Thailand to tax residents’ foreign income irrespective of remittance

[guzzi850m2]

I was visiting this beautiful Island over Christmas with my family and we were impressed with almost everything.

I am toying with the thought of buying a studio as a holiday retreat (we live in Pattaya) and perhaps rent it out (partly) the first 3 years or so.

We were looking at a new project called " Island Life" but not yet started construction, perfect location at Kae Bae Beach.

Starting price at 4.2 mill baht but better spend 6 mill for higher floor. maintenance is a whopping 60 baht per m2 per month, so 75m2 is an eye watering 54000 per year!!

I didn't buy/sign anything, too scared of buying off-plan but I think they already sold about 40% of the units.

We checked another place further South with stunning views over the fishing village, but we didn't like it.

Anybody knows the project "Island Life" ? Are more projects is the pipe line? I know land is very limited on the Island and are not really interested in the quiet East side or too far South on the West side.

Any thoughts welcome

[yankee99]

54000 is super high for thailand how to they justify this?

[Mooner]

5 hrs from bkk and 3 hrs from pattaya. Better off looking in samet.

[Mooner]

4.2 million for what? Sqm? How many bedrooms?

[guzzi850m2]

54000 is super high for thailand how to they justify this?

Good question, I could not get a straight answer but okay cable TV and broad band inter net is included in that price.

He told me that the price might go down after the first year and they know the maintenance cost per year.

I was not the first complaining about this, the sales guy was quite honest about this.

[guzzi850m2]

http://islandlife.co.th/home.html

[Mooner]

Cable tv and internet is a gimme. Can get a 2 bedroom penthouse in samet for those prices.

[mrtoad]

They've been trying flog island life for two years now. Only place so far to get off he ground as been Tranquility Bay, which I am guessing us the place that you looked at near Bang Bao. Prices certainly rising in Koh Chang, but I reckon 4.2 for what they are offering is poor value, and considering they don't appear to have any established track record in completing projects, it's a buyer beware.

[craigt3365]

I hate to think of all the problems I've heard from people who've bought off plan. Too many to count. I know it's tempting, but as mentioned above, buyer beware. If it was a development from a major developer with a good track record, then it might be OK.

[simple1]

5 hrs from bkk and 3 hrs from pattaya. Better off looking in samet.

Am I correct that studios/appartments on Koh Samet can only be aquired on a leasehold basis, not freehold?

[guzzi850m2]

They've been trying flog island life for two years now. Only place so far to get off he ground as been Tranquility Bay, which I am guessing us the place that you looked at near Bang Bao. Prices certainly rising in Koh Chang, but I reckon 4.2 for what they are offering is poor value, and considering they don't appear to have any established track record in completing projects, it's a buyer beware.

2 years huh, thanks for that info! Well it looks like all 4th floors units are booked and most 3rd floor too.

Yes I also find it a bit expensive and as you said not a major developer and no track record so I wont be parting my hard earned money there, yet, nothing is going on building wise and the brochure says they will start building 2nd quarter 2013 which have long time gone.

Yes we looked at that place in Tranquillity Bay, stunning views from the 6.8 mill baht 60 m2 unit we saw, but again way over priced for what you get, no place to park your car/truck and nothing is going on in the area, no thanks.

So for the time being we will book & rent a bungalow/cottage via Agoda and check what is going on on the condo market and maybe one day a major developer will start building condo's on the Island and as Mooner said, Koh Samet is way cheaper on the condo market so we will check that out as well.

[mrtoad]

Personally, I think you've made a wise choice not to part with your money. I'm not sure if it will get off the ground, and unfortunately from what I've heard that development will be like a mini Russian ghetto.

[yankee99]

Cable and internet add up to around 12-13k buying individually but when the buildings buy it they get a big discount and should take the profit and use for common maintenance. In general i dont know that there is a huge savings buying off plan. A few projects have went up in value but more have remained close to the original price after completion.

I would buy after completion and If it goes up i would look at the extra money i paid as a insurance policy....

[gerry123]

54000 is super high for thailand how to they justify this?

Good question, I could not get a straight answer but okay cable TV and broad band inter net is included in that price.

