Regents Residences

[backflip]

Okay, you "suspect". Do "landlords" generally buy dozens of units, or one? You make it sound as though a couple guys buy an entire building. I simply don't believe it. Too, if they don't want to negotiate a lower rental price, so what? There are other units available. Have you ever purchased a new car? Did you ever see a car manufacturer sell a car at *any* price, simply to get it out of inventory? Why would a landlord do it? Too, the number of units being readied in the Sukhumvit area in the next couple years numbers in the hundreds, not tens of thousands.

[trajan]

hi all..

there is now no doubt that this project has moved on dramatically in the last few weeks....

progress is very fast indeed and going at the current pace the superstructure should be finished in around 11 months time.. so maybe july 2007, then 6 more months to fit the place out?????

regards

amarka

Athenee Residence has been constructing at a steady and much better pace than Regent...its superstructure is done, but it is not scheduled to finish (move-in time) until March 2008.....I dont see how the Regent will finish (and be ready for move-in) AHEAD of Athenee....my guesstimate for Regent would be end of 2008 (earliest)....

[naturalpoints]

With regards to the units, You guys seem to think that everybody is an investor???

I know quite a lot of local Thai friends who have bought those units in Regent and Tendy for themselves to live in or like me and my expatriate firends, to use each time when we're in BKK and it'll be looked up when we're away.

They are more people buying to live than they are buying to rent in both these developments. It's a fact.........

So about rental income.........all will be revealed shortly. Just have to wait a year or two or maybe three for completion init..............

[amarka]

hi all..

there is now no doubt that this project has moved on dramatically in the last few weeks....

progress is very fast indeed and going at the current pace the superstructure should be finished in around 11 months time.. so maybe july 2007, then 6 more months to fit the place out?????

regards

amarka

Athenee Residence has been constructing at a steady and much better pace than Regent...its superstructure is done, but it is not scheduled to finish (move-in time) until March 2008.....I dont see how the Regent will finish (and be ready for move-in) AHEAD of Athenee....my guesstimate for Regent would be end of 2008 (earliest)....

ah...

shucks...

guess i was thinking of one of my developements - where we go from conception to completion in 15 months incliding the furniture/fittings and 100% sellout...

never mind - perhaps it will take another 6 months or so...

i bought in the regents for its location - so 6 months later i guess nothing will change...

amarka

[PadThaiGuy]

It looks like this project went bust.

[trajan]

ah...

shucks...

guess i was thinking of one of my developements - where we go from conception to completion in 15 months incliding the furniture/fittings and 100% sellout...

never mind - perhaps it will take another 6 months or so...

i bought in the regents for its location - so 6 months later i guess nothing will change...

amarka

6 months! you mean 2 years and 6 months

[amarka]

ahhhh i meant another six months on top of the other delays you silly ninny!

whats the problem? did you invest there?

i did and i can wait and wait and wait.... no problem

amarka

ah...

shucks...

guess i was thinking of one of my developements - where we go from conception to completion in 15 months incliding the furniture/fittings and 100% sellout...

never mind - perhaps it will take another 6 months or so...

i bought in the regents for its location - so 6 months later i guess nothing will change...

amarka

6 months! you mean 2 years and 6 months

[trajan]

ahhhh......I MEANT the delays on top of delays.....

at the rate they are going 2009 is optimistic...

Im glad you can "wait and wait and wait"

[amarka]

hi,

so it looks like we are actually saying the same thing - 2009

unless there are more delays of course.

Regents still say end of 2008.

time will tell....

amarka

ahhhh......I MEANT the delays on top of delays.....

at the rate they are going 2009 is optimistic...

Im glad you can "wait and wait and wait"

[PadThaiGuy]

I went by and took a look at the place.

Saw about 6 guys shuffling materials in the parking lot. I would expect to see at least 200 guys on a building of that size.

Have not seen a workman up on the project for some time.

The crane and elevator look shutdown.

