Jomtien project goes bust

[readerc54]

From Pattaya One

More than a hundred Thai and foreign investors are still waiting for the return of money after one of Pattaya’s biggest and most luxurious condo projects has gone bust.

All building has stopped at Centara Grand Residence in Jomtien as the company building the project has said that debts of more than 911,000,000 baht have been racked up.

Basil Development Co Ltd have asked for more time to repay deposits and installment payments despite court orders having already been issued.Yesterday some Thai investors in the project fed up with a lack of action unfurled banners at the site and called for the media to help in the matter.

It was meant to be one of the most luxurious developments in the area, said reporters as the headline screamed with a Thai proverb that means “beauty is only skin deep”.

http://pattayaone.news/en/jomtien-project-goes-bust/

[fountainhall]

Sounds like another Ocean 1, billed as Thailand's tallest building when announced more than 10 years ago for Jomtien. This was the project which the poster HeyGay under one of his names on gaythailand kept insisting he had secret information about to the effect that it was definitely going to happen. Hopefully no-one put their money into it.

[Smiles]

" ... Hopefully no-one put their money into it ... "

No hope. Lots of people lost money on the Ocean1, I assume mostly on deposits. The place didn't even break soil. The developer was sued by many, but I've heard he made a be-line for the immigration gates at Suvarnaphumi Airport.

This is the photo-shopped vision of what Ocean 1 was to look like:



I took these photos back in 2010. As far as I'm aware this empty lot was for a time used as a cement factory. What it looks like now I'm not sure ... but it certainly is not as originally touted.

[Captain Kirk]

You gotta admire the cajones folk have got, sticking money into an unfinished project in Thailand. Wouldn't be me.

[thewayhelooks]

Cajones or just stupidity?

[Gaybutton]

Reminder:

For instructions how to attach photos to your posts, see:

viewtopic.php?f=5&t=2489

[fountainhall]

You gotta admire the cajones folk have got, sticking money into an unfinished project in Thailand. Wouldn't be me.

But lots of others do all over the world. It's the standard way developers cash flow their new constructions. Without pre-sales, little would get built.

[firecat69]

May be true in some parts of the world but in most of the Western World and definitely in the USA the developer gets none of those deposits until the project is completed. They are held in escrow until move in ready.

[Undaunted]

May be true in some parts of the world but in most of the Western World and definitely in the USA the developer gets none of those deposits until the project is completed. They are held in escrow until move in ready.

True, providing he is an honest developer

[Alex]

Honest, Thailand, doesn't compute. Oh, that was about the U.S., do carry on...