Regents Residences

[thaigene2]

Thanks for the report Ray08.

Well this will be the first domino in the property and credit crash of 2008? The unsteady ones will fall first, but does that start a chain reaction?

On BBC and CNBC today and yesterday that's what the experts are saying - it will go global. And the thing is, some of these guys are big hitters from some big financial houses. The betting is now against the decoupling theory too (where Asia rides out the storm as US crashes).

If it's already built or nearly built I reckon you're ok - but buy off-plan now? no way.

[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

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.

hi..

thanks for that detail.

it just confirms to me that the regents is financed and will complete, albeit late.

i cant see Lehman brothers letting this one slip.

so the rumors..... were just rumors...

i also dont believe that the LB are so stupid to extend loans if they feel that the risk of default is too high. the risk assesment department has surely done their homework on this one and has given GA the green light!!!!

good news for all of us - except those wishing the project to fail!

amarka

[thaigene2]

I don't wish to see your project fail Amarka. Good luck and hope you take possession soonest. TG2

[amarka]

I don't wish to see your project fail Amarka. Good luck and hope you take possession soonest. TG2

hi...

thanks for that!

amarka

[backflip]

Amarka,

If your contract specifies a penalty for a late turnover, you'll probably get the unit free ; )

Hang in there!

[amarka]

Amarka,

If your contract specifies a penalty for a late turnover, you'll probably get the unit free ; )

Hang in there!

hi..

to be honest with you i shall be happy enough if it is finished in the next 18 months...

the news below seems to indicate that it will..........

quote.....

"

Bangkok Post of Jan 8 shows a photo of Lehman Bros handing a 10.4 billion baht cheque to Grande Asset as was expected. So perhaps now all will be well, and the eyesores of the Regent and Crowne Plaza (particularly) half completed structures will once again start to take form. "

amarka

Edited January 11, 2008 by amarka

[steveromagnino]

quote.....

"

Bangkok Post of Jan 8 shows a photo of Lehman Bros handing a 10.4 billion baht cheque to Grande Asset as was expected. So perhaps now all will be well, and the eyesores of the Regent and Crowne Plaza (particularly) half completed structures will once again start to take form. "

amarka

It is deja vu all over again, as Yogi Bara might say. Grande Asset's white knight already came in and saved them once when they ran out of money. Then restructured and until now still seems to be unable to get things sorted; perhaps finally now.

What you should be asking is when has Lehman actually had a guy on the ground running things at Grande Asset throughout this whole mess?

And the answer would be, at least until recently, they didn't; the senior guy alledgely felt physically threatened by the previous major Thai shareholder so left town, and left running anything up in the air too.

If no one is doing the work, then nothing gets done, and that company has ALWAYS been total rubbish at getting things done.

You need to ask whether any many investors would pour money into a project now that has been on and off and on and off even with the Lehman financing behind them; where the project management and number of flaws has been fairly high and whether the hotel partner is really there ready and waiting or perhaps whether they've gone to pasture beyond the increasingly mid/high level (rather than luxury) lower Sukhumvit area.

Personally I think both the Trendy and the Regent will end up complete, with a fair few flaws, but mostly intact as promised. hotel operator probably not too keen. 140k, they are probably dreamin' that is right at the top end of the market and I don't think this part of town is where true luxury is going to appear; of course if Sukhothai, Raimon Land and Hansar can all sell at higher prices, than may make 140k a bit more realistic; Sails more of a questionmark ,and has already been reduced significantly in scale even prior to the halt work; it is so close to developments on either side now that it must surely be worth far less than when sold off the plans.

Best of luck Amarka; as I say I do beleive you will eventually get your unit, but I cannot see anyone trusting this company again for their future work; Lehman deserted their customers already for the last year or so; who would believe that this extra financing will have the desired effect; I think they are just trying not to totally lose their shirts; just cash up with the almost finished stuff and then run for the hills.

[jrbkk64]

I was warned by my company's Thai lawyer more than 4 years ago to NOT ever buy anything from Grande Asset that has not yet been fully built. He literally said they are "cheats", never on time, compromising on built quality/construction materials etc, etc.

They have a long history of issues going back to before the SE Asian crisis in 1997!

Good luck with them!

[naturalpoints]

I was warned by my company's Thai lawyer more than 4 years ago to NOT ever buy anything from Grande Asset that has not yet been fully built. He literally said they are "cheats", never on time, compromising on built quality/construction materials etc, etc.

They have a long history of issues going back to before the SE Asian crisis in 1997!

Good luck with them!

It's all developers mate....They all never keep to their promises in the LOS. Not just G.A.

[steveromagnino]

I was warned by my company's Thai lawyer more than 4 years ago to NOT ever buy anything from Grande Asset that has not yet been fully built. He literally said they are "cheats", never on time, compromising on built quality/construction materials etc, etc.

They have a long history of issues going back to before the SE Asian crisis in 1997!

Good luck with them!

It's all developers mate....They all never keep to their promises in the LOS. Not just G.A.

