Diamond Tower - anyone buy off plan there?

[scubascuba3]

This was meant to be a 45 floor condo finished around 3 years ago, on Pratumnak Hill, hasn't left the ground yet, showroom still open, but many people try to take company to court but no assets left

 

Makes me wonder why this isn't a criminal investigation and the office is still open.

 

People are crazy to buy offplan, would only be ok if deposits held in escrow accounts 

[newnative]

       Buying off-plan can be financially rewarding.  My partner and I have bought off-plan a half-dozen times and made money on each of the deals.  But, it's important to know a bit about what you're doing and do your homework.  We jumped at the chance to buy off-plan at Sansiri's The Base Central Pattaya.  Ditto for Centric Sea, by SC Asset, Lumpini Park Beach, Lumpini Seaview, and Lumpini Suites Makkasan in Bangkok.  We passed on Sansiri's Edge project--didn't like the numbers or the project enough.

      You may have noticed with the above list that all the projects we bought off-plan at were by very large, name brand developers with a strong track record of completing projects.  Every project we bought into off-plan got completed, and most were done early.   We avoid buying off-plan from small and no-name developers.

      

[scubascuba3]

33 minutes ago, newnative said:

       Buying off-plan can be financially rewarding.  My partner and I have bought off-plan a half-dozen times and made money on each of the deals.  But, it's important to know a bit about what you're doing and do your homework.  We jumped at the chance to buy off-plan at Sansiri's The Base Central Pattaya.  Ditto for Centric Sea, by SC Asset, Lumpini Park Beach, Lumpini Seaview, and Lumpini Suites Makkasan in Bangkok.  We passed on Sansiri's Edge project--didn't like the numbers or the project enough.

      You may have noticed with the above list that all the projects we bought off-plan at were by very large, name brand developers with a strong track record of completing projects.  Every project we bought into off-plan got completed, and most were done early.   We avoid buying off-plan from small and no-name developers.

      

yeah there are exceptions like publicly quoted companies, most people haven't a clue about that, they were just sold one on the back of a pretty thai sales girl

[jacko45k]

15 hours ago, scubascuba3 said:

yeah there are exceptions like publicly quoted companies, most people haven't a clue about that, they were just sold one on the back of a pretty thai sales girl

The one in the Central Mall wasn't keen on the deal I wanted to make!

[scubascuba3]

1 hour ago, jacko45k said:

The one in the Central Mall wasn't keen on the deal I wanted to make!

off plan i didn't think they did deals, maybe much later when struggling to sell

[JimTripper]

It’s a bit hard to hold the deposits in escrow when they need that money to build the place.

Edited July 22, 2023 by JimTripper

[scubascuba3]

2 hours ago, JimTripper said:

It’s a bit hard to hold the deposits in escrow when they need that money to build the place.

So those companies that need the money up front would close

[JimTripper]

8 minutes ago, scubascuba3 said:

So those companies that need the money up front would close

Well, yes. If not enough people buy in it just sits there forever like you said, or if the financials are mismanaged it goes bankrupt without refunds.

 

That gets into looking into company financials before you buy to see if they already have the needed capital. Or taking a chance they have the funds by buying from big names like someone stated above.

 

Ask why they are offering off plan at all, answer they need the money now for some reason. Otherwise they build it first and sell after it’s built, right.

[newnative]

3 hours ago, JimTripper said:

Well, yes. If not enough people buy in it just sits there forever like you said, or if the financials are mismanaged it goes bankrupt without refunds.

 

That gets into looking into company financials before you buy to see if they already have the needed capital. Or taking a chance they have the funds by buying from big names like someone stated above.

 

Ask why they are offering off plan at all, answer they need the money now for some reason. Otherwise they build it first and sell after it’s built, right.

   Many developers will sell before and during construction, and it's not necessarily a sign that they need the money to fund construction.  And, it's not unique to Thailand.  The developers I mentioned in an earlier post all sell pre-construction and during construction--and all have the financial resources to not depend on pre-construction money to complete a project.  Many build sales offices with decorated models of some of the units so buyers can get some idea of what the finished product will look like.

     In some cases, buying pre-construction can allow you to make changes to the design.  If I am remembering correctly,  Unixx condo, by Raimon Land, allowed pre-construction buyers to choose from three different interior designs, with different floor tiles and wall accent colors.   It makes no business sense that I can see to wait until a project is done and then start looking for buyers.

[n00dle]

7 hours ago, scubascuba3 said:

off plan i didn't think they did deals, maybe much later when struggling to sell

whoosh