Hyde Park Residence Ii

[basjke]

Today I picked up a brochure from Iguana company ltd in some supermarket as I think of investing some money in rental condominiums.Reason is,if i have to believe the posts regarding the returns most people get here in Pattaya I must be stupid if I keep my money invested in any other way then owning condominiums in Pattaya.

Ok to the point now.Iguana is the company who seems to have successfully sold a big part of Park lane.So I keep reading through the very beautiful and presentative brochure and notice that they have a combined experience of over 70 years in property development and construction which sounds to me as a very good reference.Is this so?

They seem to have many projects for which they publish a very rose coloured investment scenario with projected returns of easily 15% on year base.When I however reach the end of the brochure it shows that they have yet only 2 completed projects and there is a leaflet inserted about Hyde park II.And this attracts the most of my attention.

I could read earlier in the brochure that they launched the project January 2009 and sold so far about 30% of the units.On the leaflet they announce that they give currently a discount of 1 Million baht on the condo's which were original priced at 2.59 Million with 12 interest free montly payments,and a further 10% discount if you pay cash.So in short,with some cash in your pocket you can buy a 2.600.000 Baht fully furnished condo which is expected to be finished at the end of this year for 1.431.000 Baht.

Now I can't recall that the material prices went down that much over the period since they started construction.

So please advise me is this a good deal or is this a cry in the dark?

Edited March 5, 2010 by basjke

[dickie58]

I think the only 1 Iguana have finished is Hyde Park 1, don't think Park lane is finished yet?

I heard HP2 was very late. I agent was telling me sometime ago, he had a client who was so desperate to get out/sell of HP1, he was crying in the agents office.

Iguana seem to have a lot of condos on there drawing board, & launching more, be nice if they finished of there current ones before launching others.

As the OP stated only 30% have been sold in HP2, no idea what % they have sold in Sunset Boluevard?

[jay1980]

they have also finished pattaya heights

i looked at the smaller units in Hyde park 2 and the only ones in my price range seemed too small, but I loved the rooftop swimming pool.

cheers

[dickie58]

they have also finished pattaya heights

i looked at the smaller units in Hyde park 2 and the only ones in my price range seemed too small, but I loved the rooftop swimming pool.

cheers

I looked at a 1 bedroom unit in HP1 sometime ago, not my cup of tea, but i agree the roof top pool is very nice.

Also heard that units in HP1 rent out fairly easily

[dickie58]

they have also finished pattaya heights

cheers

This web site appears to suggest Pattaya heights is a Heights-Holdings development?

http://www.heights-holdings.com/web/8888/n...54884584B91A425

[Thaifan2]

They have almost finished Park Lane . 2 of the 4 buildings are completely finished and keys are being handed over to buyers .I got my keys last month 3 months ahead of schedule .Building 3 is finished outside with further work being done inside .Building 4 has reached its 8 th floor with roof and the side walls are also in .

3 of the 4 buildings are sold out with a few left in building 4 ( the last i heard ) .The huge lagoon swimming pool of 1,800 sq meters should be operational by the middle of this month .

[basjke]

they have also finished pattaya heights

cheers

This web site appears to suggest Pattaya heights is a Heights-Holdings development?

http://www.heights-holdings.com/web/8888/n...54884584B91A425

In their brochure they claim Pattaya heights as a finished project of theirs.I seem to remember from a few years ago that heights holdings and Iguana have some close ties isn't it?

As for sunset boulevard they write in the brochure to have sold little over 10% yet,which is not much for a project expected to be finished mid of this year of course.

Edit:misread the figures and they say they sold little over 10 units of the almost 70 available.

Have to edit again as they make up their brochure very confusing.Regarding sunset boulevard on the specification page they say to have 127 units available.But 1 page later where they have the sale projection they show some kind of graph in which say little over 10 units sold from the close to 70 available.

Edited March 6, 2010 by basjke

[basjke]

They have almost finished Park Lane . 2 of the 4 buildings are completely finished and keys are being handed over to buyers .I got my keys last month 3 months ahead of schedule .Building 3 is finished outside with further work being done inside .Building 4 has reached its 8 th floor with roof and the side walls are also in .

3 of the 4 buildings are sold out with a few left in building 4 ( the last i heard ) .The huge lagoon swimming pool of 1,800 sq meters should be operational by the middle of this month .

