A Re-visit To Good Old View Talay-pattaya

[LOS NICK]

well it seemed nothing has changed at the view talay empire..These are the guys building 27 story condo high rises all over the place..

Was told the same old story..I cannot put the condo in my name at deposit time..When the buiding is complete then I will be notified and the first 49% to register their condo down in the land office will get their condo in FARANG name.

I mentioned the problem of using thai company to purchase property and how it was in all the papers and out in the open now..How am I going to be able to put my condo in thai company name now with all the regulations now being required I asked..

And the million dollar answer was.IT is no problem to use thai company name with condo purchase..Its land and houses they are regulating.........

Is this true guys...............

also asked them about view talay 7..thats the newest project on the beach in jomtien...They stated that they are not sure it will get built..they are being challenged by other area condos that dont want that land built on.

[Thaiquila]

I heard the same thing, that they are not going after company owned condos.

However, given what we know about how the "rules" and "enforcement priorities" can change at any time, I personally wouldn't go near that kind of risk.

[Nuff Said]

also asked them about view talay 7..thats the newest project on the beach in jomtien...They stated that they are not sure it will get built..they are being challenged by other area condos that dont want that land built on.

There's no smoke without fire. The refernce to projects 6 and 7 on the board outside the View Talay Sales Office have been rather crudely deleted, I presume that project 6 has its own on site sales office. The objections have come from the owners of sea view condo's in both Jomtien Complex Condominium towers. All stand to lose either all of their sea views, or a significant part of them, not to mention a devastating drop in the value of their apartments. View Talay 7 was to be 27 stories, plus another 2 wherever the water tank was located, the Jomtien Complex buildings are only about 34 and even the views from the top floor condo's would be affected in some way.

Edited July 25, 2006 by Nuff Said

[Gary A]

Was told the same old story..I cannot put the condo in my name at deposit time..When the buiding is complete then I will be notified and the first 49% to register their condo down in the land office will get their condo in FARANG name.

I mentioned the problem of using thai company to purchase property and how it was in all the papers and out in the open now..How am I going to be able to put my condo in thai company name now with all the regulations now being required I asked..

And the million dollar answer was.IT is no problem to use thai company name with condo purchase..Its land and houses they are regulating.........

Is this true guys...............

If that were true why does Thailand have the 49 percent rule? I personally think their scheme stinks to the high heavens.

[ThaiBob]

Was told the same old story..I cannot put the condo in my name at deposit time..When the buiding is complete then I will be notified and the first 49% to register their condo down in the land office will get their condo in FARANG name.

I mentioned the problem of using thai company to purchase property and how it was in all the papers and out in the open now..How am I going to be able to put my condo in thai company name now with all the regulations now being required I asked..

And the million dollar answer was.IT is no problem to use thai company name with condo purchase..Its land and houses they are regulating.........

Is this true guys...............

If that were true why does Thailand have the 49 percent rule? I personally think their scheme stinks to the high heavens.

I've just returned from LOS and Pattaya. Basically agree what's been posted so far. Additionally, I was told the VT would guarantee title in my name for VT3 or VT5 only, if:

1. Made complete and final payment, and

2. had 1 year VISA, and

3. give VT Power of Attorney.

The title would be in my name and VT would do the registration at the Land Offfice so I wouldn't have to appear (or be in LOS). VT3 is 37% foreign sold and VT5 they didn't volunteer. VT7 project model was in the sales office (since my last visit) and several foreigners were buying units. Construction to begin end of 2006 or beginning 2007. Some pile driving equipment on site. VT sales person admitted they are instructed to oversell the 49% foreign-owned units because of contract provision requiring buyer to form a Thai company. This has been a mute point so far with previous VT projects because the 49% was never reached at the original release. For those with VT6 or VT7 contracts I would take a deep breath and wait and watch the registration process for VT3 and VT5. This should be taking place in a few months.

[Nuff Said]

[

And the million dollar answer was.IT is no problem to use thai company name with condo purchase..Its land and houses they are regulating.........

Is this true guys...............

I've heard the same. Pattaya Porperties is involved with the proposed 92 floor 'Ocean Tower' ('Slum View' would be a more appropriate name) condominium in Jomtien, not far from View Talay 5 and 7 projects. A few weeks ago, while in Pattaya Properties office on another matter, I asked one of the foreign sales consultants who they were expecting to sell the remaining rooms to after the 49%foreign ownership quota had been taken up. He said no problem, the clampdown on registering property in the names of nominee companies only applies to land. Does the Land Office have a directive only to block land transfers if the company formation is suspect? Or is this just sales talk to get the punters money first and cross any hurdles later. If the clampdown on such companies is strictly applied across the board then developers such as View Talay will have serious problems selling the 'Thai only' 51%. If it isn't then the time has come to abolish the 49% foreign ownership restriction. Little point in having such a regulation if there's an easy way round it. But This is Thailand, and they know best.

[LOS NICK]

thaibob said

I've just returned from LOS and Pattaya. Basically agree what's been posted so far. Additionally, I was told the VT would guarantee title in my name for VT3 or VT5 only, if:

1. Made complete and final payment, and

2. had 1 year VISA, and

3. give VT Power of Attorney.

