PHUKET: Three expat owners of condos at the Chalong Bay View development are considering an offer of a 60 percent refund in six months' time as settlement of their dispute over the project.
It's understood as many as 21 people who have fully paid or part-paid for incomplete condos in the project are seeking settlements as part of a financial restructure.
An officer from Consumer Protection held a mediation session with the three condo purchasers and lawyers representing the owners today.
The maximum that the owners were prepared to pay was 60 percent, to be handed over in a lump sum in six months, the lawyers said.
The development in southern Phuket was originally promoted as having 69 apartments with a 25-metre infinity pool on the fourth floor.
It is believed the owners would like to settle with all current purchasers and offer the development to new buyers. Prices in 2007 ranged from 3.9 million to 7.9 million baht.
It's understood as many as 21 people who have fully paid or part-paid for incomplete condos in the project are seeking settlements as part of a financial restructure.
An officer from Consumer Protection held a mediation session with the three condo purchasers and lawyers representing the owners today.
The maximum that the owners were prepared to pay was 60 percent, to be handed over in a lump sum in six months, the lawyers said.
The development in southern Phuket was originally promoted as having 69 apartments with a 25-metre infinity pool on the fourth floor.
It is believed the owners would like to settle with all current purchasers and offer the development to new buyers. Prices in 2007 ranged from 3.9 million to 7.9 million baht.
Do I understand this correctly? The owners have not delivered, so are now offering a 60% refund so they can sell the same condo's again to somebody else? Seems like a financially very attractive way to do business.
Posted by stevenl on September 18, 2012 14:48