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ASIA TRADING POST PROPERTY NEWS

The seaside city of Pattaya in Thailand is a haven for the single minded tourists and ex pat haven boasting some 1600 bars. It is situated on a 4 km stretch of road along the sea & along the North end are around 96 bars, hotels and restaurants. This is the seafood paradise. Pattaya is famous for its ski boats, water sports like fishing with all night bars and nightlife. Formally a US Military rest stop and recreation from the 60s and 70s it saw a rapid change in its development. Today it is a premier beach resort with over 1 million tourists visiting a year.  

PATTAYA CONDOMINIUM DEVELOPERS:

2009 many foreigners are being taken for a ride when they invest in condos that haven't even been started. The hype regarding the exclusiveness of condos by the sea have seen some incomplete or not even started projects and the investors have been short pocketed by certain foreigners and Thais with no comeback.

Billed as the biggest residential building in the world its still yet to happen yet would and could still get underway as we have heard no more news on this Building.

Thats right, in Thailand anyone can be a property developer over night and Pattaya attracts all sorts into the business. Some foreigners have never ever been a developer but who are we to say whose a property developer as theres no rules in this game. Its easy to set up a company and then use a construction company to build your dream money making venture and sell to those many foreign investors from overseas who are itching to get their place on the beach. Poeple think the developer is also the construction company but no its not---- they just collect the money and pay the cost of the building to the Conmstruction company & pocket the rest.

THE INSIDE STORY:

Ocean 1 Tower staff: Mr Rob Astbury, a former high-flying Gold Coast real estate agent, said the new O1 did draw some influence from the Q1, although he wouldn't say what. "There were some influences," he said. "But this is the new dimension." Astbury was a major player in the late 1980s Gold Coast property market in Australia with a string of many others. It is said he won numerous state awards for his selling prowess and on the day of his resignation, from Ray White Broadbeach, he was announced Queensland's top seller. Astbury said he wanted Gold Coasters to realise they had tremendous investment opportunity overseas but then wouldn't you if you were a sales rep and about to venture to the Pattaya market place and could entice buiyers to follow to the beach and bars of Pattaya. "The market here (in Thailand) is booming, where as on the Coast I am led to believe it has reached its peak," he said?? How right he was then the crises hit and the REDS started to march??

Speaking of peaks, the 91-storey Ocean One tower was to outstretch the Q1 by 4.5m, rising to a height of 327m--wow can you belive the adrenelin rush to buy and sell?. But Q1 developer Soheil Abedian, who labelled the new venture 'fantastic', said height was dictated by very strict guidelines."Height is not subject to how many levels you have," he said. "Some developers measure their building from sea level, which is silly". However I wonder how they managed to get the height restrictions raised??? under the bylaws in Pattaya? But perhaps this is why they changed the rules:The estimated Financial Figures presented to the Councillors by Siam Best Enterprises, must have blown them off their seats as all their Xmas's were about to happen in one shot:

THE EXPECTED MONEY SPINNER:

   An estimated 800,000,000 bht in Transfer Tax would be paid to them.

   And another 800,000,000 bht in VAT.

   Sales to Overseas Purchasers alone could reach up to $US 200,000,000. Now if you were on the Council what would you do.

WHAT ABOUT THE PATTAYA BROKERS:

Then there are the brokers all out to make money a name and get as many sales as possible. Many brokers would have got into the act as thats what brokering is all about. One of the brokers was: www.hotprestigeproperties.com who said all was ok for purchasing in ones own name, they said they could help any foreigner for free to purchase a Condo or apartment in this building. Of course its free as they get their cut from the sale anycase & you still pay regardless? Also you can pay 20% down now to stop any further price increases, then pay 65% until it is complete on a monthly basis, then the final 15% payment on completion of the whole building works. This is normal: as the condos are sold and move towards their equilibrium in sales they then go up in price and those who got to meet Bruno and sat in his Ferrari would also be proud to say they bought at the early stages---- so would I but I don't need nor want to be the first in anything not built? In point of fact for those who invested you have done so on your own account and part of that account is you were looking at a high capital gain & second to none rental figure. Really you cannot blame Bruno for digging into the funds if thats how he bought his car--- theres nothing really aginst this? so those who lost better to put it down to your Thailand "experience". If there are regulations in place OK but in this case theres not?

Be aware brokers had no idea the Ocean 1 Tower condo had liquidity problems and the crises was about to happen? They are in the game to make money and sell and where theres no buts to the selling pitch those who buy must always be aware caveat emptor prevails. Prices started at 5,000,000.00 THB Thailand Baht = 131,059.37 USD. In most condos once approx 22% of the condos are sold then the prices will increase as this is the breakeven on most small 8-13 storey condo buildings construction costs. In this instance the prices for the condos are a lot higher yet if the project took off would command a good resale price due to the prestige of the building and a good profit for the developer for sure. Bruno being young liked racing cars and Michael the "Shoe" man so his appetite would have been more than the average guy in Pattaya. It would also ensure a bonanza for the owners as they could sell the remainder at a premium or just rent them or use them to play with.

Clayton Wade, MD of Premier Homes Real Estate in Jomtien Beach Road said and talked about “the Pattaya real estate boom”, then said “Pattaya real estate was going ballistic”. But then in 2009 August it became a different story? Clayton cited the O1 project. “as a very aggressive project" and it was--he was right on the nail. It’s incredible he went on to say. They have really done their homework and put together a top class team from the AsiaPacific region. It will form a landmark for Jomtien and I can only see good things resulting from it.” Was this an ego trip to build his sales up or was he unaware of the Tower 1 real situation about to unfold. I think the latter. Premier by the way is an excellent Real Estate company with a very good reputation and they only sell upmarket and were obviously oblivious to what was going to unfold with Ocean 1 Tower. However everyone would of heard of Bruno blowing his motor up and wondering whose going to fork out the costs for the motor & his "racing teams"--- OK the real estate game is not regulated so we know where the money came from.

Little did one know Pattaya was and is heading into a crises worse than what one thinks--political upheaval??

It is also interesting to note who may pick up the mantle to build Pattaya's tallist now as think the project although stopped may be pounced upon by some other ambitious tycoon to be the leader in his, her field. Lets face it ones reputation can spring alive if it does go ahead and most want to make a name for themselves. Lets wait and see but keep reading as we have more news on this project for you below.

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Read more about Ocean 1 Tower & others. The inside story of whose who in the

[ OCEAN 1 TOWER ]

PATTAYA INVESTMENT SCAMS: Behind the scenes of fun in Pattaya there are the odd scam artists and one of these is no other than the Australian scam artist Lance Frederick Shaw of www.hiperfinance.com who scammed many foreigners in Pattaya and is still running FREE. Many foreigners have been taken with investment scams, condos never completed nore deposits returned and quick rich scams. [ READ MR SHAWS SCAM ] [ Ian Silver Pattaya Investment story ][ THAI PROPERTY DEVELOPER SCAMS ]

Have you invested: tell us?? no names mentioned

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