The title would be in my name and VT would do the registration at the Land Offfice so I wouldn't have to appear (or be in LOS). VT3 is 37% foreign sold and VT5 they didn't volunteer. VT7 project model was in the sales office (since my last visit) and several foreigners were buying units. Construction to begin end of 2006 or beginning 2007. Some pile driving equipment on site. VT sales person admitted they are instructed to oversell the 49% foreign-owned units because of contract provision requiring buyer to form a Thai company. This has been a mute point so far with previous VT projects because the 49% was never reached at the original release. For those with VT6 or VT7 contracts I would take a deep breath and wait and watch the registration process for VT3 and VT5. This should be taking place in a few months.

Interesting post thaibob..werent you the guy who bought into view talay 7 and thought you had the purchase in your name.well is your purchase in your name or not.

From what you state it seems view talay 7 will be built..I have heard that it is not a lock yet..big opposition is coming from jomtien complex and others..they are fighting this.

And if it such a mute point why would view talay use these tactics to sell condos..its seems interest is very strong in projects 6 and 7.

Many will be screwed with this scam...

[ThaiBob]

ThaiBob said

I've just returned from LOS and Pattaya. Basically agree what's been posted so far. Additionally, I was told the VT would guarantee title in my name for VT3 or VT5 only, if:

1. Made complete and final payment, and

2. had 1 year VISA, and

3. give VT Power of Attorney.

The title would be in my name and VT would do the registration at the Land Offfice so I wouldn't have to appear (or be in LOS). VT3 is 37% foreign sold and VT5 they didn't volunteer. VT7 project model was in the sales office (since my last visit) and several foreigners were buying units. Construction to begin end of 2006 or beginning 2007. Some pile driving equipment on site. VT sales person admitted they are instructed to oversell the 49% foreign-owned units because of contract provision requiring buyer to form a Thai company. This has been a mute point so far with previous VT projects because the 49% was never reached at the original release. For those with VT6 or VT7 contracts I would take a deep breath and wait and watch the registration process for VT3 and VT5. This should be taking place in a few months.

Interesting post thaibob..werent you the guy who bought into view talay 7 and thought you had the purchase in your name.well is your purchase in your name or not.

From what you state it seems view talay 7 will be built..I have heard that it is not a lock yet..big opposition is coming from jomtien complex and others..they are fighting this.

And if it such a mute point why would view talay use these tactics to sell condos..its seems interest is very strong in projects 6 and 7.

Many will be screwed with this scam...

LOS NICK,

VT was completely uncommital when I visited in July and I could not get any assurances. The VT5 registration process is in full swing however. I know several foreigners who have registered in their names without difficulties. One had an early contract and one had a late contract. Notification was made by a phone call (they live in Thailand) and they were told immediately to come to the office. I did get my contract in English and contractually 7 days after VT mails notification it considers that you have been notified whetther you've received anything or not. Anybody who has a VT6 or VT7 contract should have a Thailand contact (lawyer or friend) who can act quickly on their behalf or they could lose out in the registration process. Overseas contract holders should take notice. My realtor contact has told me a start date of October and VT said the first part of next year. With crews working on VT 5 (second building) and VT6 I would think a 2007 start date is more likely. The later the better for my personal situation.

[monty]

While it may be true that land and house department does allow transfers of condo's into a 49% foreign owned condo, it is now close to impossible to simply form a company without having bonafide Thai shareholders (who can prove their injection of capital into the company)!!!

[363885]

Is it a general practice for developers in Pattaya to sell more condo units to foreigners than the 49% allowed by law? I recently bought a condo in Bangkok and was assured by the developer as well as CBRE, their sales agent, that they would only sell up to 49%, so registering the unit would not be an issue. Does anyone have experience with other developers in Pattaya? Anyone with experience with Raimon Land's Northshore - did they also have the same policy as the View Talay developer of selling beyond the 49%?

[Lazy Sod]

Is it a general practice for developers in Pattaya to sell more condo units to foreigners than the 49% allowed by law? I recently bought a condo in Bangkok and was assured by the developer as well as CBRE, their sales agent, that they would only sell up to 49%, so registering the unit would not be an issue. Does anyone have experience with other developers in Pattaya? Anyone with experience with Raimon Land's Northshore - did they also have the same policy as the View Talay developer of selling beyond the 49%?

I think so, by recommending the company route, check this link http://www.raimonland.com/english/Ownership.aspx

[Tyke]

Hi Thaibob,

As this seems a rather old posting now, I assume you are referring to VT 5C block (the newest one now completed nearest to DongTan beach). I have bought one off-plan in the next block (VT 5D) and the same scam is being applied. I didn't fully understand the contract and thought it didn't apply to me having got there before the 49% was used up - and it was not verbally explained by the staff dealing with me in the office. Anyway, this 3 requirements mentioned above - did the VT office offer you this deal on owner registration, or have you only just heard a rumour? And was the offer that you could pay the full amount anytime before the building was completed and then not need to appear for registration?