Information On Phuket Palace

[polecleaner]

Hello, i've been looking for a reasonably priced condo to buy, i'd looked at the phuket palace in patong just along from the Simon cabaret about 18 month ago and the prices were over 3 million for a 50 square metre condo, now on passing i hear the prices have come down a million to 2 million or less, i've herd rumours and stories about these condo's but i can't get to the bottom of any conflicts in the place, does any one know the truth and are they a sound investment at below 2 million baht.

Edited December 17, 2010 by polecleaner

[logbags]

Phuket Palace originally got into trouble as they sold the same units to multiple buyers. Has been sold since that. They also advertised like they were right on the beach with great views etc. Total crap of course and pretty normal for Patong. They were going for 3 million or so when first built.

Last time I mentioned this someone came on saying it had been all settled but I never heard what happened. Maybe someone else knows. It was on TV in Australia so wasn't a small story when it broke.

Reasons not to buy.

Lousy position, heavy traffic, long walk to beach, area over developed, ugly building, bad drainage area, road in front pot hole riddled.

Reasons to buy.

??? Can't think of one. Cheap perhaps but you may come home to find someone in your bed.

[petercallen]

If you are seriously looking to buy a apartment there are plenty of finished projects around.

You would be better of purchasing in one of those but you need to check out the on going fees and costs.

Buying into a uncompleted development BUYER BEWARE

[robbrookes]

If you are seriously looking to buy a apartment there are plenty of finished projects around.

You would be better of purchasing in one of those but you need to check out the on going fees and costs.

Buying into a uncompleted development BUYER BEWARE

eeerrrmm ...uncompleted..????

Was completed about 20 years ago ,near 1992 .. but thanks anyway....:jap:

Edited December 17, 2010 by robbrookes

[petercallen]

If you are seriously looking to buy a apartment there are plenty of finished projects around.

You would be better of purchasing in one of those but you need to check out the on going fees and costs.

Buying into a uncompleted development BUYER BEWARE

eeerrrmm ...uncompleted..????

Was completed about 20 years ago ,near 1992 .. but thanks anyway....:jap:

I do not know the particular project, i know there are plenty of uncompleted ones in the area.

Why buy into a 18 year old project when there are plenty of new ones available

Finished ready to move in.

[robbrookes]

If you are seriously looking to buy a apartment there are plenty of finished projects around.

You would be better of purchasing in one of those but you need to check out the on going fees and costs.

Buying into a uncompleted development BUYER BEWARE

eeerrrmm ...uncompleted..????

Was completed about 20 years ago ,near 1992 .. but thanks anyway....:jap:

I do not know the particular project, i know there are plenty of uncompleted ones in the area.

Why buy into a 18 year old project when there are plenty of new ones available

Finished ready to move in.

not really relevant to OP , thats all....

Information On Phuket Palace...... Is phuket palace a good investment?

[Boater]

Phuket Palace sounds like an Indian Restaurant

[petercallen]

Phuket Palace sounds like an Indian Restaurant

Yes i agree, certainly not a good investment

Unless you are a sucker for punishment.

[robbrookes]

Phuket Palace sounds like an Indian Restaurant

Yes i agree, certainly not a good investment

Unless you are a sucker for punishment.

A mate bought a condo here last month, lower floor[3] and under 2 million but 50 mters and huge swimming pool and tropical grounds.Altho a busy road[only in high season] but the building runs back from the road so absolutely no traffic noise.also has 10 sq.mter balconey on north side and all balconeys are skewed 45 degrees to rooms.Totally impossible to see onto other balconeys or to be seen! Also has full length balconey/ walkway access to entry door on southside so excellent cross ventilation all year round. May be near 20 years old but you will not find more than a couple of fine cracks anywhere in the building...i guess they made them better in those days. In fact an original perchaser told us , that one of the main reasons he bought one was the huge amount of foundation and pre- construction work carried out.{also the fact that he is on the 12 floor and can never ever be built out}

Apparently a couple sold last month his same floor, in the 3 million plus range so i figure that there must be a lot of positives in buying here.

Large 50 mtre room plus balconeys, very well constucted , extremely quiet and private,all round views and constant breezes from the top 7 floors, off street secure parking,and though i haven't eaten there, is a ''Salvatores'' restaurant near the pool....As for walking to the beach ..maybe a kilometer...easy huh.

