Real Estate "the Crest" Project Dead?

[Master Chief]

Coming down the hill from Kathu into Patong, there is a fancy estate project at the left hand side.

The Crest, this project was rapidly built up and had several ads in the media.

As far as I know, there was another estate project there before, but it got stopped by the gov. as that the land was not legal.

Suprised was I when another project demolished the previous and built up was the, The Crest.

Now no security guards, no workers and no progress, so what happened?

http://www.thecrestphuket.com/home.html

MC

Edited January 21, 2009 by Master Chief

[DrDave]

I've been wondering the same thing.

Purely speculation on my part, but perhaps they've run out of money? I think a fairly common scenario right now is a developer pre-sells a number of units in a new project, reaching the critical mass they needed to start construction. They assume that the sales momentum will continue throughout the construction phase in order to fund the final completion of the project, while taking scheduled payments for the pre-sold units as construction progresses. The market suddenly dries up, the banks stop giving construction loans, and the developer has run out of money before the project is completed, leaving those who bought off-plan holding the bag. I have no idea of whether this happened to The Crest, but I expect that this will be a common scenario at other developments in the coming months.

As to the previous development that was on that site, I believe that they were around 6 - 8 separate villas, and were nearly completed when the new developer took over and demolished them, replacing them with around 50 condos. It must have been very expensive to build all of those retaining walls.

[LivinLOS]

The crest..

Over the road and in the hollow was another project where one show home and some foundations went in..

Over the hill Kathu side we have that yellow wall, the security guard hut and the showhome only...

But the gazette said the property market is booming !!

[Sir Burr]

Would you want to live next to a race-track with the constant smell of exhaust in the air?

Or, where making a right turn off the main road is a scary thing to do?

[Devil]

Would you want to live next to a race-track with the constant smell of exhaust in the air?

Or, where making a right turn off the main road is a scary thing to do?

Yes I saw the main entrance/ Exit. Surely they have another route? Otherwise that's very dangerous and an accident waiting to happen.

[LivinLOS]

Would you want to live next to a race-track with the constant smell of exhaust in the air?

Or, where making a right turn off the main road is a scary thing to do?

Yes I saw the main entrance/ Exit. Surely they have another route? Otherwise that's very dangerous and an accident waiting to happen.

And that would be unusual in Thailand because ??

[geriatrickid]

Interesting that there had been no construction progress updates since December 2007.

That would have been a tipoff

A sense of space and tranquility... panoramic views over the beach and out across the ocean... a gentle cooling breeze. It's the very dream of life by the sea. From a secure hilltop location overlooking Phuket's Patong Beach, The Crest is indeed the height of contemporary resort living.

QUOTE (Sir Burr @ 2009-01-21 16:30:17) Would you want to live next to a race-track with the constant smell of exhaust in the air?

Maybe the exhaust is the source the gentle cooling breeze.......

Edited January 22, 2009 by geriatrickid

[FarangFatal]

There are houses up there already.. Nice.. I've been up there. tTe catch on the Crest was that they were legally condos.... Town Houses paisted together in two's and the some row of flats.... Look, Although they did get a permit to build above 80 feet a very old man who built one of the first hotels in Patong told me not to buy from the first houses on flater and higher ground were no good and the Crest was out of mind. He owns some flats also on the south side of that road but a bit further into town... the are about 10 years old but seems the rock is ok there. he laugh and said to ask the Monks at the temple just as you get to the almost flat part into town.... they removed rocks all the time for years. BTW, he also predicted that many houses on he south side of Nanai road but on the mountain side would fail, yep that too. As to those who are hot for the new flat area WAY UP on the ridge above Patong. He said no less that 100 meters from the road up there....... that means no view! BTW. A sister of the nice lady who owns Friendship Leather bought some land up there with her Aussie husband and I waiting o see them at songkran to know of their building plans!

I guess somebody got a land survery from a person other that and Indian Tailor........

[LivinLOS]

Although they did get a permit to build above 80 feet a very old man who built one of the first hotels in Patong told me not to buy from the first houses on flater and higher ground were no good and the Crest was out of mind.

Well the build limit is 80m not 80ft.. And that land is under 80 (in the tessabaans measure)..

[FarangFatal]

Although they did get a permit to build above 80 feet a very old man who built one of the first hotels in Patong told me not to buy from the first houses on flater and higher ground were no good and the Crest was out of mind.

Well the build limit is 80m not 80ft.. And that land is under 80 (in the tessabaans measure)..

Sorry forgot to do metric... 80 Thalang Wah??? Could be that big but still the monks get rocks down in that temple just as you get into Patong! Right below the Crest thingo.... Funny just on the north side of the road the land is solid.... head out on any of those sois on the end just as you go out of town and you'll see very old structures on a rather big incline. Buying into the Crest?

[slackula]

Sorry forgot to do metric... 80 Thalang Wah??? Could be that big but still the monks get rocks down in that temple just as you get into Patong! Right below the Crest thingo.... Funny just on the north side of the road the land is solid.... head out on any of those sois on the end just as you go out of town and you'll see very old structures on a rather big incline. Buying into the Crest?

The 80 meters being referred to is the legal limit for building height above average sea level, it has nothing to do with area.

[cotambear]

May seem a silly q but why would anybody buy off plan?

Always a risk of developer running off with your money, house not to spec, etc.

[LivinLOS]

May seem a silly q but why would anybody buy off plan?

Always a risk of developer running off with your money, house not to spec, etc.

So much cheaper often 25% sometimes more.. People have thought it easy to be a 'flipper'.. Buy off plan, take ownership, wait 2 years make a 40% markup and have a place to stay..

Not so easy in a falling market and with more developers looking shaky.