Regent Apartments...they Have Stripped Everything

[steveromagnino]

Quiksilva, post 19, ''They should of known''.

I see this on tv many times but never expected it from you, a prominent local businessman, my illusions are shattered. I need the beer that you saved earlier in the thread.

I didn't save that beer for an English teacher, I saved it for someone who added value to the discussion.

mate I heard once of an english teacher who added value.

A bit like military intelligence. Pretty ugly girls. That sort of thing.

[rott]

Quiksilva, post 19, ''They should of known''.

I see this on tv many times but never expected it from you, a prominent local businessman, my illusions are shattered. I need the beer that you saved earlier in the thread.

I didn't save that beer for an English teacher, I saved it for someone who added value to the discussion.

Calm down Quiky, no offence meant. English teacher? I dream about being an English teacher, but one O-level from the sixties just does not cut it. However, I am flattered by the comment.

Not sure about added value, but ref. The Regent I am wondering if Lehman Brothers could be the American investment bank that is forecast to have major problems in the next few months.

Other than that I read this thread because I am fascinated by the property market in Bangkok and Pattaya. Will BingoBongo ever be proved right, or will the diversity and unique nature of the local situation ride out the storm?

[quiksilva]

Will BingoBongo ever be proved right, or will the diversity and unique nature of the local situation ride out the storm?

Due to the cyclical nature of markets eventually both will be true. Timing booms and busts however is a little trickier.

[thaihome]

Will BingoBongo ever be proved right, or will the diversity and unique nature of the local situation ride out the storm?

Due to the cyclical nature of markets eventually both will be true. Timing booms and busts however is a little trickier.

That’s what great about economics, if you stick to your guns over the long term, everyone gets to right once.

TH

[steveromagnino]

rumour is Lehman will dispose of all real estate assets, so maybe just maybe the Regent will be completed. If the rumours are true that Regent has a non performance clause for management fees, then the project is already bleeding cash for them now (other than financing costs) as there is hotel profit/rev share to give up.

[mgjackson69]

That’s what great about economics, if you stick to your guns over the long term, everyone gets to right once.

TH

55555 - I had forgotten about that one!

It has been a long time since ECON 303. The professor told us that very same thing on the first day of class, and told us again on the last day.

[bkkjames]

rumour is Lehman will dispose of all real estate assets, so maybe just maybe the Regent will be completed. If the rumours are true that Regent has a non performance clause for management fees, then the project is already bleeding cash for them now (other than financing costs) as there is hotel profit/rev share to give up.

Steve, a little off topic but was wondering if you knew what was being built next to the BTS at Asoke, just passed Soi19 where the Volvo showroom was?

Thanks

[trajan]

I think you are refering to the upcoming L&H Sukhumvit 19 (42 stories) --serviced apt/hotel/retail etc.

[trajan]

correction...L&H Sukhumvit 19 (36 stories)...

L&H

[zorro1]

Just sent those guys an email and this is the auto response. This is typical but even more annoying after you have forked out your deposit (not me)

Hi. This is the qmail-send program at mx-02.mail.isp.net.th.

I'm afraid I wasn't able to deliver your message to the following addresses.

This is a permanent error; I've given up. Sorry it didn't work out.

<[email protected]>:

user is over quota

[bingobongo]

sorry bagholders, Lehman isn't going to care about some empty shell in LOS.........the stupid deserve to be separated from their money

Lehman’s secret talks to sell 50% stake stall

In addition to selling a stake in itself, Lehman is considering selling all or part of its holdings, including its troubled $40bn commercial real estate portfolio and its asset management arm, which includes Neuberger Berman.

http://www.ft.com/cms/s/0/586ed412-6ee6-11...?nclick_check=1

[bkkjames]

correction...L&H Sukhumvit 19 (36 stories)...

L&H

Thanks for the info!

[zorro1]

joejiang are you sending us a code? is there hidden meaning?

[bkkjames]

Delete it

[Crash999]

KTECH had locked in costs on it and other projects around and couldn't deliver based on the rising material costs and went belly up.

Is that what happened to K-Tech? Used to be their name was all over the city so it's not as if they were lacking business.

[bkkjames]

Just an update from what I can from my office, there appears to be movement at this project (not sure if they are stripping more) that I can see.

They have removed that torn building covering that used to blow in the wind and the construction elevator is moving up and down quite a bit.

Normally I wouldn't take notice of this but I find it unlikely that they would be taking off the torn building covering as it was in such a state of disrepair as part of a stripping exercise.

Maybe there is hope, need to check the results of their EGM held recently to see if the financing issue was solved with K Bank or SCB.