As for ''legal problems'' i have no idea , maybe someone can advise of any more as logbags info...

So pcallen...on what grounds can you advice ''certainly not a good investment'' when an hour or two previously you said that you didn't know of the place at all??

[KarenBravo]

They were going for 3 million or so when first built.

Incorrect.

When they were first built they were advertised for 1,000,000 Bt and in brackets US$40,000 as at the time there was 25 Bt to the US dollar.

I believe it was built by an Irishman and it is true that he oversold many of the units.

[petercallen]

Phuket Palace sounds like an Indian Restaurant

Yes i agree, certainly not a good investment

Unless you are a sucker for punishment.

A mate bought a condo here last month, lower floor[3] and under 2 million but 50 mters and huge swimming pool and tropical grounds.Altho a busy road[only in high season] but the building runs back from the road so absolutely no traffic noise.also has 10 sq.mter balconey on north side and all balconeys are skewed 45 degrees to rooms.Totally impossible to see onto other balconeys or to be seen! Also has full length balconey/ walkway access to entry door on southside so excellent cross ventilation all year round. May be near 20 years old but you will not find more than a couple of fine cracks anywhere in the building...i guess they made them better in those days. In fact an original perchaser told us , that one of the main reasons he bought one was the huge amount of foundation and pre- construction work carried out.{also the fact that he is on the 12 floor and can never ever be built out}

Apparently a couple sold last month his same floor, in the 3 million plus range so i figure that there must be a lot of positives in buying here.

Large 50 mtre room plus balconeys, very well constucted , extremely quiet and private,all round views and constant breezes from the top 7 floors, off street secure parking,and though i haven't eaten there, is a ''Salvatores'' restaurant near the pool....As for walking to the beach ..maybe a kilometer...easy huh.

As for ''legal problems'' i have no idea , maybe someone can advise of any more as logbags info...

So pcallen...on what grounds can you advice ''certainly not a good investment'' when an hour or two previously you said that you didn't know of the place at all??

Well after all you have said, You should buy one and find out if its a good investment for yourself.

I hope it works out for you.

[logbags]

They were going for 3 million or so when first built.

Incorrect.

When they were first built they were advertised for 1,000,000 Bt and in brackets US$40,000 as at the time there was 25 Bt to the US dollar.

I believe it was built by an Irishman and it is true that he oversold many of the units.

These type of places have different prices per floor etc. I know some Aussies paid 90 grand which is over 3 million. I dunno if they are all the same square metre wise.

You need to find out what the title is and if the building is mortgaged or under caveat etc. If people are flogging them off cheap beware as maybe they know something they're not telling you.

Otherwise it's as good as anywhere to crash in Patong.

[KarenBravo]

I'm just quoting what all the advertising signs said at the time, both before and after it was built.

[barka]

There has been legalities in the courts in the last few years between the condo owners and the hotel rental leaseholders...major problems...i dont know wether this has been finally sorted or not..i would check this out before purchasing...remember ..BUYER BEWARE..

[logbags]

There has been legalities in the courts in the last few years between the condo owners and the hotel rental leaseholders...major problems...i dont know wether this has been finally sorted or not..i would check this out before purchasing...remember ..BUYER BEWARE..

Indeed, if you see empty land in Patong it's odds on it's in court being fought over. Half these developments get built, half sold, the owners sell the project and the prices and charges change with the new owners etc.

The empty land opposite P.S 2 Bungalows has apparently been in court for over 10 years.

[robbrookes]

Phuket Palace sounds like an Indian Restaurant

Yes i agree, certainly not a good investment

Unless you are a sucker for punishment.

A mate bought a condo here last month, lower floor[3] and under 2 million but 50 mters and huge swimming pool and tropical grounds.Altho a busy road[only in high season] but the building runs back from the road so absolutely no traffic noise.also has 10 sq.mter balconey on north side and all balconeys are skewed 45 degrees to rooms.Totally impossible to see onto other balconeys or to be seen! Also has full length balconey/ walkway access to entry door on southside so excellent cross ventilation all year round. May be near 20 years old but you will not find more than a couple of fine cracks anywhere in the building...i guess they made them better in those days. In fact an original perchaser told us , that one of the main reasons he bought one was the huge amount of foundation and pre- construction work carried out.{also the fact that he is on the 12 floor and can never ever be built out}

Apparently a couple sold last month his same floor, in the 3 million plus range so i figure that there must be a lot of positives in buying here.

