Regents Residences

[trajan]

anyway it looks like completion December 2007 now.

I personally think a December 2007 completion estimate is too optimistic....probably later part of 2008 earliest (if you talking about move-in).....

[amarka]

anyway it looks like completion December 2007 now.

I personally think a December 2007 completion estimate is too optimistic....probably later part of 2008 earliest (if you talking about move-in).....

hi all,

i guess the takeover is good news? does this mean there is more money available and things will speed up?

regards

amarka

US firm's take includes Westin Grande

Lehman Brothers yesterday took over Grande Asset Sukhumvit, which operates the Westin Grande Sukhumvit Hotel, after spending Bt3 billion to acquire a 50.1-per-cent stake in the company.

Giant Mauritius Holdings, owned by the US-based investment banking giant, and Hotel & Property Development Co Ltd, a Thai company, acquired 376.85 million shares - equal to 30.1 per cent of Grande Asset's paid-up capital - at Bt4.85 per share, Grande Asset reported to the SET. The purchase was made in 17 big-lot transactions worth Bt1.83 billion.

In addition, Giant Mauritius Holdings spent Bt1.2 billion on 250 million new Grande Asset shares that were issued, representing 20 per cent of its outstanding shares.

After the announcement, the SET ordered a suspension of trading on Grande Asset stock. Grande Asset operates the five-star Sheraton Grand Sukhumvit Hotel and other hotels.

Pongphan Sampawakoop, chief executive and chairman of Grande Asset Development Plc, said yesterday that some of his company's existing major shareholders had earlier agreed to sell their shares to the new shareholders.

A source closed to the deal said the Narula family, which is Grande's largest shareholder, had sold their stake as well.

Shareholders who sold their shares include Pongphan Sampawakoop (3.43 per cent), Puangchan Sampawakoop (3.58 per cent), Anunnthorn Phasittisakon (0.25 per cent), Suradej Narula (2.02 per cent), Varin Narula (0.5 per cent), Montira Narula (0.8 per cent), Amornratana Narula (1.23 per cent), and Narin Narula (1.51 per cent), Ravisara Narula (1.24 per cent), Indrani Narula (0.8 per cent), Amarin Narula (0.64 per cent), Sunita Narula (0.3 per cent) and other sellers unknown to the company (13.8 per cent).

Giant Mauritius Holdings and Hotel & Property Development Co Ltd will later conduct a tender offer for the remaining shares. The share purchase was more than 25 per cent of the company's stock, the trigger point that requires the buyers to tender for its remaining shares under Securities and Exchange Commission rules.

Giant Mauritius Holdings' registered capital is US$1,000 (Bt38,200), while Hotel & Property Development, a Thailand-domiciled company that is 99.9-per-cent owned by Hotel & Property Development Holdings, has registered capital of Bt20 million.

Source: Bangkokpost : Jul 1, 2006

[thaigene2]

My two-bits for what they are worth..

You may survive because, if I understand you correctly, Lehman Bros. are the parent of this new buy-out. But I wouldn't hold my breath.

Why is anyone surprised that the market is starting to crumble (just like the condo buildings after they are five years old or so..)?

The prices were getting stupid. We all know the developers get their 'friends' to put down deposits to make it look like there are lots of buyers when in fact there are only a few. As someone else said don't believe this 100% sold out nonesense..it's just that - nonesense.

The farangs/japanese/tiawanese are the only people paying these stupid prices and are shoehorned into the 49% ownership ratio. So since no one else is buying the other units, who do you think has to pay for construction of the whole building?

You do. And if not enough of "You" come along in time to keep priming the pump, the bank turns off the tap, the cement company stops pouring the concrete, and that's it.

They keep telling you the new completion dates, moved to this day or that day...but eventually the company is wound up. You may get some of your deposit back but I doubt it.

Foreigners are scared off now by the recent news that Thailand would crack down on those using the Company route to buy houses and condos over-sold (above 49%).

And as I said, the 'foreigner's' money was essential to build the WHOLE building, not just 49% of it....that's why the prices were so high. Very few Thais (other than the rich ones who thought they could flip them later before completion - ironically to foreigners) were buying the other 51%.

So then everything grinds to a halt..Sorry Amarka, hopes this one gets through, but doesn't sound promising you have to admit - especially if they haven't broken ground two years on!

[susah_sih]

Of the so many real estate companies in Thailand, Lehman chosed Grande Asset to invest its money. That really means something. Even if all of the banks pull the money out of Grande Asset; Lehman can easily raise more money for Grande Asset.

Bangkok has changed its floor-space-ratio regulation, making future projects more expensive.Grande Asset projects are undervalued. Where else can you buy a condo in the middle of Sukhumvit for Bt60,000/sq meter and very close to skytrain (1 minute walk) (Trendy project).

Why doubt the Thai couldn’t afford it?

There are so many Mercedes and BMW in Bkk. BMW 7 series are plenty abound in Bkk at around Bt14 million each (I read somewhere that BMW was able to sell 1,500 of its 7 series in Thailand). Buying a Bt14 million condo makes more sense than buying a Bt14 million car, no?