He told me that the price might go down after the first year and they know the maintenance cost per year.

I was not the first complaining about this, the sales guy was quite honest about this.

sales person honest?????????????? where in this world certainly not Koh la la land

[MartinB]

These are the danger words "but not yet started construction"

We bought land in KC a few years back long story short we finaly got our money back as the land wasn't even officially owned by the well respected company that sold it to us!

We have seen many projects advertised but not many of them actually get off the ground - just do your home work and suggest you spend a little bit more time on the island then just a quick holiday visit to get to know all the pros and cons - good luck

[umbanda]

It is well known that developers selling projects shows many unit already "sold" to push potential buyers to make a decision...Most of the times the "sold" units are the best on the project..and if a buyer insisted in get one of those will be a "reselling" mark-up...with bigger deposit, etc, etc....

[Barney R]

Why would you want to invest in a condo at this time . I live on Koh Chang in a 90 Sqm 1 bedroom , with large front terrace nearly brand new , wifi and cable tv in a very quiet and private development in Klong Proa 2 minutes by motorbike to the beach for 10,000 baht / month + electric about 1200 baht / month . Better off finding more attractive investments as at the moment here on Koh Chang you will get ripped off royally . I see they have finally started the " Island Life " construction but this is overpriced in my opinion . I love Koh Chang it has reasonably clean beaches and apart from 2 -3 weeks of the year traffic is not a problem ,crime is at a minimum and even the BIB seem to be more relaxed . After recently visiting friends in pattaya and travelling to Samet for a few days the best thing that could happen to those places is to be nuked and wiped off this planet . Aggressive touts &ladyboys , heavy traffic , rubbish everywhere especially on Samet, like swimming in a sewage farm , beach umbrellas so many cannot see the beaches, corruption rife ,murders , muggings , "suicides" , bag snatchings. No thanks I like the relaxed ,quiet , relative safe and smog free atmosphere here .

[kingalfred]

Crazy prices

[guzzi850m2]

I agree with pretty much with what you guys says.

@ Barney R: If you read my OP, I said I am thinking about it and I will not buy off-plan, too risky and it's too expensive for what you get. Hell it can turn into a cheap crap building with poor quality materials IF it will be launched and 60 baht maintenance per M2 is highway robbery.

Yes living on the mountain side of the road would be fine with me and we will be back in march/april month and stay longer this time, how is SongKla festival on the Island? It's crazy in Pattaya and last forever.

Pattaya is not too bad for us, we need a good school for my boy and we are living in a very nice quiet village outside town.

[Barney R]

Songkla is pretty wild but I guess it is the same everywhere but really only for 2 days it's good fun . They actually have a very good lower school here from all reports . Funny if truth be told the school building has an awesome view of Klong Prao bay it would be prime real estate . Go figure . But secondary education is scratchy at best I think most people on the island send their kids to either Trat or Chantaburi or maybe further and as I don't have kids I am only repeating what I have been told .

I know there is a number of blocks for sale around 500 Sqm near Kai Bae up the mountain a little for around 700,000 baht and cheaper and you could build your own place for 800,000 up depending on what you want that makes more sense to me .

[mrtoad]

Barney I'm also a resident here on Koh Chang 4th year now , and agree with pretty much everything you say. However, in terms of schooling, Koh Chang is really poor, even at the lower age group. I'd certainly not recommend this as a place for family with younger children requiring schooling. A number of my friends children school on the mainland in Trat, and my daughter goes to school in Bangkok as there was nothing suitable here. There are some good rental properties around, but it's also worth checking with Koh Chang Guide and iamkohchang websites, as they often have properties for sale. Regarding rentals, there are some nice places around, but you have to have a good look for them.

[louse1953]

54000 is super high for thailand how to they justify this?

Good question, I could not get a straight answer but okay cable TV and broad band inter net is included in that price.

He told me that the price might go down after the first year and they know the maintenance cost per year.

I was not the first complaining about this, the sales guy was quite honest about this.

Speculators will charge what the market will bear.40% sold already so prices will not come down.Ko Chang is expensive,pricing some of us out.Before you buy go and stay a month or two,the island is not that big.If renting out or holiday home,never mind.Ko Samet is a mindfield.

