Grand Peaks Sri Racha

[CRUNCHER]

A friend of mine, not in Thaialnd at the moment, is buying in Grand Peaks. He has heard that construction has stopped and has asked me to see what I can find out.

Anyone know what is happening?

[jingjingna]

I drove past the actual construction site today. They had set up sales office onsite which used to be open but today it was closed.

The advertising banners have gone, no signs of any kind of construction taking place, I'm sorry to say

They also have an office opposite Koh Loi Park in Sriracha but I have no idea if that is still open.

I will try and find out some more info for your friend next week if you like.

[jingjingna]

Back again,

Their main sales office is opposite Koh Loi Park, 9/16 Jermjompon Road, Sriracha, 20110, Chonburi

Telephone no's: +66 038 311811 or +66 038324824

website: siamzokei.com

Hope this helps!

[CRUNCHER]

Thanks Jingjingna. Anything you can fid out without going to too much trouble would be appreciated. I can't contact my friend at the moment, but fortunately I don’t think he is into them for too much.

I can say what I have found out so far because there may be others who are interested. Siam-Zokei has several developments in Thailand.

Siam-Zokei was founded several years ago and was 49% owned by a Japanese and his wife and 51% by Thais.. About 3 years ago the Saha Group, one of Thailand’s biggest companies, took over all the 51% Thai. There was some fanfare over this.

There has apparently been a dispute between the Japanese and Saha and the Japanese have basically been kicked out. Not sure what the dispute was about.

Saha, who are not much into property development, intend to find another partner and finish the development. It appears the development will be redesigned and those who have bought will be given a choice of taking a new condo or a refund.

Saying is one thing; doing is another. Saha are reported to be concerned about their reputation as there has already been some bad press in Bangkok newspapers. Quite a lot of the buyers are Thai. Perhaps there is some hope for investors

Edited October 26, 2008 by CRUNCHER

[Sailfish1]

I am a buyer at Grand Peaks Sri Racha. Today I received an invitation (by email) to a meeting at Twin Peaks Residence in Bangkok on November 8. It was sent by Siam Zokei and it sounds like it is to present information on the Grand Peaks project. I will not be attending because I am in the U.S. right now.

There appears to be some conflicts going on as I also received (same day) an email from Twin Peaks Residence sayng that they did not get any request to have a meeting there and that they have no facilities for a meeting. They say the meeting is not happening there.

I was trying to obtain more information about the problems with the project. Evidently others are asking questions too which resulted in the scheduled meeting.

Right now I have no further information. Hopefully, others will see this discussion and provide details. Cruncher, are you in Bangkok? Do you know if your friend got these same emails? Thanks for starting this discussion.

[tuky]

I (read, the wife) put a deposit down on a couple of apartments in this developement, I then changed my mind. Threw the deposits away but what the heck. Instead I built houses that are currently rented out at 45k a month each.

I am glad I didn't go ahead now reading this.

[CRUNCHER]

I am a buyer at Grand Peaks Sri Racha. Today I received an invitation (by email) to a meeting at Twin Peaks Residence in Bangkok on November 8. It was sent by Siam Zokei and it sounds like it is to present information on the Grand Peaks project. I will not be attending because I am in the U.S. right now.

There appears to be some conflicts going on as I also received (same day) an email from Twin Peaks Residence sayng that they did not get any request to have a meeting there and that they have no facilities for a meeting. They say the meeting is not happening there.

I was trying to obtain more information about the problems with the project. Evidently others are asking questions too which resulted in the scheduled meeting.

Right now I have no further information. Hopefully, others will see this discussion and provide details. Cruncher, are you in Bangkok? Do you know if your friend got these same emails? Thanks for starting this discussion.

Sorry Sailfish. I am not in Bangkok. My friend is a casual aquaintance who called me because he thought, wrongly, that I knew Sri Racha. After I got what information I could, by luck and the internet, I could not get hold of him again. I know he is not in Thailand at the moment. Sorry I can't help.

[Sailfish1]

I guess that Siam Zokei had their meeting on November 8, 2008 regarding the Grand Peaks Sri Racha project. Anybody know what information was given out at the meeting. I could not attend the meeting because I am out of the country. Thank you.

[CRUNCHER]

Sorry Sailfish, something in another thread reminded me I should have updated this thread. Actually I do no know much.

The development is cancelled. A number of buyers have been to court and have got orders saying that the land must be sold and buyers (of Grand Peaks)are to have their down payments refunded with interest. Apparently Saha are working on this. I do not have a time table, but I think repayments should be made by this summer.

Do not know current progress.

[Sailfish1]

The government has ordered SAHA group to auction the Grand Peaks property and use the proceeds to pay back the condo buyers. The auction dates were August 3, 17, 31, & September 14, 2010. They cancelled the August 3 auction with NO NOTICE, Whether the next 3 auction days will produce some results is anybody's guess. I am now wondering if this is ever going to be resolved. If anybody has anymore information, please post it here.

