New Nordic: Pattaya developer begins voluntary rehabilitation procedure with Bankruptcy Court

[Jeffr2]

4 minutes ago, robblok said:

I bought a house and guess what it increased in value (because a big shopping center and BTS were made). Paid for it years ago now done. 

Its not all bad but have been here 15 years. Id say in most situations renting is good but there is nothing against buying.

Now my house is empty (dont want to sell it) and i live in a rented house in Thong lor. I must say owning a house is nicer as you can improve what you like put stuff up where you like put in better aircons ect. Its all about comfort i feel that in condo's and rented houses your a bit more restricted.

On the other hand the owner of this new house does all the maintenance. For the pool the house whatever. So its not bad. But for the price the company of the GF is paying per month I would not be here (80k). Far to expensive for my taste.

You're lucky.  I've got many friends who have to pay when their AC is broken.  Want a new ceiling fan because it's broken?  DIY.  Sucks.

Not to mention having difficulties getting deposits back.

[robblok]

1 minute ago, Jeffr2 said:

You're lucky.  I've got many friends who have to pay when their AC is broken.  Want a new ceiling fan because it's broken?  DIY.  Sucks.

Not to mention having difficulties getting deposits back.

For the price the company that employs my GF is paying for this house its only logical that these things are included. If it was up to me id never pay 80k a month. Also the company pays the deposit so that is not our problem. They got a legal department to sort stuff out.

I rented myself before got my deposit back after that i bought a house in the same village (gated community) it was cheap as there was not much there. Then the purple line came and central westgate and values went up. Not that i care about it just on the exchange rate alone i make a killing if i wanted to sell. 

The renting VS selling equation is a personal one and can be different for anyone. There is not one hard fast rule.

[Tonypandy]

1 hour ago, micmichd said:

This happens in the West, too. Why shouldn't it happen in Pattaya? 

But in most if not all western countries the guaranteed return marketing trick disappeared many years ago, it was replaced by Assured return, which is not guaranteed 

[kcpattaya]

2 hours ago, Oldie said:

Pattaya has a big warning sign - can't be overlooked. 

 

Senseless remark - typical for those that know NOTHING of the real estate market in Pattaya...
Just throwing mud - knowing it will stick on a wall and not more than that.

[nodomino]

My friends in America bought a home in a shared commons area condo development. The development company went poof, the commons areas, pool house, pools, trees, flowers, grass areas all dried up and died and left them owning a home worth 1/3 of what they paid.  Ouch.

[splodger]

Homes are for people not profit

[The retired guy]

I buy in View Talay 3, lived there for 12 years, and sold with profits.

bought a new one in View Talay 7 and feel good about that.

 I also have a house in a village for rent, being good, but empty today.

guess I will lose some by selling it, but putting the rent money on top it will also give a profit 

[micmichd]

17 minutes ago, The retired guy said:

I buy in View Talay 3, lived there for 12 years, and sold with profits.

bought a new one in View Talay 7 and feel good about that.

 I also have a house in a village for rent, being good, but empty today.

guess I will lose some by selling it, but putting the rent money on top it will also give a profit 

Whom would you make rent profit from if your house is empty? 

[Oldie]

35 minutes ago, kcpattaya said:

Senseless remark - typical for those that know NOTHING of the real estate market in Pattaya...
Just throwing mud - knowing it will stick on a wall and not more than that.

A senseless remark? It really exists! Luxury condos that got even more luxurious because you can't use them. 

Pattaya is not Bangkok. Here is a lot of space left where condos can be built. In the worst case (for the booze and sex tourists ????) they can remove hundreds of bars in the city centre and can build very many condos.

But without tourism there is not much business here. Pattaya is too dependent on tourism. It is not the same for instance in Bangkok.

The coast is long and apart from bars and sex Pattaya has nothing really special. There are many locations that easily could replace Pattaya - if you are looking for nice beaches and quiet holidays with good air quality. 

[scorecard]

5 hours ago, jacko45k said:

Isn't that a fact.... when these 10% return, GUARANTEED marketing adverts were first touted there was a great cynicism....and yet. I think the days of buying off plan are suspended for a while. A pity, that is the common business model. 

Maybe invest in a bar or bar owners group?

Yep, bar owners group sounds good, then stand by for the arguments, free drinks reducing revenue and margin and distributable profits and cash flow. 

