The Regent Bangkok & Regent Residence, 48+35 Storey : Sukhumvit New Highrise

[grantbkk]

I have two friends that have purchased condominiums at the Regent Residence. The both continue sending the developer money dispite the fact that the four to six construction workers seem to be moving very slowly to complete the project. They received letters on August 15th from project management informing them that the project was still on time and "good news" for the buyers was the fact that they were changing to a better general contractor. Both of these buyers are in denial and think everything is going great. One of these guys have actually sold his porperty in his home country and is arriving on December 4th with his decorator. Anyone can see that the hotel side of the project has been abandoned. The cement pump was removed from the 31st floor of the condos about a three weeks ago.

Does anyone know what is really going on with this project? Is it just me or are the developers just bleeding people for money on a doomed project?

Edited October 13, 2007 by grantbkk

[JonnieB]

world-wide real estate bubble pops...i think you should start there.

[JXCutter]

I have two friends that have purchased condominiums at the Regent Residence. The both continue sending the developer money dispite the fact that the four to six construction workers seem to be moving very slowly to complete the project. They received letters on August 15th from project management informing them that the project was still on time and "good news" for the buyers was the fact that they were changing to a better general contractor. Both of these buyers are in denial and think everything is going great. One of these guys have actually sold his porperty in his home country and is arriving on December 4th with his decorator. Anyone can see that the hotel side of the project has been abandoned. The cement pump was removed from the 31st floor of the condos about a three weeks ago.

Does anyone know what is really going on with this project? Is it just me or are the developers just bleeding people for money on a doomed project?

YA THINK!!!! That could never happen in Thailand

[grantbkk]

Grande Asset Development also has something call The Sails Pattaya and The Trendy Condos and an office buildings near their Regent Projects. NOTHING is going on at the Regent. Not much is going on at The Trendy. Is The Sails Pattaya project still taking peoples money? All of these projects are way past there opening date. Someone who reads Thai Visa must have some insight into what is going on here.

Edited October 15, 2007 by grantbkk

[steveromagnino]

Grande Asset Development also has something call The Sails Pattaya and The Trendy Condos and an office buildings near their Regent Projects. NOTHING is going on at the Regent. Not much is going on at The Trendy. Is The Sails Pattaya project still taking peoples money? All of these projects are way past there opening date. Someone who reads Thai Visa must have some insight into what is going on here.

Grande Asset is now owned in a large chunk by Leyman Bros, a finance company who were supposed to inject a bunch of cash ;the Thai partner than ran the company into the ground has already gone to start his next development The Sands which is exactly the same design and concept as the sails, and right next door down in Pattaya.

I have heard rumours the idiot they put in charge of Grande Asset from Leyman left town already pending some minor threats to his person, and so currently no one is in charge, no one is doing anything and until someone comes in here and takes charge, nothing is likely to occur.

This has been a train wreck waiting to happen right from the first day they unveiled a project called 'the Trendy' and when they decided to build a high end hotel in the most slummy part of Sukhumvit.

GOod luck, I think the buyers involved may need it; at least the Trendy is getting close to finished; I have faith that they will be completed eventually, but probably like 5 years from now when the Leyman guys grow a pair and decide to actually do some work.

[grantbkk]

Thanks Steveromagnino! That's the type of background information I'm looking for. So many people are being ripped off. I can't believe people are still sending good money in every month on a project that has stalled.

[A_Traveller]

Steve do you mean Lehman Brothers?

Regards

PS Answering my own question:- Lehman Brothers subsidiary Giant Mauritius Holdings has bought a 50.1% stake in listed Thai hotel, condominium and resort developer Grande Asset for $80 million and a tender offer is now under way for the remaining shares [July 2006]

PPS Nation Article re the transaction

Edited October 15, 2007 by A_Traveller

[steveromagnino]

Steve do you mean Lehman Brothers?

Regards

PS Answering my own question:- Lehman Brothers subsidiary Giant Mauritius Holdings has bought a 50.1% stake in listed Thai hotel, condominium and resort developer Grande Asset for $80 million and a tender offer is now under way for the remaining shares [July 2006]

Yep; sorry my bad spelling.

