Laguna Beach - The Maldives

[jbrain]

Today on my exit from shopping I noticed a real estate booth which was promoting mentioned resort. I actually see them at least 6 months already everywhere but never took interest.

As I saw they had a video playing which showed the immense pool , with beaches annd huge waterfalls, so I took a closer look.

On their video it showed that the pool was 5.600 sqm ( WOW) complete in Maldives style. The resort would exist out of 7 or 8 buildings and they sold 70% in just 10 weeks.

Wonder why it takes more than 6 months to sell the other 30% but whatever.

Then they also promoted their resale units at discounts of 1 million and more.

So I have no idea where exactly this building is, it said Jomtien beachroad, but it looks really too beautiful to be true.

Is there anyone has some more info about?

I guess that since they are promoting for 6 months already and sold 70% in less than 2 months, that construction must have started and in advanced state already.

Anyone bought there, or maybe living there? How are the chances that this will be built or not built, and that if completed it will look anything as shown in the video.

\

I look forward to your comments.

[RabC]

Don't hold your breath............ Maybe try on a Russian language forum

[BlackPuddingBertha]

Quite easy to find some info really: http://maldives.pattaya-laguna.com/

Not exactly what I would call "beach-front", but what do I know?

The 49% in farang name generally sells much faster than the remaining 51% (except perhaps in the buildings that are targeted at Thai buyers). Also, just like with budget airlines etc, prices are intended to increase as more units are sold, thus deceasing the attractiveness of the offer and allowing for people to re-sell contracts at below developers' prices (the famous "flippers"). Personally I would call this a Ponzi scheme but again, what do I know?

So there are almost always more sales early on and the developers encourage this as it makes for good publicity which drives more sales. At least that's the idea.

Some buildings just sell out in no time, of course. Look at Base on 2nd Road. But that just makes me wonder if someone didn't seriously under-price them in the first place. There is a vast amount of incompetence in Pattaya real estate.

[jbrain]

Quite easy to find some info really: http://maldives.pattaya-laguna.com/

Not exactly what I would call "beach-front", but what do I know?

The 49% in farang name generally sells much faster than the remaining 51% (except perhaps in the buildings that are targeted at Thai buyers). Also, just like with budget airlines etc, prices are intended to increase as more units are sold, thus deceasing the attractiveness of the offer and allowing for people to re-sell contracts at below developers' prices (the famous "flippers"). Personally I would call this a Ponzi scheme but again, what do I know?

So there are almost always more sales early on and the developers encourage this as it makes for good publicity which drives more sales. At least that's the idea.

Some buildings just sell out in no time, of course. Look at Base on 2nd Road. But that just makes me wonder if someone didn't seriously under-price them in the first place. There is a vast amount of incompetence in Pattaya real estate.

I know I could have had a look at their website, but so I could also have look at Suan Sawern, The Park and Ocean One and they all look promising.

If the location is on beachroad, then why it isn't beach front ? Anyway if you look at the promotion video it seems that they have their own ocean and beaches.

What I am after is some first hand information like are they a reliable company, I think it's sold by Heights Holdings. Have they started construction already, which I would assume would not be an issue with the majority sold already.

Is the 70% sold in 10 weeks a reliable claim, and if so why are they taking 6 months for the remaining 30% ?

The project looks simply gorgeous, and I question myself how they are able to create such a beautiful project at such a low price. I think they start just over 1 million fully furnished.

Edited March 4, 2013 by jbrain

[CHdiver]

Maybe they sold 70% of the 49% they are allowed to sell to foreigner? Witch would sound a little less impressive.

[gerry53]

I love this websites computer generated graphics that people think are pictures - even if it isn't real it looks so beautiful. This project is located on a back road east of the new Jomtien 2nd road, nothing beach related about it? I am sorry but a 23 square metre studio is what I consider a prison cell not a dream condo. With the enornous size of the pools and waterfalls I have to question what this will cost to maintain, especially with typical Thai building practises and the lack of water already in the Jomtien area. There are also well over a dozen other large condo projects going up in the Jomtien area. I see the multple Koral Condo project next to the lovely Slik Road housing estate went into recievership after putting in all their pilings? I am not trying to be overly pessimistic but you have to be cautious.