[trajan]

hi,

so it looks like we are actually saying the same thing - 2009

unless there are more delays of course.

Regents still say end of 2008.

time will tell....

amarka

2009 was too optimistic (given they have completely stopped all work on this project)...

[Livinginexile]

hi,

so it looks like we are actually saying the same thing - 2009

unless there are more delays of course.

Regents still say end of 2008.

time will tell....

amarka

2009 was too optimistic (given they have completely stopped all work on this project)...

Actually all Grande Asset projects have ground to a halt!!

The Sails project in Pattaya has completely stoped, so has the Hua Hin project.

Looks like they have run out of money again.

They can't even complete the Trendy project and that is 90% complete!!

A development company can not keep going like this, I think they will go under very soon.

[jonniebkk]

Actually all Grande Asset projects have ground to a halt!!

The Sails project in Pattaya has completely stoped, so has the Hua Hin project.

Looks like they have run out of money again.

They can't even complete the Trendy project and that is 90% complete!!

A development company can not keep going like this, I think they will go under very soon.

Was article in yesterday's Post about Grande getting some possible more funding from, was it Lehman Bros. or some US investment bank. Also, apparently they have hired some USA consultancy to give all their products a top to bottom review for economic viability

Grande Asset has always been a seat of their pants operation...well know to those who know Thailand. Sorry for all those who put down deposits on any of their projects...likely be a long time before they see their money or their condo

[thaigene2]

THE GAMBLE - HOW IT WORKS, HOW YOU WERE TAKEN:

Haven't we been here before with Grande Asset about a white knight, or am I mixing this up with another developer from a year or two ago? (no reference to Grande Asset and the sub-title above - purely coincidental).

Anyway, my main theory is this (or premise, up to you):

The developers KNOW in advance that many of the buyers don't have the cash to complete the deals, and are fact 'speculators' planning to flip prior to completion - but they don't care (read on for why). Now for those who don't understand this (e.g. you live abroad - here's how it works in Thailand), -- a "buyer" needs only to slap down the cash deposit on the table (hey, just like you did!), then must make payments each month for, say, 18 months til completion of construction (hey, just like you!), but the developer NEVER asks for PROOF they (or you I'll bet) have the cash or a bank guarantee to pay of the remaining 80% at completion.

So what happens? As the months drag by and the speculators can't find a buyer, they simply stop paying - to cut their losses. many of them are Chinese-Thai and they love to gamble - their families got the money in questionable ways anyway...so easy come easy go. However, the bank financing the "DEVELOPER's" construction project smells a rat and stops paying too. Ergo - the construction stops, the developer forfeits - though thru some complicated structure to assure the 'real' company doesn't suffer.

The real buyers like you get screwed..The building stops - for how long, who know? Sorry Charlie - TIT.

[PadThaiGuy]

.

Never buy somthing you can't see or touch first in Thailand.

This place may well get finished somday. Maybe.

Let's hope they don't use the same contractors that are finishing their Trendy project.

With 5000 empty condo rooms available, I never understood why buyers choose to invest in non existant buildings?

[wintermute]

Was article in yesterday's Post about Grande getting some possible more funding from, was it Lehman Bros. or some US investment bank. Also, apparently they have hired some USA consultancy to give all their products a top to bottom review for economic viability

Why would a U.S. investment bank put money into a pretty dodgy Thai real estate project? Sub-prime crisis has already put U.S. banking into a tailspan the last thing they would be doing is gambling on poorly planned third world residential development projects. hel_l, if they do that then they might as well issue some more sub-prime loans instead. The return might actually be better in the latter scenario.

