Raimon Land

[prospero]

Last week, lots of news in the Bangkok Post and the Nation about Raimon Land. Changing CEO's and canceling projects.

What effect will this have on it's two big developments in Pattaya? Will they be completed or not?

[Boater]

well i see they have slashed the price of Southshore to 50,000 THB a Sqm....

will they complete? who knows in this current market climate

[LtCol]

We decided to hold off buying for several reasons

1. Many , Many posters here advised us to rent for a while & several Business people I have now met also.

2. Just as important , the Oz Dollar when I started looking was about $31,500 to a Million Baht. now it takes $44,445 to get a Million Baht.

3. The sales figures for the last 6 months on projects here include pre pays dating back in some instances 3 years , so they are not a true indication of the current market.

4. A Brit I met just had a refund over an unfinished project , got his deposit back after fronting with a Lawyer, BUT, none of the promised penalties & interest etc AND, when he paid his hefty Deposit it was at a rate of 71 to the Baht , his refund was at 50 , & I don't think he is alone.

5. I don't think anyone , even the Developers can guarantee anyone that these projects will finish any time soon.But, hope so

[PattayaParent]

<snip>

4. A Brit I met just had a refund over an unfinished project , got his deposit back after fronting with a Lawyer, BUT, none of the promised penalties & interest etc AND, when he paid his hefty Deposit it was at a rate of 71 to the Baht , his refund was at 50 , & I don't think he is alone.

He's quids in then as they say. He transfered quids here at 71 and gets to transfer them out at 50, that's almost 30% profit.

[PattayaParent]

I'm fairly sure that over the last 2 years (definitely last year it happened) that Raimon Land are making rights issues of shares in order to raise funds.

They've announced the same lthis year.

They've been undersubscribed on the previous issues so haven't raised as much money as they hoped.

Maybe they'll do better this time?

[torrenova]

<snip>

4. A Brit I met just had a refund over an unfinished project , got his deposit back after fronting with a Lawyer, BUT, none of the promised penalties & interest etc AND, when he paid his hefty Deposit it was at a rate of 71 to the Baht , his refund was at 50 , & I don't think he is alone.

He's quids in then as they say. He transfered quids here at 71 and gets to transfer them out at 50, that's almost 30% profit.

I'll have a side bet that as the original contract would be in Baht terms, then all monies would be in Baht and all returned monies would be in Baht also. Sterling has nothing to do with it, except for occasions where, in marketing literature, an approximate Sterling amount is used because many people cannot do the mathematics or do not realise what the amount is in their local currency.

[jellymeister]

wasn't the guy who resigned the one who was always saying that thai real estate was on the up and up and up and not affected by the global economy.......hmmmm.......

[PattayaParent]

<snip>

4. A Brit I met just had a refund over an unfinished project , got his deposit back after fronting with a Lawyer, BUT, none of the promised penalties & interest etc AND, when he paid his hefty Deposit it was at a rate of 71 to the Baht , his refund was at 50 , & I don't think he is alone.

He's quids in then as they say. He transfered quids here at 71 and gets to transfer them out at 50, that's almost 30% profit.

I'll have a side bet that as the original contract would be in Baht terms, then all monies would be in Baht and all returned monies would be in Baht also. Sterling has nothing to do with it, except for occasions where, in marketing literature, an approximate Sterling amount is used because many people cannot do the mathematics or do not realise what the amount is in their local currency.

Sterling in this case, but any foreign currency, has everything to do with as to buy a condo you must bring the money in from outside THailand unless you have PR status.

So as you correctly say the initial amount paid would be in Baht, brought in and converted at 71, and he would have receeived exactly the same amount of Baht to be sent out at a conversion of 50. Hence a profit of 30%.

[Asianrider]

I keep reading the Property Developers state that in the abscence of foreign buyers they are targeting local buyers. Why didn't they target these in the first place ? No 49% rule !! Do they think the economic recession is not affecting thai's as well !!

[Ground Engineer]

Last week, lots of news in the Bangkok Post and the Nation about Raimon Land. Changing CEO's and canceling projects.

What effect will this have on it's two big developments in Pattaya? Will they be completed or not?

I would be very surprised if my Northpoint apartment is not handed over to me on the due date of December of this year as its almost complete. Not sure about Southshore though, as construction hasnt even started.

[prospero]

Last week, lots of news in the Bangkok Post and the Nation about Raimon Land. Changing CEO's and canceling projects.

What effect will this have on it's two big developments in Pattaya? Will they be completed or not?

