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The Ace showroom in Patong, open in the morning, closed by the afternoon

Ace Condo Project Puts Phuket's Property Reputation at Risk, Say Authorities

Tuesday, May 19, 2015
PHUKET: Complaints about property top the list for Phuket, according to the Secretary General of the Office of the Bangkok-based Consumer Protection Board, who came to the holiday island today to investigate Patong's Ace Condominium.

Expat and Thai buyers bought off the plan, paid deposits and regular increments and the scheme, supposed to be finished in April, 2015, hasn't begun yet.

Secretary General Ampol Wongsiri said today that real estate complaints topped the list to his office and also topped the list at the office of the local Damrungtam ombudsman's office on Phuket.

His general advice to prospective real estate buyers on Phuket today was to make sure that the marketing proposals presented in advance by salespeople were real. The Western phrase is, ''due diligence.''

Khun Ampol met with Governor Nisit Jansomwong, the chief of the Damrongtam office and a representative of the Ace Condominium owners today and suggested some compromises in the dispute between the property's owners and the people he referred to as ''victims.''

Those buyers who wished to get their money back should register with Phuket's Damrungtam office, and so should those buyers who wished to continue to invest in the project, he said.

Most Thai buyers that Phuketwan spoke to today wanted their money back while some expat buyers were prepared to invest again.

The people who met in the morning at Phuket Provincial Hall were taken to the site in Patong in the afternoon.

Some of the buyers noted that the showroom, staffed and open in the morning, had closed by the time the visitors arrived in the afternoon.

Governor Nisit said he was worried that the Ace case could have an effect on the Phuket market.

Two partners in the project fell out and also had begun three projects simultaneously, intending to use pay-as-you go funding on one project to finance others, Khun Ampol said.

He recommended that investors who wished to get their money back from the Ace Condo project should register with the Damrungtam office, and so should the buyers who wished to continue with the project.

The owners would face a ''start again'' scenario in which they would have to produce all the relevant deeds and approvals for the project, Khun Ampol said.

Criminal charges could be laid and the company blacklisted if the partners failed to reignite the project, he said.

Comments

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What reputation, too late

Posted by Dobby on May 30, 2015 10:48

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i would bet that there are more than 50
unfinished buildings in phuket (hotels-condos houses etc) since years and will never be finished nor the constructions be removed.i think THAT would be a nice job,just to make photos of all of them,in order that somewhere somebody gives an order to clear up the mess as it certainly does not look nice on a tropical dream island !the oldest ruin is,i think,at bypass road just before coming to the airport road.

Posted by Anonymous on June 11, 2015 16:18

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phuket now a big mess.cant trust anyone.i would never buy a property in phuket ever again.soooo much corruption.

Posted by Anonymous on June 13, 2015 16:32

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Buying off- plan is risky, but you can minimize that risk, yourself, by insisting that your payments schedule is not based on the calendar, but on the various stages of completion. The most recent risk to investing arises because Phuket Court recently declared a 30 year registered lease to be void, due to the developer using the normal legal structure, of the 30/30/30 lease renewal options, with the land held by a Thai-controlled company.

Posted by Patricia Delicia on July 5, 2015 07:46


Tuesday December 19, 2017
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