Interior Ministry orders further checks on Waterfront Residence in South Pattaya

[pattayadude]

On 8/20/2016 at 6:26 PM, CRUNCHER said:

I understand that Tulip Group have been fired and that Park Plaza Hotels have put in their own management.

 

I have seen a recent letter from the new management saying that they have agreed to demolish the top 5 floors in an effort to compromise.  They have, at the insistence of City Hall, asked all buyers to sign an agreement, which will become part of the sales contract, to say that they agree to the automated car parking.

 

City Hall are obviously worried that Waterfronts car park will work whilst theirs does not.  Oh the embarrassment!!!

 

One wonders what somersaults City Hall will turn next to provide further delays.

 

[pattayadude]

Just now, pattayadude said:

One wonders what somersaults City Hall will turn next to provide further delays.

probably preparing for Songkran 2017 already and they will ask not to expect any answer before

[pattayadude]

On 9/3/2016 at 3:18 PM, lonewolf99 said:

If the average local cannot calculate 20 from 100 baht leaves 80 baht without using a calculator........then what are you going to get when it comes to major decision making in a committee of them ?

uhmm...probably same way they decided on the marina?

[Mike West]

haha anyone know of any falangs that bought a condo off the plan here? 

[Mike West]

On 2/27/2016 at 7:22 PM, JESSVANPELT said:

the only way they can comply with the original building permit is to knock of 2 of the upper floors, but in doing so you eliminate your high priced penthouses

Secondly its almost impossible to double the vehicle parking spaces required, they now have 30 and need 60. There is really not much land outside thats suitable, so this mammon taking some ground floor apartments and flipping them into a car park/

They should hire some local arabs to fly a plane into the top floors, I heard they are experts at construction. 

[Mike West]

On 4/7/2016 at 10:33 PM, dogeatdogworld said:

What can I tell you..

It's always risky buying into off plan.

They need to pursue legal means if their units can't be turned over per contract.

If they can recover most of their money,fine!

If not..

There are wins and losses in life.

Your beloved wife can walk away with hundreds of thousands $$ after a few years of marriage.That doesn't make you stupid.it doesn't make her a whore.

It's just how life rolls.

Peace

umm yes it does to both. 

[Mike West]

On 8/20/2016 at 7:35 PM, Berty100 said:

 

Pattaya Bay is not Waterfront, is it?

 

Don't they mean The Bay Pattaya, another of Pattaya'sn quality projects that's 2 years behind schedule?

you can't see all the water from Pattaya Hill? 

[pattayadude]

10 hours ago, Mike West said:

umm yes it does to both. 

your argument does not make sense. Most early retired people(like myself at age 38) did it as a result of real estate flips( several in Pattaya),mid-long term investments,rental income  etc.Real estate is not recommended  for those(like yourself) who think it's "stupid" to risk in this trade.I have never lost money in real estate.As a matter of fact ,my worst performance was "doubling" my investment in the past.thanks for reading it

[Asiantravel]

8 hours ago, pattayadude said:

your argument does not make sense. Most early retired people(like myself at age 38) did it as a result of real estate flips( several in Pattaya),mid-long term investments,rental income  etc.Real estate is not recommended  for those(like yourself) who think it's "stupid" to risk in this trade.I have never lost money in real estate.As a matter of fact ,my worst performance was "doubling" my investment in the past.thanks for reading it

 

  real estate flips -the greater fool theory

[pattayadude]

4 hours ago, Asiantravel said:

 

  real estate flips -the greater fool theory

how do you know?

[Asiantravel]

11 hours ago, pattayadude said:

how do you know?

 

 erm.........knowing that there are at least 30,000 vacant condominiums currently on the market in Pattaya (according to Colliers International) where are the buyers going to come from? (And don't say China because they currently have 64 million vacant condominiums on their market)

 

http://www.globalresearch.ca/china-ghost-cities/5421229

Edited November 3, 2016 by Asiantravel

[Peterw42]

9 minutes ago, Asiantravel said:

 

 erm.........knowing that there are at least 30,000 vacant condominiums currently on the market in Pattaya (according to Colliers International) where are the buyers going to come from? (And don't say China because they currently have 64 million vacant condominiums on their market)

 

http://www.globalresearch.ca/china-ghost-cities/5421229

 

Do you have a link for 30,000 vacant condos ? 