For a comparison, one can look at condo projects in Jakarta: grade A condo prices in Bangkok are comparable to those in Jakarta, and 99% of condo buyers in Jakarta are local. There are a lot more NEW condo projects in Jakarta than in Bangkok. So if Indonesians can afford it; I dont see why Thai cant, given that Thailand is a much more stable country that attracts foreign investors particularly from Hong Kong and Singapore. Even a taxi driver in Hong Kong can afford to buy Khun Charoen condo; HK taxi license costs HKD3,000,000 (Bt15,000,000) each (license only, not including the car); and you cannot get a bank to finance it!

For a comparison to Indonesia.

Property magnate Tan Kian of Indonesia has sold hundreds of million dollar apartments in Jakarta. His first project: JWMarriott Apartment (Syailendra) 72 units, each was averagely priced in the USD1 million range when it was first launched. Second project Ritz Carlton Apartment (Airlangga) 74 units; average price was USD2 million. Sudirman Residence low rise; starting price was USD350,000; Mayflower Apartment; 140 units, priced between USD500,000 to USD 1 million. And now his Pacific Place Apartments are priced between USD 1-2 million.

http://www.iht.com/articles/2005/04/04/asi...0304jakarta.php

Lately the Indonesian property magnate Tan Kian has been selling, on average, almost one apartment a day. That is good business, considering that each of his luxury apartments in central Jakarta sells for $1 million to $2 million.

"We have no ads," Tan said of the 80 units in his Pacific Place development, due to open in 2006. "We are selling by invitation only. In the past two months, I think we have sold about 58 percent."

The rapid sales and high prices of Tan’s apartments in a string of developments altering the Jakarta skyline are evidence of a new business confidence after years of economic stagnation and political uncertainty.

In the midst of an economic upswing, developers are rushing to complete shopping malls, hotels, office towers and apartment buildings. In Jakarta alone, 72 apartment buildings are due to be completed by the end of 2007, according to Colliers International, a property analyst.

Developers are also currently planning or building 19 major retail centers.

The cranes dotting the city feed the ebullient mood in business, in contrast to the deserted construction sites that were the most visible signs of economic wreckage after the 1997 financial crisis.

More than $2 billion is estimated to have been invested in construction projects in central Jakarta.

The scale of construction investment is reminiscent of the pre-crisis days of former President Suharto, as are the projected economic growth rates.

In this year’s budget, the Indonesian government forecast growth of 5.5 percent, while the International Monetary Fund says that with continued economic changes, "over the medium term, Indonesia’s economy could grow in the 6 percent to 7 percent range."

The growth is coming mainly from consumer demand and some increase in private investment.

The banks appear to share the enthusiasm for the construction sector.

From the start of 2004, lending for construction has risen 60 percent, to 19.6 trillion rupiah, or $2.1 billion, according to figures from Bank Indonesia, the central bank.

Still, there are a few voices of caution, including Bank Indonesia, which has warned against excessive growth in real estate lending.

Michael Broomell, managing director of Colliers International Indonesia, says that some property developers overstate the extent and speed of sales. With the apartment supply expected to double over the next three years, he said, the risk of an oversupply is great.

"How is it going to get absorbed?" Broomell asked. "Even if the developers can sell it, who is going to live in it?"

As for the rapid growth of retail space, he adds: "I wonder whether there will be lights on."

Still, developers say that buyers are plentiful.

Large numbers of people purchase apartments even before they are built in anticipation of a quick capital gain.

Developers say some projects are sold out by the time of completion, including those with million-dollar price tags.

Tan’s 60-unit luxury Airlangga Apartment, attached to a Ritz Carlton Hotel that he is also building, is sold out ahead of its planned opening on May 1. Tan says his privately held Dua Mutiara Group will own 21 completed buildings by the end of 2006. He has $1 billion in projects under construction.

Tan, who inherited from his father a company with interests in chemical dyes and seafood supply, said he survived the economic crisis by being cautious. "We kept our debt very low," he said. "We are a conservative family; we grow our business conservatively."

Funding for his projects, including the sprawling Pacific Plaza with its 1.6-kilometer, or one-mile, pedestrian walk, retail arcade, hotel and apartments, comes "mostly from advance sales of the apartments and current income," he says.

But Tan is familiar with both business and political risks in Indonesia. His JW Marriott Hotel was the target of a terrorist bomb in 2003 that killed 12 people, closed the hotel for several weeks and cost $8 million in repairs and lost sales.

The Marriott, directly opposite Tan's Airlangga Apartment and Ritz Carlton, is now heavily fortified. Even so, another bombing outside the Australian Embassy last year cut hotel occupancy rates in half, although they recovered to almost 70 percent in March.

The dangers posed by the security situation are underscored by the origins of the money feeding the property boom. Analysts and business people say that Indonesians, particularly those of Chinese origin, who deposited money in offshore safe havens during the economic crisis and political instability after 1997 are bringing it back.

"If you talk to business people they say that the money that has come into Indonesia is mostly money that was parked by Indonesians in Singapore and Hong Kong," says Muhammad Chatib Basrie, research director of the Institute of Economic and Social Research at the University of Indonesia.

He says that this capital inflow, which rose strongly in the final months of 2004, has fueled the growth in property prices and the stock market.

Investors have been looking for, and getting, quick returns. The Jakarta Stock Exchange composite index was up 45 percent last year and is up 7 percent so far this year.

Tan says apartments that sold off-the-plan for $1.6 million last year fetched $2 million by the time construction was finished. But he knows the good times can go as quickly as they come.

"You have to show it is safe to invest," he says.

