Regent Apartments...they Have Stripped Everything

[Scott123]

.....they're under negotiation with a construction company (sorry, forgot the name) to restart work on the building....

In the mean time, this project has missed/postponed the completion date again and again.

Edited September 15, 2008 by Scott123

[cclub75]

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.

You're wrong.

You didn't give attention to the good sources of information, or you didn't give credit to the good sources, that's all.

Roubini wrote it all, before.

http://www.rgemonitor.com/blog/roubini

Mike Shedlock wrote it all, before.

http://globaleconomicanalysis.blogspot.com/

Those 2 guys are now super stars, from the blogosphere to the medias (particularily Roubini).

The so called "real estate crisis" in the US started Q3 2005. Since then, yes since then, a few people, with strong common sense and no bullshit attitude were able to predict the future (now), the financial crisis, the consequences for the US and global economy, like 2+2=4.

You don't believe me ? Check their blogs, check google, and go back in time.

So don't try to put the blame of your own ignorance on something broader : you chose to stay ignorant, you chose to stay blind.

But that's the past. The real question is what are you going to do now and tomorrow ? Continue to follow the fanatics of the boiler room, the cult of "there is no crisis, the market is healthy" ? Paulson ? Bernanke ? CNBC ? And all the other "buy my CDOs and sleep well" clowns ?

Are you going to continue to mock the "doom and gloom brigade" ?

Or are you ready to change your opinion ?

Follow Roubini and Mish. You'll thank them later.

Edited September 15, 2008 by cclub75

[bingobongo]

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.

You're wrong.

You didn't give attention to the good sources of information, or you didn't give credit to the good sources, that's all.

Roubini wrote it all, before.

http://www.rgemonitor.com/blog/roubini

Mike Shedlock wrote it all, before.

http://globaleconomicanalysis.blogspot.com/

Those 2 guys are now super stars, from the blogosphere to the medias (particularily Roubini).

The so called "real estate crisis" in the US started Q3 2005. Since then, yes since then, a few people, with strong common sense and no bullshit attitude were able to predict the future (now), the financial crisis, the consequences for the US and global economy, like 2+2=4.

You don't believe me ? Check their blogs, check google, and go back in time.

So don't try to put the blame of your own ignorance on something broader : you chose to stay ignorant, you chose to stay blind.

But that's the past. The real question is what are you going to do now and tomorrow ? Continue to follow the fanatics of the boiler room, the cult of "there is no crisis, the market healthy" ? Paulson ? Bernanke ? CNBC ? And all the other "sleep well" clowns ?

Are you going to continue to mock the "doom and gloom brigade" ?

Or are you ready to change your opinion ?

Follow Roubini and Mish. You'll thank them later.

well said cclub75, i couldn't agree with you more, the ignorant choose to stay ignorant and complain when it goes bad

[Crash999]

.....they're under negotiation with a construction company (sorry, forgot the name) to restart work on the building....

In the mean time, this project has missed/postponed the completion date again and again.

Yeah that's true, though at least they're keeping the lines of communication open. Better than cut and running as can happen.

A little bird told me that there was absolutely no connection to the Regent hotel folks despite the similarity in font.

[merlion]

.....they're under negotiation with a construction company (sorry, forgot the name) to restart work on the building....

In the mean time, this project has missed/postponed the completion date again and again.

Yeah that's true, though at least they're keeping the lines of communication open. Better than cut and running as can happen.

A little bird told me that there was absolutely no connection to the Regent hotel folks despite the similarity in font.

The Regent project is definitely dead imo. The world is going into a free fall crisis, and yes, Thailand with all its spledours and attractions

won't be immune from it. For those who have already bought into the Regent, good luck and be prepared for the worst.

[bkkjames]

.....they're under negotiation with a construction company (sorry, forgot the name) to restart work on the building....

In the mean time, this project has missed/postponed the completion date again and again.

Yeah that's true, though at least they're keeping the lines of communication open. Better than cut and running as can happen.

A little bird told me that there was absolutely no connection to the Regent hotel folks despite the similarity in font.

The Regent project is definitely dead imo. The world is going into a free fall crisis, and yes, Thailand with all its spledours and attractions

won't be immune from it. For those who have already bought into the Regent, good luck and be prepared for the worst.

Just curious as to why you would say that? Are there facts you have to back up the statement?

I didn't buy there but I definately think this project will be finished by either the existing owners or by new ones in time.

[trajan]

A little bird told me that there was absolutely no connection to the Regent hotel folks despite the similarity in font.

I didnt buy (came close just before Christmas 04) but luckily went with two other projects (those finished, and I already sold those),

but the Regent font is correct.....take a look at the Regent Hotels website.... Regent ....still lists this project as opening as a Regent Hotel (with 327 rooms/23 suites and 350 condos) in "early 2010"

today, there's only three Regent hotels in Asia (Beijing, Singapore, Taipei) but another one's scheduled to open in Cape Panwa Phuket in 2009...(later, Maldives, Manila and KL).....