[jbrain]

I love this websites computer generated graphics that people think are pictures - even if it isn't real it looks so beautiful. This project is located on a back road east of the new Jomtien 2nd road, nothing beach related about it? I am sorry but a 23 square metre studio is what I consider a prison cell not a dream condo. With the enornous size of the pools and waterfalls I have to question what this will cost to maintain, especially with typical Thai building practises and the lack of water already in the Jomtien area. There are also well over a dozen other large condo projects going up in the Jomtien area. I see the multple Koral Condo project next to the lovely Slik Road housing estate went into recievership after putting in all their pilings? I am not trying to be overly pessimistic but you have to be cautious.

So The Koral is definitely a no go ?

I had that impression from the first day they started promoting it a few years ago, but didn't know it was completely cancelled now.

Since you seem to know the location of Laguna Beach, have they started construction already and what are your personal thoughts about the feasibility of this project?

[gerry53]

I love this websites computer generated graphics that people think are pictures - even if it isn't real it looks so beautiful. This project is located on a back road east of the new Jomtien 2nd road, nothing beach related about it? I am sorry but a 23 square metre studio is what I consider a prison cell not a dream condo. With the enornous size of the pools and waterfalls I have to question what this will cost to maintain, especially with typical Thai building practises and the lack of water already in the Jomtien area. There are also well over a dozen other large condo projects going up in the Jomtien area. I see the multple Koral Condo project next to the lovely Slik Road housing estate went into recievership after putting in all their pilings? I am not trying to be overly pessimistic but you have to be cautious.

So The Koral is definitely a no go ?

I had that impression from the first day they started promoting it a few years ago, but didn't know it was completely cancelled now.

Since you seem to know the location of Laguna Beach, have they started construction already and what are your personal thoughts about the feasibility of this project?

I heard the Koral was a no go and people were trying to get their money back. They appeared to be winding down the sales building a few weeks ago when I went by.

I just got back in from Malaysia tonight and will do a drive by the Laguna Beach site in the morning. Their website said they were under 2 kilometres from Pattaya city centre - sorry but that's BS, maybe Jomtien? I can't give you my personal opinions because the project is only as good as the developer and the financiers wants it to be. Too many so called reputable builders and developers have taken the money and run.

[jbrain]

I love this websites computer generated graphics that people think are pictures - even if it isn't real it looks so beautiful. This project is located on a back road east of the new Jomtien 2nd road, nothing beach related about it? I am sorry but a 23 square metre studio is what I consider a prison cell not a dream condo. With the enornous size of the pools and waterfalls I have to question what this will cost to maintain, especially with typical Thai building practises and the lack of water already in the Jomtien area. There are also well over a dozen other large condo projects going up in the Jomtien area. I see the multple Koral Condo project next to the lovely Slik Road housing estate went into recievership after putting in all their pilings? I am not trying to be overly pessimistic but you have to be cautious.

So The Koral is definitely a no go ?

I had that impression from the first day they started promoting it a few years ago, but didn't know it was completely cancelled now.

Since you seem to know the location of Laguna Beach, have they started construction already and what are your personal thoughts about the feasibility of this project?

I heard the Koral was a no go and people were trying to get their money back. They appeared to be winding down the sales building a few weeks ago when I went by.

I just got back in from Malaysia tonight and will do a drive by the Laguna Beach site in the morning. Their website said they were under 2 kilometres from Pattaya city centre - sorry but that's BS, maybe Jomtien? I can't give you my personal opinions because the project is only as good as the developer and the financiers wants it to be. Too many so called reputable builders and developers have taken the money and run.

Thanks I look forward to your report.

[BlackPuddingBertha]

If the location is on beachroad, then why it isn't beach front ?

Look at the map on the link I posted.

Think I answered most of your other questions also. Plenty of sub-1MB condos around if you go small enough. Nothing very new here.

[jbrain]

If the location is on beachroad, then why it isn't beach front ?

Look at the map on the link I posted.

Think I answered most of your other questions also. Plenty of sub-1MB condos around if you go small enough. Nothing very new here.

Site is blocked by Malwarebytes.

But the point isn't about sub 1 million condo's, but the what you get for it.

I could get to the site of Laguna Heights, which seems to be of the same company, and that site stated that the propject was finished June 2010 and they had just 1 appartment left now.

Is this correct information ?