[Asiantravel]

11 minutes ago, Peterw42 said:

 

Do you have a link for 30,000 vacant condos ? 

 

 

 http://www.colliers.com/-/media/files/apac/thailand/market-reports/pattaya 1h 2015_eng.pdf?la=en-GB

[Peterw42]

17 minutes ago, Asiantravel said:

 

 

 http://www.colliers.com/-/media/files/apac/thailand/market-reports/pattaya 1h 2015_eng.pdf?la=en-GB

 

I have seen that report, I cant see a figure of 30,000. The report seems to contradict itself.

 

"More than 68,400 condominium units were launched from 2011 to 1H 2015 and most were sold out"

 

Then goes on to say

 

"But more than 18,000 unsold units in Pattaya are still waiting to be absorbed "

 

Clever marketing and developers creating a false supply and demand, I dont think anyone would know real figures.

 

[pattayadude]

1 hour ago, Asiantravel said:

 

 erm.........knowing that there are at least 30,000 vacant condominiums currently on the market in Pattaya (according to Colliers International) where are the buyers going to come from? (And don't say China because they currently have 64 million vacant condominiums on their market)

 

http://www.globalresearch.ca/china-ghost-cities/5421229

who said i have intentions to do flips in Pattaya right now??

I retired long ago by doing flips (in 2000s) and I'm done, out and have no intention to risk a penny in this climate.

I seriously don't care how many condos are vacant as it doesn't interest me.

Let the condo flippers worry about that

Edited November 3, 2016 by pattayadude

[Asiantravel]

3 minutes ago, Peterw42 said:

 

I have seen that report, I cant see a figure of 30,000. The report seems to contradict itself.

 

"More than 68,400 condominium units were launched from 2011 to 1H 2015 and most were sold out"

 

Then goes on to say

 

"But more than 18,000 unsold units in Pattaya are still waiting to be absorbed "

 

Clever marketing and developers creating a false supply and demand, I dont think anyone would know real figures.

 

 

" I dont think anyone would know real figures "

 

that's probably the bottom line. But at the end of the day just based on factors like seeing all the empty places there are all around   city , lack of any meaningful income growth around the world and  the profound change in global economic conditions since that report was written , you would need to be an extremely brave gambler (not investor)as of today to expect to be able to flip any condominium at a profit.

[Asiantravel]

9 minutes ago, pattayadude said:

who said i have intentions to do flips in Pattaya right now??

I retired long ago by doing flips (in 2000s) and I'm done, out and have no intention to risk a penny in this climate.

I seriously don't care how many condos are vacant as it doesn't interest me.

Let the condo owners worry about that

 

sorry then I misunderstood youI thought you were implying the party would never end

[pattayadude]

9 minutes ago, Asiantravel said:

 

sorry then I misunderstood youI thought you were implying the party would never end

party just started..time to enjoy the fruits!

[johng]

Latest news is the developers   have suggested  lopping off the top 8 floors as a way of bringing the build ( more) into line with the permit

and enabling the project to finish.

[pattayadude]

3 hours ago, johng said:

Latest news is the developers   have suggested  lopping off the top 8 floors as a way of bringing the build ( more) into line with the permit

and enabling the project to finish.

I guess both parties agreed to meet half way

[midas]

7 hours ago, johng said:

Latest news is the developers   have suggested  lopping off the top 8 floors as a way of bringing the build ( more) into line with the permit

and enabling the project to finish.

 

I wonder what happens to the people who paid money to secure a condominium in one of those 8 floors? And how lopping off the top 8 floors affects the feasibility study of the project?

 

[pattayadude]

12 hours ago, midas said:

 

I wonder what happens to the people who paid money to secure a condominium in one of those 8 floors? And how lopping off the top 8 floors affects the feasibility study of the project?

 

previous posts and news articles suggest that  an area of a few thousand square meter was overbuilt by the developer. 

Overbuilding is a common practice in 3rd world countries, however I doubt that developers  entirely rely on this practice when they do their profitability studies.

Obviously they will end up making a lot less if you factor in demolishing expenses and by paying back the buyers their monies if these top floors were already sold.

Btw the units on top 8 floors have to be some of the most expensive ones in this or in any project!

[champa]

In addition, the developer confirmed that this building will not have any hotel. They reduce the project. The building will be condominium and only 304 units with 150 hydraulic system car park. The developer hope Pattaya City will issue the construction permit by December. 

