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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 and the investors have been short pocketed by certain foreigners and Thais with no comeback.
Even the nice looking graphic artist depictions, one cannot resist the temptation to get in first and buy a condo right on the Pattaya Beach with a name that has hit the record books, and this breathtaking highrise was to be the mega darling of Pattaya. Well it seems as at Setember 2009 update theres no condo complex and the beach remains the same with waves flashing and waiting for the next project to happen. MORE ABOUT SIAM BEST ENTERPRISES Siam Best Enterprises built the property development of the View Talay Villas, View Talay Residences and the homes at Majestic Villas. The builders of these condos are excellent using K-Tech Construction Co so don't get me wrong about the buildings themselves. They are built to excellent standards--its just the finishing and if the owner has the doleros to pay?? There are many view talays and don't get confused with Richard Ian Silver's Royal View Talay or those horrible looking concrete dinasour View Talays (which means sea view) so theres a lot of them but with different owners. The problem seems to lie in this case with Siam Best & the money being filtered out by the owner. Once this happens then everything falls apart. Apartments are not finished, and some amenities follow suit as the owner with the money is seen to be having a ball spending it on other things like racing venues, flash cars and not finishing former projects to completion before heading into another. But this is the way its done I guess?? remember we are in the western world of anything goes, no holds barred!!! and caveat emptor prevails in Thailand. Once you pay its hard to get back--- so thats our warning to you. View Talay Residences 4, next to Pattaya Immigration is still not finished & nor is the View Talay Residence 5 which is another Siam Best project. So there appears to be headaches all around for this company and those that have obviously purchased in these complexes or waiting for the finishing touches. But they are not the only ones as there are many in Thailand all over the place.
The above View Talay Marina 8 in Jomtien??? not part of Siam Best but theres a few of these in Jomtien & unfortunately they remind one of the Cosmos Hotel in Moscow or the Gamma-Delta Hotels in Russia. Ocean1 Tower would have had this:
There was to be 611 units ranging in size from studios at 50 square meters to duplex penthouses at 1200 square metres, and the prices were to start from around 7.5 million baht which for this scale if it started is not too bad. One could enjoy all the facilities ijn this building but it would be a good idea to check the management and sinking fund rules in such a building as we have been told some of the other developments have serious problems. Ocean 1 Tower's lifestyle revolution was t o have environmentally friendly and cost-saving systems, the latest in safety and security features so it is well thought out: Thus what was offered was not to be frowned upon. This complex would and still could become reality --sometime.
PATTAYA STORY: Thailand for some reason attracts property developers who believe they can build condos & housing complexes on a shoe string using everyone elses money. Well in fact they can as they use hyper sales pitches and graphic models then get the dummies to invest. Its called a game of "catch" and theres no laws against it. But this is no differnt than investing in people like Madoff and Investment finance companies in the West and Wall St. You do so knowing that what might be a bonanza could be a depression?? if not then leave your investment in your shoe box. You often see condos unfinished and thats because they use pre sales strategies to get funds for the construction process. The average costs can be easily worked out and once one puts a deposit down especially a foreigner new to Thailand --your money is then locked in (normally forever). But the worst scenario is when a developer reaches his goal then buys his Mercedes & starts another project & finds he now has a cash flow problem. The temptation is too much for some. For someone to try to get his money back can take years, frustration & costs will outweigh the actual deposit if at all you manage to get a judgement from the Court & the owners pay back. A good idea is to combine ones resources then file litigation as one body. It makes sense due to the costs if each individual were to do this. Then you have the titles or chanotes and will one actually receive his or her tilte as this in itself can be a nightmare. In Chiangmai for instance this does not happen until the condos are completed so if partially completed what happens? We have also seen developments with one title only and the managements saying no worries you will get a title when finished--- now if that happens make sure you get this in writing & use a lawyer or ask us and have a contract with penalty inclusive in a contract that if no chanote you get full refund plus interest. Always check the title yourself and never listen to a lawyer who says its fine or OK. Never ever trust word of mouth as Thai staff change jobs when it suits and what one manager may say will not hold up if he leaves. They want their monthly bonus and are told sell at all costs? If not the Company can and will deny it--lets face it who wants to refund you? Always have a lawyer check on the titles and other work the developer has done but talk to others who have purchased to satisfy your mind. Every developer will portray his condo with no bad sides but believe me this is only to get you locked in. The old story easy to give money but hard to get back. There seems to be a lot of realty businesses closing shop at the moment in September 2009. A sign of the world recession or is it that people from afar saw the news on the disruptions from the opposition supporters at the Asian seminar that has changed their minds from buying in Pattaya & Thailand. But I think the good times have slowed at the moment so large mega projects like View Talay marina 8 may take a while to sell as really theres too many condos now. Then you have to look closely at water problems with such a large condo complex and the inevitable management problems if many are not sold & how they become in disrepair thereafter. Little does one know Pattaya 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. Besides the Pattaya Tessa Baan are only too happy to see the venture underway? 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.
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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 ]
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