International Herald Tribune

[thaigene2]

Of the so many real estate companies in Thailand, Lehman chosed Grande Asset to invest its money. That really means something. Even if all of the banks pull the money out of Grande Asset; Lehman can easily raise more money for Grande Asset.

Agree this means something, but Grande Asset was just part of the package deal, correct? So my guess is they (Lehman) wanted the two posh hotels because they see growth and profit potential there. It may also be part of a wider global strategy. As for some condo buildings that haven't gotten off the ground, they may just let them atrophy until the next property upswing. It would have been discovered during due diligence process. Lehman can easily afford to do that whereas, Grande Asset may not have been in that kind of position..so that was why it was also a good deal for them.

Bangkok has changed its floor-space-ratio regulation, making future projects more expensive.Grande Asset projects are undervalued. Where else can you buy a condo in the middle of Sukhumvit for Bt60,000/sq meter and very close to skytrain (1 minute walk) (Trendy project).

Yes this is true..but again isn't The Trendy one of those places that has kind of stalled? There are some quality new places nearing completion along that stretch there in mid-suk and look like they are using more than average concrete in construction (thicker floors etc). I'd agree that they will probably hold their value in the short-mid term better than others given the floor-free-space-ratio changes. Then again, if no new condo projects are built for awhile, who cares?

Why doubt the Thai couldn’t afford it?

There are so many Mercedes and BMW in Bkk. BMW 7 series are plenty abound in Bkk at around Bt14 million each (I read somewhere that BMW was able to sell 1,500 of its 7 series in Thailand). Buying a Bt14 million condo makes more sense than buying a Bt14 million car, no?

Those cars belong almost exclusively to Chinese-Thai offspring of rich well-connected Thai-Chin. They may drive expensive cars, but they still tend to park them where they live -- not in condos but in houses within the family compounds, though there are always exceptions. As for Jakarta - don't know anything about the place, but I do know there is a lot of corruption there too (through well connected families) and so if even 10% of the 206,000,000 inhabitants of Indonesia are rich and if there is a tradition there of living away from parents (unlike here) then there are 2 million rich people in the market..that would make it a different situation.

[thaigene2]

I meant to say 20 million rich people - not 2 million in the above post

[amarka]

My two-bits for what they are worth..

You may survive because, if I understand you correctly, Lehman Bros. are the parent of this new buy-out. But I wouldn't hold my breath.

Why is anyone surprised that the market is starting to crumble (just like the condo buildings after they are five years old or so..)?

The prices were getting stupid. We all know the developers get their 'friends' to put down deposits to make it look like there are lots of buyers when in fact there are only a few. As someone else said don't believe this 100% sold out nonesense..it's just that - nonesense.

The farangs/japanese/tiawanese are the only people paying these stupid prices and are shoehorned into the 49% ownership ratio. So since no one else is buying the other units, who do you think has to pay for construction of the whole building?

You do. And if not enough of "You" come along in time to keep priming the pump, the bank turns off the tap, the cement company stops pouring the concrete, and that's it.

They keep telling you the new completion dates, moved to this day or that day...but eventually the company is wound up. You may get some of your deposit back but I doubt it.

Foreigners are scared off now by the recent news that Thailand would crack down on those using the Company route to buy houses and condos over-sold (above 49%).

And as I said, the 'foreigner's' money was essential to build the WHOLE building, not just 49% of it....that's why the prices were so high. Very few Thais (other than the rich ones who thought they could flip them later before completion - ironically to foreigners) were buying the other 51%.

So then everything grinds to a halt..Sorry Amarka, hopes this one gets through, but doesn't sound promising you have to admit - especially if they haven't broken ground two years on!

hi -

do you know something that i dont?

there seems to be no reason for a real estate crash in thailand right now?

the thai economy is doing well. the world economy is doing ok too. asia is ok.

the lehman brothers takeover should support, not undercut the grande asset developements already underway.

the trendy is almost finished and will add to cash flow when it is finished - and the regents have probably raised enough cash to complete already. 60% sold out....and with the support of new shareholders will be even stronger.

and by the way thais have bought there - i have a complete list of all buyers and the prices everyone paid.

work is now progressing well. seems to be financed ok right now.

bangkok is a very cheap place to buy a condo and the quality is excellent.

there are of course always people around who trash things - no matter what - and there are always negatives if you search long enough.

but for me things with the regents have improved with this cash injection.

any more thoughts anyone?

amarka

Edited July 2, 2006 by amarka

[nicolau]

Geez Amarka, you are a tourist and already scouting for a second apartment in BKK? Wish I can trade place with ya!

On a more serious note, Regent is pricey for BKK standard. Charles perhaps you know this better but when i got the sales prospectus late last year they were marketing it at above 95,000psm and the catch was something like already 70%-90% sold. Maybe this is not even correct then wouldn't this be misleading / misrepresentation? Is this legal even? I agree their prospectus are all glam and stuff but if you are a foreigner you can be easily deceived by their project names as well as credentials. Afterall it is their own marketing.

Amarka, perhaps you can consider Emporio Place at Sukhumvit 24. At least TCC can produce and they are setting to complete on time. I heard they are mostly sold out also and may not be cheap. But one thing i can be sure of is they got load of cash!!

Hello charles,

when was the project first launched?

yes there is a difference between optimism and telling lies.