[Sailfish1]

The court has ordered Siam Zokei (Saha Group) to auction the Grand Peaks land and repay the money to the buyers of the cancelled condominiums. The court, however, is looking for 5 buyers who evidently did not submit a claim for their money. The court is holding up the land auction until all these buyers are found. If anyone knows any buyers who have not submitted a claim, please reply to this post. Thank you.

[Sailfish1]

Thanks Jingjingna. Anything you can fid out without going to too much trouble would be appreciated. I can't contact my friend at the moment, but fortunately I don't think he is into them for too much.

I can say what I have found out so far because there may be others who are interested. Siam-Zokei has several developments in Thailand.

Siam-Zokei was founded several years ago and was 49% owned by a Japanese and his wife and 51% by Thais.. About 3 years ago the Saha Group, one of Thailand's biggest companies, took over all the 51% Thai. There was some fanfare over this.

There has apparently been a dispute between the Japanese and Saha and the Japanese have basically been kicked out. Not sure what the dispute was about.

Saha, who are not much into property development, intend to find another partner and finish the development. It appears the development will be redesigned and those who have bought will be given a choice of taking a new condo or a refund.

Saying is one thing; doing is another. Saha are reported to be concerned about their reputation as there has already been some bad press in Bangkok newspapers. Quite a lot of the buyers are Thai. Perhaps there is some hope for investors

The court is holding up the land auction to refund the money to buyers because they want to contact every buyer. At present, they have 5 missing buyers. Did your friend submit a claim with the court to get his/her money back? Send me an email at <PM member> if your friend did put a deposit on some condominiums. Thank you

Edited May 9, 2011 by soundman
No Emails due to spam problems. Pls. PM member.

[CRUNCHER]

Thanks Jingjingna. Anything you can fid out without going to too much trouble would be appreciated. I can't contact my friend at the moment, but fortunately I don't think he is into them for too much.

I can say what I have found out so far because there may be others who are interested. Siam-Zokei has several developments in Thailand.

Siam-Zokei was founded several years ago and was 49% owned by a Japanese and his wife and 51% by Thais.. About 3 years ago the Saha Group, one of Thailand's biggest companies, took over all the 51% Thai. There was some fanfare over this.

There has apparently been a dispute between the Japanese and Saha and the Japanese have basically been kicked out. Not sure what the dispute was about.

Saha, who are not much into property development, intend to find another partner and finish the development. It appears the development will be redesigned and those who have bought will be given a choice of taking a new condo or a refund.

Saying is one thing; doing is another. Saha are reported to be concerned about their reputation as there has already been some bad press in Bangkok newspapers. Quite a lot of the buyers are Thai. Perhaps there is some hope for investors

The court is holding up the land auction to refund the money to buyers because they want to contact every buyer. At present, they have 5 missing buyers. Did your friend submit a claim with the court to get his/her money back? Send me an email at <PM member> if your friend did put a deposit on some condominiums. Thank you

Sorry I am afraid I can't help. It was only a casual friend and I have lost contact with him. I know he paid some money by way of stage payments, but I believe it was not much. Don't know if he went to court though.

Wish you all luck in getting at least some of your money back.

[Sailfish1]

Thanks Jingjingna. Anything you can fid out without going to too much trouble would be appreciated. I can't contact my friend at the moment, but fortunately I don't think he is into them for too much.

I can say what I have found out so far because there may be others who are interested. Siam-Zokei has several developments in Thailand.

Siam-Zokei was founded several years ago and was 49% owned by a Japanese and his wife and 51% by Thais.. About 3 years ago the Saha Group, one of Thailand's biggest companies, took over all the 51% Thai. There was some fanfare over this.

There has apparently been a dispute between the Japanese and Saha and the Japanese have basically been kicked out. Not sure what the dispute was about.

Saha, who are not much into property development, intend to find another partner and finish the development. It appears the development will be redesigned and those who have bought will be given a choice of taking a new condo or a refund.

Saying is one thing; doing is another. Saha are reported to be concerned about their reputation as there has already been some bad press in Bangkok newspapers. Quite a lot of the buyers are Thai. Perhaps there is some hope for investors

The court is holding up the land auction to refund the money to buyers because they want to contact every buyer. At present, they have 5 missing buyers. Did your friend submit a claim with the court to get his/her money back? Send me an email at <PM member> if your friend did put a deposit on some condominiums. Thank you

Sorry I am afraid I can't help. It was only a casual friend and I have lost contact with him. I know he paid some money by way of stage payments, but I believe it was not much. Don't know if he went to court though.

Wish you all luck in getting at least some of your money back.

Thanks for replying. Was your friend Japanese? 4 of the missing buyers are Japanese. The fifth missing person is named Peter Henry Cook. If your friend was none of these, I believe that he has submitted a claim. I'm just curious if your friend is one of the missing buyers.

Thanks again for responding. I appreciate your help.