Edited March 4, 2013 by jbrain

[BlackPuddingBertha]

That site contains quite a lot of info about various projects. Maybe you could try turning Malwarebytes off?

If you dont fancy doing that then why not just Google it yourself? Loads of information around.

[Spalpeen]

Can anyone explain to me why someone would build a development in Thailand and call it "The Maldives"? Are they building another project in the Maldives and calling it "Thailand"?

[jbrain]

Can anyone explain to me why someone would build a development in Thailand and call it "The Maldives"? Are they building another project in the Maldives and calling it "Thailand"?

They call it Maldives as it is Maldives themed.

Is Laguna Heights part of the same project, as I noticed that Laguna Maldives consisted out of 7 or 8 buildings.

[gerry53]

jbrain I took a drive by today, 1 block (possibly 2 but joined on lower floors) is rough built up to level 4. They are starting footings on another building also. There is definitely activity.<br /><br />This Maldives project is over a 1 km walk to the Rompho beer complex and market but to drive re 2nd road is about 3 km due to the concrete meridians and lack of u-turns on 2nd road. If you took the back road you are 2 km away and walking thru unlit areas. The back road takes you by the apparently abandoned Suan Sawarn Condos which is 300 metres from the new Laguna Beach II project which has not been started but has been fenced and a small showroom put up. I wander if they are using pre sales to fund other developements as others have?<br /><br />The Maldives advertisement that it is under 2 km to central Pattaya is false. It is that distance to Thappraya Road then at least another 5 km to Pattaya Tai. (which is at least closer to central Pattaya!) I also question the 900 metres to the beach in Jomtien.

[jbrain]

Ok I found now that it is also called Laguna Beach Resort 3, and that so far 3 buildings have been released.

Has any of these 3 buildings already started construction or maybe completed ?

[jbrain]

jbrain I took a drive by today, 1 block (possibly 2 but joined on lower floors) is rough built up to level 4. They are starting footings on another building also. There is definitely activity.<br /><br />This Maldives project is over a 1 km walk to the Rompho beer complex and market but to drive re 2nd road is about 3 km due to the concrete meridians and lack of u-turns on 2nd road. If you took the back road you are 2 km away and walking thru unlit areas. The back road takes you by the apparently abandoned Suan Sawarn Condos which is 300 metres from the new Laguna Beach II project which has not been started but has been fenced and a small showroom put up. I wander if they are using pre sales to fund other developements as others have?<br /><br />The Maldives advertisement that it is under 2 km to central Pattaya is false. It is that distance to Thappraya Road then at least another 5 km to Pattaya Tai. (which is at least closer to central Pattaya!) I also question the 900 metres to the beach in Jomtien.

Gerry, thanks for the info, our posts seem to have crossed each other.

So it is clear that construction is going, however you say that Laguna Beach 2 is still not, which sound strange to me.

I would assume that LB 2 was released before LB3 if you go by the numbers, or is this a wrong interpretation?

Edit : I just read on their website that Laguna Beach 2 was indeed released december 2011 and also sold out for over 70% in less than 6 months ( 750 out of 1100 appartments). Strange that construction hasn't started yet.

Edited March 5, 2013 by jbrain

[tontraveller]

In the same area behind Jomtien 2nd road not only Maldives, but also Laguna and Dusit Grand are being build...

Some new developments are selling fast because big investors buy let's say 70 units at pre-construction prices.

Then they put them already on the market at higher prices..

This was the case with Grande Caribbean, I was told by one of their sales people..

Surely the new developments with many amenities, big pools, ships even, need a lot of maintenance, to be paid for by new owners... But who take charge of the committee..??

[gerry53]

In the same area behind Jomtien 2nd road not only Maldives, but also Laguna and Dusit Grand are being build...

Some new developments are selling fast because big investors buy let's say 70 units at pre-construction prices.

Then they put them already on the market at higher prices..

This was the case with Grande Caribbean, I was told by one of their sales people..

Surely the new developments with many amenities, big pools, ships even, need a lot of maintenance, to be paid for by new owners... But who take charge of the committee..??