Large 50 mtre room plus balconeys, very well constucted , extremely quiet and private,all round views and constant breezes from the top 7 floors, off street secure parking,and though i haven't eaten there, is a ''Salvatores'' restaurant near the pool....As for walking to the beach ..maybe a kilometer...easy huh.

As for ''legal problems'' i have no idea , maybe someone can advise of any more as logbags info...

So pcallen...on what grounds can you advice ''certainly not a good investment'' when an hour or two previously you said that you didn't know of the place at all??

Well after all you have said, You should buy one and find out if its a good investment for yourself.

I hope it works out for you.

I have absolutely no intention of buying any sort of residense anywhere in thailand, let alone this overpriced island...I gave the info as per my mate actually buying one at PP , [ i might add against my and many others advice!!!] As he said , for about $A 45000 to him its peanuts and he can come and go whenever he likes .High season or low...he can now just turn up whenever he has onshore leave.as logbags said..crashpad!!

If he wanted more than just a ''crash pad'' he could have bought anything, anywhere...but for the reasons i told of he's more than happy with such a small outlay. Perhaps if you had actually even seen the condos you would see what he sees..and not make unsubstantiated comments as you made ...certainly not a good investment Many people actually do buy residenses and vehicals and many other high value items without the need to be ''a good investment!!! I'm amazed at the amount of people who want to buy what should be simply enjoyable items but dont do so because they may not be ''a good investment''

If you have anything concrete to add to justify your comments pcallen,please enlighten me and i''ll forward to my mate....It will work out for me pcallen, simply because i refuse to own anything, let alone invest in any country that is so unstable in every aspect..and if you really think that your buying a house here[ as per previous posts] is a '' good investment ''...i'll use your own words mate...i hope it works out for you....

barka...thanks for your reply to OP, but i will forward also your info to my mate....do you have any recent info or sites to find such....google it but no relevant info...

[petercallen]

Robbrookes when did i say i was going to purchase a house here as an investment.

When i purchase a house its to live in and as security for my partner.

This could be next week or in 12 months time, we are in no hurry.

There is no way i would purchase a apartment or a house here as a investment

Apartments might suite other people to live in but NOT AS A INVESTMENT.

You need to get your facts straight

[logbags]

barka...thanks for your reply to OP, but i will forward also your info to my mate....do you have any recent info or sites to find such....google it but no relevant info...

A few years back somebody asked about this place on here. I mentioned about the condos being sold to multiple buyers. Somebody came on very upset I'd mentioned it. Maybe you can find those posts I dunno. They were obviously involved in running the place.

I do know people were turning up to their units to find "other owners" happily living there. I think they said some units had up to 5 owners but that sounds exaggerated. In Thailand anything is possible so who knows?

Buying a cheap crash pad is not a bad idea if your flush and a regular. However, there are plenty of places you can rent very cheap and not have any hassles at all. You then have more options. In a place as unstable as Thailand and Patong it is best to have an escape plan

[barka]

I Think you should be care full about FACTS Mr Callen... when you add your opinions about Phuket Palace..when your comments are pure SPECULATION..you know nothing about it

[robbrookes]

Phuket Palace sounds like an Indian Restaurant

Yes i agree, certainly not a good investment

Unless you are a sucker for punishment.

well then simply clarify this...pcallen...you know absolutely nothing about this subject at all do you? your words mate...

[steelepulse]

I looked at a couple of these units with sea view a number of years ago and thought the place was a dump. Has there been a total makeover on this building and the units recently?

[petercallen]

I Think you should be care full about FACTS Mr Callen... when you add your opinions about Phuket Palace..when your comments are pure SPECULATION..you know nothing about it

I was talking about condos in general, which are not a good investment.

people are better of renting unless you have a reason to buy

All real estate is over priced here at present

I can understand the frustration of people trying to sell property it is not a

sellers market and is not going to be in the near future unless people

get realistic in there asking price.