Mmm i like the location, but then i am only a tourist ( most of the time ) but i am looking for a second condo - given that this one is so late - can you recomend something that will be finished late 2006 ?

i am surprised that the sales have not been stronger at the Regents, but like i said i am an outsider, so i dont really know BKK that well.

thanks for the info.

amarka

Good luck with GAM - hopefully they'll be more responsive on the ground. TBH, Dec 06 was always impossible given the size of the project, so this might not be a slip, just a return to reality from an overly-aggressive sales pitch...

Fair enough, but it is not far off 2 years between launching the project and breaking ground...not acceptable (in my opinion). An "overly-aggressive sales pitch" might also be described as downright lieing.

Personally, I just think that for a "high class" condo there are so many better choices (e.g. Madison, Fullerton, Park Chidlom etc) - and for all these places construction is quite well to very well advanced. I think the Regent's weakness in terms of management and also location (in my opinion) is evidenced by its weak sales - and if a place in this price range hasn't got good bookings by now, it looks like it will really struggle from now on.

<{POST_SNAPBACK}>

[amarka]

Geez Amarka, you are a tourist and already scouting for a second apartment in BKK? Wish I can trade place with ya!

On a more serious note, Regent is pricey for BKK standard. Charles perhaps you know this better but when i got the sales prospectus late last year they were marketing it at above 95,000psm and the catch was something like already 70%-90% sold. Maybe this is not even correct then wouldn't this be misleading / misrepresentation? Is this legal even? I agree their prospectus are all glam and stuff but if you are a foreigner you can be easily deceived by their project names as well as credentials. Afterall it is their own marketing.

Amarka, perhaps you can consider Emporio Place at Sukhumvit 24. At least TCC can produce and they are setting to complete on time. I heard they are mostly sold out also and may not be cheap. But one thing i can be sure of is they got load of cash!!

Hello charles,

when was the project first launched?

yes there is a difference between optimism and telling lies.

Mmm i like the location, but then i am only a tourist ( most of the time ) but i am looking for a second condo - given that this one is so late - can you recomend something that will be finished late 2006 ?

i am surprised that the sales have not been stronger at the Regents, but like i said i am an outsider, so i dont really know BKK that well.

thanks for the info.

amarka

Good luck with GAM - hopefully they'll be more responsive on the ground. TBH, Dec 06 was always impossible given the size of the project, so this might not be a slip, just a return to reality from an overly-aggressive sales pitch...

Fair enough, but it is not far off 2 years between launching the project and breaking ground...not acceptable (in my opinion). An "overly-aggressive sales pitch" might also be described as downright lieing.

Personally, I just think that for a "high class" condo there are so many better choices (e.g. Madison, Fullerton, Park Chidlom etc) - and for all these places construction is quite well to very well advanced. I think the Regent's weakness in terms of management and also location (in my opinion) is evidenced by its weak sales - and if a place in this price range hasn't got good bookings by now, it looks like it will really struggle from now on.

<{POST_SNAPBACK}>

hello nicolau...

thank you for your comments.

yes i am a tourists most of the time - but i do have some projects going on in thailand....

the reason for the condo is simple - i dont really like hotels and at the end of the day the money is wasted. thats why i bought a place at the regents.

i considered it a good investment too. i still do. my contract says completion december 2006.

i realise there are cheaper units around, but the location is good for me as "mainly a tourist" and for my tourist friends who visit me.

i would consider the emporio if it was finished or nearly finished, but i belive the finish date for the emporio is 2009? please correct me if i am wrong.

next year i have to travel to thailand maybe 6 times and spend maybe 120euros x 36 nights in BKK... thats a lot of wasted cash + always the hassle with the check in and check out.

so i certainly need a condo - rented or otherwise.....

thanks anyway

amarka

[Digger]

I guess there is a lot more to this than the Bkk post is reporting. Lehman Brothers are not a charity - i'd hazzard a guess they have got this job lot cheap based on asset value of the hotels and plan to do two things:

1. Sell of the hotels to a most likely Singaporean property company

2. Sell off the development side most likely to another Thai developer - Raimon Land springs to mind as someone who have just concluded a huge financing arrangement with, you guessed it Lehman Brothers.

Anyway, I'd say however it works out, its better than leaving it as it was, otherwise the whole lot could have gone under as has been pointed out numerous times, this developer did not have any credibility in the market place.

[amarka]

I guess there is a lot more to this than the Bkk post is reporting. Lehman Brothers are not a charity - i'd hazzard a guess they have got this job lot cheap based on asset value of the hotels and plan to do two things:

1. Sell of the hotels to a most likely Singaporean property company

2. Sell off the development side most likely to another Thai developer - Raimon Land springs to mind as someone who have just concluded a huge financing arrangement with, you guessed it Lehman Brothers.

Anyway, I'd say however it works out, its better than leaving it as it was, otherwise the whole lot could have gone under as has been pointed out numerous times, this developer did not have any credibility in the market place.

Hello Digger,

yes it seems to be the best all round.

could it be my imagination or has progress speeded up at the Regents?

could be that they have now solved the financial/cash flow problems they seemed to have had?

fingers crossed!

amarka

[IndoRealty]

The Teigen brothers make so much money in such a short time.

Rich people are usually not stupid and they know more information

than regular people. Perhaps they know things in advance.

I stand to my view that Grande Asset is a great company to invest.

