Thailand grants citizenship to half a million people – but not farangs

[NormanW]

People were tired of the propaganda that ole Nige was writing in the BKK Post ?

Dunno, but I know that Raimon have downsized their marketing dept. and several expats have been made redundant.. Maybe they are running short of cash ? Afterall they must have spent a fortune advetising their projects in Pattaya alone.. I belive they said recently that they had done well with 'the river' but other projects were slow to move...

Lets face it their prices were way up there... even without the strong baht..Guess they over-estimated the market for 'high end' condos in Pattaya.

Correct Pdaz.

And now the Lofts Southshore will not be built!

Feel sorry for the people who down deposits.

[NormanW]

Sounds like Northpoint would comply with your test and more!

Northpoint is turning out nicely- a friend of mine lives in Sky Beach next door and overlooks the building site. The buildings themselves are very pretty. Hope they have the capital to complete the project.

I don't think so. Lots of supplying companies going boom in this economic climate.

Again feel really sorry for the people who put deposits down.

I've even heard of people walking away from their deposits on condos and just taking the loss.

I think it's more than what we are led to believe.

Time will tell.

Edited March 15, 2009 by NormanW

[fox2night]

And now the Lofts Southshore will not be built!

Feel sorry for the people who down deposits.

any source of that or just a rumor ?

[NormanW]

And now the Lofts Southshore will not be built!

Feel sorry for the people who down deposits.

any source of that or just a rumor ?

My opinion, in this reccession we are in right now.

Together with no activity on site for a long long time. (They have put big white curtains over the entrance to the site).

No activity in the fact that I ride past there many times everyday.

What do you think fox2night?

Heard anything?

Regards

[fox2night]

And now the Lofts Southshore will not be built!

Feel sorry for the people who down deposits.

any source of that or just a rumor ?

My opinion, in this reccession we are in right now.

Together with no activity on site for a long long time. (They have put big white curtains over the entrance to the site).

No activity in the fact that I ride past there many times everyday.

What do you think fox2night?

Heard anything?

Regards

i considered to buy at the second tower (50000/sqm) but decided to wait - my opinion is a well, it will be a real long time and hard worldwide depression - so i sit back and better wait, until the monkeys fall off the tree

i checked the site many times, 3 months ago there was a crane, last month i saw the white curtains as well - RL say they will start construction April 2009 - let's see

www*pattayadays*com/2009/03/property-update-the-lofts-southshore/

[sbk]

Lets keep this thread within the realm of fact when discussing projects, please

[Crash999]

Sounds like Northpoint would comply with your test and more!

Northpoint is turning out nicely- a friend of mine lives in Sky Beach next door and overlooks the building site. The buildings themselves are very pretty. Hope they have the capital to complete the project.

I don't think so. Lots of supplying companies going boom in this economic climate.

Again feel really sorry for the people who put deposits down.

I've even heard of people walking away from their deposits on condos and just taking the loss.

I think it's more than what we are led to believe.

Time will tell.

It'd be a shame if Northpoint was halted given how far along the buildings are.

Not sure that many people are abandoning their deposits- before that were to happen I'd expect to see ads going up with folks looking to sell their unit, discounted by part of the deposit they've already paid. After all, if one has 30% put into a 10m unit then it'd be worth trying to sell it for more than 7m before walking away.

[NormanW]

Sounds like Northpoint would comply with your test and more!

Northpoint is turning out nicely- a friend of mine lives in Sky Beach next door and overlooks the building site. The buildings themselves are very pretty. Hope they have the capital to complete the project.

I don't think so. Lots of supplying companies going boom in this economic climate.

Again feel really sorry for the people who put deposits down.

I've even heard of people walking away from their deposits on condos and just taking the loss.

I think it's more than what we are led to believe.

Time will tell.

It'd be a shame if Northpoint was halted given how far along the buildings are.

