Unbuilt Phuket condo buyers appeal to Gov to push refunds

[fareastguy]

You've got two chances...

Bob Hope & No Hope

Bob hope ain't around anymore !!

[3SoiDogNight]

This is why it's best to buy already built condos.

[elgordo38]

This is really disturbing What is the name of the company that is building the project No where in the Story does it state what the name of the company is

Just the name of the Condo We should know the company name too

Defamation of character comes into play here if that information is made public.

[KIWIBATCH]

L.O.S.....Land of Scams....nothing more need be said.........

[KarenBravo]

Yet another reason NEVER to buy property in Thailand. Seriously you can't be playing with a full deck if you do and when you are scammed you deserve it for being so stupid. A fool and his money is soon parted ... obviously a mantra that some foreigners haven't yet fully understood.

Good advice for idiots (and I take you to be one of them).

Those of us who have some brains have made millions from property in Thailand.

Edited May 8, 2015 by KarenBravo

[micmichd]

This is really disturbing What is the name of the company that is building the project No where in the Story does it state what the name of the company is

Just the name of the Condo We should know the company name too

Defamation of character comes into play here if that information is made public.

Stay within economic logic, remember you're also part of it.

And take care for the reputation of Thailand (including Thais' names)

Edited May 8, 2015 by micmichd

[stevenl]

This is really disturbing What is the name of the company that is building the project No where in the Story does it state what the name of the company is

Just the name of the Condo We should know the company name too

Defamation of character comes into play here if that information is made public.

Not necessarily. Simply stating the facts without adding value is possible.

[Badbanker]

I see lots of this of problem, mostly with people who do not get a good lawyer, to make sure that everything is sorted out before they pay a baht!

[PJ33]

I heard a few more details about this case from 2 independent friends I have in Phuket who are in the property business and gave me an approximately similar version of events...

...they tell me the internal dispute is between the 2 partners of the development. There are a number of problems between them:

First, they built a previous development in Patong which is all completed successfully now - so buyers of the second phase had no reason to doubt phase 2 would go ahead as per the first. Apparently there is some law in Phuket (or maybe a general Thai law) that 2 developments within a certain radius cannot be owned by the same person. So one of the owners took 100% of the shares in the first development and the 2 owners took a 50-50 share in the second development...the agreement being 50% of the shares in the first development would be transferred to the 2nd shareholder on completion....

...so the first development completed and the 100% shareholder did not yet transfer the 50% of the shares to the 2nd shareholder. Apparently, now shareholder 1 cannot be found at the moment.

The 2nd development is still almost bare land (haven't seen it personally). One partner wants to build another set of condos on it, as per the original idea, the absent partner has changed his mind and wants to sell it out to build a supermarket. No permission to build has been granted against the bare site.

For funds to be returned to 2nd phase investors, requires the agreement of both partners - and of course they can't agree on what they are building (and one is absent anyway) so there is little chance of refunds at the moment.

Add into the mix, I was also told that 150m Baht is "not where it should be at the moment"...

Apparently a lawyer (don't know who) has already taken on the case on behalf of a number of 2nd phase investors.

...that's about all I was told. As I mentioned, this information came from 2 independent people - several weeks ago - and with the seeming confirmation from this article, I have no reason to doubt there is some substance to the majority of the information given to me.

Trying to tread a careful path with what I have written above, as I have only second-hand information regarding this issue.

Hopefully this additional "information" may be of use to someone...

[keskeseksa]

In Thailand, unless the builder (Sansiri, Noble, Q etc.) are well known, you have no protection if the builder decide to keep your money and go.

Basically you pay a deposit to company "A", while the project is under another company "B". In case the project doesn't take off you have no recourse. Those 2 persons can complain all they want, they have been screwed legally. This is a loophole that will probably never be corrected. Check it out, how many Thais have put money in this project?

[csabo]

A couple of things bother me.

Why did the buyers pay monthly? I have never heard of this. A deposit is the norm

Why did they continue to pay when nothing was built?

Why did the red flag not go up when their payments were acknowledged with an email (!!) that said "Thanks" .

Bizarre.

S-T-U-P-I-D P-E-O-P-L-E

[PJ33]

As I mentioned, the first project built by this company in Patong was completed successfully. Any buyers of phase 2, could have gone at any time to see the construction underway of phase 1, so they had no reason to doubt phase 2 would go ahead similarly. I suspect most investors did exactly this.

I doubt many people blindly sent over 500,000 to 1m Baht deposit, plus monthly payments, without seeing something which genuinely reassured them phase 2 would go ahead.

And of course, it may all resolve amicably. The shares from phase 1 may soon be transferred, they may agree on what they are building. Now the news has broken in the public realm and reporters are hanging around baying for communal blood, it's amazing how quickly people in conflict can resolve their differences.

What's clear at the very least is that the project will not be completed this month (or July) and there will be substantial delays.

[Brer Fox]

Your money has gone. C'est la vie.

[bazza40]

Buying condo´s off the plan in Thailand is like a lottery. If the condo´s are actually being built, you will gain a large profit. If not you will take the loss without crying.

That is the most retarded comment I have ever read. You probably have never bought property in Thailand.