From their own brochure: building 1 available 140 units -sold 136

building 2 available 156 -sold 146

building 3 available 140 -sold 114

building 4 available 172 - sold 31

[dickie58]

they have also finished pattaya heights

cheers

This web site appears to suggest Pattaya heights is a Heights-Holdings development?

http://www.heights-holdings.com/web/8888/n...54884584B91A425

In their brochure they claim Pattaya heights as a finished project of theirs.I seem to remember from a few years ago that heights holdings and Iguana have some close ties isn't it?

As for sunset boulevard they write in the brochure to have sold little over 10% yet,which is not much for a project expected to be finished mid of this year of course.

Edit:misread the figures and they say they sold little over 10 units of the almost 70 available.

Have to edit again as they make up their brochure very confusing.Regarding sunset boulevard on the specification page they say to have 127 units available.But 1 page later where they have the sale projection they show some kind of graph in which say little over 10 units sold from the close to 70 available.

I can see Sunset Boulevard condos from my house, there is no hope in hel_l of that being finished middle of this year, if its finished by this time next year there be doing well.

I heard sometime ago there was problems with some managment issues in Hyde Park 1

All the statements you have mentioned from there brochure is made by them, what is the real amount of units sold?

I drove past Pattaya heights this morning, looks finished to me, but building another building, looks like another condo right next door. & when the lofts (raimon land) start that will be directly behind them, 2 huge towers i think?

Edited March 6, 2010 by dickie58

[dickie58]

They have almost finished Park Lane . 2 of the 4 buildings are completely finished and keys are being handed over to buyers .I got my keys last month 3 months ahead of schedule .Building 3 is finished outside with further work being done inside .Building 4 has reached its 8 th floor with roof and the side walls are also in .

3 of the 4 buildings are sold out with a few left in building 4 ( the last i heard ) .The huge lagoon swimming pool of 1,800 sq meters should be operational by the middle of this month .

From their own brochure: building 1 available 140 units -sold 136

building 2 available 156 -sold 146

building 3 available 140 -sold 114

building 4 available 172 - sold 31

I heard that there was also a problem with the sinking fund in HP1, maybe some of the owners in there could tell you more?

If the Lofts by Raimon land ever gets built, HP1 & 2, Pattaya Heights, & any other condos in those 2 small Soi's are very likley to loose there sea views they may have at the moment.

I believe that Sunset Boulevard in meant to be 2 buildings, they have only built the skeleton shell of 1 at the moment

Edited March 6, 2010 by dickie58

[Thaifan2]

They have almost finished Park Lane . 2 of the 4 buildings are completely finished and keys are being handed over to buyers .I got my keys last month 3 months ahead of schedule .Building 3 is finished outside with further work being done inside .Building 4 has reached its 8 th floor with roof and the side walls are also in .

3 of the 4 buildings are sold out with a few left in building 4 ( the last i heard ) .The huge lagoon swimming pool of 1,800 sq meters should be operational by the middle of this month .

From their own brochure: building 1 available 140 units -sold 136

building 2 available 156 -sold 146

building 3 available 140 -sold 114

building 4 available 172 - sold 31

If you look at their web site ( i dont know when it was last updated ) it says Building 1 sold out .http://www.1millionbaht.com/luxury_condominium/building_1.html

I think though some people who have bought and paid and got their keys have asked Iguana to sell their units on again .

Edited March 6, 2010 by Thaifan2

[somtampet]

To invest in property you need someone to live in there and pay rent.There are many many hundreds of condos for rent,why should yours get at the top of the list for rental 12 months a year

[Basil B]

To many vacant properties for rent, most of the ones rented out are a give away.

[Thaifan2]

Hyde Park 11 ,studio for B1.4 is only 34 sq meters .It also has only a small pool on the roof i believe .

[basjke]

Hyde Park 11 ,studio for B1.4 is only 34 sq meters .It also has only a small pool on the roof i believe .

I think that is correct but at 1.4 million and and some change it's considered a bargain.The only question is why they lower the price that much.Will it ever be finished or is this a way to keep the cash flowing and be able to finish the project.

