100 hotels on Koh Samui forced to sell up due to COVID-19 crisis

[Pdavies99]

3 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

The times in the past I've heard that, businesses, condo's etc, yet I have never a met any of them, except I meet many trying to sell at a huge loss!!

Edited June 6, 2020 by Pdavies99

[Mr Grumpy]

2 hours ago, apophyss said:

Chineese will come buy all...

Yes they will, and guess who will be employed to work in them? One guess only and it isn't local people. 

[gearbox]

4 minutes ago, ExpatOne said:

Curious how many Chinese are buying businesses as they are being forced to sell. They should be banned from foreign investments for the next 5 to 10 years.

Aahh..the evil Chinese coming with huge bags of money buying everything lol. I'm sure the farang villa owners won't mind selling the overpriced villas they were trying to sell for years to the Chinese.

[Chongalulu]

3 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

Heard of the expression'catch a falling knife' ?

[Chongalulu]

1 hour ago, Trentham said:

I first went to Koh Samui in 1984. Stayed at Lamai Beach in a bungalow with a palm frond roof. 50 baht per night for 2 people and another 50 baht each for 3 meals a day. It was magic. All the food was fresh caught in the sea or grown in their own garden. If I ordered a pina colada they would scramble up a palm tree to get a fresh coconut. Beautiful beyond words.

Now diametrically opposed. Phuket to some extent too. Lanta probably the last half decent outpost 

[samuiwonder]

The landlords will get the hotels and then have to figure out how to run them!

[gearbox]

2 minutes ago, nchuckle said:

Heard of the expression'catch a falling knife' ?

The thing were not going very well in Samui even before the covid19. Now it is much worse. A lot of the workers on the island live in rented rooms, and without any income they struggle big time. I expect political pressure to open the international flights to Samui in no more than 2-3 months.

[Pdavies99]

29 minutes ago, Jenkins9039 said:

You could 'put the same money' into other investments (equities, crypto, etc) and make the same money in less time due to the volatility, and without the risk associated with not actually owning it (risk outside of reasonable control).

 

Best thing Thailand needs, is a hard, harsh, down-to-earth reset.

Baht will continue to appreciate due to their offshore holdings, but domestically it will collapse, then the baht will follow (eventually), also its better to invest in South America where you can own, and will see growing demand over the next decade for tourism, I know i am currently looking at a beachside residence there, stability in Panama, Brazil for much of the living requirements, a home away from home perhaps, but the return on investment has a better outlook due to its proximity to the US and retiree's.

The Baht in reality has not appreciated at all, it's more that other currencies have depreciated what with reduced interest rates, borrowed massive amounts, high unemployment etc. Thailand has not borrowed money and being the government that it is, let's the people manage with charities to feed the starving.

 

As to Brazil...I assume you've been there? Hardly a great long term outlook and certainly an unsafe country!

[CGW]

19 minutes ago, Pdavies99 said:

The times in the past I've heard that, businesses, condo's etc, yet I have never a met any of them, except I meet many trying to sell at a huge loss!!

Indeed, I was living here in 97 when all the bargains were supposed to be had, one person bought a couple of prime apartments that i know off, took him 15 years to get his money back!

[fruitman]

4 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

I don't think so, the baht has to collapse first....

[Burma Bill]

4 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

Yes indeed and I bet the Chinese have their eyes on this - large tour groups on the horizon???

[Creasy]

Aren't they building a bridge to save the island ?

[newnative]

31 minutes ago, gearbox said:

Aahh..the evil Chinese coming with huge bags of money buying everything lol. I'm sure the farang villa owners won't mind selling the overpriced villas they were trying to sell for years to the Chinese.

     And, nothing wrong with that.  I sell to anyone who shows up with the money.  That's been Russian, Swiss, Thai, Swedish, American, Canadian, Singaporean, Chinese, and likely several more nationalities  I've forgotten.  

[Forza2002]

Koh Samui will have to change it's name to Koh Cheen after the Chinese buy up everything. Then there will be charter flights galore from China... Naturally the Sino Thai families holding all the power will do little to stop them taking over as they will benefit and be rewarded. 

 

 

[Moonlover]

2 hours ago, miamiman123 said:

10% unemployed Thailand said

hehehehe 

And what do you find so amusing about that?

[kingstonkid]

They will not be cheap as most are in a debt up to their eyeballs

[FarangULong]

4 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

 Was thinking the same.. if only I was liquid (or rather MORE liquid) right now, I'd totally buy into one of those hotels. COVID will end eventually, even if there is another wave. And then it'll be back to business as usual.

 

Always wanted to own/own a piece of a hotel, especially a beach side resort on a lovely island like Koh Samui (though personally I prefer Koh Samet, but beggars can't be choosers).

 

What say ye, people of Thaivisa? T.V. Barbarian Sexpat Farang S<um LLC (or similar stereotypical name, to please the boys in green&blue, running the show?), buying 49% of a hotel or two as an investment group ???? ?? I seem to vaguely recall someone mentioning a couple weeks ago, that they just received their Thai citizenship, so we could even go all in?

 

Can I get a few "ayes"?