[bingobongo]

who was the fool/idiot who said Lehman would ride to the rescue of this magical condo development? oh yes, now i remember who it was.......

Lehman sinks as much as 40 percent on capital worry

http://biz.yahoo.com/rb/080909/lehman.html

[cclub75]

who was the fool/idiot who said Lehman would ride to the rescue of this magical condo development? oh yes, now i remember who it was.......

Lehman sinks as much as 40 percent on capital worry

http://biz.yahoo.com/rb/080909/lehman.html

I remember too ! They never learn.

Next step : they will tell us that Freddie Mac and Fannie Mae are going.... to buy some condos in Bangkok.

[pkrv]

who was the fool/idiot who said Lehman would ride to the rescue of this magical condo development? oh yes, now i remember who it was.......

Lehman sinks as much as 40 percent on capital worry

http://biz.yahoo.com/rb/080909/lehman.html

I remember too ! They never learn.

Next step : they will tell us that Freddie Mac and Fannie Mae are going.... to buy some condos in Bangkok.

I believe that the English language itself holds the key to this question - it is all in the timing.

[zorro1]

Just an update from what I can from my office, there appears to be movement at this project (not sure if they are stripping more) that I can see.

They have removed that torn building covering that used to blow in the wind and the construction elevator is moving up and down quite a bit.

Normally I wouldn't take notice of this but I find it unlikely that they would be taking off the torn building covering as it was in such a state of disrepair as part of a stripping exercise.

Maybe there is hope, need to check the results of their EGM held recently to see if the financing issue was solved with K Bank or SCB.

NEWS FLASH

Everything seems to tie in with what you are saying.

The night watchman on duty now at the Regent is a young Indian chap who speaks English. He has worked for me on a part time basis for a year and find him to be reliable and honest so last time I see him I asked him about whats happening with construction and he says that building will commence in October 100% and gave me the name of the construction company but it sounded Thai with an Indian accent so I couldn't get it. No big deal and and certainly wouldnt posted this alone here, could you imagine the flaming from t-t-m and bingo bonko

PART 2

Today I ran into an Acquaintance who has bought there and has understandably been stressed about losing his deposit. I asked him any updates and with a huge grin he said he got a letter stating that the building will commence in October. Now I would have my doubts if he said december but why send out a letter stating next month? It all ties in

I live at Trendy and have a vested interest in the Regent being finished for obvious reasons. This is just a relay of info and I hope for everyone concerned that things start to move forward.

Edited September 10, 2008 by zorro1

[bingobongo]

the Lehman Borthers "genius" on this thread should stick to som tham and vacationing, not forecasting..........................LOL

an empty shell in the downtown capital of a 3rd world bannana republic is no longer the priority.......how are those protests coming along by the way?

Lehman plans sales, sees $3.9 billion loss

The fourth-largest U.S. investment bank said it has reduced exposure to toxic assets, including cutting its residential mortgage exposure by nearly half, and cut its dividend.

http://biz.yahoo.com/rb/080910/lehman.html?.v=7

[donx]

the Lehman Borthers "genius" on this thread should stick to som tham and vacationing, not forecasting..........................LOL

an empty shell in the downtown capital of a 3rd world bannana republic is no longer the priority.......how are those protests coming along by the way?

Lehman plans sales, sees $3.9 billion loss

The fourth-largest U.S. investment bank said it has reduced exposure to toxic assets, including cutting its residential mortgage exposure by nearly half, and cut its dividend.

http://biz.yahoo.com/rb/080910/lehman.html?.v=7

You are correct that Lehman Brothers didn't help get this project finished. I personally am surprized that The Trendy was finished (I'm assuming it was finished, so correct me if I am wrong) since it was a project by the same developer.

I don't really know if the Regent Apartments will be finished or not. Do you think it will be as zorro1 is suggesting or do you think everyone that made a deposit will lose their money?

[zorro1]

Sounds like they sold off their interests here. BBC 1 hour ago just for the sake of proving that They not a dead duck yet. I just went through this process bingo and cut n paste is boring.

No Bear Stearns

The Wall Street bank has lost billions of dollars through its badly judged bets on the growth of US sub-prime mortgages - a market that crumbled at the back end of last summer.

But BBC Business Editor Robert Peston insists that Lehman is not in immediate danger of collapse in the style of Bear Stearns earlier this year. For one thing, it says it has immediate access to $42bn in cash reserves, which he said "looks ample to meet any unexpected calls on its cash".

http://news.bbc.co.uk/2/hi/business/7607678.stm

Not as desperate as your posting. Still as meaningless as all of your links in the end. I will keep everyone posted from the ground where a moving crane has more meaning than 1000 useless links EDIT: You don't live here? protests ended last week. Samak ousted in a coup and Palin dumped McCain and rode up on a tank during the coup to take over, No bull, will send you a link..