Not sure that many people are abandoning their deposits- before that were to happen I'd expect to see ads going up with folks looking to sell their unit, discounted by part of the deposit they've already paid. After all, if one has 30% put into a 10m unit then it'd be worth trying to sell it for more than 7m before walking away.

i think the problem is that nothing is selling so if you were to try and sell for 7M, you couldnt.

All these projects that are being built now will be lucky to complete given the state of the world wide economy.

Its one thing constructing a condo, then the developer has to furnish every single unit within. Thats one mighty ask given that they have probably spent the money taken on deposits completing construction. They have probably run dry of cash due to the lack of orders for units now.

As I say, time will tell. The big wheel turns as they say.

Regards

[bkkjames]

And now the Lofts Southshore will not be built!

Feel sorry for the people who down deposits.

any source of that or just a rumor ?

My opinion, in this reccession we are in right now.

Together with no activity on site for a long long time. (They have put big white curtains over the entrance to the site).

No activity in the fact that I ride past there many times everyday.

What do you think fox2night?

Heard anything?

Regards

Well, perhaps its the sub levels being piled etc and hence why you can seen anywork above ground?

[NormanW]

And now the Lofts Southshore will not be built!

Feel sorry for the people who down deposits.

any source of that or just a rumor ?

My opinion, in this reccession we are in right now.

Together with no activity on site for a long long time. (They have put big white curtains over the entrance to the site).

No activity in the fact that I ride past there many times everyday.

What do you think fox2night?

Heard anything?

Regards

Well, perhaps its the sub levels being piled etc and hence why you can seen anywork above ground?

no nothing at all. Very strange eh?

[PattayaParent]

Well, perhaps its the sub levels being piled etc and hence why you can seen anywork above ground?

You'd see, and certainly hear, the piling rigs at work.

The 'curtain' is just a standard screen to keep people out of the site, nothing sinister.

[Iknow]

Lofts Yenakart is in the middle of nowhere, and a really grubby area to boot. The River was grossly overpriced in my opinion, and again the location was awful, neither between nor betwixt - viz not near the BTS extension, on the wrong sise of Taksin Bridge, and you're reliant on a boat to ferry you across the river. Great until the rainy season. Also it is right in the middle of warehouses. How grand is that? As others have suggested, all this hype is finnaly being shown for what it's worth. The same applies to that other stratospherically priced condo - The Sukhothai Residences, at what price, oh yes THB240k psm. Are you kidding?

[Iknow]

Lofts Yenakart is in the middle of nowhere, and a really grubby area to boot. The River was grossly overpriced in my opinion, and again the location was awful, neither between nor betwixt - viz not near the BTS extension, on the wrong sise of Taksin Bridge, and you're reliant on a boat to ferry you across the river. Great until the rainy season. Also it is right in the middle of warehouses. How grand is that? As others have suggested, all this hype is finnaly being shown for what it's worth. The same applies to that other stratospherically priced condo - The Sukhothai Residences, at what price, oh yes THB240k psm. Are you kidding?

What BS just assigned my Sukothai Residence unit for Baht 242,000m2 you armchair experts with no money make me laugh all

the way to the bank !!!!!!!!!!!!!!!!!!!

[samtam]

What BS just assigned my Sukothai Residence unit for Baht 242,000m2 you armchair experts with no money make me laugh all

the way to the bank !!!!!!!!!!!!!!!!!!!

Good for you; obviously you don't think it's worth holding on to at that price either, which rather proves my point. "Laughing all the way to the bank" doesn't quite have the cachet it once did, and certainly since I was a private banker. And yes, you're so prescient to know that I have "no money"...

[hhgz]

"obviously you don't think it's worth holding on to at that price either, which rather proves my point..."

What a load of befuddled logic. If someone buys stock, and then sells at a profit, you'd claim "see, I told you it wasn't worth holding on to."

You, Midas, and bingobongo have constantly whined about the collapsing real estate market and, when someone sells at a profit, you guys claim that he's scared of losing money.

[Crash999]

i think the problem is that nothing is selling so if you were to try and sell for 7M, you couldnt.

