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Cape Sawan on Millionaire's Mile, Kamala, with David Lloyd's name prominent. At other places around Phuket, his signage is disappearing

Phuket Aces High: David Lloyd Sued Over Clifftop Villa Cash

Sunday, June 19, 2011
PHUKET: David Lloyd, a well-known figure in Phuket property circles, is being sued by another former British tennis ace Greg Rusedski for more than 740,000 pounds that was to be invested in building luxury villas.

Mr Rusedski wants his money back. He says no villas have been completed, and he says he has had no explanation as to what has happened to the money, says the Daily Mail.

But according to the national daily newspaper, sources close to Mr Lloyd say that the project has fallen behind schedule because of the global financial crisis, and civil unrest in Thailand over the past three years.

A source said: ''Rusedski will get his money back once the villas start selling. The villas are still being built and won't be ready until early next year.''

The Daily Mail says Mr Lloyd's Phuket project, launched in 2008, involves building 27 holiday villas on Phuket's west coast, each with spectacular Andaman Sea views.

In a writ lodged at the High Court, Mr Rusedski, 37, claims that he and his wife Lucy, 34, wired the money in three instalments to Mr Lloyd's personal bank account in Thailand.

A source close to Mr Lloyd said that the investment was turned into a loan which Mr Rusedski will get back as soon as the villas are sold.

Thailand has experienced a more than 50-percent drop in number of property transfers during the first quarter of 2011. Investors are hoping that sales will pick up after the national election on July 3.
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Trapped on Phuket - Strategic Passengers Plead for Australian Government Intervention
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Russian Hangs in Patong Cell After Threat to Set Motorcycle on Fire
Latest A Russian tourist has been found hanged in a police cell on Phuket after acting strangely and threatening to set a hired motorcycle and himself on fire.
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Phuket Lifeguards Warn of Stinging Bluebottles on Beaches
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Phuket Corruption Push to be 'Role Model'
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Comments

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Anyone have any idea where this resort is and what name they use? Would like to drive by & inspect.

Posted by Bill Gates on June 19, 2011 08:20

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Thailand has experienced a more than 50-percent drop in number of property transfers during the first quarter of 2011. Investors are hoping that sales will pick up after the national election on July 3.

Now that is an interesting comment that contradicts all others previously printed on the same subject. I was given to believe from the media that arrivals were up and house sales holding?

Posted by Nip on June 19, 2011 08:36

Editor Comment:

What do arrivals have to do with property transfers?

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"What do arrivals have to do with property transfers?"

Arrivals are surely the possible customer base.. More arrivals mean a greater pool of potential buyers. People who enjoy visiting Phuket represent potential people who might enjoy living here. Any agent will tell you that boom tourism years are boom property sales years, and vice versa when tourism drops so does sales.

Posted by LivinLOS on June 19, 2011 09:23

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#Bill Gates: Location, Bangtao. Name, Lotus Gardens. See: http://www.davidlloyd-resorts.com/img/David_Lloyd_Resorts_Lotus_Gardens_Phuket.pdf

Posted by Pete on June 19, 2011 10:53

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Another unfinished dream project by foreign speculators in Phuket..i wonder how many of these unfinished projects there are here in Phuket?..i suspect there are more than we realise..the building restrictions and ownership of land etc are some of the reasons,as well as the econimic climate..
really its down to the investors and buyers who take these gambles...buyers beware...

Posted by johndev on June 19, 2011 11:11

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Ed, it has a lot to do, medias are always making everything blue when everyting is grey ! hudges amounts of tourist arriving to the Kingdom, real estate sector growing up, big potential for Phuket residentials ,...Ed you didn t answer my question last time, why can t we for every review give a notation (less or plus) to the review ? could be interesting, including also the editor comments ! come on! you can do it...

Posted by serge on June 19, 2011 11:23

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Would be good to know what 'more than 50% drop' means. Not very inormative is it? Fifty percent of nothing is still nothing.

If your investment portfolio includes - hope - there is something terrible wrong.

Posted by Jed Richard on June 19, 2011 11:37

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Between Patong and Kamala. There s picture up on www.andrew-drummond.com if a plug is allowed

Posted by Andrew on June 19, 2011 11:45

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Isn't the original Jomchang (also pictured) distinct from Cape Sawan (formerly 'Jomchang II')?

Posted by Petter on June 19, 2011 15:41

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Jed - Any portfolio will include a degree of 'hope'.

Posted by Bert Bduass on June 19, 2011 16:02

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Apparently his project used to be the second phase of Jomchang, e.g. the vacant land between Jomchang and the Cape Sol project. David Barnett said on his site on 5 March: "As supply and demand tipping favorable in the luxury villa market, and buyers forced to go tap the resale market given the limited number of new product offering, this development looks to have perfect market timing."(exact quote)

Looks like not everybody considers the launch to have perfect market timing

Posted by Guenter Bellach on June 19, 2011 19:54

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I am continually amazed as to why Foreigners would even buy property in Thailand at all given the amount of pitfalls that could potentially happen ?

The risks are fully explained in detail around various forums (including this one no doubt). My advise to anyone wishing to invest here .. make sure you have an iron-clad contract. Should you find one, be decent enough to post your experiences on this forum.

Posted by reader on June 29, 2011 13:35

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Why buy? You can rent a big house with 3 bedrooms on a quiet street in Phuket City for 5,000 baht a month. I do that! Do the math. I could live there 100 years for 6 million baht! 1 year = 60,000 baht. Anyone who buys property in Thailand is an idiot. You're not guaranteed that prices will rise later. There will be a lot of instability in the next 5 years!

Posted by Nick on July 1, 2011 15:01

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Well spoke Nick!! Why to buy a property when can rent it? Now many resident foreigners wanna move to Chang Mai in a more quiet place. Phuket is changing very fast and nobody know what could happen in the future.. Look at the prices of the villas in Rawai area.. In the last year the prices are down more than 30% and nobody was able to sell anything...

Posted by Dave on July 1, 2011 20:29


Tuesday September 24, 2019
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