Twin Towers Building In Chiang Mai ?

[orang37]

Sabai dee Loy Krathong, Khrup,

A friend here has been considering investing in a condo in a building called Twin Towers on Changklan Road near the Shangri-La Hotel.

He tells me he has heard some rumours of other tenants having legal problems with title and/or management, and he asked me to inquire if anyone else has heard anything, or can direct him to any resources that may help him evaluate whether or not to invest.

thanks !

~o:37;

[misterme]

As I understand it, at one time the sinking fund was spent by the one in charge of administrating it. The owners took the developer to court, and I assume the situation resolved. I understood that the developer was caught in the middle and it was in his best intrest to have it resolved and the sinking fund redesigned so that this wouldn't happen again.

I would take the above as heresay and check the authenticity. But this is what I found out while checking into the building. Hopefully it will help you find the final result to this situation. Perhaps as you find out more, you could then post them here and we could resolve the 'truth' between the rumours.

I considered buying while this property was under construction. It was certainly expensive then, but prices have more than doubled since. I'm unsure how liquid the Chiang Mai market is. Foreign staff in CM like 1br & 1br+ apartments and are happy to sign contracts, but the rental rates are high for the tourist/typical ex-pat. Also the rental pool will shuffle business to it's own units before giving it to the independant owner. If willling to pay 'tea money', your chances to find rental from the company will go up. My belief is that the rent required, minus the agency charges to handle the rental make for buying it to be a tough business decision. Unless you're expecting appreciation to be your only upside. And even at that, they're at the top of the price scale already.

My opinion is that every purchase in Thailand should be approached with the mindset that finding an eventual buyer may be impossible, that if buying and owning LONG term make good sense, that the deal could then progress to the next set of peramiters. If long term holding isn't an option, I wouldn't be likely to give the deal much more attention.

(just my opinion)

Edited November 14, 2008 by misterme

[snakehips]

I have viewed these condos and in my opinion they are badly finished 'boxes' surely there are better places in Chiang mai to buy?