Hot Resale At The Golden Tulip - Foreign Quota

[talung66]

To new soon to be owners. Here is some news on last weeks airbnb raid from police in a BKK condo.

If you feel your new property is heading the way of the base here is the email address to get the ball rolling.

[email protected] or [email protected] 

https://thethaiger.com/news/bangkok/tourist-police-raid-the-c-ekkamai-condo-to-arrest-people-running-rooms-as-hotel-bangkok?fbclid=IwAR0oxuAd0Ac0GcyV6GtJlA61hOkt4d5pi1MYfA7LTs_UBaaIOPoD-ejr7ro

 

[brutox]

On 30/05/2019 at 17:25, Swinga said:

Brutox, you need to be pulled up. No doubt you have some valid points. However the "Thai public" listed developers sprooked by you. Turn out some marginal crap. Centric by sea. The Edge, are great examples of ready to fall down, concrete decaying, rust buckets. But they have fund's to do that quick.

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Hey, Swinga .. from where we apparently stand, we have very different perspectives.

Much of what I write is about the various risks of buying and investing in Thai property .. they are many .. some mitigable, some not .. land title, regulatory, legal, construction, permitting, financing, market, currency, political, and on, and on, and on .. getting any one of those wrong can make for a very bad day, and getting sucked into the Thai Vortex sucks as most cannot imagine.

But .. the .. single .. greatest risk .. to assess in the Thai property sector .. is the developer risk .. my recommendation for substantially mitigating developer risk is to go with publicly-traded developers, which conduct their businesses at the very highest level of corporate governance achievable in Thailand, as I described above .. there is no higher standard of corporate accountability in Thailand .. full stop .. end of statement .. end of paragraph.

You seem to want to compare the standard of Thai development with that of Oz .. unreasonable, since the two are not comparable .. you will certainly not get a western-level of quality from Thai property development sector at this price point .. Thai development standards at this product level and price point are what they are .. developed largely to meet Thai market expectations.

Your description of the Centric Sea and Edge projects as "great examples of ready to fall down, concrete decaying, rust buckets" is .. well .. (I'll be indulgent here) .. quite unrelated to the common development industry realities .. here, Australia, most anywhere.

Everyone is entitled to an opinion, but I'd guess that you have limited knowledge of property development .. "buildings falling down" (ahh, yeah .. lots and lots of that going on) .. "decaying concrete" (concrete? .. decaying? .. umm, really now?) .. "rust buckets"? (concrete structures? .. whuh .. who'd a' thunk it?) .. mmmaybe better that you stay closer to your own lane on this subject  

So .. there it is, men .. I stand by my statement .. publicly-traded developers pose near-zero developer risk (the single greatest risk when buying property in Thailand) .. they generally deliver best in Thai market .. not best in Australian market .. in terms of risk-adjusted return on your money, they blow the doors off of most any local, local developer such as the yah-hoos dominating the Pattaya trade area (foreign, or Thai).

 

Edited May 31, 2019 by brutox

[yoyohat]

Christ almighty.  I'm no architect, but this is just awful.  It's very Soviet or like somewhere you imagine Chinese factory workers might be housed.

It looks worse in person. There is a coarse texture on the building that makes it look low quality.


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[Scuba+]

It looks worse in person. There is a coarse texture on the building that makes it look low quality.


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Yes the building looks cheap. The sign looks expensive though. Can't take away the good location though

[usexpat46]

23 hours ago, brutox said:

Hey, Swinga .. from where we apparently stand, we have very different perspectives.

Much of what I write is about the various risks of buying and investing in Thai property .. they are many .. some mitigable, some not .. land title, regulatory, legal, construction, permitting, financing, market, currency, political, and on, and on, and on .. getting any one of those wrong can make for a very bad day, and getting sucked into the Thai Vortex sucks as most cannot imagine.

But .. the .. single .. greatest risk .. to assess in the Thai property sector .. is the developer risk .. my recommendation for substantially mitigating developer risk is to go with publicly-traded developers, which conduct their businesses at the very highest level of corporate governance achievable in Thailand, as I described above .. there is no higher standard of corporate accountability in Thailand .. full stop .. end of statement .. end of paragraph.

You seem to want to compare the standard of Thai development with that of Oz .. unreasonable, since the two are not comparable .. you will certainly not get a western-level of quality from Thai property development sector at this price point .. Thai development standards at this product level and price point are what they are .. developed largely to meet Thai market expectations.

Your description of the Centric Sea and Edge projects as "great examples of ready to fall down, concrete decaying, rust buckets" is .. well .. (I'll be indulgent here) .. quite unrelated to the common development industry realities .. here, Australia, most anywhere.

Everyone is entitled to an opinion, but I'd guess that you have limited knowledge of property development .. "buildings falling down" (ahh, yeah .. lots and lots of that going on) .. "decaying concrete" (concrete? .. decaying? .. umm, really now?) .. "rust buckets"? (concrete structures? .. whuh .. who'd a' thunk it?) .. mmmaybe better that you stay closer to your own lane on this subject  

So .. there it is, men .. I stand by my statement .. publicly-traded developers pose near-zero developer risk (the single greatest risk when buying property in Thailand) .. they generally deliver best in Thai market .. not best in Australian market .. in terms of risk-adjusted return on your money, they blow the doors off of most any local, local developer such as the yah-hoos dominating the Pattaya trade area (foreign, or Thai).

