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galifreyvista

Nordic Residence, Pratumnak Hill - Sketchy?

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galifreyvista

Does anyone have any familiarity with the Nordic Residence or Nordic Park Hill complexes in the Pratumnak Hill area?

I visited this condo, and it seems pretty good, but it looks like quite a few other units are up for sale in these 2 complexes. I want to make sure I'm not walking into something sketchy and missing something important (i.e. the building is going to be demolished next year or something like that).

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galifreyvista
13 minutes ago, davidge said:

If you’re going to rent, maybe.

If you’re going to buy:

9E05F498-9507-4AB9-9738-B6E70C6FCB6F.jpeg.ee4e1f98f4e4f472c0c87b838e9636b3.jpeg

 

Hah, is that advice about buying in Thailand in general? Or about this place specifically?

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davidge
21 minutes ago, galifreyvista said:

Hah, is that advice about buying in Thailand in general? Or about this place specifically?

Especially this group, among others.

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galifreyvista
59 minutes ago, davidge said:

Especially this group, among others.

I did see some sketchy looking news about the Nordic Group from a few years ago, although it wasn't too clear exactly what happened (Google Translate from Norwegian isn't perfect yet).

For what I can tell though, it looks like they built this building but are no longer involved with it.

Do you know what happened with them?

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davidge
30 minutes ago, galifreyvista said:

I did see some sketchy looking news about the Nordic Group from a few years ago, although it wasn't too clear exactly what happened (Google Translate from Norwegian isn't perfect yet).

For what I can tell though, it looks like they built this building but are no longer involved with it.

Do you know what happened with them?

They’re still around and trying to sell ice to Eskimos, sand to the Saudis & condos to fools.

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KittenKong

Many of the condos built by the Nordic group seem to have been sold with promises of high guaranteed rental returns, or with unusual buy-back/lease-back offers. None of these appear to me to be sustainable. So this may mean that at some point there may be a lot of their condos up for resale if the current owners find they are not getting the deal they think there were originally promised.

It seems more sensible to me to buy in buildings where no fancy offers of high rental returns or buy-backs were ever made.

Also, I hate that orange colour.

Edited by KittenKong

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Saddic
7 hours ago, galifreyvista said:

I did see some sketchy looking news about the Nordic Group from a few years ago, although it wasn't too clear exactly what happened (Google Translate from Norwegian isn't perfect yet).

For what I can tell though, it looks like they built this building but are no longer involved with it.

Do you know what happened with them?

With the new renters law... This land is played out...  The business model won't work anymore as it is illegal to rent short term...

...soooo...

Brighter pastures and new sheep to fleece...

https://www.newnordicgroup.com/destinations/cambodia/

 

Edited by Saddic

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jiz
19 hours ago, Saddic said:

With the new renters law... This land is played out...  The business model won't work anymore as it is illegal to rent short term...

...soooo...

Brighter pastures and new sheep to fleece...

https://www.newnordicgroup.com/destinations/cambodia/

 

Looks to me like another property crash is imminint with the owners of tens of thousands of empty condos suddenly realizing they won't be able to rent them like hotel rooms. Ooops. 

Just yesterday the pile drivers showed up next to my place. Another 1,000 room project begins. 5 similar 1,000 room condo developments recently completed nearby with very few occupants. I don't get it? 

Anyway, it's time for me to be moving out or sing the pile driver blues for the next 3 years.

 

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soi23

^^ Pattaya or Jomtien ??

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jiz
43 minutes ago, soi23 said:

^^ Pattaya or Jomtien ??

Jomtien 2nd Rd area. 

My thunking is they were planned during the Russian invasion, then their money tanked. 

AirBB and short term rentals gave them some oxygen until that was shut down. 

How can these Disney themed monstrosities afford to maintain the place with so few units sold I wonder?

Major crash on the horizon I predict. 

Casino development on the coast may be the only hope for them now. 

Edited by jiz

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davidge
5 hours ago, soi23 said:

^^ Pattaya or Jomtien ??

