Is the closure of your favorite bar or restaurant imminent?

[Leaver]

6 hours ago, rott said:

To my knowledge key money on retail premises is every 3 years. 

 

Not uncommon for many bars to pay it annually.  

[scubascuba3]

I walked through Walking St this morning and the surface is still a mess, metal sheets over the many holes. No urgency to complete the road

[rott]

5 minutes ago, Leaver said:

 

Not uncommon for many bars to pay it annually.  

Yes, my mate did because he'd never get 3 years worth together. 

(the traditional employee of the month would do it in.) 

[Leaver]

4 hours ago, rott said:

Yes, my mate did because he'd never get 3 years worth together. 

(the traditional employee of the month would do it in.) 

 

I doubt many bars here will see much in the way of profits before their next key money / lease payment will be due, whether it be 1 year or 3 years.  I just hope their Thai landlords are reasonable and realise times have changed.  

[rott]

1 hour ago, Leaver said:

 

I doubt many bars here will see much in the way of profits before their next key money / lease payment will be due, whether it be 1 year or 3 years.  I just hope their Thai landlords are reasonable and realise times have changed.  

So we have both been drinking. 

Well your hopes are my hopes. ????

[Leaver]

18 minutes ago, rott said:

So we have both been drinking. 

Well your hopes are my hopes. ????

 

Many of the Thai landlords here have multiple properties.  I am sure they now have several of their properties vacant, not earning. 

 

If they are going to be stubborn about it, they could see their whole property portfolio vacant here, not that they would care, but it's poor business practice.

 

Edited June 12, 2021 by Leaver

[chrisandsu]

46 minutes ago, Leaver said:

 

Many of the Thai landlords here have multiple properties.  I am sure they now have several of their properties vacant, not earning. 

 

If they are going to be stubborn about it, they could see their whole property portfolio vacant here, not that they would care, but it's poor business practice.

 

Imagine if Thailand implemented property taxes ? I’m sure then they will be motivated to get them rented .

[Mr Meeseeks]

18 hours ago, Leaver said:

 

Many of the Thai landlords here have multiple properties.  I am sure they now have several of their properties vacant, not earning. 

 

If they are going to be stubborn about it, they could see their whole property portfolio vacant here, not that they would care, but it's poor business practice.

 

They are not great businessmen in general, nor are they sympathetic when their Benz payment can't be met at the end of the month, or the mia noi needs a new handbag. 

[Leaver]

7 hours ago, Mr Meeseeks said:

They are not great businessmen in general, nor are they sympathetic when their Benz payment can't be met at the end of the month, or the mia noi needs a new handbag. 

 

It could get ridiculous here in the next 6 to 12 months, whereby business owners simply move to a premises that has a reasonable Thai landlord, rather than a premises and location that best suits their business model.  

[jacko45k]

13 hours ago, Mr Meeseeks said:

They are not great businessmen in general, nor are they sympathetic when their Benz payment can't be met at the end of the month, or the mia noi needs a new handbag. 

Property tax is the incentive they do not have.... but if one or two properties have no income from a dozen or so, probably they can get by. They are bleeding them dry......

[Leaver]

On 6/14/2021 at 6:51 AM, jacko45k said:

Property tax is the incentive they do not have.... but if one or two properties have no income from a dozen or so, probably they can get by. They are bleeding them dry......

 

It's estimated around 80% of commercial properties are vacant across the city now.  

 

Some Thai landlords may only have one or two properties in their portfolio vacant, others may have more, and some may have all their properties vacant. 

 

Some Thai landlords may have bought in with finance, so the banks will be stepping in if they can't service their debts by other means. 

 

Interesting times ahead here for commercial property sales and rents.    

[Salerno]

1 minute ago, Leaver said:

It's estimated around 80% of commercial properties are vacant across the city now.  

 

Estimated by whom?

[Leaver]

18 minutes ago, Salerno said:

 

Estimated by whom?

 

I believe media reports have used the data supplied by the electric company, and the billable premises numbers.  

[Leaver]

6 minutes ago, Ralf001 said:

I do not have accurate published figures so that a number I cannot reply with.

 

If you have no idea, why question my post?  

 

What about your observations?  Those closed to those open.  

[Ralf001]

1 minute ago, Leaver said:

 

If you have no idea, why question my post?  

 

What about your observations?  Those closed to those open.  

Please put up your accurate published figures.

with links.

[Leaver]

7 minutes ago, Ralf001 said:

Please put up your accurate published figures.

with links.

 

Here's a random one from the first page of a Google search.  There are many.

 

https://www.scmp.com/week-asia/economics/article/3136134/no-nightlife-yes-vaccinations-can-thailands-pattaya-rebrand-and

 

Quote:

 

“Around 80 per cent of tourist businesses have gone in Pattaya,” said Chairat, who is also a regional representative for the Thai Hotels Association."

 

This one is specific to massage shops.

 

https://thethaiger.com/news/pattaya/over-80-of-massage-shops-in-pattaya-closed-permanently

 

 

Do you have any thoughts of your own to post?  