[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.

You're wrong.

You didn't give attention to the good sources of information, or you didn't give credit to the good sources, that's all.

Roubini wrote it all, before.

http://www.rgemonitor.com/blog/roubini

Mike Shedlock wrote it all, before.

http://globaleconomicanalysis.blogspot.com/

Those 2 guys are now super stars, from the blogosphere to the medias (particularily Roubini).

The so called "real estate crisis" in the US started Q3 2005. Since then, yes since then, a few people, with strong common sense and no bullshit attitude were able to predict the future (now), the financial crisis, the consequences for the US and global economy, like 2+2=4.

You don't believe me ? Check their blogs, check google, and go back in time.

So don't try to put the blame of your own ignorance on something broader : you chose to stay ignorant, you chose to stay blind.

But that's the past. The real question is what are you going to do now and tomorrow ? Continue to follow the fanatics of the boiler room, the cult of "there is no crisis, the market is healthy" ? Paulson ? Bernanke ? CNBC ? And all the other "buy my CDOs and sleep well" clowns ?

Are you going to continue to mock the "doom and gloom brigade" ?

Or are you ready to change your opinion ?

Follow Roubini and Mish. You'll thank them later.

Where was your previous posts on Thaivisa illuminating everyone of these bloggers back in 2005? In absence of such a post one can only assume that you were ignorant of these people then too, or at the very least chose not to share with this community...

As for mocking the doom & gloom brigade. I cant say that I do. Apologies if it comes across that way. But it does frustrate me to see people writing consistently biased opinions. I dont think you cant stick to any single point of view at all times because markets are in a constant state of flux. So you have to be ready to adapt.

My opinion has never been one of "all sunshine and lollipops", that would be absurd, because there are always shades of gray in the real world.

I have even defended bongo's posts on occasion (check for yourself), one of my first posts was on the subject of residential yields likely to drop due to an oversupply of condo's (a situation that has now come true if what I hear from the owners of apartment buildings is true and I cant see why they would tell me otherwise, it really does seem like residential rents are dropping).

See I do not put myself into any one camp. It doesn't do anyone any good, least of all myself. I prefer to remain objective. I call it how it is, if we are seeing plenty of sales, I will say so, if sales are poor I will also say so (and have done so already check my recent posts in Hua Hin). I have nothing to hide, in fact I have always prided myself on telling it how it is, I believe my clients value my straight forward opinions.

I might not be right every time (who is?) but my opinions are reasoned and based on verifiable data and experience.

[zorro1]

ahhh good to see hindsight is alive and well. I agree with Q/silva where was the warning here on TV back in 2005? Im on my way to Oz so I just walk past The Regent on my way to exchange some money ( I live at the Trendy). There is a hive of activity with the gates wide open and around 20 workers scampering around and the crane moving. The security guy whom I know very well said work to commence with the next company on the 26th of September. I asked him who they were but the best I could get was SSA. No idea who they are unless he meant S&S Residentiual who currently have a project on Sukhhumvit 101 and have several completed already around Bkk.

p.s I know my info is from the secutity guy but quite often a 200bht a day guy on the ground is better informed than the buyers

Edited September 16, 2008 by zorro1

[bkkjames]

Just an update from my office window, the big crane on top of the building has been removed. Not sure what this means but I am guessing it's the old contractor removing his stuff before a new one comes in.

Or...I will have to look at another derilec building for the next nine years, got quite a collection now surrounding the Nana bts.

[glyph]

"the big crane on top of the building has been removed"

I just walked by, and the crane is working, as is the construction elevator.

[bkkjames]

"the big crane on top of the building has been removed"

I just walked by, and the crane is working, as is the construction elevator.

Sorry, you are mistaken, you are referring to the little crane they hoisted up there to lower down the big one that sat in the middle of the building.

Walk by there again and take a look at that verticle steel structure in the center where the crane used to sit.

[bkkjames]

Just had another look and little temp crane has just removed the support structure for the main crain that used to sit in the middle.

[steveromagnino]

I don't think it takes a mind reader to know that the area around Nana is not exactly prime, and so a project like Regent so close to the main road was always going to be a harder sell than say The Park, Infinity, Domus, Ficus Lane or any of the other projects of that period.

I personally think there are a ton of rich investors waiting in the wings hoping to pick up projects one by one and cherry pick the best ones. Regents now is a seemingly good deal to acquire since it will be sold at a fire sale price; however there is simply no way to build it at the cost the units were sold at (sub 100k per sqm) and cover cost of financing/WACC; someone will have to either acquire very cheaply and/or to renegotiate the S&P agreements plus hotel operator agreement.

Without talking myself up, I have always consistently felt this project was cursed by Grande Asset (a fairly inept operator) and a relatively poor location for a grade A project and have frequently said so on both counts.

However, to try to paint this as the start of a collapse in property is just stupid, especially given that I can think several projects as of the last week that seem to be selling well, and an entire segment of the market (LPN types) that are doing just fine.