I would not believe everything a condo sales person tells me (or a used car salesman). They want you to believe it is selling fast and you had better buy very quickly so you don't miss a great opportunity to make money! (then they get their commission - you MAY get shafted). You have to remember there are thousands of new units in Jomtien they can not already sell with thousands of more new units in new developements coming online over the next few years. If there is a real estate or financial hiccup I would bet most of these would get abandoned with the potential owners facing the loss. The money always seems to dissappear and to fight it legally is cost prohibitive, better just to suck it up and take your losses. Pre sales are a pefect way for developers to build things using other peoples money with no intrest, it is also easy to walk away from financial liability. Even guarantees to provide penalties for late finish dates are often disregarded. There is also the change of name method where builder one sells to builder number two so he is not responsible for "issues" that occur. Please look up the Suan Sawarn fiasco if you think it can't happen.

I don't understand why a person would risk this for any presale - but some are less risky than others.

[PattayaPhom]

Latest craze is theme based condos, Matrix started with Amazon everyone else has followed. maitenance will be covered by high maintenace charges.....49/59 Baht sqm. First units are sold launch price and whole floors may be purchased by speculators or fund managers. Its not on the Beach Road, is accesed from 2nd Road or Thepperasit. Not completed yet. Russians love these places. Foreigners buy under company name also as 200,000 Baht price difference so as perceived by many not 51% Thai owned.

[jbrain]

Latest craze is theme based condos, Matrix started with Amazon everyone else has followed. maitenance will be covered by high maintenace charges.....49/59 Baht sqm. First units are sold launch price and whole floors may be purchased by speculators or fund managers. Its not on the Beach Road, is accesed from 2nd Road or Thepperasit. Not completed yet. Russians love these places. Foreigners buy under company name also as 200,000 Baht price difference so as perceived by many not 51% Thai owned.

Do you know why their previous project Laguna Beach 2, which was according to their own website already 70% sold almost a year ago, hasn't started construction yet ?

[PattayaPhom]

Latest craze is theme based condos, Matrix started with Amazon everyone else has followed. maitenance will be covered by high maintenace charges.....49/59 Baht sqm. First units are sold launch price and whole floors may be purchased by speculators or fund managers. Its not on the Beach Road, is accesed from 2nd Road or Thepperasit. Not completed yet. Russians love these places. Foreigners buy under company name also as 200,000 Baht price difference so as perceived by many not 51% Thai owned.

Do you know why their previous project Laguna Beach 2, which was according to their own website already 70% sold almost a year ago, hasn't started construction yet ?

Buyers were informed construction starts Q1 2013.....hey its only March..

[Spalpeen]

Can anyone explain to me why someone would build a development in Thailand and call it "The Maldives"? Are they building another project in the Maldives and calling it "Thailand"?

They call it Maldives as it is Maldives themed.

Is Laguna Heights part of the same project, as I noticed that Laguna Maldives consisted out of 7 or 8 buildings.

And what does "Maldives Themed" mean? White sandy beaches, palm trees, tropical weather? So a lot like Thailand then. Or maybe it's going to be a hard line Islamic development. The practice of any other religion, including Buddhism, is strictly illegal in the Maldives.

[gerry53]

jbrain I took a drive by today, 1 block (possibly 2 but joined on lower floors) is rough built up to level 4. They are starting footings on another building also. There is definitely activity.<br /><br />This Maldives project is over a 1 km walk to the Rompho beer complex and market but to drive re 2nd road is about 3 km due to the concrete meridians and lack of u-turns on 2nd road. If you took the back road you are 2 km away and walking thru unlit areas. The back road takes you by the apparently abandoned Suan Sawarn Condos which is 300 metres from the new Laguna Beach II project which has not been started but has been fenced and a small showroom put up. I wander if they are using pre sales to fund other developements as others have?<br /><br />The Maldives advertisement that it is under 2 km to central Pattaya is false. It is that distance to Thappraya Road then at least another 5 km to Pattaya Tai. (which is at least closer to central Pattaya!) I also question the 900 metres to the beach in Jomtien.

Things seemed unclear to me so I took another drive this afternoon. What I thought was the Laguna Maldives was Laguna Beach Resort (#1 I assume). They had Laguna Maldive signs in front of it (and everywhere else in Jomtien?) The Maldives appears to have a separate building area about 500 metres further along then you turn left. It is somewhat fenced with another showroom sales office and not manned when I went there. It looks like it will be built on a swamp (small lake) if the sales office is any indication and a large amount of fill will be needed. They have already started with the fill but no footings have been started at this location.

