More Than 300 New Residential Projects Swamped

[NoBrainer]

What about the poor suckers that buy those 34,908 housing units being flooded year after year. The flood situation in and around Bangkok is not going to improve with time. It is going to get gradually worse every year as rampant land clearing and corruption continue to ravage Thailand until the country is on it's knees. The Greed and disregard here is at an unsustainable level and only gets worse causing the current out of control downward spiral we call Obliteration.

About time that the general population started to use their brains instead of following along like sheep.

Just a matter of time folks.

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The Nation Story

More than 300 new residential projects swamped, 226 others at high risk

The Nation October 26, 2011 3:07 am

Altogether 311 residential projects with 34,908 units worth Bt98 billion that were under construction or for sale have been directly hit by the flooding, while 226 projects with 23,908 units worth Bt76.5 billion are at risk.

Sopon Pornchokchai, president of the Agency for Real Estate Affairs, said yesterday that the 311 flooded projects were in western Taling Chan-Suphan Buri, Tiwanond-Srongprapa Road, Nakorn-In Road, Navanakorn-Rapipat, Bang Bua Thong, Pathum Thani-345 Highway, Rangsit-Nakhon Nayok, Canals 1-7, Rangsit-Bang Poon, Ratchaphruek-Tha-It, Lum Luk Ka, and Bang Pa-in-Wang Noi. They were already open for presale and under construction.

The other 226 projects were in the high-risk areas of Klong Sam Wa-Nong Chok, Pinklao, Thon Buri, Rangsit-Canals 7-15, Ramkham-haeng, Min Buri, Suwinthawong, Lat Krabang and Sai Mai.

Developers whose residential projects are in flooded or high-risk areas face 5-per-cent additional costs to rebuild some of them. These projects, which have already been constructed and are ready for sale, are worth Bt11.6 billion.

Revenue generation might be delayed by about six months, which would drive up costs by about Bt6.7 billion, based on interest payments averaging 0.5 per cent a month.

"If the flood ends very soon, the loss will be lower than estimated. If not, the loss may be greater. It may have an impact on property companies' financial results this quarter," Sopon said.

[thaiIand]

You're asking to think ahead..

lol comedy

[bkkjames]

Bet they are regretting not allowing farangs to own a house. Are boats ok?

[McGarty]

Bet they are regretting not allowing farangs to own a house. Are boats ok?

House Boats seem a good idea for an investment now. Have it on raised stilts and when the floods come every year you can head off to where you want.

[OZEMADE]

Bet they are regretting not allowing farangs to own a house. Are boats ok?

House Boats seem a good idea for an investment now. Have it on raised stilts and when the floods come every year you can head off to where you want.

Well I dont think anyone will buy there in the near future.