[amarka]

Was article in yesterday's Post about Grande getting some possible more funding from, was it Lehman Bros. or some US investment bank. Also, apparently they have hired some USA consultancy to give all their products a top to bottom review for economic viability

Why would a U.S. investment bank put money into a pretty dodgy Thai real estate project? Sub-prime crisis has already put U.S. banking into a tailspan the last thing they would be doing is gambling on poorly planned third world residential development projects. hel_l, if they do that then they might as well issue some more sub-prime loans instead. The return might actually be better in the latter scenario.

hi...

oooh wow...

lot of sad junkies here.....

real estate is risk....yes??... profits are big when it comes off!!...... possibly zero when it fails ....

what are you all moaning about.....??

its a top location ...

the project is going through new number crunching routine and construction shall start again soon.....

if you cant handle the heat.... get out of the fire.......

go and have dinner with grandma instead and dont bother me with your tittle tattle tales of endless depression..... its only money anyway!

amarka

[paul9298]

I put a deposit on a penthouse condo at the Regent Residences and was one of the first to go into the sales centre when it opened.Was impressed with the location a the beautiful gold coloured windows. After transferring the 5% deposit I was informed that a Hong Kong buyer had already reserved this condo. I was however offered the condo below ( not a penthouse one) for the same price.

Being livid and angry I asked my Thai GF to help me as I had returned to the UK by this time. My Thai girlfriend whose job in hotel management and promotions was able to speak to the owner of Grande Assset at that time and explain that I had reserved the condo and already transferred the deposit which they had over 2 months without sending the contract for signing.

Upon announcing she had obtained the owners telephone number and been given permission to speak to him she excitidly announced that the owner had offered to take us out for lunch as a way of apoligizing for the loss of the penthouse flat. No offer of the penthouse back or a discount on the one below.

When I did get my 5% deposit back there wasn't even a refund on my transfer fees!

As for the lunch.

Well

I did consider returning to Bangkok for it but decided against as I didnt feel I would be able to control my desire to.... his neck and hey we dont looose our temper in Thailand do we .

I've often regreted not taking the offer off the condo below ( a few years have past now ) but after reading all these posts about the delays I thought I'd add my 2 pennies worth.

Anyone tell me when the colour of the building changed from gold to silver ?

[PadThaiGuy]

I put a deposit on a penthouse condo at the Regent Residences and was one of the first to go into the sales centre when it opened.Was impressed with the location a the beautiful gold coloured windows. After transferring the 5% deposit I was informed that a Hong Kong buyer had already reserved this condo. I was however offered the condo below ( not a penthouse one) for the same price.

Being livid and angry I asked my Thai GF to help me as I had returned to the UK by this time. My Thai girlfriend whose job in hotel management and promotions was able to speak to the owner of Grande Assset at that time and explain that I had reserved the condo and already transferred the deposit which they had over 2 months without sending the contract for signing.

Upon announcing she had obtained the owners telephone number and been given permission to speak to him she excitidly announced that the owner had offered to take us out for lunch as a way of apoligizing for the loss of the penthouse flat. No offer of the penthouse back or a discount on the one below.

When I did get my 5% deposit back there wasn't even a refund on my transfer fees!

As for the lunch.

Well

I did consider returning to Bangkok for it but decided against as I didnt feel I would be able to control my desire to.... his neck and hey we dont looose our temper in Thailand do we .

I've often regreted not taking the offer off the condo below ( a few years have past now ) but after reading all these posts about the delays I thought I'd add my 2 pennies worth.

Anyone tell me when the colour of the building changed from gold to silver ?

That's amazing and disgusting how they treat their customers.

[backflip]

"Anyway, my main theory is this (or premise, up to you):

<200 words of conspiracy-related twaddle omitted>"

You must be familiar with Michael Moore, a "documentarian" from the US who shamelessly distorts timelines and facts to support his point of view. The most outlandish example of this type of distortion happened when Vladimir Putin was photographed while on vacation, sans his shirt. Immediately, the Russian gay activists announced that it was Putin's way of apologizing for his anti-gay views, and that he now supported the Russian gay movement.