[Andy from Kent]

 

 New Nordic Development has  really littered the landscape of Praktunak  Hill IMHO with their bright orange coloring.      I get that it's a brand recognition reinforcement but nevertheless, it has become a bit too much.

10% guaranteed?     Appears to be deceptive at this time.

 

[micmichd]

33 minutes ago, Oldie said:

A senseless remark? It really exists! Luxury condos that got even more luxurious because you can't use them. 

Pattaya is not Bangkok. Here is a lot of space left where condos can be built. In the worst case (for the booze and sex tourists ????) they can remove hundreds of bars in the city centre and can build very many condos.

But without tourism there is not much business here. Pattaya is too dependent on tourism. It is not the same for instance in Bangkok.

The coast is long and apart from bars and sex Pattaya has nothing really special. There are many locations that easily could replace Pattaya - if you are looking for nice beaches and quiet holidays with good air quality. 

Maybe true, maybe not. 

Firstly, the Eastern Seaboard aka EEC aka Chonburi is not Pattaya Beach.  And secondly, even if you can buy a new condo (on Thai land), this deal wouldn't be part of the Nordic bankruptcy case. 

[GeilGeilertzen]

Buying a home in Thailand or wherever it is should always be considered against the years you plan to live there. Only a poor sod having a family in thai rents for 40 years. 
 

 But buying something off a plan or buying a product that hasn’t been made yet is a totally different thing.  And is nothing special for Pattaya or Thailand or in the rest of the world. It’s nothing else than high stake gambling. Loads of people make good fortunes from that.  Others loose all their belongings. 
 

In good times a beautiful sale brochure in your hand doesn’t mean an apartment and your investment will turn out the same. And here it’s where the majority of buyers fails. Because they don’t know bullocks about anything. They are the ones that are incredibly stupid. I have seen it over and over again in all sorts of business in Thailand.  Foreigners signing documents in thai language when they don’t even know what’s written in the paper. Not using a lawyer just accompanied by an Isaan fifth grade elementary school educated friend, gf or wife. Good luck. 

Some brainless foreigners would been better off making a fire of their money on cold nights in Thailand while others have done very well in all sorts of business including property. 
 

 

[andy3000]

Auran Marcus Hotel investors. My FB Is Andy Kanos. It would be useful if we had a dialogue.

[mike1967]

Plenty won't agree with me but Thailand is a place that you need to be able to walk away from in a few hours, max.

[Aaberlinstresse]

 

Can anyone tell me about what will happen for people (like me) whom have invested in Phetchaburi Park as a retirement complementary ? Do we have any chance to see anything back (money or building) ? Thank you ! Aaberlinstrasse

[Eindhoven]

11 minutes ago, Aaberlinstresse said:

 

Can anyone tell me about what will happen for people (like me) whom have invested in Phetchaburi Park as a retirement complementary ? Do we have any chance to see anything back (money or building) ? Thank you ! Aaberlinstrasse

 

Quote

According to the company’s website most of the properties affected by the voluntary rehabilitation procedure are located in Pattaya:

• New Nordic Atrium
• New Nordic Castle 1
• New Nordic Castle 2
• New Nordic Club 1 – 3
• New Nordic Marcus 2
• New Nordic Marcus 3
• New Nordic VIP Suites 2 – 6
• New Nordic Trend 1 – 7
• New Nordic VIP 1 – 6
• Phetchaburi Park

For me that means up to five years or more waiting and possibly nothing back. 

Though I have no experience with these things.  Someone else with actual knowledge may reply.

Meanwhile you can ask yourself using their Contact link: https://nng-restructuring.com/

[khunPer]

Buying property in Thailand should generally not be considered as investment – always remember: "Don't invest more in Thailand than you can afford to loose" – however, in numerous cases, it might be wise buying a property for long term use vs renting, and the time frame is about 15 years, after which the it often fully equal the "investment", including interest and maintenance, so after circa 15 years it's cheaper to own than rent; even if you in worst case scenario need to walk away from the property with nothing in your hand.

But planning 15-years ahead might be too long time for some.

On the other hand, I've always been skeptical about projects, especially those promising a lot, or buying time-share, or anything that might resemble that.

[salsajapan]

And all owners who trusted the rent guarantee haven't rented their condo since more than 1 year now...

55555555555+

can't stop laughing !

