doorEman Posted June 3, 2013 Share Posted June 3, 2013 I have heard that the Istana developer is now in bankruptcy court proceedings in Bangkok. I see that their website is still up and I have asked around but only property agents and of course they will always say only that everything is 100% perfect with the property market here and 100% safe to invest here...so they get their commission. No harm in their making a living but just do not trust their information. Has anyone else heard anything about this? I thought they were supposed to be the most elite development on the island, winner of all the best property awards and financed by a UK royale family member...if true how can such thing happen? More importantly, if true, what does this do for Phuket's reputation? Link to comment Share on other sites More sharing options...
eezergood Posted June 3, 2013 Share Posted June 3, 2013 Well with the Tuk tuks, Jet skis, Jewellers, Time shares & the BIB - what will it do to Phukets reputation? er not much to be honest Link to comment Share on other sites More sharing options...
Jimi007 Posted June 3, 2013 Share Posted June 3, 2013 LOL! I've lost track about how many developments here have run out of funding. Especially when foreigners are funding the project. But here's a bit more information on this particular project: http://www.prlog.org/11916328-istanas-failure-to-deliver-in-phuket.html As it has been said many times before, don't invest anymore than you can afford to lose in Thailand... Good words to live by unless you invested about a decade ago. Link to comment Share on other sites More sharing options...
bubblegum Posted June 3, 2013 Share Posted June 3, 2013 LOL! I've lost track about how many developments here have run out of funding. Especially when foreigners are funding the project. But here's a bit more information on this particular project: http://www.prlog.org/11916328-istanas-failure-to-deliver-in-phuket.html As it has been said many times before, don't invest anymore than you can afford to lose in Thailand... Good words to live by unless you invested about a decade ago. About your link...its a Realtor saying things about a project that's not his. His website has a mayor fallback saying: contact ME. Wow big organisation ! Link to comment Share on other sites More sharing options...
doorEman Posted June 4, 2013 Author Share Posted June 4, 2013 nobody knows anything about this?? if they are in bankruptcy why is it not in the Phuket paper, The Phuket News?? Link to comment Share on other sites More sharing options...
Shot Posted June 4, 2013 Share Posted June 4, 2013 Any realtor whose slogan is: "Image is everything", is full of crap, and everything else. Link to comment Share on other sites More sharing options...
Jimi007 Posted June 4, 2013 Share Posted June 4, 2013 nobody knows anything about this?? if they are in bankruptcy why is it not in the Phuket paper, The Phuket News?? Why would it be? The government doesn't like bad news! And how can the local news follow every development on Phuket Island? I'm guessing you've lost money? Link to comment Share on other sites More sharing options...
Peterocket Posted June 4, 2013 Share Posted June 4, 2013 nobody knows anything about this?? if they are in bankruptcy why is it not in the Phuket paper, The Phuket News?? I have heard lots of stories about this development but I wouldn't want to slander and/or break the law in terms of saying things that may or may not be truthful. Best option would be to ask around with people who are into real estate (not online)...they will all know the story I expect Link to comment Share on other sites More sharing options...
Guest Posted June 4, 2013 Share Posted June 4, 2013 Any realtor whose slogan is: "Image is everything", is full of crap, and everything else. "I spent my life saving to buy an piece of paradise and all I got was this pretty picture in brochure" Link to comment Share on other sites More sharing options...
IrishIvan Posted June 4, 2013 Share Posted June 4, 2013 Real estate agents and developers are crooks in most countries, but Thailand takes the cake. The housing market is like one big pyramid scheme. Even those who think they made money out of it will soon get robbed by some isaarn bargirl. Or some farang real estate agent. Why people keep pouring money into property in someone elses name is just pure stupidity Link to comment Share on other sites More sharing options...
steelepulse Posted June 5, 2013 Share Posted June 5, 2013 If their own twitter account is anything to go by, It looks like things have slowed to a crawl as of April 2012. https://twitter.com/IstanaPhuket . Andrew Drummond also has an interesting piece on this development. Link to comment Share on other sites More sharing options...
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