If i lived here and worked in a fly in fly out basis there is no way i would

purchase any property, you are far better of renting

[barka]

Here we go again....i thought this post was about PHUKET PALACE.... not condos in general...

[polecleaner]

the only other palace ive heard of is the queens palace, you won't get a curry, just man gravy, i think he means that one. I managed to get a look in a condo in phuket palace by a real estate agent, he surprised me by telling me all what's going on, the pool is owned by a separate company, if i buy the condo it has to go in the rental pool, the court case is into it's 8th year and the place will be declared bankrupt or enter liquidation soon.

Yes, 2 or 3 have been sold at nearly 4 million in the last few months.

I asked"what happen if it goes bankrupt", the agent simply said "your in Thailand", but stated at the right price, i suspect under a million i couldn't loose in any circumstance, and guess what there are some available at that price by private sellers.

If anyone knows any other condo's where i can get a 50 sq mtr condo freehold for under a million i'd be interested as stated by some forum members.

I'd also like to know if there's any links or reference to the program aired on Oz TV about the place

[petercallen]

Here we go again....i thought this post was about PHUKET PALACE.... not condos in general...

This post started of by the OP asking if the Phuket Palace was a good investment.

Buy following the thread it is definitely not like most condos in Phuket.

You would not have a apartment for sale there by any chance

[polecleaner]

Hi pete, i agree the thread has wavered, but interesting, i see it as a toxic buy, i do my full dudiligance on any property i buy, at 4 million not a great buy but at 6-700,000 worth a punt

Here we go again....i thought this post was about PHUKET PALACE.... not condos in general...

This post started of by the OP asking if the Phuket Palace was a good investment.

Buy following the thread it is definitely not like most condos in Phuket.

You would not have a apartment for sale there by any chance

[barka]

NO... I dont have apartment for sale but i do know the history of phuket palace since it started and i do know owners who want to sell...

[petercallen]

Hi pete, i agree the thread has wavered, but interesting, i see it as a toxic buy, i do my full dudiligance on any property i buy, at 4 million not a great buy but at 6-700,000 worth a punt

Here we go again....i thought this post was about PHUKET PALACE.... not condos in general...

This post started of by the OP asking if the Phuket Palace was a good investment.

Buy following the thread it is definitely not like most condos in Phuket.

You would not have a apartment for sale there by any chance

Fair enough mate, but for 700000 baht you should be able to rent a 1 bedroom apartment at 20000 baht a month

Signing a i year rental agreement for the first year for approx 3 years.

There are some nice apartments for that price, i have found that after the first year if you are a good tenant

landlords are happy to keep you there on a month by month basis with 1 months notice.

[polecleaner]

Hi pete, why rent at 20,000 a month, i already have a beautiful apartment, i bought it as the pent house at the time, this is i buy at 700,000, spend 200,000 on a quick renovation and sell for double, staying well under the market value with a 100% mark up, i've done it so many times now, whether at the top or the bottom of the market, word of mouth is always the best information, thats why i originally asked the question, it might be small money at 700,000 but i'm still not willing to get my fingers burnt, i've bumped into to many of those character

Fair enough mate, but for 700000 baht you should be able to rent a 1 bedroom apartment at 20000 baht a month

Signing a i year rental agreement for the first year for approx 3 years.

There are some nice apartments for that price, i have found that after the first year if you are a good tenant

landlords are happy to keep you there on a month by month basis with 1 months notice.

[petercallen]

Hi pete, why rent at 20,000 a month, i already have a beautiful apartment, i bought it as the pent house at the time, this is i buy at 700,000, spend 200,000 on a quick renovation and sell for double, staying well under the market value with a 100% mark up, i've done it so many times now, whether at the top or the bottom of the market, word of mouth is always the best information, thats why i originally asked the question, it might be small money at 700,000 but i'm still not willing to get my fingers burnt, i've bumped into to many of those character

Fair enough mate, but for 700000 baht you should be able to rent a 1 bedroom apartment at 20000 baht a month

Signing a i year rental agreement for the first year for approx 3 years.

There are some nice apartments for that price, i have found that after the first year if you are a good tenant

landlords are happy to keep you there on a month by month basis with 1 months notice.

Fair enough, but by following this thread buying there you may get your fingers and toes burnt,before you have time to renovate and sell.