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PHUKET PROPERTY SCAM
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; the place where down and outers lose it all; where those escaping their winters come for Thailand's summers and where anything goes ---well almost. Phuket is famous for its ski boats, water sports like fishing with all night bars and nightlife and the odd scam or 2. Today it is a premier beach resort with over 1 million tourists visiting a year--loads of self loaders and a few of the old retirees. Phuket CONDOMINIUM DEVELOPERS: 2010 many foreigners are being taken for a ride when they invested in condos that didn't even start. The hype regarding the exclusiveness of condos by the sea has seen some incomplete or not even started projects and the investors have been short pocketed by certain foreigners and Thais with no comeback.
TA UK chief executive of a Phuket-based property developer is facing fraud charges after being accused of operating yet another scam to the tune of around 200 million baht.
Thats right, in Thailand anyone can be a property developer over night and Phuket 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. People 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 Construction company & pocket the rest. Real Estate in Thailand is not regulated in Thailand at all, so theres many cowboys out there busy building. The Real Estate Brokers Assoc have lobied for years to get Brokering registered but the politicians don't want to do as then they cannot juggle the property game in their favour?? The rules of ownership are very vague and can be changed any time. But not to say all of them are cowboys. Some are sales reps, builders and genuine building developers etc who can sell a % of condos before being built to cover construction costs but the crises has left many would be investors to lose their deposits, to tighten their belts; not buy their 2nd home in Phuket as anticipated and sad as less Russians are coming to Thailand to live and more people change their minds as the crises bites into societies everwhere. In point of fact the more condos being built as we write the less that will sell--could this lead to a buyers market or could we see maintenance drop and condos get into disrepair as the owners take their loses. Steven James Granville, 43, the CEO of Puravarna Resorts Co, yet another property development business has been arrested by Thai Police on fraud charges in April 2010. The arrest came after Anand Kumar Sen, managing director of Tycoon Group Co, filed a complaint with the CSD last May accusing Mr Granville of deceiving people into paying for residential units which have not been built. Mr Anand, a Singapore national, represents 19 customers of various nationalities who are the damaged parties. He said the total damage amounted to more than 217 million baht. Mr Anand said the people he represented had signed agreements to buy suites priced between 6 million and 15 million baht at the company's luxury resort project. The company had advertised the project in the media and organised events in countries such as Singapore, Hong Kong, Britain and Australia to attract customers to buy the units. He sold condos and clients had to pay 80% of the cost to Granville but like many developers nothing has been built. Yet another case of fraud. The Puravana project is described online: ''Set on the popular southern tip of Phuket island near the unspoilt beach of Nai Harn, Puravarna is a lost Asian kingdom offering mystery and surprise to whoever visits the resort. Puravarna is not just a source of accommodation, Puravarna is a source of life, style and experience.'' http://www.puravarna.com/residences/index.htm
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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 ]
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