Of course something else to consider is that if they are able to lower the price by 1.15 million now that mean a lower profit of 125 million baht on the total project.So were they really ripping us off previously or is this reduction too much to be true and should we be aware of this.

Edited March 6, 2010 by basjke

[PattayaParent]

^ripping off previously, but all the developers do it, at least Iguana get their projects finished though,

[Thaifan2]

I would question whether it ever was the initial high price .Pattaya real estate is full of false advertising .There is no regulation in that regard .

[dickie58]

Hyde Park 11 ,studio for B1.4 is only 34 sq meters .It also has only a small pool on the roof i believe .

I think that is correct but at 1.4 million and and some change it's considered a bargain.The only question is why they lower the price that much.Will it ever be finished or is this a way to keep the cash flowing and be able to finish the project.

Of course something else to consider is that if they are able to lower the price by 1.15 million now that mean a lower profit of 125 million baht on the total project.So were they really ripping us off previously or is this reduction too much to be true and should we be aware of this.

I personally know of 2 farang developers up here on Phratmanak who are building high class condos, so they say, for 10,000 bht sqm & less.

So not hard to work out the developers costs for a condo room.

Ok you have to add on the cost of the land, but by the time that has been divided between the amount of condos in the building, makes it pretty cheap?

If you work on this basis, it makes the developers cost of the 34sqm unit in HP2 around 500,000 bht, selling them at 1.4 still making a very nice profit?

Edited March 7, 2010 by dickie58

[NormanW]

they have also finished pattaya heights

cheers

This web site appears to suggest Pattaya heights is a Heights-Holdings development?

http://www.heights-holdings.com/web/8888/n...54884584B91A425

In their brochure they claim Pattaya heights as a finished project of theirs.I seem to remember from a few years ago that heights holdings and Iguana have some close ties isn't it?

As for sunset boulevard they write in the brochure to have sold little over 10% yet,which is not much for a project expected to be finished mid of this year of course.

Edit:misread the figures and they say they sold little over 10 units of the almost 70 available.

Have to edit again as they make up their brochure very confusing.Regarding sunset boulevard on the specification page they say to have 127 units available.But 1 page later where they have the sale projection they show some kind of graph in which say little over 10 units sold from the close to 70 available.

I can see Sunset Boulevard condos from my house, there is no hope in hel_l of that being finished middle of this year, if its finished by this time next year there be doing well.

I heard sometime ago there was problems with some managment issues in Hyde Park 1

All the statements you have mentioned from there brochure is made by them, what is the real amount of units sold?

I drove past Pattaya heights this morning, looks finished to me, but building another building, looks like another condo right next door. & when the lofts (raimon land) start that will be directly behind them, 2 huge towers i think?

Arh the good old smell of developer's bu*****t. It has sucked so many people in, so that they can ride arounD in their big cars and ride on their fast motorbikes. They themselves don't even live in their developments!!

Wouldn't it be nice if there was an equal amount of green parks to buildings?

Then those buildings left would all be worth more together with being a nicer place to live!

If only we lived in a perfect world eh?

NormanW

Edited March 7, 2010 by NormanW

[dickie58]

Hyde Park 11 ,studio for B1.4 is only 34 sq meters .It also has only a small pool on the roof i believe .

I've just been looking at the Hyde Park 2 web site, appears they have some 31 sqm rooms in that building as well, i think the room sizes quoted also includes the balcony, so makes the inside living space very small

[ANDY2463]

[quote If the Lofts by Raimon land ever gets built, HP1 & 2, Pattaya Heights, & any other condos in those 2 small Soi's are very likley to loose there sea views they may have at the moment.

I hope that is not the case i have purchased a two bed room, unit In HP2 on the 3^rd floor looking out towards the sea .Nothing was mentioned when the sales pitch was going on ,he even reassured me there was no plans to build on the open ground in front of both HP1.HP2. In the past I have only heard good things about Iguana

[basjke]

^^

Of course nothing was mentioned,but knowing pattaya real estate business ethics you can be assured that if the open ground in front is big enough to build a condo then one will be build for sure.Same will be at all other sides of the building.

Edited March 11, 2010 by basjke

[Tolley]

If there is empty land and it is suitable no doubt something will be built there.

I don't understand how people would believe anyone and real estate agents especially where a vested financial interest is at stake.