Finish or demolish? Waterfront Suites near Bali Hai

[aussie]

I walk past this building near Bali Hai pier most days and wonder if it will ever be completed. Does anyone believe it is possible to complete or will this be just another "ghost" building in Thailand? To demolish it would be a major job and look how long they are taking to demolish that hotel across from the previous Howards in Soi VC. That crane sitting on top would cost a large amount for the daily rent in most countries and it has been there since before 2014. Someone did mention the initial sales prices of some apartments were 5 to 6 million baht so investors will be out of pocket in a big way if they paid anything up front.

Initial complaints were that the building blocked views and later that builders had strayed from the plans regarding fire escapes and elevators. If i did buy here in Thailand i would wait till the building is completed and lived in for a while before purchase. Currently i am happy to rent as it provides more options to move if needed.

[Gaybutton]

If i did buy here in Thailand i would wait till the building is completed and lived in for a while before purchase. Currently i am happy to rent as it provides more options to move if needed.

That is exactly what I always recommend. I would never buy a condo that has not already been built and established. I for sure would never buy one under construction or construction hasn't even been started no matter what the promises, guarantees, and assurances might be.

Along with everything else that can go wrong, what can you do if the company owner disappears with your money? What can you do if the condo will eventually will really be built, but there are all kinds of delays? Those kinds of things, and more, have happened numerous times. I've lost count of how many times. As long as I've lived here, I don't recall anyone who had been cheated like that ever managing to recover a single baht. As far as I know, Thailand has no requirement that these construction companies hold people's money in escrow accounts. I don't know if escrow even exists in Thailand.

Another problem is there are so many new condos already in existence, but very few occupants. Even now, during the high part of high season, I see huge condos and only maybe a dozen or so lights on in the rooms at night. I hate to think how much maintenance must be costing in those condos and you can be assured that maintenance money is not coming out of the building owner's pocket.

Buying vs renting is always being debated, but in my opinion the bottom line is making sure you're not getting into something you can't get out of - with your money.

[Montree]

I wish they would demolish it but that would probably cost more than finishing it. It's such an eyesore.

[neddy3]

Yes it is an eyesore.
But get used to it, as it is likely to stay unchanged for who knows how long.

[gerefan]

When I first came to Thailand I was shocked to see so many empty Condo blocks south of Jomtien, including the Ambassador. Now they all appear to be occupied.
So this is nothing out of the norm....

[neddy3]

I'm prepared to be corrected on this, but I understood that, if a building such as this is left partially completed for a considerable length of time, it becomes structurally unsound, and cannot later be completed.

It is hard to imagine that so much could be spent on a project, for it to then be abandoned at this stage.
But such things happen in Thailand.
In Bangkok, as examples there is the infamous Sathorn Unique, and another unfinished building close to the motorway at Bang Na.

[Up2u]

Delays are due to government reviews and approvals. The last design submission was to lop off the top 8 floors. Don't be surprised if this project is never completed. Years ago the Northshore project in Naglua was left standing for years before it was completed.

Vt7 original design was completed when large units were in vogue, before the market was flooded with cheap shoe boxes designed for Russians and Thais from Bangkok. The smallest units are 115 sqm and the largest 257; naturally with prices to match not including the build-out. The developer has zero marketing skills, doesn't work with realtors, doesn't have a website and basically doesn't care for whatever reason.

[haim]

Vt7 original design was completed when large units were in vogue, before the market was flooded with cheap shoe boxes designed for Russians and Thais from Bangkok. The smallest units are 115 sqm and the largest 257; naturally with prices to match not including the build-out. The developer has zero marketing skills, doesn't work with realtors, doesn't have a website and basically doesn't care for whatever reason.

One thing which is missing from this analysis is that condo prices went up quite substantially. I would not be surprised that the prices of the above mentioned condos would be 12 million up. I recently checked out a new condo in Sathahip and was surprised that the price is around 100000 baht per sqm. I am afraid shoe boxes are not really for Russians (who cannot afford them anymore).