Pattaya City Resort

[rudi2008]

Anybody knows about this project? Started 2006, end off project 2008 ...

Nothing there at the moment. We almost signed up march 2007!!

(still have the crontract here at home)

Wow, we feel so lucky buth we would like to be informed.

[HowardJohnson]

Construction of the first phase has now started and it is zooming up. It has taken them longer to get organised than they initially estimated but thats no surprise due to the sheer size of the project.

Its backed by a local Thai family who have already completed several housing projects and have just started another in East Pattaya.

I have always liked the project and it will become very well know over the next few years. Its just frustrating that they were so slow to get the ball moving.

Have another look when you come back again. Although the prices will have gone up somewhat since you last looked.

[CRUNCHER]

Rudi 2008 - Suggest you sign your contracts and send them in. Phase one is quite well sold, but still some left I believe. There will be 4 phases in all. Good location - convenient for town and Sukumvit. This wil be a first class development and a good investment for the future. (I have nothing to do with the developer or property sales at all, but I have bought one unit.)

Edited August 16, 2008 by CRUNCHER

[rudi2008]

OK, thanks.

Still on the move this project, but suppose we signed, we have to pay monthley 60.000 bath since 2007 ... ! And notting happend.

So, better to pay a little bit more and sign in when project is at is end?

[PattayaParent]

Now with the new Escrow Laws there should be no problems.

[whatsoever]

Reality check! Their are absoulutely tens of thousand of condos being 'developed' at this moment. Anyone foolish enough to buy is likely to have their fingers burnt. Who on earth (yes on earth) will buy these pokey units. Considering that 51% have to be purchased by Thais.

f you think this is a cynical point of view then go check out the many developments which have been completed over the past 18 months or so and see that 80% are still for sale or resale - and thats being consevrative!

[rudi2008]

Now with the new Escrow Laws there should be no problems.

Escrow Laws?? Can you explain please?

[PattayaParent]

As part of the new amendment to the Condominium Act the purchaser and developer can agree to put all the monies to be paid for the condo into an Escrow Account with a Thiurd Party so that the developer cannot get the money until th terms of the Escrow are met. i.e. the building is complete and ready to hand over in the Faranag name.

It's not compulsory for a developer to do this unfortunately, but would you want to buy from one that doesn't want to do it???

[Woofer]

I would be carefully buying anything from this developer. I have a house on one of the estates she developed. There were many promises made about common areas and children playgrounds, but none of them materialized. We have had a lot of break-ins and her response has been to reduce the number of security personnel. She argues that some people are not paying their maintenance so we can no longer afford them. However, we argue that she should be paying some proportion of the maintenance because she has 14 unsold houses. She has not paid maintenance on any of these houses for the 3 years they have be built. So be very careful when deals with this developer.