[Anthony5]

The positive side about the latest story is of course that those who booked for the 42nd floor will now get a penthouse for that price

[pattayadude]

1 hour ago, Anthony5 said:

The positive side about the latest story is of course that those who booked for the 42nd floor will now get a penthouse for that price

those who booked the 45th must be going through "heaven and hell" during the past 28 months.

From "almost completed" to completely halted and then from high-floor to  penthouse and eventually to a dust pile. what a shame!

[pattayadude]

14 hours ago, champa said:

In addition, the developer confirmed that this building will not have any hotel. They reduce the project. The building will be condominium and only 304 units

developer confirmed that this building will not have any hotel ?

where and when?

 

"Reduce the project"?

and do you mean demolishing the hotel wing all together by that?

I am not too clear...

 

The building will be condominium and only 304 units

without hotel?

[champa]

This project was permitted for condominium with only 315 units. After 2012 when park plaza hotel europe (PPHE)  joined the project. The developer change the building to be mixed use. They built the building with 100 hotel rooms and 300 units condominium without any permit and reduce the height from 53 floor to be 50 floor. 

 

By now Pattaya City found 2 problems for this building. First the space of building has 5,000 sq. m. larger than the regulation and the car park is not enough.

 

This is the key, the developer said they will go back to the line. They will not run any hotel business and keep the usage space limite for 304 units to meet the regulations. Beside they will reduce the height to be 45 floor. Actually they will reduce only 5 floors not 8 floors, as the physical building is only 50 floors.  It is clearly enough that they will reduce 5 floor to meet the regulations. By the way they clever enough to claim that the reducing of 8 floors is to reduce the conflict among the local protest. 

 

Finally, the 45 floors building still be the EYESORE.

 

 

 

Picture show the floor plan which was permitted. 

 

 

This is the floor plan for their advertising media. 

 

 

 

[pattayadude]

41 minutes ago, champa said:

This is the key, the developer said they will go back to the line. They will not run any hotel business and keep the usage space limite for 304 units to meet the regulations

I understand the  strategy the developer is using about 53/50 and 8/5 and will not comment on it for the sake of being unbiased.

However,I am still a little confused about the hotel side of the building(20-floor wing with swimming pool on top)

Are you suggesting that the developer has agreed to:

1)not ever run the hotel

2)maybe finish just the exterior of  this building but keep it vacant in the future?

3)and/or something else?

 

[Pattaya46]

Looks like Pattaya City Hall agreed today for WaterFront construction to re-start !
Main point is the "removal" of the 8 top floors.

 

Waiting for confirmation in the Media though...

[vision2014]

Thank you Champa for your updates.  I am a buyer of a unit at the Waterfront and you have consistently provided more accurate and detailed information than Tulip Group and Park Plaza.  I have a question regarding your latest post which I hope you can answer (my apology for sending a long email).

 

1) You say "the developer will keep the usage space to 304 units".   I cannot understand how Park Plaza can accomplish this objective without reducing significantly reducing the height of one or both towers.  For example,  removing the top five floors of the 50 storey tower eliminates only NINE units ( there are two units on the 46,47,48 and 49th levels and one unit on the 50th level).  Therefore, the number of units remaining in the revised 45 storey building would be 291 units (as the current 50 storey building has 300 units).   The 20 level second tower currently has 100 units which means the combined total of units in the two towers would be 391 units.  A quick calculation is that the Developer would have to eliminate an additional 87 units to reach the target of 304 units.  I can only see two THEORETICAL options. One option would be to eliminate approximately 25 levels from the 50 storey building and option two would be the removal of almost the entire 20 level building (or a blended combination of the two options).  Could you please correct me if my calculation is incorrect ?  I don't think either option would be financially acceptable to both Park Plaza and the United Overseas Bank (UOB).  

 

In summary, purely for personal reasons, I hope your information is incorrect.  However, if your information is accurate, perhaps you can also explain how the Developer is redesigning one or both towers to achieve the 304 unit target. Park Plaza Park informed the buyers that the revised architectural, structural, building services design drawings and the revised EIA report were submitted to City Hall on November 9, 2016. so I assume City Hall.

 

ONE MORE QUESTION:

 

Park Plaza posted an announcement today that negotiations have been successful and all issues have been resolved.  There is no reference to any additional concessions beyond the removal of 8 floors. Hopefully Champa can clarify wheter this latest announcement is accurate.