All these projects that are being built now will be lucky to complete given the state of the world wide economy.

I'd at least expect owners of the units to attempt to sell them for reduced prices before simply walking away. However the ads that I've seen are only for marginally lower prices. My personal opinion is it'll be like 1997 all over again- folks would rather let a unit sit vacant than take a loss.

I think Northpoint will complete as it's the best opportunity for Raimon to bring in cash right now- units being transferred and buyers who would wait until everything is done before taking the plunge.

[Crash999]

Good for you; obviously you don't think it's worth holding on to at that price either, which rather proves my point.

[samtam]

"obviously you don't think it's worth holding on to at that price either, which rather proves my point..."

What a load of befuddled logic. If someone buys stock, and then sells at a profit, you'd claim "see, I told you it wasn't worth holding on to."

You, Midas, and bingobongo have constantly whined about the collapsing real estate market and, when someone sells at a profit, you guys claim that he's scared of losing money.

You too seem to have an uncanny prescience. My view is that the property market like most in the world, was/is in a bubble, and I do not believe the prices are sustainable. Speculators will of course make good bets, and bad. I don't have your prescience to know at what price the speculator bought the Suk Res, but if it was THB240k price I mentioned, then a THB2k profit isn't that terrific. But no doubt you will tell us all how much profit he made. Please show me where I have "constantly whined about the collapsing real estate market". My view, again, so that you don't have to make it up as you go along, is that there is not fair value in a condo priced at THB240/2k in Bangkok. I still believe that. Clearly you feel otherwise, and like me, you are entitled to your opinion, but I think it's usually better not to name call those who differ with your opinion.

[LennyW]

You too seem to have an uncanny prescience. My view is that the property market like most in the world, was/is in a bubble, and I do not believe the prices are sustainable. Speculators will of course make good bets, and bad. I don't have your prescience to know at what price the speculator bought the Suk Res, but if it was THB240k price I mentioned, then a THB2k profit isn't that terrific. But no doubt you will tell us all how much profit he made. Please show me where I have "constantly whined about the collapsing real estate market". My view, again, so that you don't have to make it up as you go along, is that there is not fair value in a condo priced at THB240/2k in Bangkok. I still believe that. Clearly you feel otherwise, and like me, you are entitled to your opinion, but I think it's usually better not to name call those who differ with your opinion.

Wow...240 thousand Baht a square metre!!!!

Thats near 10 times the price of this house!!! http://classifieds.thaivisa.com/real-estat...lete-10404.html

Its a no brainer, i know which one i would have!!!!

[jimmybkk]

I hear from some insiders that since Cornick's "resignation" the Dubai shareholders have pumped in more money to ensure completion of Northpoint and The River. Also, Northpoint is a Raimon Land PLC development, not some subsidiary/JV, so you'd have to figure the only way it wouldn't be completed now would be if they declared bankruptcy which would seem unlikely if it's true they've just pumped in more cash. I wouldn't be worried if I'd bought at Northpoint, unless it was a speculative play. If the purchase was for owner occupation or as a weekend retreat I think it is a really nice development and would be a great place to live, unless you hate condos and would prefer a house. It may even prove to be a good rental investment depending on the price paid. Not looking good short-term for the speculators though (nor for those being forced to try to offload due to economic conditions) - the list of units up for resale is long. However, as mentioned previously, none of the resellers appear to be dropping their trousers just yet.

I also think it unlikely that Southshore will go ahead now. However, I would expect (and sincerely hope) that those who have invested will have their deposits returned. They appear to have sold a lot of units there but my understanding is they've nearly all been low-cost units. The amount Raimon would have to refund would not be that great in the scheme of things.