 

5 hours ago, jiz said:

Jomtien 2nd Rd area. 

My thunking is they were planned during the Russian invasion, then their money tanked. 

AirBB and short term rentals gave them some oxygen until that was shut down. 

How can these Disney themed monstrosities afford to maintain the place with so few units sold I wonder?

Major crash on the horizon I predict. 

Casino development on the coast may be the only hope for them now. 

Pratamnak Soi 4 area.

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jiz
7 minutes ago, davidge said:

 

Pratamnak Soi 4 area.

Pratamnak Rd. seems over capacity now.

What would happen if all those condo on that hill were occupied and a couple thousand casino staff, delivery and support were on the roads too? Plus some Vegas type hotel developments no doubt. 

Could a few thousand casino customers get near the place? Maybe the planned  skytrain to Pattaya would get there?

A new access Rd. along the Beach (near the Jomtien Police Box) would be key to access  gargantuan casino development and associated support business up there.

 

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davidge

Sorry, I misunderstood. I was talking about New Nordic not the mythical new casino.

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sadisfied
On 8/24/2018 at 12:06, Saddic said:

With the new renters law... This land is played out...  The business model won't work anymore as it is illegal to rent short term...

...soooo...

Brighter pastures and new sheep to fleece...

https://www.newnordicgroup.com/destinations/cambodia/

 

Is it being enforced though? I still see a bunch of their places on Agoda, e.g. https://www.agoda.com/en-sg/new-nordic-marcus/hotel/pattaya-th.html

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Saddic

Geez, use some common sense...

Nowhere does it say MGT all ran away... The ppl they employ are still there...

The appts still exist, don't they???  NewNordic gotta eat... so business continues until they get fined out of existence...

You are right though...  Enforcement is the key to Thai Laws...  Just look at the Driving License thread...  lol...

... and another thing will be how many ways around the laws will Thai's (and others) find and utilize... (ex: All the Chinese landlords of multiple condos employ a work around for their renting schemes...  until the Thai's close that one, they are gonna do what they always do...  business as usual)...

Edited by Saddic

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lolokalbo

Great information about a real scum bag company. :Oops1:My question is who is in there right mind would buy a condo in a fuking ORANGE building with other ORANGE buildings on the street?????  I been around Nordic a few times and the area always turn my stomach. 

 

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Gnorman

Some glowing reports on the Nordic guys at the start of that thread, personally I wouldn't invest 1 baht with the shifty pricks.

 

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Saddic

Hells bells...

Found in a different thread...  follow the links...

 

 

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Potato83

I have only heard bad things about  the Nordic group and that I should stay far away from them. I have never seen the news about them as some of you have already mentioned. If you find the link again then you can share it with me and I can read it. 

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gimmesum
On 8/24/2018 at 08:56, KittenKong said:

Many of the condos built by the Nordic group seem to have been sold with promises of high guaranteed rental returns, or with unusual buy-back/lease-back offers. None of these appear to me to be sustainable. So this may mean that at some point there may be a lot of their condos up for resale if the current owners find they are not getting the deal they think there were originally promised.

It seems more sensible to me to buy in buildings where no fancy offers of high rental returns or buy-backs were ever made.

Also, I hate that orange colour.

don't buy... rent... good advice and maybe more true with New Nordic?

Edited by gimmesum

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Pinoydave

The problem is no one on this thread appears to be an actual owner........ I think you've got to rent units in a few of their different buildings and SPEAK to existing owners 

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Gnorman
2 hours ago, Pinoydave said:

The problem is no one on this thread appears to be an actual owner........ I think you've got to rent units in a few of their different buildings and SPEAK to existing owners 

BM Jorgethepussylover reported a while back, in the thread I linked above, that he was getting good returns. It would be good if he came onto this thread and followed up his findings, a year or so after his last post in the other thread.

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Gnorman

The bm I referred to I miss understood his post, he is with a different investment company.

So I'm sorry I can't help with any info.

 

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