I don't think they actually have any staff brave enough to push pencils at Grande Asset right now though. AFAIK the tender offer already went through; but for whatever reason there is still nothing happening at any of the sites - Trendy at least has a few staff doing things; the other ones appear to now be derelict (especially the sails, where they don't even have a sales brochure!!!)

[JonnieB]

This has been a train wreck waiting to happen right from the first day they unveiled a project called 'the Trendy' and when they decided to build a high end hotel in the most slummy part of Sukhumvit.

And don't forget ,"The Trendy" condo is just a mashup of the derelict old Bankapi Mansions Hotel that stood vacant at that site since the Crash of '97 I believe

[Fred Sanford]

This has been a train wreck waiting to happen right from the first day they unveiled a project called 'the Trendy' and when they decided to build a high end hotel in the most slummy part of Sukhumvit.

Yeah that slummy part of Sukhumvit that sports the 5 star Sheraton, Westin, Landmark, Amari and the new one going up where Clinton Plaza used to be. some real fleabag scumpits those hotels are. How could anyone in their right minds even think about putting up a 5 star hotel amidst all that slime. I'm shocked the "Leyman" Bros would get involved in any of that. Maybe "Beer" Stearns will be next

Edited October 15, 2007 by Fred Sanford

[grantbkk]

Steve do you mean Lehman Brothers?

Regards

PS Answering my own question:- Lehman Brothers subsidiary Giant Mauritius Holdings has bought a 50.1% stake in listed Thai hotel, condominium and resort developer Grande Asset for $80 million and a tender offer is now under way for the remaining shares [July 2006]

Yep; sorry my bad spelling.

I don't think they actually have any staff brave enough to push pencils at Grande Asset right now though. AFAIK the tender offer already went through; but for whatever reason there is still nothing happening at any of the sites - Trendy at least has a few staff doing things; the other ones appear to now be derelict (especially the sails, where they don't even have a sales brochure!!!)

Does The Sail Pattaya have a partial building erected like The Regent Residences project?

[steveromagnino]

Does The Sail Pattaya have a partial building erected like The Regent Residences project?

Yes, but not quite as far; piling done, lift shafts up to about 6th floor, all holed up now.

'Yeah that slummy part of Sukhumvit that sports the 5 star Sheraton, Westin, Landmark, Amari and the new one going up where Clinton Plaza used to be. some real fleabag scumpits those hotels are. How could anyone in their right minds even think about putting up a 5 star hotel amidst all that slime. I'm shocked the "Leyman" Bros would get involved in any of that. Maybe "Beer" Stearns will be next '

OK, maybe being that some of my clients are property developers, luxury hotels and luxury apparel brands, i don't know anything about property here....BUT...

- Sheraton and Landmark are on the other side of the road (makes a difference)

- Westin is a bit of a dung hole also owned by Grande Asset and significantly further along the road anyway

- Sheraton is 5 star, all the others are 3 -4 star max; all are old of the ones you have named, suggesting this is not the area where people are focusing on in Bangkok for new genuine high end development. No idea at this stage what they are plonking on the Clinton Plaza site as I don't get paid for knowing anything about that; I would guess it is not a 5 star either (5 star = Four Seasons, Sukhothai, Intercon, Peninsula, Oriental) - this will be a new hotel in this area and I simply do not believe that you can charge $400USD a night for rooms in that area at multiple hotels. A genuine luxury area like Ratchaprasong has, er, let's see 4 new hotels - Marriot Courtyard, Centara, St Regis, to be named but possibly the Ritz Carlton or similar within a similarly sized area in a similar time frame, to go alongside the existing Intercon, Grand Hyatt, 4 Seasons hotels. The riverside has 3 4/5 stars. Those are top end brands...the Amari, Landmark, Westin etc are simply not at the same level. Who knows, if I get paid to consult in that area, I will change my tune and claim this is the new 'Orchard Road'

- affectionately widely known as the farang ghetto, this area is definitely affected negatively by the proximity to the red light district, and I and others right here stated probably 1-2 years ago that many buyers would have hesitation to buy at the Regent if they had to walk outside of their 120,000b per sq m unit, and enjoy the street sludge drifting up from the Thermae; the FACT Grande Asset haven't hit their sales targets in the same period as other similar level developments have sold out and many completed construction suggests their position/price point was wrong for the location....of course their lack of solvency and inept marketing didn't help.