Frode Teigen himself makes close to USD6million in 4 months (Feb to June).

(100million shares x (4.85-2.60)=Bt225million). Other Teigen brothers are also rewarded handsomely.

******************************************************************************

Re Information of Other sellers unknown to the Company (Additional)

To President

The Stock Exchange of Thailand

As Grande Asset Development Public Company Limited (the "Company") has

informed selling of the Company's the ordinary shares of major shareholders to

Giant Mauritius Holdings and Hotel & Property Development Co., Ltd. at the

price of Baht 4.85 per share on June 30, 2006. The Company would like to

inform the additional data about Other sellers unknown to the Company (no.13)

that we have just received selling of the seller's the ordinary shares no.13

as follows:

Names of Sellers Number of Percentage of

Shares sold shares held (%)

1. Mr. Pongphan Sampawakoop 42,936,005 3.43

2. Mrs. Puangchan Sampawakoop 44,842,500 3.58

3. Mr. Anunnthorn Phasittisakon 3,135,000 0.25

4. Mr. Suradej Narula 25,387,827 2.02

5. Mr. Varin Narula 6,380,610 0.50

6. Mrs. Montira Narula 10,000,000 0.80

7. Mrs. Amornratana Narula 15,500,000 1.23

8. Mr. Narin Narula 18,989,185 1.51

9. Mrs. Ravisara Narula 15,500,000 1.24

10. Mrs. Indrani Narula 10,000,000 0.80

11. Mr. Amarin Narula 8,000,000 0.64

12. Mrs. Sunita Narula 3,628,885 0.30

13. Other sellers 172,551,188 13.80

13.1 Mr. Frode Teigen

(Remaining Share= 0)

Foreign 100,000,000 8.00

Thai NVDR Co.,Ltd. 7,651,200 0.61

13.2 Mr. Ole Teigen

Foreign 32,000,000 2.56

Thai NVDR Co.,Ltd. 850,000 0.07

13.3 Mr. Arne Teigen

Thai NVDR Co.,Ltd. 50,000 0.004

13.4 Others 31,999,988 2.56

Total 376,851,200 30.10

Please be informed accordingly.

Yours Sincerely,

Pongphan Sampawakoop

Chairman

***********************************************************

February 10, 2006

The President

The Stock Exchange of Thailand

Re: Resolution of the Board of Directors' Meeting No. 1/2006

Dear Sir,

On behalf of the Grande Asset Development Public Company Limited, I would like inform you of the resolution of the Board of Directors' Meeting No. 1/2006 held on February 10, 2006 as follows;

The Board of Directors approved to sell the increase of 100,000,000 shares (One Hundred Million) as determined during the Meeting of the Shareholders No. 2/2005 which was held on August 26, 2006. The shares will be distributed to 4 selected persons which are Mr. Frode Teigen, entitles for 25,000,000 shares, Mr. Ole Teigen, entitles for 25,000,000 shares, Bethleham International Limited, entitles for 30,000,000 shares and Miss Varinthorn Bulakul, entitles for 20,000,000 at Baht 2.60 (Two Baht Sixty Satang) per share. The total share value is Baht 260,000,000 (Two Hundred Sixty Million Baht) which the payment is due during February 13-17, 2006.

Sincerely yours,

Pongphan Sampawakoop

Chairman & CEO

***************************************************************

Edited July 7, 2006 by IndoRealty

[backflip]

amarka,

You posted: "the trendy is almost finished". Are you judging that by a recent press release from the developer? You certainly haven't looked at the with your own two eyes. Today, 7/8/06, there was an 8' pilr of rotting and torn plywood where the sidewalk used to be - accordingly, it's obvious that the demolition has not been complete, the interior structure has not been complete, the interior fitout has not been started, the exterior rework has not been complete, the exterior scaping hasn't been started. I'm not sure how you define "almost finished", but it certainly does not describe the condition of the Trendy condo project. From the looks of things, my opinion is that they have another year of work.

[amarka]

amarka,

You posted: "the trendy is almost finished". Are you judging that by a recent press release from the developer? You certainly haven't looked at the with your own two eyes. Today, 7/8/06, there was an 8' pilr of rotting and torn plywood where the sidewalk used to be - accordingly, it's obvious that the demolition has not been complete, the interior structure has not been complete, the interior fitout has not been started, the exterior rework has not been complete, the exterior scaping hasn't been started. I'm not sure how you define "almost finished", but it certainly does not describe the condition of the Trendy condo project. From the looks of things, my opinion is that they have another year of work.

hello Backflip,

my comments were based on feedback from others .... obviously wrong!

you mean they have not even completed the demolition?

your summary sounds glum indeed... one more year to completion.....

this is indeed a bit of a shock, i almost bought there until my place in the regents was finished.... this would have left me with 2 unfinished condos.... lol

the sales people from the regents took me out for lunch and apologised for the delay - but said the trendy would be ready in may 2006. when i last took a look at it in Feb 2006; i did not believe it. time has confirmed that.

you have confirmed to me the cynical behaviour of the sales staff.....

they could not care less...

