Monday, June 23, 2014

Monday, June 23, 2014
4
ITS THE CAMBODIAN LABOUR CRISIS! ITS THE ENVIRONMENTAL IMPACT REPORT! ITS THE GOVERNMENT!

NOPE - BUT IT MAYBE A DUCK!

It had to happen but CW Assets – a property company on Thailand’s eastern seaboard –  now seems to be explaining away delays in its construction projects due to last week’s sudden stampede of Cambodian workers back to their country.

Or may this could be the reason it has prepared for delays in the future.

This company has three projects – Bang Saray Condo, CWC Condo, and the last Abatalay Condo in Pattaya and it has been taking very large deposits on at least two of them.

Bang Sary has finished, but I gather the title deeds have yet to be passed on to the owners, and CWC and Abatalay condo and in various states of construction or non construction.  The picture above is the latest CW Assets can show for progress on Abatalay!  Its due to be finished next Spring.  And even though Bang Saray is supposedly finished most pictures of it are still of the artists impression.

That's more like it - Pattaya here I come! - an artist's view of Abatalay


On its website CW Assets is displaying such headlines as ‘Regime denies persecution’ (of Cambodian workers) and ‘Army Moves to Fix Labour Shortfall’ - and I’d be interested how much money they are paying their Khmer work force.

But in any case prices will no doubt go up if the new military government  (bless 'em)  gives immigrant labourers their full rights.


However in a letter to a retiring member of Britain’s Commonwealth and Foreign Office this company has a host of reasons for delays.  This man has already paid for 60 per cent of his apartment.

 "As with almost every development project in Pattaya we have experience various delays due to government regulations and  labor shortages. Nevertheless we are moving forward. 
Regarding Abatalay Condominium we are, as so many other condo developments, stuck in the EIA approval process (See the attached Bangkok Post story from April 29, 2014).
Due to a change in the law since we began the EIA process we currently have been instructed by the EIA committee to revise our sanitary system. We expect that to be completed beginning of June and then we will reenter the EIA Que (sic) and have to wait our turn to meet the committee.
 
As the Bangkok Post story details the EIA process in Thailand is a miserable waiting game due to the large number of projects requiring approval (300 developments) and the fact for the whole country there is only one committee that meets one time a month and only reviews 10 projects at a time. 
Hey you - can you re-arrange those trees! The artist is doing his sketch now!
We appreciate our buyers’ patience but this is a force major situation and it is beyond our control.  
However with time it will be resolve and we will begin construction as soon as possible.
One more good news/bad news situation. As you can see from the attached photos Pattaya city has started an improvement project on the street running in front of the Abatalay Condominium. 
 
New storm drains are being installed and a new road completed. Due to this road construction there may be an additional delays, road completion is scheduled for November 2014.
The new road and storm drain project will benefit our condo in the long run but for now we have to live with the delay that is beyond our control.  We have every confidence this situation will be successfully resolve but it will take time. We will certainly keep you and our buyers updated.
 
If I can be of further assistance please let us know." 
 Regards,James
Hang on a minute - 10 approvals a month, er, 300 in the waiting list - that's the best part of three years down the road, three years not having to explain where the deposits have gone?

Abatalay has had rave reviews in Thailand’s Property Press and in Online Property Websites. CW Assets provides some of the cheapest deals on the eastern seaboard.

However everybody should be cautious about anything which appears in Thailand’s property press. And I mean that very seriously.  If you click on this link you will see a little bit of history about CW Assets.  You might be able to come to your own conclusions as to how straightforward this company is.
A promo for Abatalay from newpattaya.com - anybody reading this in Soi Chayapreuk Pattaya - please let me know if you can find it or anything looking like it. James probably wants to know too. Take a photo for both of us.

Now click on their website and see if you can find any information about Abatalay Condos in Pattaya. All I can find is a few pictures, one showing  mechanical hoe in a field. Perhaps they could update their site.
CW Assets Bang Saray Beach Condo B (Completion Summer 2014) Pictured Sunday

Meanwhile abroad PropertyShowrooms.com is offering a two bedroomed apartment there for £60,976

And RightMove in the UK is offering a two bedroomed apartment at £42,496! That's 30 per cent below current market prices, says the promo.


If you search around you get all sorts of different prices. But at least one British agent has removed Abtalay from its books.

Now if you have read the piece at the link I provided, you will see some very odd correspondence –

Happy Home Hunting.

CW ASSETS AND A PATTAYA PUZZLE - HI YO SILVER PLEASE GIVE ME A CALL

Here are some hazards involved in buy condos in Thailand which we have encountered on this site.

1. Often the name of the development - the entity to which you pay your money - is not the real owner of the condo.

2. In that case we have several cases of the real entity taking the whole scheme to the bank and putting it down to raise funds for a new project.  The buyers then have to buy again.
Bang Saray Beach Condo B - pictured at the weekend (Completion Summer 2014)

3. If the condo owners do not control the condo committee with their own juristic person, who must be a Thai national, they can be forced to pay exorbitant service, water and electricity charges.

4. All condo's must be at least 51 per cent owned by Thais. Very often this is not achieved as Thais will not want to pay the prices foreigners do. That can pose legal problems.

5. Very often people do not get the unit they buy. The ensuing court case can take years.

6. Frequently construction does not come in on time.


4 comments:

  1. Well put together article Andrew. A good reminder on the perils of buying on plan.Knowing my luck if I bought a condo the laundrette opposite the building would be converted into a karaoke bar and open to all hours of the night (4 am). As far as I know there are no bylaws on property usage and, if there are I have never seen them enforced.Walk down Pattaya beach toward the temple of truth and you will see large plots of land with minimal building structures in front of large condos. No surprise if these structures are pulled down and replaced with new condos blocking the views of existing condos. Oops there goes your view of the ocean !!

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  2. The building is (not) in Chaiyapruek Soi 4, it is not there and there are no works going on there except for the new drinage being insta;;ed through the whole soi, they cleared some bushes a while back but there has been no groundwork started - I run there every day and have for 4 years, it should be opposite Beach and Mountain condo, but unless it has a cloaking device installed it hasnt even been started.

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  3. from it fb page looks like they building something?

    https://www.facebook.com/cwasset

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  4. Well 'they' have built something but they are promoting stuff which is not being built. The questions on what they have built are who actually built it? Have the buyers got their title deeds

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