 

If you want to buy a well built and good quality condo check out the Millennium Tower in San Francisco.  Opened about 10 years ago with prices ranging from 2 to10 million USDs.  Joe Montana was one of the first buyers but a few years ago put his unit on the market after he found out that the building had sunk over a foot and was leaning over a foot.  This is in a city that is prone to earthquakes.

[jasper651967]

Taken a couple of days ago...cleaning Building A ...filling up pools...No kitchens in building E yet. But overall looking  quite nice

[ocka]

A pity they have put dividing walls in the pools.  It would have been nice to be able to swim the full length.

[The Danimal]

2 hours ago, ocka said:

A pity they have put dividing walls in the pools.  It would have been nice to be able to swim the full length.

They fucked up the pool IMO..too many slides/dividers/structures...and no spa/jacuzzi 

[Oukiva]

3 hours ago, ocka said:

A pity they have put dividing walls in the pools.  It would have been nice to be able to swim the full length.

There is one recent condo who has serious problems with its huge long pool (forgot name, one on Jomtien 2nd Rd). I am sure that residents/owners would like to have dividing walls, because several times already they had to empty the whole pool to make repairs on just a section of wall where the tiles were falling. That means that during work no pool is available, and also probably a huge bill on water for owners...

[talung66]

19 hours ago, The Danimal said:

They fucked up the pool IMO..too many slides/dividers/structures...and no spa/jacuzzi 

i can see pic of the whole pool but if like centara spa/jacuzzi built in areas around pool like this corner  below

[ocka]

On 07/06/2019 at 16:02, Oukiva said:

That means that during work no pool is available, and also probably a huge bill on water for owners...

Thanks. I can see that makes sense. 

[texasredneck]

Glad to have sold mine here recently - never again.

Edited June 8, 2019 by texasredneck

[striderman]

building A today

this block faces towards buakaow and certainly looking a bit cleaner

some but not all air con units have covers. and that one right side must have been playing up, it's off the rack

looking in from Soi 15. again some AC covers fitted, most not just yet

[Arnie85]

Looks like shit from the back/Mercure side. The plastering on the walls are as rough as guts.  The windows have been in for more than a year but still have all the stickers on them.  The AC units are mostly installed.  Activity from workers can be described best as half ass. There doesn’t seem to be any system to how they’ve done the construction and outfitting. You’d think they’d do ALL the windows then ALL the AC units then ALL the balconies and ALL the painting etc, I’ve been watching them build this thing since 2015 when it was still a plot of grass. 

[Arnie85]

[Arnie85]

[wido]

On 10/06/2019 at 12:41, nzwolfgang said:

I’ve been watching them build this thing since 2015 when it was still a plot of grass.  

They started end of 2014...

[striderman]

Just now, wido said:

They started end of 2014...

had a quick sortie into my photo archives and come up with 2 taken from the south on oct 15th 2014

 

pattaya bay resort hotel is/was the pink building. centara on Soi 15 is the one covered in green sheeting

 

found more. below is aug 7th 2014

 

 

now i have do some more rummaging  around

Edited June 12, 2019 by striderman

[striderman]

bingo. got it back dead on 5 years. took these 8 th june 2014 and i don't think i have anything earlier

PBR in pink. workers on site tin shed accomodation just over the wall. low building right side is the back of the tulip showroom

 

 

PBR on right as site being cleared.

the  shell building behind the blue truck is the part built Whisper hotel

Edited June 12, 2019 by striderman

[striderman]

this is deffo my first pic. 10 th april 2014

 

workers tin huts and the rear of the tulip showroom towards the right of the shot

[Arnie85]

7 hours ago, wido said:

They started end of 2014...

Great.

I said I’ve been WATCHING them since 2015. 

[southsidebruce]

in the beginning of construction there was a guy who drove a white Bentley Continental GT - parked out front, who I guess was the owner/manager/whatever... that was when they had the showroom open and I think they had Russian girls at the desk... they bit off MUCH more than they could chew with the massive catastrophe of a condo/hotel construction... was it initially Russians in charge of the project, or Israelis?  Or both?  who's got it now?  an Israeli company?  Top Charoen?  TopCat?  TopGun?  It is amazing to me that it almost appears that it will actually be completed in the next year or so... 

[Swinga]

Great.
I said I’ve been WATCHING them since 2015. 

Haha good things come to those who wait [emoji23][emoji23]

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[striderman]

Just now, southsidebruce said:

in the beginning of construction there was a guy who drove a white Bentley Continental GT - parked out front, who I guess was the owner/manager/whatever... that was when they had the showroom open and I think they had Russian girls at the desk... they bit off MUCH more than they could chew with the massive catastrophe of a condo/hotel construction... was it initially Russians in charge of the project, or Israelis?  Or both?  who's got it now?  an Israeli company?  Top Charoen?  TopCat?  TopGun?  It is amazing to me that it almost appears that it will actually be completed in the next year or so... 

this one ?. pic taken sept 6th 2013 outside the waterfront /tulip showroom

[usexpat46]

1 hour ago, southsidebruce said:

in the beginning of construction there was a guy who drove a white Bentley Continental GT - parked out front, who I guess was the owner/manager/whatever... that was when they had the showroom open and I think they had Russian girls at the desk... they bit off MUCH more than they could chew with the massive catastrophe of a condo/hotel construction... was it initially Russians in charge of the project, or Israelis?  Or both?  who's got it now?  an Israeli company?  Top Charoen?  TopCat?  TopGun?  It is amazing to me that it almost appears that it will actually be completed in the next year or so... 

I think their biggest problem was when their Waterfront project came to a halt.