If anything, the political upheavals and lack of reliance on foreign investors coming in over the last 18 months are somewhat insulating Thailand from a huge slump; there hasn't been a huge peak from which to fall.

[bkkjames]

Steve I wasn't painting this project as dead, quite the opposite. I think there is a very good chance it will be bought by someone else and finished, I think they are preparing for that now.

[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.

"Major problems", I couldn't bring myself to use words like bust/crash/insolvent, it would have just seemed too fantastic.

Edited September 22, 2008 by rott

[Livinginexile]

I heard on the news today that all of Lehman's Asian assets have been bought by Japan's Mitzubishi bank!

Anyone else heard this?

[glyph]

"Sorry, you are mistaken, you are referring to the little crane ..."

You seem to have an unnatural emotional attachment to the size of the crane. After the SF earthquake of '89, the size of it was revised several times - always larger. The joke was that the "seismologist must be a guy".

Regardless, the construction site with a crane of some size, is in the process of being cleaned up...and the construction will begin anew.

[bkkjames]

"Sorry, you are mistaken, you are referring to the little crane ..."

You seem to have an unnatural emotional attachment to the size of the crane. After the SF earthquake of '89, the size of it was revised several times - always larger. The joke was that the "seismologist must be a guy".

Regardless, the construction site with a crane of some size, is in the process of being cleaned up...and the construction will begin anew.

And you know this how? Please enlighten us all.

[Raptor7]

I heard on the news today that all of Lehman's Asian assets have been bought by Japan's Mitzubishi bank!

Anyone else heard this?

Mitsubishi UFJ (of Japan) is buying 20% of Morgan Stanley (a different US investment bank)

Nomura (of Japan) is buying all of Lehman Brothers Asia operations (in a deal done yesterday)...

[steveromagnino]

I heard on the news today that all of Lehman's Asian assets have been bought by Japan's Mitzubishi bank!

Anyone else heard this?

Mitsubishi UFJ (of Japan) is buying 20% of Morgan Stanley (a different US investment bank)

Nomura (of Japan) is buying all of Lehman Brothers Asia operations (in a deal done yesterday)...

I'm turning Japanese oh yes I'm turning Japanese I really think so......

[trajan]

Nomura is now expanding their shopping bag to include Lehman Brothers Europe...but they are cherry picking operations/assets (as they should if they are a good shopper)....

[Goldbug]

b I understand from Grande Assest that the new contractor has recently started work on the Regent and The Sails Pattaya will resume early 2009. Can anyone confirm? /b

[zorro1]

b I understand from Grande Assest that the new contractor has recently started work on the Regent and The Sails Pattaya will resume early 2009. Can anyone confirm? /b

This is 100% true. It will happen however best to add an extra 20% bullshit factor into time frame

[LivinLOS]

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.

Erm.. Me..

Search posts here and phuket info.. Specifically said (06) to short financials, that insurers would go belly up, and that the banks would go pop. Lehmans wamu were obvious.. Goldman and GS with thier fingers in FED secret share ownership have just converted to retail banks in time to belly up to the trough allocated to them by ex goldmans boss inside man, exactly as I speculated. Dont claim this wasnt clearly spelled out by many. None of this has been a mystery. In fact its been highly obvious and profitable.

BTW the 700bn isnt going to solve this issue, all that is, is some smoke and mirrors to bail out bankers at the publics expense, dressed up in public interest, again no mystery.

[jimbob]

BTW the 700bn isnt going to solve this issue, all that is, is some smoke and mirrors to bail out bankers at the publics expense, dressed up in public interest, again no mystery.

Too true! I realised there was something wrong with the banks at the same time I figured out the UK and US economy was basing their economic growth on easy credit and house prices rather than wealth creation.

This is completely off topic but how low do you think the US dollar will go and which currency will gain the most in the next few years?

(or could you pm links to relevant threads?)

[LivinLOS]

On the phuket-info forums search a thread I started 'popping bubbles' in early 06..

As to how low the dollar will go, that depends on how you measure it.. I dont like the EUR or GBP much either, they are all fiats.. Gold will rise IMO, tho I am currently positioned heavily in silver not gold.

[Livinginexile]

Latest pics of the Regent.

Everything that can be has been stripped. Workers lifts are gone, shading cloth all gone, door frames, piping, anything that is worth something has been taken away.

Even the grounds have been cleared of all scraps.

RIP Regent Apartments

[zorro1]

WORK HAS COMMENCED.. Was just down at the trendy pool across the road and the crane is up and hoisting materials up to the top floor. looks like good news for owners and lets hope its not a false start

[bkkjames]

WORK HAS COMMENCED.. Was just down at the trendy pool across the road and the crane is up and hoisting materials up to the top floor. looks like good news for owners and lets hope its not a false start

Yep, can confirmed what the masked one has written, seems CBRE was right when they said construction would commence again in Oct.