Edited September 10, 2008 by zorro1

[bingobongo]

so where is the genius who was so sure of Lehman rescuing that empty shell?

stupidity and money management are a dangerous combination

Death watch for Lehman Brothers as no buyer emerges

http://afp.google.com/article/ALeqM5hxEeaW...bAifTpKwz-qW1Cw

[sfokevin]

Livinginexile it has been a couple month or so since your first pics... Can you give us an on the ground update?... Maybe some photos of the scene too!!!...

In your opinion is the old contractor "de-mobilising" or is it free for all "Asset Stripping"?...

Edited September 15, 2008 by sfokevin

[quiksilva]

Lehman's demise is due to the problems they experienced in their home market. Who amongst us specifically predicted that Lehman's would be in this financial situation a year ago?

Who predicted Bear Stearn's collapse, or that Merrill Lynch would be taken over by BoA? Where were the predictions about AIG, the world's largest insurer, who are also struggling to stay afloat? Who foresaw that?

The answer is no one did or could have, given the information that was available to the public at the time.

Its very easy to be consistently negative, even a stopped watch tells the right time twice a day. Yes you will be right sometimes doing that but the trick for making your advice relevant (and thus useful) is timing.

If/when Lehman's goes to the wall today what will it mean for Thailand?

Well some of their projects will face delays, some will change ownership (many assets have been on the market for a while now) and some of their projects may never get off the ground because of inherent flaws in pricing and costs.

This is not good news anyway you cut it but Lehman's are still a relatively small player in Thailand when compared with the total market capitalization, so I still maintain that local market forces trump global conditions every time.

Of course it just so happens that these are not too promising either right now, but as we all know this has nothing to do with the credit crunch.

[zorro1]

Lehman's demise is due to the problems they experienced in their home market. Who amongst us specifically predicted that Lehman's would be in this financial situation a year ago?

Who predicted Bear Stearn's collapse, or that Merrill Lynch would be taken over by BoA? Where were the predictions about AIG, the world's largest insurer, who are also struggling to stay afloat? Who foresaw that?

The answer is no one did or could have, given the information that was available to the public at the time.

Its very easy to be consistently negative, even a stopped watch tells the right time twice a day. Yes you will be right sometimes doing that but the trick for making your advice relevant (and thus useful) is timing.

If/when Lehman's goes to the wall today what will it mean for Thailand?

Well some of their projects will face delays, some will change ownership (many assets have been on the market for a while now) and some of their projects may never get off the ground because of inherent flaws in pricing and costs.

This is not good news anyway you cut it but Lehman's are still a relatively small player in Thailand when compared with the total market capitalization, so I still maintain that local market forces trump global conditions every time.

Of course it just so happens that these are not too promising either right now, but as we all know this has nothing to do with the credit crunch.

Quicksilva

A few mins ago ..They have definitely filed for bankruptcy. In your opinion, ]how will this effect The Regent in soi 13. I haven't bought there but have several friends who have and no doubt they walking on eggshells at the moment.

[quiksilva]

Its far too early to say, and its very difficult to predict which way their liquidators will jump.

There are quite a few scenarios that could happen. One scenario that immediately springs to mind is one where they work out a deal to return deposits and/or offer compensation perhaps financed by selling off the real estate.

Perhaps a developer can be found to finish it, if the project can realize profits through completion then that's possible. Its also possible that the liquidator might push through to completion if they can at least break even, but I think that's unlikely as they may not want to take on development risk and may not be able to continue financing construction.

This is all sheer speculation though, and I think its best to wait and see what announcements are made.

[bkkjames]

To add to the speculation, as I mentioned the other day, there has been much more activity at this building, today included.

From my office, I can see alot more workers removing the old / torn covering material and the cranes on top are moving around.

Just a guess, but I don't think KTech is looking to recoup old / torn covering material which leads me to believe they could be preparing the site for new parties to take over.

My gut feeling is they have found alternative financing to Lehman, SCB.

Stay tuned.

[Crash999]

Was looking to buy a condo a week ago from a gentleman with around a dozen units around town. We got to talking about other buildings and he mentioned he has three units in Regent. He showed me a letter he received a couple of weeks back from the developer stating that they're under negotiation with a construction company (sorry, forgot the name) to restart work on the building. Good to see that they're at least communicating with owners and there may be some light at the end of the tunnel.

On a related note, RIP Lehman.