I would be very surprised if my Northpoint apartment is not handed over to me on the due date of December of this year as its almost complete. Not sure about Southshore though, as construction hasnt even started.

Northpoint is far from finished. Are there still workers on the site?

[beginner]

I would be very surprised if my Northpoint apartment is not handed over to me on the due date of December of this year as its almost complete. Not sure about Southshore though, as construction hasnt even started.

If by any mischance you are very surprised and your Northpoint apartment is not handed over on the due date.

Then on behalf of the hundreds of party goers who enjoyed Raimon Lands extravaganzas with wonderful entertainments, free flowing wine, spirits, beer, plus great food and firework finales,, may I say Thankyou. Thankyou to all the deposit payers who contributed to such great evenings.

I wish you luck and hope that history does not repeat. Northshore was completed by Raimon but only after the original investors lost their money.

Northpoint will surely be finished one day but who knows if the developer will be Raimon Land who are now suffering like everyone else in the market. Current share price 0.17baht. Hmmnnn.

Good luck Ground Engineer. At least you won't have to find the final balance if the project stops.

[Pdaz]

I would be very surprised if my Northpoint apartment is not handed over to me on the due date of December of this year as its almost complete. Not sure about Southshore though, as construction hasnt even started.

If by any mischance you are very surprised and your Northpoint apartment is not handed over on the due date.

Then on behalf of the hundreds of party goers who enjoyed Raimon Lands extravaganzas with wonderful entertainments, free flowing wine, spirits, beer, plus great food and firework finales,, may I say Thankyou. Thankyou to all the deposit payers who contributed to such great evenings.

I wish you luck and hope that history does not repeat. Northshore was completed by Raimon but only after the original investors lost their money.

Northpoint will surely be finished one day but who knows if the developer will be Raimon Land who are now suffering like everyone else in the market. Current share price 0.17baht. Hmmnnn.

Good luck Ground Engineer. At least you won't have to find the final balance if the project stops.

Must say I enjoyed the party too ( apart from the band ) So good I returned the following evening. Shame they ran out of wine so early... Wonder how many 'sign-ups' they gained.. I didn't see many people go into the show apartments.. They were too busy with the free buffet and booze...

[bkkjames]

I would be very surprised if my Northpoint apartment is not handed over to me on the due date of December of this year as its almost complete. Not sure about Southshore though, as construction hasnt even started.

If by any mischance you are very surprised and your Northpoint apartment is not handed over on the due date.

Then on behalf of the hundreds of party goers who enjoyed Raimon Lands extravaganzas with wonderful entertainments, free flowing wine, spirits, beer, plus great food and firework finales,, may I say Thankyou. Thankyou to all the deposit payers who contributed to such great evenings.

I wish you luck and hope that history does not repeat. Northshore was completed by Raimon but only after the original investors lost their money.

Northpoint will surely be finished one day but who knows if the developer will be Raimon Land who are now suffering like everyone else in the market. Current share price 0.17baht. Hmmnnn.

Good luck Ground Engineer. At least you won't have to find the final balance if the project stops.

Wouldn't read too much into the share price, the company reported a sizeable profit and dividend for FY 2008.

[beginner]

Wouldn't read too much into the share price, the company reported a sizeable profit and dividend for FY 2008.

I am sure you are correct. The share price is rather more important to those who bought at 2008 prices.

Recent Stock Performance:

Current Price (3/6/2009): .17

(Figures in Thai Bahts)

1 Week -5.6% 13 Weeks -29.2%

4 Weeks -34.6% 52 Weeks -82.8%

[bkkjames]

Wouldn't read too much into the share price, the company reported a sizeable profit and dividend for FY 2008.

I am sure you are correct. The share price is rather more important to those who bought at 2008 prices.

Recent Stock Performance:

Current Price (3/6/2009): .17

(Figures in Thai Bahts)

1 Week -5.6% 13 Weeks -29.2%

4 Weeks -34.6% 52 Weeks -82.8%

Ok you have a point and probably are someone who would sell at today's prices

[prospero]

Wouldn't read too much into the share price, the company reported a sizeable profit and dividend for FY 2008.

I am sure you are correct. The share price is rather more important to those who bought at 2008 prices.

Recent Stock Performance:

Current Price (3/6/2009): .17

(Figures in Thai Bahts)

1 Week -5.6% 13 Weeks -29.2%

4 Weeks -34.6% 52 Weeks -82.8%

Ok you have a point and probably are someone who would sell at today's prices

I hope everyone realizes that price is 17 SATANG!!!