[bkkjames]

I hear from some insiders that since Cornick's "resignation" the Dubai shareholders have pumped in more money to ensure completion of Northpoint and The River. Also, Northpoint is a Raimon Land PLC development, not some subsidiary/JV, so you'd have to figure the only way it wouldn't be completed now would be if they declared bankruptcy which would seem unlikely if it's true they've just pumped in more cash. I wouldn't be worried if I'd bought at Northpoint, unless it was a speculative play. If the purchase was for owner occupation or as a weekend retreat I think it is a really nice development and would be a great place to live, unless you hate condos and would prefer a house. It may even prove to be a good rental investment depending on the price paid. Not looking good short-term for the speculators though (nor for those being forced to try to offload due to economic conditions) - the list of units up for resale is long. However, as mentioned previously, none of the resellers appear to be dropping their trousers just yet.

I also think it unlikely that Southshore will go ahead now. However, I would expect (and sincerely hope) that those who have invested will have their deposits returned. They appear to have sold a lot of units there but my understanding is they've nearly all been low-cost units. The amount Raimon would have to refund would not be that great in the scheme of things.

Regarding your first statement, perhaps this is what you are hearing (that is publc knowledge)? Increase of capital

The Board of Directors' Meeting has resolved to increase the registered

capital of the Company by another Baht 251,083,147 from the existing

registered capital of Baht 3,061,586,485 (which consists of paid-up

capital in the amount of Baht 2,999,798,651 and reserved capital for

the exercise of warrants in the amount of Baht 61,787,834) to Baht

3,312,669,632 by an issue of 251,083,147 new ordinary shares at the par value

of Baht 1 each.

[Iknow]

Kinda wonder what Nigel is going to get up to. Believe he has been here for quite a while.

Suspect there will be a bit clearing out of other management there too before the dust settles.

Not worry he is and will be fine, there is always a business for a good pimp !

[Iknow]

I hear from some insiders that since Cornick's "resignation" the Dubai shareholders have pumped in more money to ensure completion of Northpoint and The River. Also, Northpoint is a Raimon Land PLC development, not some subsidiary/JV, so you'd have to figure the only way it wouldn't be completed now would be if they declared bankruptcy which would seem unlikely if it's true they've just pumped in more cash. I wouldn't be worried if I'd bought at Northpoint, unless it was a speculative play. If the purchase was for owner occupation or as a weekend retreat I think it is a really nice development and would be a great place to live, unless you hate condos and would prefer a house. It may even prove to be a good rental investment depending on the price paid. Not looking good short-term for the speculators though (nor for those being forced to try to offload due to economic conditions) - the list of units up for resale is long. However, as mentioned previously, none of the resellers appear to be dropping their trousers just yet.

I also think it unlikely that Southshore will go ahead now. However, I would expect (and sincerely hope) that those who have invested will have their deposits returned. They appear to have sold a lot of units there but my understanding is they've nearly all been low-cost units. The amount Raimon would have to refund would not be that great in the scheme of things.

Regarding your first statement, perhaps this is what you are hearing (that is publc knowledge)? Increase of capital

The Board of Directors' Meeting has resolved to increase the registered

capital of the Company by another Baht 251,083,147 from the existing

registered capital of Baht 3,061,586,485 (which consists of paid-up

capital in the amount of Baht 2,999,798,651 and reserved capital for

the exercise of warrants in the amount of Baht 61,787,834) to Baht

3,312,669,632 by an issue of 251,083,147 new ordinary shares at the par value

of Baht 1 each.

The word is the Kuwaities are the Jews of the Middle East, interesting you never hear

mention of Nakheel the Dubai World partners who are supposed to be equal shareholders,

heard any good concerts lately !

[bkkjames]

I hear from some insiders that since Cornick's "resignation" the Dubai shareholders have pumped in more money to ensure completion of Northpoint and The River. Also, Northpoint is a Raimon Land PLC development, not some subsidiary/JV, so you'd have to figure the only way it wouldn't be completed now would be if they declared bankruptcy which would seem unlikely if it's true they've just pumped in more cash. I wouldn't be worried if I'd bought at Northpoint, unless it was a speculative play. If the purchase was for owner occupation or as a weekend retreat I think it is a really nice development and would be a great place to live, unless you hate condos and would prefer a house. It may even prove to be a good rental investment depending on the price paid. Not looking good short-term for the speculators though (nor for those being forced to try to offload due to economic conditions) - the list of units up for resale is long. However, as mentioned previously, none of the resellers appear to be dropping their trousers just yet.

