Diamond Tower condo

[Xfreak0000]

Hi?

I am checking Diamond Tower condo and would like to get some advice and opinions how do you think about this project.

According to a sales person, this project is one of the top and most high quality condo project as well as at the best location with promising profits in the future on Pratumnak hill.

But, the price is 100,000~110,000 per square meter, which is about the same as The base so I doubt this has more or less the same value as The base?

Before getting to know Diamond Tower project, I have been thinking of buying The base or The unixx and I have more interests in The base condo rather than The unixx due to its location.

Once I buy I will rent it through agent, juristic office or even airbnb agent because i don't live in Pattaya.

One good point of using Airbnb agent is when I visit for holiday I can use it, but I know the condo will run down faster than having regular tenant.

Appreciate any advice or opinion on this project, price and any thing useful.

 

[davidge]

Don't buy anything that isn't built yet.

 

Developer website claims EIA approved. Construction started 2014 & due to finish 2016!

Agents websites that are selling it state now in pre-approval. EIA expected 2018. Completion due 2021.

Market VERY slow now. Many projects stalled.

[Larssonn]

read up about how honest agents and sales people in pattaya is , then read how rental market is , sale market is even worse , offplan buying has been discussed endlessly with so many horror stories , then have a cold one and rethink pattaya real estate .

 

if you dont want to put any effort into it you will learn the hard way how forgiving thailands real estate is .

[Xfreak0000]

1 hour ago, davidge said:

Don't buy anything that isn't built yet.

 

Developer website claims EIA approved. Construction started 2014 & due to finish 2016!

Agents websites that are selling it state now in pre-approval. EIA expected 2018. Completion due 2021.

Market VERY slow now. Many projects stalled.

Thanks a lot for the info.

May I ask why the completed projects condo price has been gone up?

For example, the base condo 1 bed room price has gone up by 15~25% and I wonder why? because everybody says the market is slow.

 

[Xfreak0000]

56 minutes ago, Larssonn said:

read up about how honest agents and sales people in pattaya is , then read how rental market is , sale market is even worse , offplan buying has been discussed endlessly with so many horror stories , then have a cold one and rethink pattaya real estate .

 

if you dont want to put any effort into it you will learn the hard way how forgiving thailands real estate is .

Thanks for the answer and this is why I am thinking of buying the development project from big companies.

Is it still dangerous or big company's projects are trustworthy?

[striderman]

6 minutes ago, Xfreak0000 said:

Thanks a lot for the info.

May I ask why the completed projects condo price has been gone up?

For example, the base condo 1 bed room price has gone up by 15~25% and I wonder why? because everybody says the market is slow.

 

what is being asked may not be the same in what is paid when the deal is done

[davidge]

9 minutes ago, Xfreak0000 said:

Thanks for the answer and this is why I am thinking of buying the development project from big companies.

Is it still dangerous or big company's projects are trustworthy?

What do you call 'big companies'?

Read some of Brutox's posts in the waterfront development thread.

The Base was built by Sansiri, which is one of a VERY small number of developers who seem to get proper funding for developments, hence they are more expensive.     Also, it is very central. As for current prices there, I can't remember exactly the developer price but there are a large number of condos for sale there now and you could get a 30 sq m for comfortably under 3 million - whatever the asking prices may be. 

I'll just give one example I came across recently, a condo development on Pratumnak Soi 6. In theory, it was completed a few years ago. Most units are still shells. Very few living there. The developer onsite will gladly sell you a unit. However, the place is entirely in the hands of Kasikorn Bank. If you go to the bank's default department you could buy a unit for considerably less than from the developer. You'd get the chanote etc OK but what happens if no other units are sold or the developer gives up? No common fees paid so no money for maintenance or security etc. 

 

[Larssonn]

to the op... the base have what 150-200 units for sale ?  and no not even near 100" as actual sale prices im extremely sure. 

great investment and rental market ?

 

i wont go into deeper discussions.... considering the effort you put in would make you a easy target for any clown agent........  i hope that wont happen honestly .

[chris2004]

110k per sqm is a crazy price. You can get some very nice condos for 40k. DO NOT buy off plan.

[Evilfriar]

And just on the topic of The Base, from a couple of reports I've seen the place is already starting to deteriorate. Examples of tiles falling of in common areas etc. Bit disappointing for a brand new building.

 

Cheers

[localguy]

Their website at www.diamondtowerpattaya.com seems to summarize the project quite well: it's a joke.

If they can't even finish a website, would you trust them to build a condo project with your money?

Keep dreaming

[rhodie]

Here we go again. Glad the OP is doing a bit of due diligence. I hope he listens. 

[Larssonn]

10 minutes ago, localguy said:

Their website at www.diamondtowerpattaya.com seems to summarize the project quite well: it's a joke.

If they can't even finish a website, would you trust them to build a condo project with your money?