[basjke]

Wouldn't read too much into the share price, the company reported a sizeable profit and dividend for FY 2008.

I am sure you are correct. The share price is rather more important to those who bought at 2008 prices.

Recent Stock Performance:

Current Price (3/6/2009): .17

(Figures in Thai Bahts)

1 Week -5.6% 13 Weeks -29.2%

4 Weeks -34.6% 52 Weeks -82.8%

Ok you have a point and probably are someone who would sell at today's prices

Doesn't the share price reflect the value of the company?

[Ground Engineer]

Wouldn't read too much into the share price, the company reported a sizeable profit and dividend for FY 2008.

I am sure you are correct. The share price is rather more important to those who bought at 2008 prices.

Recent Stock Performance:

Current Price (3/6/2009): .17

(Figures in Thai Bahts)

1 Week -5.6% 13 Weeks -29.2%

4 Weeks -34.6% 52 Weeks -82.8%

Ok you have a point and probably are someone who would sell at today's prices

Doesn't the share price reflect the value of the company?

Not really, just reflects the value of the shares.

[JSixpack]

Northpoint is far from finished. Are there still workers on the site?

Yes, lots.

[Ground Engineer]

Northpoint is far from finished. Are there still workers on the site?

[Ground Engineer]

Northpoint is far from finished. Are there still workers on the site?

The Northpoint construction site in Pattaya has been a hive of activity in February, and work remains on schedule. Now that both towers have been topped off and all structural work has been completed, the massive tower cranes have been removed and the site has been receiving regular deliveries, with the electrical distribution board mains, transformers and fire pumps all arriving in February.

Interior and mechanical and electrical works are making good progress. Block work walls, plastering and window frame installation have progressed to upper levels of both towers, whilst floor and wall tiling, ceiling installation, and kitchen fit-out works continue to progress up the building.

[Barack]

Northpoint is far from finished. Are there still workers on the site?

"The Northpoint construction site in Pattaya has been a hive of activity in February, and work remains on schedule. Now that both towers have been topped off and all structural work has been completed, the massive tower cranes have been removed and the site has been receiving regular deliveries, with the electrical distribution board mains, transformers and fire pumps all arriving in February.

Interior and mechanical and electrical works are making good progress. Block work walls, plastering and window frame installation have progressed to upper levels of both towers, whilst floor and wall tiling, ceiling installation, and kitchen fit-out works continue to progress up the building."

Nice pics. Looks like the project will be completed despite the naysers on TV. They're just envious, that's all.

[Ground Engineer]

Nice pics. Looks like the project will be completed despite the naysers on TV. They're just envious, that's all.

Yes Barack you are right, the naysaysers are just envious. Cant wait to move in in December.

[NanLaew]

Ahhh... condo living. Waiting 5 years for your room and then spending the next 20 years listening to the noise from all the upgrades and refurbishments by fellow room dwellers.

I am soooo envious right now, I better go and take a quiet, morning walk around my 16 acres in the country.

[moo9]

Yesterday night about 9.30 pm many workers were hanging around the Soi and waiting for money. However I guess they were working at the Central Hotel. It is a shame that one has to pay 100,000 Bht per sqm and these guys are waiting at night for a 6,000 Baht salary. Hmmm...

[bkkjames]

Yesterday night about 9.30 pm many workers were hanging around the Soi and waiting for money. However I guess they were working at the Central Hotel. It is a shame that one has to pay 100,000 Bht per sqm and these guys are waiting at night for a 6,000 Baht salary. Hmmm...

Well look at it this way, if you paid them 30 pounds an hour, what would the sqm price be?

[samuibeachcomber]

Yesterday night about 9.30 pm many workers were hanging around the Soi and waiting for money. However I guess they were working at the Central Hotel. It is a shame that one has to pay 100,000 Bht per sqm and these guys are waiting at night for a 6,000 Baht salary. Hmmm...

Well look at it this way, if you paid them 30 pounds an hour, what would the sqm price be?

probably the same,price per sq. metre is dictated by what the market will bear,the low wages just means the developers get a bigger profit.

[samuibeachcomber]

Ahhh... condo living. Waiting 5 years for your room and then spending the next 20 years listening to the noise from all the upgrades and refurbishments by fellow room dwellers.

I am soooo envious right now, I better go and take a quiet, morning walk around my 16 acres in the country.

maybe but do you really legally own it? in your own name.

[Pattaya46]

... around my 16 acres in the country

It's probably their condo (in their name)

but surely these are not YOUR 16 acres...