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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 DEVELOPMENT GONE WRONG FOR INVESTOR BY A HUSBAND WIFE TEAM BUT AS AT 16TH SEPTEMBER 2008 IT SEEMS THE COMPLAINTANT IN THIS CASE AND THE ACCUSED HAVE BOTH COME TO A HAPPY AGREEMENT:

2009 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 Condos not even started and the investors have been short pocketed by certain foreigners and Thais with no comeback.

Anyone can be a property developer over night and Pattaya attracts all sorts into the business. Most foreigners have never ever been a developer but its easy to set up a company and then get a company to build your dream money making venture. Real Estate in Thailand is not regulated at all so theres many cowboys out there busy building or trying to get fuinds to build a dram condo complex.

The real estate agent ran a Realty business like many foreigners do in Pattaya and Thailand, (names have been removed due to this particular business being concluded & compromised by both parties concerned) & misrepresented the value of a Pattaya condominium project, inflating the price to Bt45 million for a 10 rai plot of land, when it was, in fact, only worth Bt32 million.

On 30th Jan 2008 Pattaya Today described this person as: "..... have their own, local building projects for the discerning luxury buyer. But theres a lot of expertise too in their key function of selling land and assisting buyers and renters with houses and condos.

Investigators discovered the couple had established a firm to develop land projects in Thailand ---it was alleged? They then advertised projects in Pattaya mags and the web looking for would be foreign investors to invest with them. One of these investors was Retired US army officer, who thought it could be a go. It seems this person was then persuaded by high pitched sales talk to invest Bt43.5 million in a condo project, & the realty went about to set up two businesses to buy two separate five-rai land plots
The money changed hands but the condo was never started four months later. Checking up on the land values himself Mr x realized he was being taken for a ride and demanded the couple resign as executives of the two firms and return Bt43.5 million he had invested to him. Well as anyone knows in Thailand this is not an easy task? However, the suspects set a pre-condition that he must pay them Bt10 million first, at which point the USA person was wise enough to contact the CSD, who supported the American investor, saying there were grounds the couple had swindled him.

NEW DEVELOPMENT IN THIS CASE: September 2010

Bangkok Post on the 16th Sept 2010 by order of a contract and court ruling the complainant made an Annoucement published that he misunderstood the business?? of this company. At least it seems both parties have now compromised and finally made a settlement between themselves. In cases like this in Thailand what may start as a sorry affair can end with compromise a happy end finally but not all end like this?  

WHO TO MAKE A REPORT TO ABOVE

If you have had a problem tell us about your Pattaya Property Scam & all correspondance in complete confidence.

Mobile: (66) 083-2931045 our law 24 hour help service

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 nor deposits returned and quick rich scams. Here are some of them! [ READ MR SHAWS SCAM ] [ Ian Silver Pattaya Investment story ] Unfinished Property development[ BEACHES RESORT SCAM ] [ OCEAN 1 TOWER ]

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