Keep dreaming

yes yes yes but the former mcdonalds clown employee promised me shiny gold and a bright fortune of gold from pratumnak buildings ,,,, 

 

 

 

thanks evilfriar for the info regarding the base ...had no clue but i se a maximum of 10 units with lights every evening ....wierd aint it on this superb rental market ?

 

[dave1]

10 hours ago, Evilfriar said:

And just on the topic of The Base, from a couple of reports I've seen the place is already starting to deteriorate. Examples of tiles falling of in common areas etc. Bit disappointing for a brand new building.

 

Cheers

and rust on the steel balconys

[Evilfriar]

Another guy told me some of the glass panels around the infinity pool have fallen off as well, which is bad enough but apparently no one seems interested in fixing them. Compare that to a lot of the older View Talay building where maintenance and general build quality seems to me to be much much better.

 

To me that's very important if I was looking to buy. Probably number 1, along with location and then price.

Cheers

[xtremedude]

11 hours ago, Evilfriar said:

And just on the topic of The Base, from a couple of reports I've seen the place is already starting to deteriorate. Examples of tiles falling of in common areas etc. Bit disappointing for a brand new building.

The Base was built to be residential condo but it is being used as a commercial hotel.  Even if it was built to a high quality (commercial) standard, the additional wear and tear due to the building being used as a hotel would require much higher maintenance standard, which I doubt is happening at the Base.  At the current rate of wear and tear due to commercial use, in a few years the Base is going to look all worn and beaten up.  Even now the heavy use areas like the pool, elevators, gym etc are showing visible signs of wear and tear which should not be the case for a brand new building.

 

[Evilfriar]

Perhaps your right, but I'm staying in a rental at VT6 as I write this,and would think there's a high percentage of rentals here as well.

Have stayed in VT2 several times as well and that's a pretty old building by Thai standards and lots of rentals but well maintained, if it's broken, it gets fixed.

Cheers

[Evilfriar]

As far as buying of plan, IMHO it's a very dicey thing to do in a falling market. There's just too high a risk of in-completion and in a lot of cases your purchase is devalued before you even move in.

in a rising market, different story and maybe worth the risk, I still wouldn't personally. I would want a chanote in my hand the day I hand over my money and move in straight away. Not be possibly stuck in limbo for years on end, just too many horror stories surfacing in the last few years.

Cheers

[Czmate]

I tend to look at Hipflat I think it's not a bad guideline to follow and on here it says finished 2019 but not when.

Going past there they do seem to be getting on with it how the prices pan out is anyone's guess. As a comparison I'd look at Peak Towers again there at night it looks like hardly anyone living there.

https://www.hipflat.co.th/en/pattaya/condo/diamond-towers-pattaya

Just as a note the Elegance next door is not a bad standard and worth a look a bit out of the way though and pricey but you would get what you pay for and that's the same where ever you go.

 

[striderman]

i don't think they have started yet and we are over half way in 2017, so 2019 is never going to happen

[blix99]

13 hours ago, Evilfriar said:

And just on the topic of The Base, from a couple of reports I've seen the place is already starting to deteriorate. Examples of tiles falling of in common areas etc. Bit disappointing for a brand new building.

 

Cheers

Stayed there 4 nights a few months ago. Yes, showing signs of wear---cracked floors in elevator, garbage allowed to pile up, other smallish things but does not bode well is such a new building. That and the clown "agent" who tried to rip me off...but that's another story...

[Czmate]

20 minutes ago, striderman said:

i don't think they have started yet and we are over half way in 2017, so 2019 is never going to happen

If we're talking about the same place the one I'm on about is next door to the Vision and is on the way about 6 months.

[striderman]

24 minutes ago, Czmate said:

If we're talking about the same place the one I'm on about is next door to the Vision and is on the way about 6 months.

ok, i don't get up that way too often. great how the artists impressions miss out any huge towers that may be close by

 

i found a reference in MD Property ex date of start 3rd Q 2017 completion 2021

[Geordie59]

Years ago it was a good idea to buy off the plan to get a good deal. There is no way I would consider that option now as so many projects are being schedule, stalled or may never see completion.

There are so many established places where you can buy at reasonable cost and also check how well the building is being run and maintained before splashing out the cash. The Base in my opinion is very overpriced for what you get in that location.

[davidge]

4 hours ago, Evilfriar said:

Another guy told me some of the glass panels around the Infinity pool have fallen off as well, which is bad enough but apparently no one seems interested in fixing them. Compare that to a lot of the older View Talay building where maintenance and general build quality seems to me to be much much better.

 

To me that's very important if I was looking to buy. Probably number 1, along with location and then price.

Cheers

View Talay buildings may look like mausoleums, but they've successfully built 7 developments (not counting VT8 as it's a family member branching out) and buyers have all got their chanotes, not been cheated and buildings are still popular and decently maintained even after many years.