PHUKET: Expats who make up about 70 percent of the ''owners'' of a Phuket condominium development that has yet to take shape turned out to join a protest today.
The 30 protesters went to Phuket Provincial Hall, hoping to see Governor Nisit Jansomwong, who told a similar group 10 days ago that he would talk to the owners of the Ace Condominium project in Patong and get back in 10 days.
The protesters are out of pocket by many millions of baht Governor Nisit heads the Phuket Consumer Protection board.
Expats and locals who bought into the off-the-plan condominium project opposite Patong Hospital have yet to see their condos, which were due for completion last month.
A cross-section of investors and people buying a place to live poured money into the 196-unit project, which had two phases.
Tonny Gao, 42, from China, said he and a friend invested four million baht. Didier et Nadine Giesen said that he had used his retirement funds to buy a unit.
Australian Paul Schmierer said that he had invested 1.152 million baht.
''We thought it was good value because of the location, in the heart of Patong,'' he said. ''Now most of us would just be happy to get our money back.''
It is believed the reason why the condos never took shape is that the two partners behind the plan fell out.
Laws have been tightened to protect consumers but there's a glut of condos on Phuket at present, so developers hoping to derive income from quick sales are in some cases struggling.
Authorities from Kathu district, which oversees Patong, plan to check the accounts of the Patong Centre, the company backing Ace.
Meanwhile, protesters say they will target Bangkok authorities later this week to try to achieve a quick resolution.
The present condo glut also means that apart from condos in secluded or desirable locations, people who bought condos for investment may not see any appreciation until the glut becomes a shortage.
The 30 protesters went to Phuket Provincial Hall, hoping to see Governor Nisit Jansomwong, who told a similar group 10 days ago that he would talk to the owners of the Ace Condominium project in Patong and get back in 10 days.
The protesters are out of pocket by many millions of baht Governor Nisit heads the Phuket Consumer Protection board.
Expats and locals who bought into the off-the-plan condominium project opposite Patong Hospital have yet to see their condos, which were due for completion last month.
A cross-section of investors and people buying a place to live poured money into the 196-unit project, which had two phases.
Tonny Gao, 42, from China, said he and a friend invested four million baht. Didier et Nadine Giesen said that he had used his retirement funds to buy a unit.
Australian Paul Schmierer said that he had invested 1.152 million baht.
''We thought it was good value because of the location, in the heart of Patong,'' he said. ''Now most of us would just be happy to get our money back.''
It is believed the reason why the condos never took shape is that the two partners behind the plan fell out.
Laws have been tightened to protect consumers but there's a glut of condos on Phuket at present, so developers hoping to derive income from quick sales are in some cases struggling.
Authorities from Kathu district, which oversees Patong, plan to check the accounts of the Patong Centre, the company backing Ace.
Meanwhile, protesters say they will target Bangkok authorities later this week to try to achieve a quick resolution.
The present condo glut also means that apart from condos in secluded or desirable locations, people who bought condos for investment may not see any appreciation until the glut becomes a shortage.
Buyers, be a bit patient, Governor promised you to talk/inform himself with the owners of the Patong Ace project. Governor will do so.
Seems buyers can not contact themselves the owners of Patong Ace building project.
To those who would be happy now just to get their money back I would say: Sorry, in Thailand there is not such thing as just getting your money back. You probably have to make it a Court case, At the end you spent more in legal fees and costs than the amount of your deposit. ( Unless the Governor can make a break through).
Posted by Kurt on May 6, 2015 13:52