i hope that things will now improve for the trendy as they seem to have done for the Regents

amarka

[naturalpoints]

amarka,

You posted: "the trendy is almost finished". Are you judging that by a recent press release from the developer? You certainly haven't looked at the with your own two eyes. Today, 7/8/06, there was an 8' pilr of rotting and torn plywood where the sidewalk used to be - accordingly, it's obvious that the demolition has not been complete, the interior structure has not been complete, the interior fitout has not been started, the exterior rework has not been complete, the exterior scaping hasn't been started. I'm not sure how you define "almost finished", but it certainly does not describe the condition of the Trendy condo project. From the looks of things, my opinion is that they have another year of work.

hello Backflip,

my comments were based on feedback from others .... obviously wrong!

you mean they have not even completed the demolition?

your summary sounds glum indeed... one more year to completion.....

this is indeed a bit of a shock, i almost bought there until my place in the regents was finished.... this would have left me with 2 unfinished condos.... lol

the sales people from the regents took me out for lunch and apologised for the delay - but said the trendy would be ready in may 2006. when i last took a look at it in Feb 2006; i did not believe it. time has confirmed that.

you have confirmed to me the cynical behaviour of the sales staff.....

they could not care less...

i hope that things will now improve for the trendy as they seem to have done for the Regents

amarka

Hi, I just got back yesterday from Bangkok!!!

Went to see the work progress of the Trendy and Regent.

Nobody seem to be working on the construction.

It's really slow and might just end up being a stalled project.

Looks like I'm on a loss here................

Sorry to break the bad news....................

[The Skipper]

.

Another selling point for the Trendy is the privledge of being adjacent to and overlookng the Regent construction site for the next 2 years, then finally rewarded with a blocked view.

[backflip]

amarka,

I don't watch the Regents/Trendy construction sites every day but, if you've been around long enough, you'll realize that construction progress is not linear. Before the Regents construction started, there was a row of shophouses on the lefthand side of the site - they were torn down in August, 2004. The Regents site didn't break ground until June, 2005. It takes about one year of site prep and subterranean work. Following that, you'll see about two floors per month added to the structure. Following that, around 8 months of fitout and site scaping. A condo site near Asoke + Sukumvit (dang if I can remember the project name) started as an office building, and the skeleton sat complete, until the new developer decided it should be a condo project. The fitout from skeleton to first move-in was almost exactly one year.

The Trendy started as a simple face lift, and then "progressed" to what you see today. As the Regent site prep began, the Trendy exterior was tuckpointed at ground-level, and a new sidewalk was constructed. The sidewalk, and the stone exterior has since been completely or partially demolished. From my point of view (I own a condo in the CBD district of BKK, not Regents/Trendy), they aren't in a big hurry.

The differences between commercial and residential development seem insignificant. The Crown Suite (a division of Holiday Inn) has been under construction for a long time. The progress has been, how should I put it, "glacial".

[amarka]

amarka,

I don't watch the Regents/Trendy construction sites every day but, if you've been around long enough, you'll realize that construction progress is not linear. Before the Regents construction started, there was a row of shophouses on the lefthand side of the site - they were torn down in August, 2004. The Regents site didn't break ground until June, 2005. It takes about one year of site prep and subterranean work. Following that, you'll see about two floors per month added to the structure. Following that, around 8 months of fitout and site scaping. A condo site near Asoke + Sukumvit (dang if I can remember the project name) started as an office building, and the skeleton sat complete, until the new developer decided it should be a condo project. The fitout from skeleton to first move-in was almost exactly one year.

The Trendy started as a simple face lift, and then "progressed" to what you see today. As the Regent site prep began, the Trendy exterior was tuckpointed at ground-level, and a new sidewalk was constructed. The sidewalk, and the stone exterior has since been completely or partially demolished. From my point of view (I own a condo in the CBD district of BKK, not Regents/Trendy), they aren't in a big hurry.

The differences between commercial and residential development seem insignificant. The Crown Suite (a division of Holiday Inn) has been under construction for a long time. The progress has been, how should I put it, "glacial".

hello backflip,

i monitor a website that shows very accurately the progress on the regents.

My Webpage

i dont know of a website that shows the progress of the trendy.

i can confirm that progress on the regents is now rapid and since the recent buyout things seemed to have improved a lot. maybe that was just a coincidence with the building stage.

the regents is now moving on at a good pace. i am not sure about the trendy, but from what you say, it sounds slow.

i am hopeful that the recent buyout will also boost the trendy....

thank you for your input.

amarka

Edited July 11, 2006 by amarka

[susah_sih]

Hi, I just got back yesterday from Bangkok!!!

Went to see the work progress of the Trendy and Regent.

Nobody seem to be working on the construction.

It's really slow and might just end up being a stalled project.

Looks like I'm on a loss here................

Sorry to break the bad news....................

Constructions on Regent and Trendy projects do not run 24 hours a day, unlike constructions of other condos, such as the Athenee or L&H hotel in Rajdamri (24 hours). Grande Asset bought Regent and Trendy plots from Ambassador Hotel and part of the Sales Purchase agreement requires that the construction be done only during working hours. So they stop working by 5 pm. So I guess Ambassador Hotel does not want disruption to its business while selling its land plots. Grande Asset also has to put deposit several million dollars to guarantee Ambassadors and Swiss Park hotels that their construction will not destroy their buildings.

So question is what time did you go to see the Regent?