Who knows why Lehman ended up involved. Feel free to correct me, but here I was thinking that the guy was run out of town by the former Thai majority shareholder in Grande Asset, suggesting at least to me that they didn't really do particularly good due diligence, and are now sitting on incomplete sites with development on hold - as a person who once bought a house, I think I can suggest that this is not the most efficient way to make money out of real estate. A person can make more, by selling units, building them and then handing them over. But that is just my experience.....

BTW I have nothing to do with Lehman/Leyman - I'm not a I.B., I've never done a deal with those guys and I cannot see one on the horizon. When I do, maybe I should learn how to spel there nayme. Until then, you can continue to make fun of my spelling as much as you want...ENJOI!!!

Who knows, maybe you have some different information...would be interested to hear another view.

[A_Traveller]

Hi Steve,

Just to clarify wasn't criticising your spooling, wondered if there was A N other operation involved. If memory serves the Clinton place is scheduled to be branded as a Sofitel.

Regards

[steveromagnino]

Hi Steve,

Just to clarify wasn't criticising your spooling, wondered if there was A N other operation involved. If memory serves the Clinton place is scheduled to be branded as a Sofitel.

Regards

no sweat; I actually haven't come across Leyman/Lehman in years, they aren't exactly that active in the area I work in our here; anyway compared to the relative 'celebrity spit roast' I got from Sanford and Son, you let me off pretty lightly

Sofitel is entirely possible; no quite sure what Central Hotel group are doing at the moment regarding Sofitel vs. their own brand Centara.....

[Cool Water Palace]

This all reminds me of the scandals a few years back of holiday bookings on costa brava etc of hotels not yet built.

I may be in the market for a condo or other property (house?) next year. It seems I should do what I was thinking of anyway and go for a completed property. I saw one advertised by Robinson mall.

But truth to say I'd prefer a place not so near to the wild night life (I like it, some of it anyway, but not all the time) and expensive shops and I don't fancy high rise anyway. A Thai friend has a condo on SW outskirts which is rather nice (top - 8th floor), in Bangkron Thich. It's 20-30 mins out near a nice pleasure park on the N side of the main road.

[Cool Water Palace]

A thought. I'm assuming I'm thinking of the same place. That's by Regency Hotel and Honey Plaza in Soi 22. Right? I'll mention it to my contacts in that neck of the woods, and see what they say.

[steveromagnino]

A thought. I'm assuming I'm thinking of the same place. That's by Regency Hotel and Honey Plaza in Soi 22. Right? I'll mention it to my contacts in that neck of the woods, and see what they say.

Soi 22 of what road?

Actually, it is Sukhumvit Soi about 15 if i recall correctly. Soi 22 Sukhumvit is about 1km down the road, on the opposite side, another somewhat scumhole at the front end, but pretty high end once inside the soi; despite the rabbit warren appearance of that area. Some of the higher prices in condos are around this part of town.

[grantbkk]

The Regent Project in question in on Sukhumvit Road at Soi 13. The hotel under construction across the Soi I believe is a Novotel and it is going up slowly but it seems like lightening speed compared to the Regent.

As a results of the coments on this thread the guy that was coming from Sweden with his decorator has cancelled the decorator and is coming to find out what is actually going on. He received a letter from Grande Asset just two months ago informing him that there was a delay but a new contractor had been retained and the construction delay would be quickly made up and opening would be as scheduled for early 2008.

Another condo buyer in the Regent project has now suspended payment to Grande Asset as a result of the information he read on this thread.

Thanks everyone!

[bapak]

The Regent Project in question in on Sukhumvit Road at Soi 13. The hotel under construction across the Soi I believe is a Novotel and it is going up slowly but it seems like lightening speed compared to the Regent.