Some say all developers worldwide ;-) However.... other developers like Sansiri have penalty clauses and are close to hitting their timeframes...GA's number of defects and delays make the rest of us look reaaaaaaaaaaaaaally good.

[backflip]

"but I cannot see anyone trusting this company again for their future work..."

Exactly. GA has a new project in Pattaya, and only the uninformed will buy there.

[lotus eater]

GA has a new project in Pattaya, and only the uninformed will buy there.

Please inform us which is this project. Or do you mean The Sails, which is of course an old project.

[Livinginexile]

quote.....

"

Bangkok Post of Jan 8 shows a photo of Lehman Bros handing a 10.4 billion baht cheque to Grande Asset as was expected. So perhaps now all will be well, and the eyesores of the Regent and Crowne Plaza (particularly) half completed structures will once again start to take form. "

amarka

It is deja vu all over again, as Yogi Bara might say. Grande Asset's white knight already came in and saved them once when they ran out of money. Then restructured and until now still seems to be unable to get things sorted; perhaps finally now.

What you should be asking is when has Lehman actually had a guy on the ground running things at Grande Asset throughout this whole mess?

And the answer would be, at least until recently, they didn't; the senior guy alledgely felt physically threatened by the previous major Thai shareholder so left town, and left running anything up in the air too.

If no one is doing the work, then nothing gets done, and that company has ALWAYS been total rubbish at getting things done.

You need to ask whether any many investors would pour money into a project now that has been on and off and on and off even with the Lehman financing behind them; where the project management and number of flaws has been fairly high and whether the hotel partner is really there ready and waiting or perhaps whether they've gone to pasture beyond the increasingly mid/high level (rather than luxury) lower Sukhumvit area.

Personally I think both the Trendy and the Regent will end up complete, with a fair few flaws, but mostly intact as promised. hotel operator probably not too keen. 140k, they are probably dreamin' that is right at the top end of the market and I don't think this part of town is where true luxury is going to appear; of course if Sukhothai, Raimon Land and Hansar can all sell at higher prices, than may make 140k a bit more realistic; Sails more of a questionmark ,and has already been reduced significantly in scale even prior to the halt work; it is so close to developments on either side now that it must surely be worth far less than when sold off the plans.

Best of luck Amarka; as I say I do beleive you will eventually get your unit, but I cannot see anyone trusting this company again for their future work; Lehman deserted their customers already for the last year or so; who would believe that this extra financing will have the desired effect; I think they are just trying not to totally lose their shirts; just cash up with the almost finished stuff and then run for the hills.

I completely agree

I think Lehman is in too deep now to just walk away and cut their loses.

The remaining projects will eventually be completed to re coop as much of their money as possible and then they will run for the exit with as much cash as they can.

I also wish you the best of luck Amarka

I bought at the Trendy and it's been a hair raising experience, just hang in there.

You'll get your unit but it's going to be a long road to completion.

Good luck mate.

[steveromagnino]

GA has a new project in Pattaya, and only the uninformed will buy there.

Please inform us which is this project. Or do you mean The Sails, which is of course an old project.

I think there is some confusion that White Sands is GA, when in fact it is unrelated to GA and a projectof the former owner/CEO of GA.

And that's why the design looks exactly the same, and has the same hotel operator, and why the sails is now a bit dead in the water next door on a tiny tiny site now as well.

[Livinginexile]

GA has a new project in Pattaya, and only the uninformed will buy there.

Please inform us which is this project. Or do you mean The Sails, which is of course an old project.

I think there is some confusion that White Sands is GA, when in fact it is unrelated to GA and a projectof the former owner/CEO of GA.

And that's why the design looks exactly the same, and has the same hotel operator, and why the sails is now a bit dead in the water next door on a tiny tiny site now as well.

A friend of mine walked past the Regent site yesterday and told me work has re commenced!!

[backflip]

Really? It might be an optical illusion, but I think that the building is shrinking, not growing...

[naturalpoints]

Really? It might be an optical illusion, but I think that the building is shrinking, not growing...

True mate.....The last time I was there at the end of last month, all work had stopped.

There were no sign of machinery or workers.

Reminded me of Malaysia, specifically Kuala Lumpur in 1997 where all construction came to a complete halt after the currency crisis.

New crisis this year........might just end up an empty shell.

[Livinginexile]

Really? It might be an optical illusion, but I think that the building is shrinking, not growing...

True mate.....The last time I was there at the end of last month, all work had stopped.

There were no sign of machinery or workers.

Reminded me of Malaysia, specifically Kuala Lumpur in 1997 where all construction came to a complete halt after the currency crisis.

New crisis this year........might just end up an empty shell.

Work commenced again about 2 weeks ago.

End of last month the site was still dead.

Chatting to a mate last night who lives close and he confirmed work has re commenced.

Trendy is nearly complete accross the road, just the final defects to clean up.

I think G.A is back on track with the new funding.

Cheers

[PadThaiGuy]

I can see it from my place.