Edited July 12, 2006 by susah_sih

[naturalpoints]

Constructions on Regent and Trendy projects do not run 24 hours a day, unlike constructions of other condos, such as the Athenee or L&H hotel in Rajdamri (24 hours). Grande Asset bought Regent and Trendy plots from Ambassador Hotel and part of the Sales Purchase agreement requires that the construction be done only during working hours. So they stop working by 5 pm. So I guess Ambassador Hotel does not want disruption to its business while selling its land plots. Grande Asset also has to put deposit several million dollars to guarantee Ambassadors and Swiss Park hotels that their construction will not destroy their buildings.

So question is what time did you go to see the Regent?

Point noted............Was there about 4.30pm. Basically, everything seems to be really slow. I purchased a unit in Trendy last year (Feb 05). Was told completion and in my contract stated April 06. Saw my particular unit 6 months ago on site and till now the situation on site is still the same. Not much progress.......Even the sales office + showroom which has moved to Trendy on the 2nd floor was closed for 2 days in a row.

I'm not very optimistic about this project now.........It's a small deposit anyway ........Hence, no worries, I'll write it off as business loss...........

The shareholders must have known something........to sell out!! Something isn't very promising here.

Let's see............Again, it's my personal opinion and only mine..........

Cheers!

[amarka]

Constructions on Regent and Trendy projects do not run 24 hours a day, unlike constructions of other condos, such as the Athenee or L&H hotel in Rajdamri (24 hours). Grande Asset bought Regent and Trendy plots from Ambassador Hotel and part of the Sales Purchase agreement requires that the construction be done only during working hours. So they stop working by 5 pm. So I guess Ambassador Hotel does not want disruption to its business while selling its land plots. Grande Asset also has to put deposit several million dollars to guarantee Ambassadors and Swiss Park hotels that their construction will not destroy their buildings.

So question is what time did you go to see the Regent?

Point noted............Was there about 4.30pm. Basically, everything seems to be really slow. I purchased a unit in Trendy last year (Feb 05). Was told completion and in my contract stated April 06. Saw my particular unit 6 months ago on site and till now the situation on site is still the same. Not much progress.......Even the sales office + showroom which has moved to Trendy on the 2nd floor was closed for 2 days in a row.

I'm not very optimistic about this project now.........It's a small deposit anyway ........Hence, no worries, I'll write it off as business loss...........

The shareholders must have known something........to sell out!! Something isn't very promising here.

Let's see............Again, it's my personal opinion and only mine..........

Cheers!

hello naturalpoints,

things may be slow on the trendy, but they have picked up a lot on the regents. things are moving very fast now.

did you follow the link i mentioned above? if not here it is again

Regents progress website

you will see that the photo from the 10th of July shows around 200 workers on site.

in my opinion the recent buyout has pushed things along. my guess is the same will happen to the trendy too.

i dont think that your deposit is lost.

its a great shame about the delays, but thats life!

amarka

[trajan]

Constructions on Regent and Trendy projects do not run 24 hours a day, unlike constructions of other condos, such as the Athenee or L&H hotel in Rajdamri (24 hours).

Athenee and L&H Hotel constructions do not run 24 hrs a day... the lights on the crane at L&H shut off pretty late every evening, but the workers have left in songthaws.... those projects (especially Athenee which is AHEAD of schedule now) have been making very good progress during normal hours because of adequate funding and support by their developers....(in stark contrast to Regent and Trendy)....

hopefully now that Lehman Bros. (through a Mauritius SPV and a local holding company) have acquired the majority shares of Grande Asset (and maybe completed a mandatory tender offer of minority shares) Lehman Bros. will now support funding/financing on those projects so that they can eventually complete (although way way behind schedule) and then they would be in a position to sell them off at a profit.....

but...I wonder if the change of ownership of the property, huge delay in completion (and later inevitable sale by Lehman Bros. who is only in it to flip it for a profit) will affect the Regent Hotel management contract?? those kind of contracts usually have standard "change of owners or control termination provisions"....you might end up with a totally different brand or product that initially envisioned when you bought a condo unit...."The Shiny Glow Condos and the Miami Green Hotel" with "The Trendy Condo" next door

(Last year, Lehman Brothers (Thailand) Ltd (representing undisclosed investors), bought four properties from Pacific Assets Pcl. The four properties included Bangkok-based Pantip Court Executive Residence, One & Two Pacific Place on Sukhumvit, Le Royal Meridien Baen Taling Ngam in Koh Samui, and Phuket-based Le Royal Meridien Phuket Yacht Club.

Lehman Bros has just turned around and sold Le Royal Meridien Phuket Yacht Club to Puravarna Holdings Plc, a Hong Kong holding company for Spanish investors (in a fiercely contested international auction). That resort will continue on as a Le Royal Meridien until the management contract expires at the end of 2007, when the property will be rebranded as "The Royal Puravarna Yacht Club.")

Edited July 12, 2006 by trajan

[amarka]

Constructions on Regent and Trendy projects do not run 24 hours a day, unlike constructions of other condos, such as the Athenee or L&H hotel in Rajdamri (24 hours).