 

 

[Ralf001]

8 minutes ago, Leaver said:

 

Here's a random one from the first page of a Google search.  There are many.

 

https://www.scmp.com/week-asia/economics/article/3136134/no-nightlife-yes-vaccinations-can-thailands-pattaya-rebrand-and

 

Quote:

 

“Around 80 per cent of tourist businesses have gone in Pattaya,” said Chairat, who is also a regional representative for the Thai Hotels Association."

 

This one is specific to massage shops.

 

https://thethaiger.com/news/pattaya/over-80-of-massage-shops-in-pattaya-closed-permanently

 

 

Do you have any thoughts of your own to post?  

 

 

 

heresay links.

 

got anything factual ?

[Leaver]

16 minutes ago, Ralf001 said:

 

heresay links.

 

got anything factual ?

 

Yes, my eyes.  How's your vision?  

[Eindhoven]

1 hour ago, Leaver said:

 

It's estimated around 80% of commercial properties are vacant across the city now.  

 

Some Thai landlords may only have one or two properties in their portfolio vacant, others may have more, and some may have all their properties vacant. 

 

Some Thai landlords may have bought in with finance, so the banks will be stepping in if they can't service their debts by other means. 

 

Interesting times ahead here for commercial property sales and rents.    

 

https://forum.thaivisa.com/topic/1220207-banks-told-by-central-bank-to-extend-debt-repayment-for-smes-until-year-end/

[Leaver]

8 minutes ago, Eindhoven said:

 

https://forum.thaivisa.com/topic/1220207-banks-told-by-central-bank-to-extend-debt-repayment-for-smes-until-year-end/

 

Interesting article.  

 

So, mortgagees do not have to repay at this time, but the Thai banks can still pay dividend.

 

I wonder how many Thai landlord are availing themselves of the extended debt repayment scheme, but are actually still collecting rent.     

[Rimmer]

Some bickering posts and replies removed

[TaaSaparot]

Simple Simon's of Jomtien Soi 5 will reopen on the Darkside.

[Leaver]

6 hours ago, TaaSaparot said:

Simple Simon's of Jomtien Soi 5 will reopen on the Darkside.

 

Perhaps the bar reshuffle has already started.  

[Rimmer]

Troll post removed

[polpott]

13 hours ago, TaaSaparot said:

Simple Simon's of Jomtien Soi 5 will reopen on the Darkside.

 

7 hours ago, Leaver said:

 

Perhaps the bar reshuffle has already started.  

Has been owned by an Indian for a number of years now, in which time both food and service have deteriorated beyond recognition. 5 years ago it was my go to restaurant for breakfast, now you would have to pay me to eat in there.

 

Its a greasy spoon caf, not a bar. Not wanted on the Darkside, which already has a number of greasy spoon cafs, all superior to Simple Simons.

[Leaver]

11 minutes ago, polpott said:

 

Has been owned by an Indian for a number of years now, in which time both food and service have deteriorated beyond recognition. 5 years ago it was my go to restaurant for breakfast, now you would have to pay me to eat in there.

 

Its a greasy spoon caf, not a bar. Not wanted on the Darkside, which already has a number of greasy spoon cafs, all superior to Simple Simons.

 

With cheaper rent, maybe he can run a better operation, perhaps take some customers away from established places on the darkside.

 

He wouldn't be the only business owner to reduce products (usually food portions) or service, or quality, in order to be able to make a ridiculous rent price each month.  

[polpott]

22 hours ago, Leaver said:

 

With cheaper rent, maybe he can run a better operation, perhaps take some customers away from established places on the darkside.

 

He wouldn't be the only business owner to reduce products (usually food portions) or service, or quality, in order to be able to make a ridiculous rent price each month.  

Dream on. You've obviously never met the current owner.

[champers]

On 6/24/2021 at 4:11 PM, polpott said:

 

Has been owned by an Indian for a number of years now, in which time both food and service have deteriorated beyond recognition. 5 years ago it was my go to restaurant for breakfast, now you would have to pay me to eat in there.

 

Its a greasy spoon caf, not a bar. Not wanted on the Darkside, which already has a number of greasy spoon cafs, all superior to Simple Simons.

His home made chips were very good. I liked his bacon and mushroom butties without the cheap and nasty "butter" on to spoil them.

[Leaver]

4 hours ago, polpott said:

Dream on. You've obviously never met the current owner.

 

Correct.  I have never met the owner.

 

Time will tell if we see a correction in the rental market here, and some relocations, like the one you posted.  

 

It's possible relocations may mean less rent to pay, thus better product and service can be offered to customers.

 

 

Edited June 25, 2021 by Leaver

[DerbyDan]

9 hours ago, Leaver said:

It's possible relocations may mean less rent to pay, thus better product and service can be offered to customers.

Probably rare for a tourist location like Pattaya where people are just passing through. The business model is more like offer window dressing, serve over priced cheap <deleted>, and draw in the next customer who won't ever return.