[thaigene2]

"Anyway, my main theory is this (or premise, up to you):

<200 words of conspiracy-related twaddle omitted>"

You must be familiar with Michael Moore, a "documentarian" from the US who shamelessly distorts timelines and facts to support his point of view. The most outlandish example of this type of distortion happened when Vladimir Putin was photographed while on vacation, sans his shirt. Immediately, the Russian gay activists announced that it was Putin's way of apologizing for his anti-gay views, and that he now supported the Russian gay movement.

Yep - Michael Moore's a funny guy - probably one of the few American documentary makers who isn't jerking off to Betsy Ross and waving a flag while reporting. I don't think he's gay, neither am I. Are you Backflip? You seem to have this, er, 'thing' about gays in several of your posts..

You a "closet Republican homo" there boy?..he, he, he..

[backflip]

My posting had nothing to do with Moore's sexual preference. Sorry to disappoint you, but I'm straight as an arrow...and there's nothing wrong with that.

Another poster played havoc with timelines when he commented about Lehman Brothers' involvement with Grande Asset, and the US mortgage market. The poster either didn't realize, or care, that Lehman's involvement was a year before the mortgage mess.

[Livinginexile]

hi...

i have a signed contract for a condo in the Regents residences. its says completion will be December 2006.

i signed the contract in march 2005.

now the sales people say December 2007. thats a whole year late already.

does anyone else have a contract for completion for December 2006?

what can be done about this? i have written to the Regents and they dont reply.

any sensible comments welcome.

happy new year to everyone

amarka

Sorry to say....

U've lost ur money.

G/A is broke.

[donx]

Sorry to say....

U've lost ur money.

G/A is broke.

Livinginexile, what about you? Did you ever take ownership of your Grande Asset (The Trendy) condo or have you lost your money too?

[Livinginexile]

Sorry to say....

U've lost ur money.

G/A is broke.

Livinginexile, what about you? Did you ever take ownership of your Grande Asset (The Trendy) condo or have you lost your money too?

i'm not sure, I went to trendy to transfer but they told me I have to wait untill January 8 so G/E can pay Bangkok Bank installment payment.

If they don't pay...i loose me deposit too.

I'm waiting to see if I've lost my money too.

Sales staff literally cried when I grilled them.

Bangkok Bank now ownes all outstanding Trendy condo's

My only hope is if Trendy pays Decembers installments

[Brad]

I was this close to buying a regent condo but bought a kilo down from suk to save 30K/sq mtr. That was 2.5 years ago and my hole in the ground turned into a beautiful new condo I've lived in for 4 months. Thank god I didn't buy regent for the convenience or I'd be screwed

[amarka]

hi...

i have a signed contract for a condo in the Regents residences. its says completion will be December 2006.

i signed the contract in march 2005.

now the sales people say December 2007. thats a whole year late already.

does anyone else have a contract for completion for December 2006?

what can be done about this? i have written to the Regents and they dont reply.

any sensible comments welcome.

happy new year to everyone

amarka

Sorry to say....

U've lost ur money.

G/A is broke.

hi guys....

seems like someone is not telling the truth here....

amarka

http://www.bangkokpost.com/Yourmoney/07Jan2008_money008.php today (7 Jan 2008) regarding Grande Asset:

With the political and economic climate looking more hopeful after the uccessful completion of the election, more foreign investment funds are expected to flow into Thailand, which will have a healthy knock-on effect for companies such as Grande Asset Development Plc.

The SET-listed hotel and condominium developer recently closed a 10.4- billion-baht financing package with an affiliate of the US investment bank Lehman Brothers. "That will probably be the most significant such transaction in quite some time," said Markland Blaiklock, Grande Asset's chief executive officer.......

Grande Asset is counting on both large- and small-scale foreign investment picking up. While it awaits fresh developments, it has stopped selling the remaining condominium units at The Regent Hotel and Residences, between Sukhumvit sois 11 and 13 and due for completion in 2009, and The Sails beachfront condominium in Pattaya........