Athenee and L&H Hotel constructions do not run 24 hrs a day... the lights on the crane at L&H shut off pretty late every evening, but the workers have left in songthaws.... those projects (especially Athenee which is AHEAD of schedule now) have been making very good progress during normal hours because of adequate funding and support by their developers....(in stark contrast to Regent and Trendy)....

hopefully now that Lehman Bros. (through a Mauritius SPV and a local holding company) have acquired the majority shares of Grande Asset (and maybe completed a mandatory tender offer of minority shares) Lehman Bros. will now support funding/financing on those projects so that they can eventually complete (although way way behind schedule) and then they would be in a position to sell them off at a profit.....

but...I wonder if the change of ownership of the property, huge delay in completion (and later inevitable sale by Lehman Bros. who is only in it to flip it for a profit) will affect the Regent Hotel management contract?? those kind of contracts usually have standard "change of owners or control termination provisions"....you might end up with a totally different brand or product that initially envisioned when you bought a condo unit...."The Shiny Glow Condos and the Miami Green Hotel" with "The Trendy Condo" next door

(Last year, Lehman Brothers (Thailand) Ltd (representing undisclosed investors), bought four properties from Pacific Assets Pcl. The four properties included Bangkok-based Pantip Court Executive Residence, One & Two Pacific Place on Sukhumvit, Le Royal Meridien Baen Taling Ngam in Koh Samui, and Phuket-based Le Royal Meridien Phuket Yacht Club.

Lehman Bros has just turned around and sold Le Royal Meridien Phuket Yacht Club to Puravarna Holdings Plc, a Hong Kong holding company for Spanish investors (in a fiercely contested international auction). That resort will continue on as a Le Royal Meridien until the management contract expires at the end of 2007, when the property will be rebranded as "The Royal Puravarna Yacht Club.")

hello trajan,

i guess we will have to see what the real facts are before hanging ourselves from the nearest tree!

progress at the regents is now good.

there will always be speculation based on specualtion....

amarka

[sfokevin]

.

Another selling point for the Trendy is the privledge of being adjacent to and overlookng the Regent construction site for the next 2 years, then finally rewarded with a blocked view.

I will be shocked if anyone will ever be able to move into the Trendy...

Here is a pic of the latest work...

[The Skipper]

That's a goofy building that Trendy.

What are the chances of a fire taking the place out?

I recall, a fire gutted the old hotel on the Regent site in the middle of the nite.

[amarka]

That's a goofy building that Trendy.

What are the chances of a fire taking the place out?

I recall, a fire gutted the old hotel on the Regent site in the middle of the nite.

Hello Skipper,

i guess you have seen the new finished design for the trendy?

it looks ok? nice swimming pool and so on.

very reasonable price? its in a great location and you wont get a better price in such a location....

i dont think it will catch fire again... lol..

you seem to be very pesimistic about it all - i wonder why?

amarka

[naturalpoints]

Hello Skipper,

i guess you have seen the new finished design for the trendy?

it looks ok? nice swimming pool and so on.

very reasonable price? its in a great location and you wont get a better price in such a location....

i dont think it will catch fire again... lol..

you seem to be very pesimistic about it all - i wonder why?

amarka

Hi Amarka,

Interesting to note that you are very optimistic about properties in Asia. No doubt that the world definitely needs people like you. Regent seems to be moving alright..........But it'll still take a couple of years to complete poviding the Asian economies don't suffer anything in between.

I used to work in Kuala Lumpur in Malaysia and during that time lost my deposit in 2 new property developments during 1997-1999. The construction company went bust and the Asian currency crisis during that time didn't help. It's 2006, and the building is still standing there in the heart of KL with no takers and no further construction. Done my legal rounds with trying to get my deposit back but till today, I've received nothing. It's impossible!!!

Hence, the moral of the story is his..........Be cautious and invest carefully in Asia.

I'm only speaking through experience and again it's my personal opinion and readers should not blow this out of context.

Cheers,

Naturalpoints

[amarka]

Hello Skipper,

i guess you have seen the new finished design for the trendy?

it looks ok? nice swimming pool and so on.

very reasonable price? its in a great location and you wont get a better price in such a location....

i dont think it will catch fire again... lol..

you seem to be very pesimistic about it all - i wonder why?

amarka

Hi Amarka,

Interesting to note that you are very optimistic about properties in Asia. No doubt that the world definitely needs people like you. Regent seems to be moving alright..........But it'll still take a couple of years to complete poviding the Asian economies don't suffer anything in between.

I used to work in Kuala Lumpur in Malaysia and during that time lost my deposit in 2 new property developments during 1997-1999. The construction company went bust and the Asian currency crisis during that time didn't help. It's 2006, and the building is still standing there in the heart of KL with no takers and no further construction. Done my legal rounds with trying to get my deposit back but till today, I've received nothing. It's impossible!!!

Hence, the moral of the story is his..........Be cautious and invest carefully in Asia.

I'm only speaking through experience and again it's my personal opinion and readers should not blow this out of context.

Cheers,

Naturalpoints

hello Naturalpoints,

yes i understand what you are saying...

i bought off plan, rather than something already finished, so obviously the risks are higher - not just in asia..

but yes there seems to be enough concrete shells around bangkok to remind us of abandoned projects - if we need reminding of the risks... the last asian financial crises would have been the reason for many of these shells i guess.

i am an optimist - and think that both the regents and the trendy will make it now. 2 months ago i was not so sure.

we all need a little bit of luck in life!

amarka

[backflip]

If you want to see the Trendy from a different perspective, take a walk along Soi 13 - you'll see the "back" of the Trendy, and see ow much work needs to be done.

[pkrv]

Amarka,

Try this link on the skyscraper forum

http://skyscrapercity.com/showthread.php?t=147756

There is clearly some local interest in the project, though views seem to vary.