 

 

[SGD]

The ownership versus rent debate is well known but all those crowing about rent saved and profits made are kindly forgetting that those who chose to rent (as opposed to those forced to rent) have kept their capital liquid and presumably invested and not hidden under he bed.

Chances are that dividend income and capital growth of said retained capital are higher than the rent saved and theoretical profit to be made from turning an illiquid Pattaya property back into money.

I am on the fence. I own and have rented but were I looking now for a single property to live in, it would have to be realistically priced (as some are) or I would take a long lease (2/3 years) on a heavily discounted luxury place.

Any purchase would have to made with a quasi yield to redemption basis of it not having any residual value and the enjoyment of the purchase being the sole reason for doing so.

[scubascuba3]

5 hours ago, newnative said:

     You can buy off-plan but choose carefully.  My partner and I have bought off-plan about a half dozen times, always from strong, well-financed, Bangkok developers with a good track record of completed projects.  Sansiri.  Lumpini.  SC Asset.  Raimon Land.  We give the small, no-name developers a pass and we would never buy off-plan from a foreign developer.   All the projects we bought into off-plan were completed, and most were done several months early.  

Yes there are exceptions as you mentioned but for most guys with little experience, proper noobies, it's best to stay clear as a rule

[Golden Triangle]

3 hours ago, kcpattaya said:

Senseless remark - typical for those that know NOTHING of the real estate market in Pattaya...
Just throwing mud - knowing it will stick on a wall and not more than that.

Are you an estate agent (real estate) perchance ? ????????

[micmichd]

1 hour ago, khunPer said:

Buying property in Thailand should generally not be considered as investment – always remember: "Don't invest more in Thailand than you can afford to loose" – however, in numerous cases, it might be wise buying a property for long term use vs renting, and the time frame is about 15 years, after which the it often fully equal the "investment", including interest and maintenance, so after circa 15 years it's cheaper to own than rent; even if you in worst case scenario need to walk away from the property with nothing in your hand.

But planning 15-years ahead might be too long time for some.

On the other hand, I've always been skeptical about projects, especially those promising a lot, or buying time-share, or anything that might resemble that.

Taking into account that there's a worldwide financial crisis every 10 years approximately and fiat money isn't really reliable I would be careful about speculation on real estate wherever I go. I have seen too many fail. 

[MarleyMarl]

7 hours ago, Jeffr2 said:

I decided not to rent.  12 years later, what I would have paid for in rent has almost paid for the property.  Not a bad way to go.

But yes, here in Thailand, renting is a great way to go.  But not for all of us.

Same boat here, was paying about 40k a month 6 years ago for condo (20k for small 1 bed condo and small office space 20k), I would imagine the rental would of increased as I would of moved into a nicer place, bigger office so lets say average 50k THB / month saved over 8 years pays for the property (4.7mb) I bought with my fiancé. 2 more years and it's break even.

The investment schemes offered by this company I remember the ads like other members pointed out here. Why need to get a ROI here in Thailand? Why not just invest in your home country, plenty of ETF's/stocks that return 5-12%.

[scubascuba3]

2 hours ago, mike1967 said:

Plenty won't agree with me but Thailand is a place that you need to be able to walk away from in a few hours, max.

If you've killed someone yes. What you say is a myth that keeps getting repeated, backed up by nothing

[Yewbzee]

5 hours ago, pixelaoffy said:

Hilarious! All these suckers who paid millions for condos..we warned you ! 

 

 

Your comment says a lot about you. Not quite sure why you revel in their misfortune? Personally I feel sorry for anyone who has lost any part of their capital or retirement plan. But that's just me.

[mike1967]

44 minutes ago, scubascuba3 said:

If you've killed someone yes. What you say is a myth that keeps getting repeated, backed up by nothing

In your opinion

[barney42bb]

Wish I had got 10 Baht for every time I have said this... Could of Bought a Freehold Property in a safe Western Style Nation Outright.

 

However

Go Thailand... Enjoy... Obey the Rules... Rent,Pay Your Way...and Go Home.

As a Foreigner...You Cannot Own Freehold Property Land or business in thailand.

Your a tolerated guest at best, where your life and rights mean nothing.

[Muzzique]

A word of advice. Don't buy anything in Thailand that doesn't exist.

I wonder if these buyers ever read the story of the Emperors new clothes.

Next time invest in something sensible like a Unicorn farm.

[scubascuba3]

1 hour ago, mike1967 said:

In your opinion

Why MUST you be able to leave in a few hours?