Thailand Live Saturday 12 October 2024

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B1.6bn worth of Phuket properties to be auctioned off
The Phuket News


Director of Phuket LED Kantamon Tanwan says the listing of properties that we have in house to put money back to the market.

PHUKET: -- The Phuket Legal Execution Department (LED) are set to auction off B1.6 billion worth of Phuket properties when they hold their sixth and biggest land and house exposition which is to be held from November 2015-March 2016.

“The LED, which organises auctions of financially-distressed properties, much of which are due to unpaid bank loans, will hold auctions for Phuket properties over the coming months,” said Director of Phuket LED Kantamon Tanwan.

She continued, “There will be 178 listings of properties up for sale with a total value at B1.6bn. Properties available include 27 plots of land valued at B688 million, land with structures valued at B838mn and 42 houses worth B101mn.”

She added, “We will have six separate auctions, one on Nov 28 and another on Dec 19 in the Jamjuree Room of the Phuket Merlin Hotel. Next year we will have four auctions, the first on Jan 9, then Jan 30, Feb 20 and the last on Mar 19 at the Phuket LED on Wirathongyok Rd. Auctions will start at 10 am.”

Full story: http://www.thephuketnews.com/b1-6bn-worth-of-phuket-properties-to-be-auctioned-off-54838.php


-- Phuket News 2015-11-06

[harleyclarkey]

Do they have a list of the properties online??

Six auction dates for 178 properties.....under thirty per auction. Say 2-3 minutes auction time per property?

They don't like being stressed?

[schlog]

Do they have a list of the properties online??

Yes.

[elgordo38]

Do they hammer them down on the last bid offered or do they have reserve bids on them. I can see the latter but not former. They seem to have a phobia here about selling stuff to cheap. I have seen cars and trucks on the lots for years slowly depreciating rather than sell them for a reasonable price well reasonable to me anyways. To whoever is bidding I wish you good luck. Is this an annual sale if so its quite an inventory.

Edited November 6, 2015 by elgordo38

[csabo]

Do they have a list of the properties online??

Yes.

Gotta link?

[LivinginKata]

Do they hammer them down on the last bid offered or do they have reserve bids on them. I can see the latter but not former. They seem to have a phobia here about selling stuff to cheap. I have seen cars and trucks on the lots for years slowly depreciating rather than sell them for a reasonable price well reasonable to me anyways. To whoever is bidding I wish you good luck. Is this an annual sale if so its quite an inventory.

I have attended this sort of auction, we (well, the wife) even made a serious bid. Not accepted, below the reserve price.

[bazza40]

Is this linked to the ad for Russian properties on ThaiVisa? Don't know as I'd want to take over a property owned by the Russian Mafia - they may want it back.

[hansgruber]

Is this linked to the ad for Russian properties on ThaiVisa? Don't know as I'd want to take over a property owned by the Russian Mafia - they may want it back.

Impossible. These are distressed properties that the bank have taken back.

Westerners can't get mortgages in Thailand whatsoever from the conventional lenders.

[NamKangMan]

"The LED, which organises auctions of financially-distressed properties, much of which are due to unpaid bank loans," - “There will be 178 listings of properties up for sale."

An indicator that all is not well with the Phuket economy.

[Lampang2]

"The LED, which organises auctions of financially-distressed properties, much of which are due to unpaid bank loans," - “There will be 178 listings of properties up for sale."

An indicator that all is not well with the Phuket economy.

This kinda thing happens all over the world regularly.

What indications you have this is above average?

[NamKangMan]

"The LED, which organises auctions of financially-distressed properties, much of which are due to unpaid bank loans," - “There will be 178 listings of properties up for sale."

An indicator that all is not well with the Phuket economy.

This kinda thing happens all over the world regularly.

What indications you have this is above average?

"178 listings of properties up for sale" - that's a lot of defaults for a province of Phuket's size, with no doubt more and more defaulting every month, coming at a time when many countries are now recovering.

How do you think the Phuket economy is going?

Edited November 7, 2015 by NamKangMan