I also think it unlikely that Southshore will go ahead now. However, I would expect (and sincerely hope) that those who have invested will have their deposits returned. They appear to have sold a lot of units there but my understanding is they've nearly all been low-cost units. The amount Raimon would have to refund would not be that great in the scheme of things.

Regarding your first statement, perhaps this is what you are hearing (that is publc knowledge)? Increase of capital

The Board of Directors' Meeting has resolved to increase the registered

capital of the Company by another Baht 251,083,147 from the existing

registered capital of Baht 3,061,586,485 (which consists of paid-up

capital in the amount of Baht 2,999,798,651 and reserved capital for

the exercise of warrants in the amount of Baht 61,787,834) to Baht

3,312,669,632 by an issue of 251,083,147 new ordinary shares at the par value

of Baht 1 each.

The word is the Kuwaities are the Jews of the Middle East, interesting you never hear

mention of Nakheel the Dubai World partners who are supposed to be equal shareholders,

heard any good concerts lately !

I dont know mate, I just go by what I read (today) here... http://www.set.or.th/set/newsdetails.do;js...amp;language=en

it states that IFA are the majority shareholder. as for the Jews of the Middle East, not sure what you are implying or trying to state.

[Asianrider]

Not worry he is and will be fine, there is always a business for a good pimp !

I know not every one is a fan of the Raimonland marketing machine, but this comment is a bit below the belt !!

[johnb]

I hear from some insiders that since Cornick's "resignation" the Dubai shareholders have pumped in more money to ensure completion of Northpoint and The River.

BKKjames

Short term loan to be approved at the next AGM details are Baht 359 million at 10% interest (exclusive of witholding tax, which is borne by the Company) to be repaid in full within 1 year

Johnb

[bkkjames]

I hear from some insiders that since Cornick's "resignation" the Dubai shareholders have pumped in more money to ensure completion of Northpoint and The River.

BKKjames

Short term loan to be approved at the next AGM details are Baht 359 million at 10% interest (exclusive of witholding tax, which is borne by the Company) to be repaid in full within 1 year

Johnb

Thanks John I read that too. Alot of things can happen in a year. Will the land in Phuket be sold to raise capital? Northpoint is pretty much done so it would be in their interest to transfer as soon as possible in 2010.

[quiksilva]

So many stories to share, but alas I can not.

Aside to say that many here seem well informed and on the right track.

[pkrv]

Hmm... Raimon land. Just returned from Bangkok and when I pass by on the river always take a look at The River development - It has been around since before 2005, I know because I considered it as a potential prospect. It has not yet even got above ground level where as The Park, The Athenee, The Trendy, The Manhattan and now (virtually) The Address are completed. There were two dormant cranes parked at the site, and this was about 2pm on a week day.

Not exactly a good showing - I suspect that the problem is Thais are not buying in. I am pretty willing to bet that the Farang quota sold out pretty quickly, but that is not enough.

Edited March 25, 2009 by pkrv

[Minus]

Hmm... Raimon land. Just returned from Bangkok and when I pass by on the river always take a look at The River development - It has been around since before 2005, I know because I considered it as a potential prospect. It has not yet even got above ground level where as The Park, The Athenee, The Trendy, The Manhattan and now (virtually) The Address are completed. There were two dormant cranes parked at the site, and this was about 2pm on a week day.

Not exactly a good showing - I suspect that the problem is Thais are not buying in. I am pretty willing to bet that the Farang quota sold out pretty quickly, but that is not enough.

At some point they were offering a Benz for the purchase of a unit at The River ...

They must be desparate for some fresh cash.