Vista Garden (tower C) Work Stopped?

[Khun Jean]

A friend of ours bought a 2 bedroom condominium (54 sqm) in Vista Garden Tower C Sukhumvit 71 for around 2.8 Mb.

It seems that building activities have stopped and she is worried about what the future will bring.

She already had to move to another place to live because the building is delayed.

At this moment she is wondering what will be the best course of action.

Sue the company and ask her money back or just wait until the project is finished.

She did get an offer to exchange her unit with a finished one in tower b. But it is a smaller 1 bedroom so that was not really a good option. Although at least you will have something that is finished.

She already made a down payment of 500.000 baht.

I read (with the help of a Thai) not too much good news on this Website

Any members who bought into this project that can provide some information.

Any suggestions on what would be the best course of action?

Edited October 10, 2007 by Khun Jean

[cmsally]

There was a Chiang Mai member that had bought a condo at Vista and asked for his deposit back because they were way off schedule and maybe never started.

I can't remember who it was though - can anyone remember?

[donx]

There was a Chiang Mai member that had bought a condo at Vista and asked for his deposit back because they were way off schedule and maybe never started.

I can't remember who it was though - can anyone remember?

Wasn't that ThaiPauly?

[Khun Jean]

Yes it was. I found the posts.

Fortunately for him he had a clause in the contract. Our friend unfortunately has not.

The offer of changing to tower B gets looking better. But only for a way to bail out of the situation.

Changing to a 1 bedroom is not possible for her and paying even more for a double is out of reach.

She can also just wait until it is finished but without any information that is a big gamble. IF it gets finished the price for the condo was still ok. But loosing a deposit would ruin her chanches of ever owning a place to stay forever.

[ThaiPauly]

Sorry to learn of your feinds dilema.

There are two facts to consider here.

Firstly your freind paid a very low price so they must have brought it a long time ago. ( Are you SURE it is 2 bedroom, ours was a one bedroom which was 57 square metres ) Maybee you mean 74? That was the size of the 2 bed units.

We paid the same amount for a 1 bedroom unit in January 2006 so when it IS eventualy completed She could easily sell it for more than she paid, or al least no less. (Providing its 74 sq metres)

Secondly it could be well worth her trying to get her deposit back, they may well be happy to take it back at the price She paid because it is definatley worth more and they could sell it on for more as the Tower is closer to being finished, the only problem is I think they are short of money as they had to pay us back in four installments, 3 of the 4 cheques HAVE cleared so no problems there. We did a deal with them to drop our clause to claim interest for a quick settlement.

If they won't play ball She could still try to sell it privately, some speculators would jump at paying that sort of price for a condo that WILL eventually get finished. (If its 74 sq metres). The only problem is that most agents won't get out of bed to sell something thats less than 5m. I know this as we tried to sell it before we pulled in the clause on our contract. We contacted 4, but did not get a response from any off them.

However regarding having to stay somewhere else until it was finished, I heard a rumour that there were quite a few people in this situation and that he developer was footing the bill, so thats another avenue worth exploring !

My Wife had a freind who's Japanese boyfreind was paying 15m for a Penthouse in Tower A...they were a year late. but he did move in.....and it would appear that all their efforts are going into finishing that tower and getting the money in before completing Tower C.

The comfort your freind can take is that this company is primarily Japanese as are 75% of the people that have brought there.

The Japs have a strict busines code of honour and their residents would be up-in-arms if they thought that the project was not gonna be completed.

It will get there, eventually.

I would consider the court option to be a waste of time and money, as many Condo's are late...in fact the majority, you only have to read the thread about the "Trendy Condo" to know that.

Whatever happens I wish her good luck , please do not hesitate to ask if you need any more specific info.

TP

[Khun Jean]

Thanks a lot ThaiPauly.

We will meet her again next weekend and i will tell her of your story.

It seems that the tower will be finished someday (latest news is around may/june 2008), and having a chance for some compensation is a good way of lowering the extra costs.

I was pretty sure she said 54 sqm. It seems small for a 2-bedroom. I'll ask it again.

She was one of the first who bought. I think it was around mid 2004 when they just started selling.

[Lazy Sod]

I heard that K-Tech (the main contractor) decided to cut their losses and walked off the job because the developer had clearly run out of funds: and that it is actually a Thai-Indian family behind the development. Can't confirm it myself, but the source was a good one who I think should know.

[ThaiPauly]

I heard that K-Tech (the main contractor) decided to cut their losses and walked off the job because the developer had clearly run out of funds: and that it is actually a Thai-Indian family behind the development. Can't confirm it myself, but the source was a good one who I think should know.

I am sure its not a Thai/Indian consortium

All the documents I had beared the ID card of a Japanese guy and the cheques we got as our refund had a lot of Japanese writing on them.

Can't comment re K-Tech, but sure they ran out of money otherwise they would not have had to pay us with 4 post dated cheques.