As a results of the coments on this thread the guy that was coming from Sweden with his decorator has cancelled the decorator and is coming to find out what is actually going on. He received a letter from Grande Asset just two months ago informing him that there was a delay but a new contractor had been retained and the construction delay would be quickly made up and opening would be as scheduled for early 2008.

Another condo buyer in the Regent project has now suspended payment to Grande Asset as a result of the information he read on this thread.

Thanks everyone!

My office window presents a picture view of the Regent Project... and it is a picture on inertia.

Cheers, Bapak

[billp]

Is this Regent Hotel/Condos the thing they're building (or not building as the case may be) on the site where the big beer garden in front of the Ambassador Hotel used to be? First there was Ruamchitt Plaza/Thermae, then Clinton Plaza, then that big beer garden??? Trying to picture it.

[steveromagnino]

Is this Regent Hotel/Condos the thing they're building (or not building as the case may be) on the site where the big beer garden in front of the Ambassador Hotel used to be? First there was Ruamchitt Plaza/Thermae, then Clinton Plaza, then that big beer garden??? Trying to picture it.

yeah that s the site; a monster carpark slash beer garden slash waste of space; started construction about 1-2 years ago, and now, Bapak seems to have hit one out of the park 'a picture on inertia'

If they say a picture paints 1000 words, then these 4 words paint 1000 pictures ;-0 niiiiiiiiiiiiiiiiiiiiiiiiiiiice.

[jrbkk64]

Grande Asset Development also has something call The Sails Pattaya and The Trendy Condos and an office buildings near their Regent Projects. NOTHING is going on at the Regent. Not much is going on at The Trendy. Is The Sails Pattaya project still taking peoples money? All of these projects are way past there opening date. Someone who reads Thai Visa must have some insight into what is going on here.

Grande Asset is now owned in a large chunk by Leyman Bros, a finance company who were supposed to inject a bunch of cash ;the Thai partner than ran the company into the ground has already gone to start his next development The Sands which is exactly the same design and concept as the sails, and right next door down in Pattaya.

I have heard rumours the idiot they put in charge of Grande Asset from Leyman left town already pending some minor threats to his person, and so currently no one is in charge, no one is doing anything and until someone comes in here and takes charge, nothing is likely to occur.

This has been a train wreck waiting to happen right from the first day they unveiled a project called 'the Trendy' and when they decided to build a high end hotel in the most slummy part of Sukhumvit.

GOod luck, I think the buyers involved may need it; at least the Trendy is getting close to finished; I have faith that they will be completed eventually, but probably like 5 years from now when the Leyman guys grow a pair and decide to actually do some work.

A few years ago when Trendy started selling I asked my company's lawyer about Grand Asset. His answer was very short and clear: Stay away!!!

According to him it was a badly managed company, with questionable reputation, not enough cash and many failed developments. I think he is more than right reading this forum and I think Lehman bought a big LEMON.

Before buying anything in Thailand, CHECK on the developer in great detail. Some are great, many are mediocre and even more are very bad.!!!!!

[onethailand]

When I asked another developer about Grande Asset, she said "Not enough money". I put it off to competitive opinion - but she was dead on.

As an aside, when the baht was about 38, she correctly predicted that the baht would be lower than 36 by the end of the year.

[steveromagnino]

When I asked another developer about Grande Asset, she said "Not enough money". I put it off to competitive opinion - but she was dead on.

As an aside, when the baht was about 38, she correctly predicted that the baht would be lower than 36 by the end of the year.

I think people were asking about the Regent and Trendy 2 years ago, and concensus here was saying much the same thing....

- developer questionable

- location questionable for a high end project (Regent)

- hotel involvement questionable

Normally I don't get to be the 'told you so' guy, but in this case, well I didn't tell you, and it isn't so, but er...whatever :-)

Hoping no one gets too burned; I am sure someone will eventually build something on the Regent site; probably won't be a regent though and maybe it will get onsold to someone else so Lehman can wash their hands; my guess is the project will be downgraded to B+ level, which is where it should have been from the start. At least the prices of genuine quality have increased enough that the existing owners should survive even having paid for what they thought would be grade A.

Edited October 22, 2007 by steveromagnino

[trajan]

has construction restarted on the Regent yet?