[mrtoad]

These are the danger words "but not yet started construction"

We bought land in KC a few years back long story short we finaly got our money back as the land wasn't even officially owned by the well respected company that sold it to us!

We have seen many projects advertised but not many of them actually get off the ground - just do your home work and suggest you spend a little bit more time on the island then just a quick holiday visit to get to know all the pros and cons - good luck

There was the one in Whitesand, that never happened. There is the Edge Village, which seems to be a white elephant. Island Life, is well behind on it's initial schedule. I agree, he needs to do his homework here on the island.

[Barney R]

Barney I'm also a resident here on Koh Chang 4th year now , and agree with pretty much everything you say. However, in terms of schooling, Koh Chang is really poor, even at the lower age group. I'd certainly not recommend this as a place for family with younger children requiring schooling. A number of my friends children school on the mainland in Trat, and my daughter goes to school in Bangkok as there was nothing suitable here. There are some good rental properties around, but it's also worth checking with Koh Chang Guide and iamkohchang websites, as they often have properties for sale. Regarding rentals, there are some nice places around, but you have to have a good look for them.

Point taken thank you for the information . As I said I was only repeating what I had heard about schooling . Yes rentals are a mystery to me on this island the longer you are here the more you find and the quality seems to go up and up but still at attractive prices . Go figure

[Cuban]

Look at the history of EVERY such holiday location development.

The money is made in the building (cost cutting) and first sale.

The promised parking/landscaping/pools etc are never completed because the developers and skilled project managers already have your money and have moved on to the next project. The project is then run by "lesser" people that to make "they" pocket-money need to scalp the maintenance budget, so expect poor infrastructure on-going issues like Wireless internet, internal phone systems, central cooling/solar water heating/parking etc.

As they want 10-20% of your monthly rental income they are effectively forcing buyers to run the property as a rental business and take their "dip" without the hassle of dealing with wear and tear of the condo nor empty months.

Just look at the bigger picture to see how fast you should run from this development.

[guzzi850m2]

Look at the history of EVERY such holiday location development.

The money is made in the building (cost cutting) and first sale.

The promised parking/landscaping/pools etc are never completed because the developers and skilled project managers already have your money and have moved on to the next project. The project is then run by "lesser" people that to make "they" pocket-money need to scalp the maintenance budget, so expect poor infrastructure on-going issues like Wireless internet, internal phone systems, central cooling/solar water heating/parking etc.

As they want 10-20% of your monthly rental income they are effectively forcing buyers to run the property as a rental business and take their "dip" without the hassle of dealing with wear and tear of the condo nor empty months.

Just look at the bigger picture to see how fast you should run from this development.

You are absolutely right. The more I look at the project the worse it's getting.

I am perhaps a "dreamer" but not so much that I just go and sign a buying contract upon first look, I work pretty hard for my money and thus don't trow them away that easily.

We will go back for another holiday in April month and stay and enjoy the Island and take it from there and be in no hurry for buying anything and I am still thinking about if not better just to rent something when we are there.

Thanks guys for your knowledge on the subject, it makes TV a very good forum where people can share their knowledge or lack of same and hopefully be wiser all the same.

[cloghead]

I'd like to add that the buyers at Siam Royal View (Klong Son, Koh Chang) were promised a Chanote title for their land within a month of making their final payment. NONE of them have yet to receive any kind of title and this has been ongoing for years now because the entire area where the development is remains in dispute regarding ownership.

Caveat Emptor...

[mrtoad]

I'd like to add that the buyers at Siam Royal View (Klong Son, Koh Chang) were promised a Chanote title for their land within a month of making their final payment. NONE of them have yet to receive any kind of title and this has been ongoing for years now because the entire area where the development is remains in dispute regarding ownership.

Caveat Emptor...

Yes, I've heard about that as well. I very much doubt they'll get it now.

[Becker]

Does anyone have any information regarding the Island Life Condo project - are they making any progress or is it still shut down?

Edited January 3, 2014 by Becker

[mrtoad]

Does anyone have any information regarding the Island Life Condo project - are they making any progress or is it still shut down?

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