we did projects here and there--often living in the condo until we found a buyer and sold it. 

     We bought and sold 2 condos at Centric Sea and 1 at The Base.  If you bought off-plan, as we did, it would have been almost impossible not to make a profit selling at either project--at least when we sold.  Highly likely even today at both.

     I sell at a profit because I have a good product that I believe in and I am patient enough to wait for a buyer to come along that appreciates my product.  So far, there has always been a buyer to eventually come along.  

[Uptooyoo]

Hopefully no repeat of "ghost towers" dotting the Bangkok skyline.