[jbrain]

Latest craze is theme based condos, Matrix started with Amazon everyone else has followed. maitenance will be covered by high maintenace charges.....49/59 Baht sqm. First units are sold launch price and whole floors may be purchased by speculators or fund managers. Its not on the Beach Road, is accesed from 2nd Road or Thepperasit. Not completed yet. Russians love these places. Foreigners buy under company name also as 200,000 Baht price difference so as perceived by many not 51% Thai owned.

Do you know why their previous project Laguna Beach 2, which was according to their own website already 70% sold almost a year ago, hasn't started construction yet ?

Buyers were informed construction starts Q1 2013.....hey its only March..

Last time I looked at the calendar March was the last month of the first quarter.

[PattayaPhom]

Latest craze is theme based condos, Matrix started with Amazon everyone else has followed. maitenance will be covered by high maintenace charges.....49/59 Baht sqm. First units are sold launch price and whole floors may be purchased by speculators or fund managers. Its not on the Beach Road, is accesed from 2nd Road or Thepperasit. Not completed yet. Russians love these places. Foreigners buy under company name also as 200,000 Baht price difference so as perceived by many not 51% Thai owned.

Do you know why their previous project Laguna Beach 2, which was according to their own website already 70% sold almost a year ago, hasn't started construction yet ?

Buyers were informed construction starts Q1 2013.....hey its only March..

Last time I looked at the calendar March was the last month of the first quarter.

Still is but its hardly a big issue if construction is a little late. If your buying or thinking of buying contact HH, or is there another motive for your interest

Edited March 5, 2013 by PattayaPhom

[jbrain]

jbrain I took a drive by today, 1 block (possibly 2 but joined on lower floors) is rough built up to level 4. They are starting footings on another building also. There is definitely activity.<br /><br />This Maldives project is over a 1 km walk to the Rompho beer complex and market but to drive re 2nd road is about 3 km due to the concrete meridians and lack of u-turns on 2nd road. If you took the back road you are 2 km away and walking thru unlit areas. The back road takes you by the apparently abandoned Suan Sawarn Condos which is 300 metres from the new Laguna Beach II project which has not been started but has been fenced and a small showroom put up. I wander if they are using pre sales to fund other developements as others have?<br /><br />The Maldives advertisement that it is under 2 km to central Pattaya is false. It is that distance to Thappraya Road then at least another 5 km to Pattaya Tai. (which is at least closer to central Pattaya!) I also question the 900 metres to the beach in Jomtien.

Things seemed unclear to me so I took another drive this afternoon. What I thought was the Laguna Maldives was Laguna Beach Resort (#1 I assume). They had Laguna Maldive signs in front of it (and everywhere else in Jomtien?) The Maldives appears to have a separate building area about 500 metres further along then you turn left. It is somewhat fenced with another showroom sales office and not manned when I went there. It looks like it will be built on a swamp (small lake) if the sales office is any indication and a large amount of fill will be needed. They have already started with the fill but no footings have been started at this location.

I would assume that the small lake is where they would create the enormous swimmingpool.

But if I understand it correctly, they have at least 3 huge projects " sold out " for more than a year already, yet are only in the starting phase of 1 project.

Guess I gonna wait a bit longer.

[jbrain]

Last time I looked at the calendar March was the last month of the first quarter.

Still is but its hardly a big issue if construction is a little late. If your buying or thinking of buying contact HH, or is there another motive for your interest

No motive for my interest, but I would hate to drop some money in a hole. As i mentioned in the OP, it looks very cheap for what they are promising.

You think if I ask them they will honestly tell me if they have no intention of building this project?

[chris2004]

My tip for the condo never to be built is the Grande Caribbean on Thappraya Road. They have been advertising it heavily for over a year but they haven't even dug a hole in the ground yet. Even when (if) they start it will be at least 2017 before it's finished.

[Spalpeen]

My tip for the condo never to be built is the Grande Caribbean on Thappraya Road. They have been advertising it heavily for over a year but they haven't even dug a hole in the ground yet. Even when (if) they start it will be at least 2017 before it's finished.

What? Now there's another one called the Caribbean? Surely the whole point of building in Thailand is that you're selling the Thai character of the place.