The crane has not moved in months and I can see no workers from here.

I'll go by and check it out.

[PadThaiGuy]

I went by the jobsite Feb 1st.

No workers.

[backflip]

"he confirmed work has re commenced"

Perhaps, but certainly not at the Regents. As PadThaiGuy posted, it has been a ghost town for a long while.

[gankeowan]

GA has a new project in Pattaya, and only the uninformed will buy there.

Please inform us which is this project. Or do you mean The Sails, which is of course an old project.

As we all know, the majority shareholder and CEO (Kuhn Pongphan) of Grande Asset sold the company last year to Lehman Bros. His new company is APEX Development and is developing a new condo/hotel project and Jomtien beach not far from the site of the dormant Sails. New project is White Sand Beach or something similar.

[Livinginexile]

Grande Assett have now changed their name and are moving offices to an "upgraded location".

They have had another 10 billion cash injection and current projects will be completed soon.

Anyone else receive this document in the mail?

Grand_Assest_Name_Change.pdf

[fairview]

"he confirmed work has re commenced"

Perhaps, but certainly not at the Regents. As PadThaiGuy posted, it has been a ghost town for a long while.

As far as I know, they will start it again by Mar, 2008 and finish it by June, 2009!! Also begining 2008 the price is going up from Bth118,000 to Bth140,000 per sq.m,. Can anyone give me an update?

[naturalpoints]

"he confirmed work has re commenced"

Perhaps, but certainly not at the Regents. As PadThaiGuy posted, it has been a ghost town for a long while.

As far as I know, they will start it again by Mar, 2008 and finish it by June, 2009!! Also begining 2008 the price is going up from Bth118,000 to Bth140,000 per sq.m,. Can anyone give me an update?

You're having a laugh or what???

Where did you get your facts from? Soi Cowboy?

[fairview]

I am looking for a corner unit and the Regent for retirement, if any one has a unit willing to re-sale I will buy it back. I think this project is going to be okay. contact me, [email protected]

"he confirmed work has re commenced"

Perhaps, but certainly not at the Regents. As PadThaiGuy posted, it has been a ghost town for a long while.

As far as I know, they will start it again by Mar, 2008 and finish it by June, 2009!! Also begining 2008 the price is going up from Bth118,000 to Bth140,000 per sq.m,. Can anyone give me an update?

You're having a laugh or what???

Where did you get your facts from? Soi Cowboy?

[PadThaiGuy]

I am looking for a corner unit and the Regent for retirement, if any one has a unit willing to re-sale I will buy it back. I think this project is going to be okay. contact me, [email protected]

"he confirmed work has re commenced"

Perhaps, but certainly not at the Regents. As PadThaiGuy posted, it has been a ghost town for a long while.

As far as I know, they will start it again by Mar, 2008 and finish it by June, 2009!! Also begining 2008 the price is going up from Bth118,000 to Bth140,000 per sq.m,. Can anyone give me an update?

You're having a laugh or what???

Where did you get your facts from? Soi Cowboy?

There are 5,000 empty condos around Bangkok and you want to buy one in this unfinished, miss-managed disaster of a project, run by dishonest developers that don't care to communicate with customers that have made deposits?

[fairview]

I am serious looking for a corner unit and the Regent for retirement and I like to location, if any one has a unit willing to re-sale I will buy it back. I think this project is going to be okay. contact me, [email protected]

I am looking for a corner unit and the Regent for retirement, if any one has a unit willing to re-sale I will buy it back. I think this project is going to be okay. contact me, [email protected]

"he confirmed work has re commenced"

Perhaps, but certainly not at the Regents. As PadThaiGuy posted, it has been a ghost town for a long while.

As far as I know, they will start it again by Mar, 2008 and finish it by June, 2009!! Also begining 2008 the price is going up from Bth118,000 to Bth140,000 per sq.m,. Can anyone give me an update?

You're having a laugh or what???

Where did you get your facts from? Soi Cowboy?

There are 5,000 empty condos around Bangkok and you want to buy one in this unfinished, miss-managed disaster of a project, run by dishonest developers that don't care to communicate with customers that have made deposits?

[zorro1]

"he confirmed work has re commenced"

Perhaps, but certainly not at the Regents. As PadThaiGuy posted, it has been a ghost town for a long while.

As far as I know, they will start it again by Mar, 2008 and finish it by June, 2009!! Also begining 2008 the price is going up from Bth118,000 to Bth140,000 per sq.m,. Can anyone give me an update?

No sorry I live at Trendy and walk past everyday. Occasionally a security guard sticks her head through a little hole in the perimeter fence but that's about it however the girlie bars are building in weeks another about to open just opposite entrance of ambassador in soi 13. Maybe they should get these guys to finish off the Regent

[backflip]

"As far as I know, they will start it again by Mar, 2008 and finish it by June, 2009!!...Can anyone give me an update?"

An update on what? I walked past the construction site less than an hour ago, and there was no construction activity whatsoever.