At The Regent Bangkok Hotel and Residences, the company's last realised price was about 120,000 baht a square metre and it sees an opportunity to reach 140,000 baht this year.

It would be interesting if you can elaborate on the source of this rumor, or is this just mischief. Either way kay sera sera... Lets wait and see.

[ray08]

hi...

i have a signed contract for a condo in the Regents residences. its says completion will be December 2006.

i signed the contract in march 2005.

now the sales people say December 2007. thats a whole year late already.

does anyone else have a contract for completion for December 2006?

what can be done about this? i have written to the Regents and they dont reply.

any sensible comments welcome.

happy new year to everyone

amarka

Sorry to say....

U've lost ur money.

G/A is broke.

hi guys....

seems like someone is not telling the truth here....

amarka

http://www.bangkokpost.com/Yourmoney/07Jan2008_money008.php today (7 Jan 2008) regarding Grande Asset:

With the political and economic climate looking more hopeful after the uccessful completion of the election, more foreign investment funds are expected to flow into Thailand, which will have a healthy knock-on effect for companies such as Grande Asset Development Plc.

The SET-listed hotel and condominium developer recently closed a 10.4- billion-baht financing package with an affiliate of the US investment bank Lehman Brothers. "That will probably be the most significant such transaction in quite some time," said Markland Blaiklock, Grande Asset's chief executive officer.......

Grande Asset is counting on both large- and small-scale foreign investment picking up. While it awaits fresh developments, it has stopped selling the remaining condominium units at The Regent Hotel and Residences, between Sukhumvit sois 11 and 13 and due for completion in 2009, and The Sails beachfront condominium in Pattaya........

At The Regent Bangkok Hotel and Residences, the company's last realised price was about 120,000 baht a square metre and it sees an opportunity to reach 140,000 baht this year.

It would be interesting if you can elaborate on the source of this rumor, or is this just mischief. Either way kay sera sera... Lets wait and see.

"With the political and economic climate looking more hopeful after the successful completion of the election"

Are we talking about the recent Thai Elections ???? With an opening remark like that ,might as well say "pigs fly "as well

Not even politicians are talking like that

[amarka]

hi...

i have a signed contract for a condo in the Regents residences. its says completion will be December 2006.

i signed the contract in march 2005.

now the sales people say December 2007. thats a whole year late already.

does anyone else have a contract for completion for December 2006?

what can be done about this? i have written to the Regents and they dont reply.

any sensible comments welcome.

happy new year to everyone

amarka

Sorry to say....

U've lost ur money.

G/A is broke.

hi guys....

seems like someone is not telling the truth here....

amarka

http://www.bangkokpost.com/Yourmoney/07Jan2008_money008.php today (7 Jan 2008) regarding Grande Asset:

With the political and economic climate looking more hopeful after the uccessful completion of the election, more foreign investment funds are expected to flow into Thailand, which will have a healthy knock-on effect for companies such as Grande Asset Development Plc.

The SET-listed hotel and condominium developer recently closed a 10.4- billion-baht financing package with an affiliate of the US investment bank Lehman Brothers. "That will probably be the most significant such transaction in quite some time," said Markland Blaiklock, Grande Asset's chief executive officer.......

Grande Asset is counting on both large- and small-scale foreign investment picking up. While it awaits fresh developments, it has stopped selling the remaining condominium units at The Regent Hotel and Residences, between Sukhumvit sois 11 and 13 and due for completion in 2009, and The Sails beachfront condominium in Pattaya........

At The Regent Bangkok Hotel and Residences, the company's last realised price was about 120,000 baht a square metre and it sees an opportunity to reach 140,000 baht this year.

It would be interesting if you can elaborate on the source of this rumor, or is this just mischief. Either way kay sera sera... Lets wait and see.