Buying property in Thailand. Foreign language, arcane laws, falang price vs. Thai price, majority Thai ownership, Thai workmanship vs Western building standards. Perhaps your superior intellect can explain what's retarded about refusing to pour money down the drain.

[glennsup]

Buying condo´s off the plan in Thailand is like a lottery. If the condo´s are actually being built, you will gain a large profit. If not you will take the loss without crying.

[spidermike007]

why should the government get involved in this?

Because it is quite possibly massive fraud. And the government should be concerned with financial fraud. Nail the developers to a cross.

[falkan]

In Thailand, unless the builder (Sansiri, Noble, Q etc.) are well known, you have no protection if the builder decide to keep your money and go.

Basically you pay a deposit to company "A", while the project is under another company "B". In case the project doesn't take off you have no recourse. Those 2 persons can complain all they want, they have been screwed legally. This is a loophole that will probably never be corrected. Check it out, how many Thais have put money in this project?

Well even Sansiri now can't sell out their condos anymore in Phuket And with so much land left on Phuket condo market will die out really soon..

[Rhys]

sadly for those who trusted those people to do the right thing.. not going to happen.. what awaits you is not your money refund or a condo, but endless frustration and questioning... The game is played out.

Sorry but you messed up and it is on you...

However, believe in the karma of the blue finger... it will find them..

Sorry to hear about the scam...

[ggt]

Money tends to flow in one direction in Thailand...from foreigners into Thai hands...it is very difficult...if not impossible to get a Thai to make good on a business deal gone sour...good luck...

[lumply]

No sympathy. Why do people do it then expect the Government to underwrite their mistakes? Good luck to the OP anyway; we all make mistakes.

[Pattaya Lous]

Finally, we found that after two years nothing has been built. I hope the governors office can help us to [rectify the situation] before things get stupid.

You did not check every month on your investment??

Sorry, but you will take the hit for this what were you thinking? or was it greed driven by how much money you could make in the future by over charging on resale.

No sympathy and why should the Thai government bail you out for your stupidity/greed ??.

You have no chance.

I hope lessons are learnt from this, because it is fools like this that will encourage more fraudsters to do it again and again.

[balo]

How stupid can you get? If you buy off plan and start the down payment like I did myself a few years ago , always check that the developer is starting construction on time and watch the progress monthly.

In my case I choose a well known developer, Matrix, and on their website you could see updates with pictures and videos every month from the project . I would have stopped the payment if there were no progress. You just need to do your research before you get involved with anything off plan in Thailand.

[cookee68]

Join the suckers queue, don't part with more money until you see some work progressing

[dotpoom]

A couple of things bother me.

Why did the buyers pay monthly? I have never heard of this. A deposit is the norm

Why did they continue to pay when nothing was built?

Why did the red flag not go up when their payments were acknowledged with an email (!!) that said "Thanks" .

Bizarre.

I have bought off plan here in Pattaya with a deposit and monthly installments. The project was never built owing to not getting the percentage. I was refunded all monies I paid in along with the interest due.

[jacko45k]

A couple of things bother me.

Why did the buyers pay monthly? I have never heard of this. A deposit is the norm

Why did they continue to pay when nothing was built?

Why did the red flag not go up when their payments were acknowledged with an email (!!) that said "Thanks" .

Bizarre.

Probably because they were following the terms of the contract.

Quite possibly the contract has penalties if the further payments are not made according to the payment schedule, like losing the deposit and condo. If there are no clauses that specify no build-get refund then they may well be stuck in limbo-land. It is about time contracts were mandated to make protective provisions for the buyers, and insurance against company failures obligated.

Mickey mouse country.

[catman20]

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Never forget Ocean Tower 1 ! (http://www.ocean1tower.com/index.php#home)

they were still selling units in there up until a few years ago to fund their life style and then they were robbing peter to pay paul

[catman20]

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A couple of things bother me.
Why did the buyers pay monthly? I have never heard of this. A deposit is the norm
Why did they continue to pay when nothing was built?
Why did the red flag not go up when their payments were acknowledged with an email (!!) that said "Thanks" .

Bizarre.

I have bought off plan here in Pattaya with a deposit and monthly installments. The project was never built owing to not getting the percentage. I was refunded all monies I paid in along with the interest due.

very lucky man

[kiwikeith]

Never forget Ocean Tower 1 ! (http://www.ocean1tower.com/index.php#home)

If common sense could prevail, notice the word could--- should be never ever will, with governments anywhere in the world, then the government should confiscate the land and give the money back to the ones ripped off. Then they could on sell it to another developer who was not allowed to sell of the plans. To easy!

Never buy off a Plan is my motto.

[shaurene]

I bought 2 appartments off the plans in Pattaya 6 yrs ago nothing happened he did a runner, I found out the English guy had done this 3 yrs before ang got away with it his lawyer was in on it also. The company was called Kensington Developments he had 3 offices in Pattays the guy pissed off with over 100,000,000 went up North with his young lady. I lost 2.000,000 some lost a lot more.

Buying off the plans is very foolish.

[Farang99]

Buying condo´s off the plan in Thailand is like a lottery. If the condo´s are actually being built, you will gain a large profit. If not you will take the loss without crying.

Not even going to see what is being built for 2 years seems total idiocy. "Caveat Emptor" is the rule for everything here.