Coco Properties

[beerguy]

Has anyone here dealt with them ? Any thing good or bad to say ?

Thanks.....

[simey]

I've never dealt with them, but I heard that the restrictions in their sales contract are very harsh. I think if you buy a property from them you may find it difficult to realise any profit you might make.

[beerguy]

What restrictions are those ?

Thanks ..........

[Paul B]

I've bought from Coco after looking at nearly every other developer, they are not the cheapest but for me surpassed all the others in professionalism and quality. I'm not sure what restrictions are being referred to as I don't have any that would stop me realising any future profit. You can speak to them and take a look for yourself and you won't get the hard sell. I would suggest you speak to other developers too and form your own opinion.

[simey]

OK, I have to defer to Paul as he would know more about their contracts than I would. I had been told that if you sold your property later for more than you paid for it you would find coco wanting a big share of the profits, however Samui thrives on second/third/xxx hand knowledge. I was amazed to find out how much people thought they knew about me when I arrived, and how little they actually did.

So where did you buy Paul? Are you happy with it?

[bseven]

Paul,

I would love to know more about your experiences with Coco. I am very interested at the moment in buying a two bedroom villa at Palm Villas. The thing that is really attracting me is the 12% rental guarantee. Just wondering what type of unit you went for and if you encountered any problems with Coco. In particular how was the rental guarantee presented i.e. was it in an informal type of way or was there a legally enforeable document signed relating to this.

I have talked to Alan Sadd on the phone and he sounds pretty up front and interested about what he is doing. I would be interested to hear also about what other developments you saw around Koh Samui and why eventually you went for the Coco development.

Best Regards and good luck with the new purchase.

[Paul B]

I've bought one of the Palm Villas plus a half share in one on Tropical Gardens for both investment and personal use. The Palm Villa will not be ready until next year so haven't gone into the finer details of an agreement regarding rental as yet, but I'm sure if you ask Alan he will give you any details you require. I looked at Coconut land & house, Project pacific, Maple leaf plus some others that I can't remeber the names of at present. If it was only price based I wouldn't have went for Coco but for me the houses sell themselves and the guys running it are as you said, enthusiastic about their development plus very professional. If you take a look round one I think you will be impressed with the quality. I haven't encountered any problems so far. It was a colleague who got me interested, he bought one of the first properties they built on Ocean View. He hasn't had any problems so far and has his place rented by someone for a year at present. I'm happy with them but do your own research too and look at other companies to get a comparison for yourself. Good Luck

[bseven]

Thanks for the info Paul.

Just wondering if anyone else out there has any more info or opinions on Coco. I'm partuicularly interested in the rental guarantee they are giving as I am purchasing mainly as an investment.

I just feel that the 12% they are offering is a bit ambitious taking into account what you can rent elsewhere on the island for that amount. I am also interested to hear from anyone on how enforceable such a guarantee is. I mean is it just a gentleman's agreement or is it a signed contract that is legally enforceable.

I am also concerned about a secondary market for these properties should I wish to sell. Is there anyone who can give me a historical summary of what prices have done up to present day.

Many thanks.

[Khun Jean]

I just feel that the 12% they are offering is a bit ambitious taking into account what you can rent elsewhere on the island for that amount. I am also interested to hear from anyone on how enforceable such a guarantee is. I mean is it just a gentleman's agreement or is it a signed contract that is legally enforceable.

Thailand and enforceable is an impossible combination especially when you are a farang.

Th 12% is possible i think, if the location is good. But if there is a small slide in tourist visits nobody will guarantee this.

Building yourself is the best way of getting a house. Once build it is at least double the price. But if it is in a well developed "village" with swimming pool etc, it can be a good investment, IF they maintain it well and they will keep up repairs and maintanace. Looking around will not give you the feeling things are maintained very well. Once built and sold it is over. Be sure that in this case they have a good plan on how to maintain the quality.

And check everything not 2 but 10 times before you sign, anything not clear even small details get them explained. Better be sure and prepared.

[simey]

Also be careful of the terms of the rental agreement. I know that coconut will only get the maid to clean your place when it is rented, other times it's up to you. They also ask that you reserve your own place 3 months in advance if you want to use it yourself.

Check the maintenance agreement too, and make sure that you don't have to pay extra to appear on other web sites.

To rent my property I was quoted 25% charge, and if you advertised with one of the other web sites the 10% that they charge would come off first so you would be losing around 32% of your rental income.

[Paul B]

All of the above is very sound advice, one of my worries was that once the development is complete that they would sell out to Thai's and standards would drop. I only have their word but have come to trust that now I have had dealings with them. As I mentioned before ask Alan any questions and judge the answers for yourself but also do your homework, visit the site, speak to other owners if possible and make sure you are 100% happy before you decide. Coconut was mentioned in an earlier post and I too wasn't impressed with them.

[beerguy]

Well I bought and they have sold out Palm Villas where I bought quite quickly. I didn't meet Allan but dealt with Bruce and was impressed.

The rental agreement for the 12% is in the seperate rental / maintenance agreement and I feel comfortable with it.

I also met with other developers on the island and in the end felt most comfortable with CoCo as their package is all inclusive right down to maintenance of the pool, villa and insurance.

I met again with Bruce this weekend at an exhibition in Hong Kong where they are promoting their new properties and their business is booming.

Just wondering Paul, if you don't mind my asking, did you get a discount from the listed price and did you go for a 1 or 2 bedroom?

Thanks for all the comments........

[Paul B]

2 Bedroom and yes, I did get a discount on the listed price but I bought when they were first offered for sale and commited the cash up front even though I wouldn't see the house for a year. I know since then that sales have been so good that discounts have been harder to come by because if they have buyers then they don't need to offer discounts. I have been impressed with them but always suggest to anyone else to do their own research and form their own opinion. I too know Bruce quite well. Away from business they are two nice guys socially too. Maybe we will meet there in the future

[beerguy]

I'll have you over for a beer Paul !