Lily Valley Now Called Star Palace Condo

[NigelKennedy]

I was reading about a condo started in the 90's and desserted until last year when renamed Star Palace.
It appears tha work has stopped. Anybody know anything or have an update ?

[NigelKennedy]

No replies yet, somebody must know something about the future of Liliy Valley.

[heybruce]

Start and stop construction is common in Chiang Mai, and I assume the rest of Thailand, and few TV members know the reasons for the stoppage, plans for the future, or the names of the places.  If you could provide a location then you might get some unsubstantiated rumors, and maybe even a little real information.

[jonwilly]

Start, Stop for last 3-4 years.

Said to be Korean owned.

 

john

[Gonzo the Face]

Yes ...... but what ever became of Ms. Lilly  ???

[jonwilly]

Came from a rich Thai family said to make Steel Lockers and similar fittings.

Original Condo had too many floors making it an obstacle for aircraft landing from the north to CMX.

Then the financial crash in late 90's was final seal on death of project.

Big article in City Life a year or two ago.

 

john

[Rama]

Height of building was not the problem. Occupancy permit was issued and about 6-8 units were sold and occupied. Lily abandoned it during the 97 crash as she had used US dollars for the loan rather than thai baht, like a lot of the developers at the time did.  Korean with a Thai partner bought it from BAM a few years ago, the Korean was doing the financing but then the Korean came to realize his Thai partners were taking him for a ride. He stopped financing it. 

[Beng]

Height of building was not the problem. Occupancy permit was issued and about 6-8 units were sold and occupied. Lily abandoned it during the 97 crash as she had used US dollars for the loan rather than thai baht, like a lot of the developers at the time did.  Korean with a Thai partner bought it from BAM a few years ago, the Korean was doing the financing but then the Korean came to realize his Thai partners were taking him for a ride. He stopped financing it. 

 

That somehow sounds familiar.

[heybruce]

Height of building was not the problem. Occupancy permit was issued and about 6-8 units were sold and occupied. Lily abandoned it during the 97 crash as she had used US dollars for the loan rather than thai baht, like a lot of the developers at the time did.  Korean with a Thai partner bought it from BAM a few years ago, the Korean was doing the financing but then the Korean came to realize his Thai partners were taking him for a ride. He stopped financing it. 

 

That's odd.  Didn't I read in another thread that condos are a great investment?
 

[jonwilly]

The hight of the Building was and is still a problem.

When you get the rare days when aircraft coming up from the south have to do a landing from the North you will be surprised at how close the flight path takes these aircraft to the Lilly Condo as they make a 'Tight' turn to Port.

I would not like to be sat in a Stbd window seat for it is surprising how close the wing gets to the condo.

 

john

Witness it many times.

[sane]

I heard on the vine

that the work stopped

because one of the workmen

had fallen to his death on this site

[mesquite]

Came from a rich Thai family said to make Steel Lockers and similar fittings.

Original Condo had too many floors making it an obstacle for aircraft landing from the north to CMX.

Then the financial crash in late 90's was final seal on death of project.

Big article in City Life a year or two ago.

 

john

 

http://www.chiangmainews.com/ecmn/viewfa.php?id=2196