[khunPer]

2 minutes ago, Forza2002 said:

Koh Samui will have to change it's name to Koh Cheen after the Chinese buy up everything. Then there will be charter flights galore from China... Naturally the Sino Thai families holding all the power will do little to stop them taking over as they will benefit and be rewarded. 

Chinese have owned the island for generations. The original inhabitants are Hainan Chinese that came some hundred years ago, and before the lockdown there were daily direct flights from China; had been like that for long time, as a number of Chinese have a week-end house on Samui...

[sawadee1947]

4 hours ago, petermik said:

Just the tip of the iceberg...many more to follow...time will prove the idiocy of the governments handling of the Covid situation  

 

If you call this Govt idiotic..... How you would name those in UK or US??? 

Even Prawit got more brain than Bojo or Donald together. 

At least he got the more expensive watches. ????

[khunPer]

2 minutes ago, FarangULong said:

 Was thinking the same.. if only I was liquid (or rather MORE liquid) right now, I'd totally buy into one of those hotels. COVID will end eventually, even if there is another wave. And then it'll be back to business as usual.

 

Always wanted to own/own a piece of a hotel, especially a beach side resort on a lovely island like Koh Samui (though personally I prefer Koh Samet, but beggars can't be choosers).

 

What say ye, people of Thaivisa? T.V. Barbarian Sexpat Farang S<um LLC (or similar stereotypical name, to please the boys in green&blue, running the show?), buying 49% of a hotel or two as an investment group ???? ?? I seem to vaguely recall someone mentioning a couple weeks ago, that they just received their Thai citizenship, so we could even go all in?

 

Can I get a few "ayes"?

You can own a hotel 100 percent, if you come up with enough funds...????

[Sujo]

2 minutes ago, FarangULong said:

 Was thinking the same.. if only I was liquid (or rather MORE liquid) right now, I'd totally buy into one of those hotels. COVID will end eventually, even if there is another wave. And then it'll be back to business as usual.

 

Always wanted to own/own a piece of a hotel, especially a beach side resort on a lovely island like Koh Samui (though personally I prefer Koh Samet, but beggars can't be choosers).

 

What say ye, people of Thaivisa? T.V. Barbarian Sexpat Farang S<um LLC (or similar stereotypical name, to please the boys in green&blue, running the show?), buying 49% of a hotel or two as an investment group ???? ?? I seem to vaguely recall someone mentioning a couple weeks ago, that they just received their Thai citizenship, so we could even go all in?

 

Can I get a few "ayes"?

I wouldnt be too keen to buy now. Paying rent etc but no tourists is not a great idea. 

[khunPer]

2 minutes ago, Sujo said:

I wouldnt be too keen to buy now. Paying rent etc but no tourists is not a great idea. 

And you furthermore still have to compete with all those hotels that survive and reopen...

 

Those hotels coming quickly up for sale, are presumably those that already got financial problems. And some hotels have been for sale for ages, either because the asking price is too high, or the hotel is outdated and in a wrong location (I can think of one in Chaweng being offered for more than a decade)...

 

Those hotels with enough funds behind – or resorts owned by the original Hainan-Chinese Samui-families on their old family land – will survive and reopen...???? 

[connda]

5 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

Yeah.  World-wide - Mission Accomplished.  They'll be a massive asset transfer from normal business people into the hands of the wealthy. 
And the wealth disparity gets wider, and wider, and wider.........

"It's the fault of that killer Covid virus."   <Muuuhhhaaaa>

Yeah, of course.  Right.

[ukrules]

5 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

I doubt it very much.

[Venom]

4 hours ago, apophyss said:

Chineese will come buy all...

 

Yes and they can change the name to Koh Chin.  ????

[Yorkshire Tea]

2 minutes ago, Venom said:

 

Yes and they can change the name to Koh Chin.  ????

Thought that name was already taken, in Kerala, India ????

[TechnikaIII]

Two biying groups:

1. Chinese investors. (It's all part of the plan.)

2. Police and/or army folk with money. (Secondary to China's plan, but hey, why not?)

So keep them closed as long as possible, to force the prices down even further.

4 hours ago, apophyss said:

Chineese will come buy all...

Places earmarked before the release of the virus.  As I said, it was all part of the plan.

[moe666]

2 hours ago, chilli42 said:

I guess they are fully leveraged or they  would not be selling.  The size of the mortgage will determine the bottom end price .... at least until the bank takes over and auctions the property. I would tend to agree with another poster.  There may be a few properties for sale but doubt they are going for fire sale prices yet.

They will never go for fire sale price. At my local bank some of the same houses have been listed for about 4 years at the same price.

[Bluespunk]

5 hours ago, rooster59 said:

The head of a tourism business association on the once popular holiday island of Koh Samui has painted a grim picture of the devastation wrought by the coronavirus pandemic.

 

Is is as grim as the destruction wrought by mass tourism?

[BritManToo]

1 hour ago, ChipButty said:

If you wanna buy cheap wait until the bank has reprocessed   

Never,

They can't legally sell it for less than they loaned.

And they all loaned 90% at the top of the market.