"With the political and economic climate looking more hopeful after the successful completion of the election"

Are we talking about the recent Thai Elections ???? With an opening remark like that ,might as well say "pigs fly "as well

Not even politicians are talking like that

hi...

my comments were more to answer the funding question than the political one...

it seems that G/A has secured funding for the Regents - is that not the case...

amarka

[ray08]

hi...

i have a signed contract for a condo in the Regents residences. its says completion will be December 2006.

i signed the contract in march 2005.

now the sales people say December 2007. thats a whole year late already.

does anyone else have a contract for completion for December 2006?

what can be done about this? i have written to the Regents and they dont reply.

any sensible comments welcome.

happy new year to everyone

amarka

Sorry to say....

U've lost ur money.

G/A is broke.

hi guys....

seems like someone is not telling the truth here....

amarka

http://www.bangkokpost.com/Yourmoney/07Jan2008_money008.php today (7 Jan 2008) regarding Grande Asset:

With the political and economic climate looking more hopeful after the uccessful completion of the election, more foreign investment funds are expected to flow into Thailand, which will have a healthy knock-on effect for companies such as Grande Asset Development Plc.

The SET-listed hotel and condominium developer recently closed a 10.4- billion-baht financing package with an affiliate of the US investment bank Lehman Brothers. "That will probably be the most significant such transaction in quite some time," said Markland Blaiklock, Grande Asset's chief executive officer.......

Grande Asset is counting on both large- and small-scale foreign investment picking up. While it awaits fresh developments, it has stopped selling the remaining condominium units at The Regent Hotel and Residences, between Sukhumvit sois 11 and 13 and due for completion in 2009, and The Sails beachfront condominium in Pattaya........

At The Regent Bangkok Hotel and Residences, the company's last realised price was about 120,000 baht a square metre and it sees an opportunity to reach 140,000 baht this year.

It would be interesting if you can elaborate on the source of this rumor, or is this just mischief. Either way kay sera sera... Lets wait and see.

"With the political and economic climate looking more hopeful after the successful completion of the election"

Are we talking about the recent Thai Elections ???? With an opening remark like that ,might as well say "pigs fly "as well

Not even politicians are talking like that

hi...

my comments were more to answer the funding question than the political one...

it seems that G/A has secured funding for the Regents - is that not the case...

amarka

I understand ,just when i see comments like that in Real Estate Sections of Newspapers it is a worry

anyway below is what the funding is , it is in the form of a debenture and has some conditions attached ,

that puts pressure on GA , cannot understand why not sell what they have to pay off debt while it awaits "fresh developments ",

something not quite right ,

Grande Asset's Bt12-bn bonds

Cash-strapped Grande Asset Development will place secured floating debentures worth up to Bt12 billion with Lehman Brothers Commercial Corporation Asia, a firm associated with its major shareholder, to move ahead with its resort and residential projects.

Thanathip Vidhayasirinum, managing director of Sage Capital, Grande Asset's financial adviser, said yesterday that with the political uncertainty, economic slowdown and delay in construction projects, Grande Asset's internal cash flow had dried up to

the point where it can no longer work on its eight projects and redeem its debts.

Grande Asset faces a shortfall of Bt7.51 billion to finish its projects and also Bt981.16 million in debt falling due in the coming year, he said.

The short-term debt obligation does not take into account a Bt1.34-billion loan maturing in December that would not be refinanced.

"With the current situation, financial institutions have tightened loan scrutiny and it is more difficult to tap funding sources," Thanathip said.

"We tried in vain to secure a loan from local or overseas financial institutions. So Lehman Brothers Commercial Corporation Asia's financial support is a godsend as it can increase Grande Asset's ability to expand in the future and project a good image to consumers and investors."

However, the debentures will increase Grande Asset's leverage and interest expenses, he said.

In case of default, the company might lose all its projects except the Hua Hin Blue Lagoon Resort and Bangkok's Trendy Condominium, which were recently mortgaged to financial institutions.

Giant Mauritius Holdings, owned by US-based investment banking giant Lehman Brothers, and Hotel & Property Development, a Thai company, last year acquired 43.23 per cent of Grande Asset.