New Nordic Company Experiences

[artor]

Have bought a condominum from the New Nordic Company at Pratumnak, Pattaya, the construction  period ended in August 2019, after more than eight month delay. The building is called "Club 3". since then I am waiting for the transfer of ownership from them to me at the Land office. They told me two times I have to wait another 1 or 2 month, but the transfer did not take place. I think it is not only my problem, but all buyers of Club 3 condos? And this month they did for the first time not pay the monthly rent. So now I am really concerned what is going on at New Nordic? Are here any other buyers of New Nordic condo with a rental guarantee? What can I do now, look for a lawyer or is New Nordic in heavy financial difficulties and they might go bankrupt and all I can do is waiting what the outcome will be?

Edited January 19, 2020 by artor

[NanLaew]

Assuming the OP and condo owner is out of the country and this is a buy-to-let condo where New Nordic guarantee to find tenants?

 

Is the condo actually 100% complete and is anyone living or renting there yet?

[Salerno]

Given the libel laws not much can be said but I hope you did your due diligence; the past of the main guy is ... interesting.

[ChaiyaTH]

7 minutes ago, Salerno said:

Given the libel laws not much can be said but I hope you did your due diligence; the past of the main guy is ... interesting.

I don't want to speak out of what I know but to the OP: you have reasons to be concerned, a lot. Maybe you end up fine, who knows.

Edited January 19, 2020 by ChaiyaTH

[Langsuan Man]

Don't these stories all start out the same way ?

 

In the west the expression is: "if it ain't broke, don't fix it"

 

In Thailand the expression is: "if it ain't built, don't buy it "

[Tybsy]

Hi, I just registered to ask if anything came of this. I'm trying to gather more information to give a family member a bit more information before they decide to invest a large sum in New Nordic. I've read the Norwegian sites about the founder's past exploits...

Edited January 30, 2020 by Tybsy

[tlandtday]

This might be a good time to find a nice walking shoe... good luck

Edited January 30, 2020 by tlandtday

[Halfaboy]

Have a talk with the Nordic reps....

[BangkokBoyJohnny]

In LOS : 

 

Don't buy off-plan.

Don't buy 30+30+30 year leases.

Don't buy in the wife's name.

Don't buy using a Thai company.

 

You'll end up losing $$$$

 

Buy in your home country and rent it out, use the money to rent something here...

[Thongkorn]

11 hours ago, BangkokBoyJohnny said:

In LOS : 

 

Don't buy off-plan.

Don't buy 30+30+30 year leases.

Don't buy in the wife's name.

Don't buy using a Thai company.

 

You'll end up losing $$$$

 

Buy in your home country and rent it out, use the money to rent something here...

 wow the voice of common sense. Been belittled for saying things like this in the past.

[david555]

As long they don't give you the property transfer papers....on paper they own it still as collaterall ….. including with your paid money ….. accountancy trick in case of slumping sales or lack of cash flow ….