Drew Noyes is Back! Offering Thai working class homes as loan security!-

He’s back! Drew Noyes the American founder of the Pattaya Times newspaper is back in the headlines again in the resort city – and features in no less than ten photographs in his newspaper, which has been off the streets for a month: –

And he’s back with a new unbelievable offer.  – But needless to say – BEWARE!

(In the left in the picture with the Generals above is Noyes right hand man Australian entrepreneur David Hanks, best known as the owner of Masquerades Brothel in Melbourne – Hot Asian beauties at AUS$100 for half an hour)

And amazingly the man, who has been exposed on this site for his dealings in selling housing for Thailand’s less well-off  to foreigners, is back again, er,  selling housing built for Thailand’s less well-off to foreigners.

And what’s more Mr. Noyes, also exposed for ripping of the Board of Investment’s One Start One Stop Service Centre with his own One Stop Service Centers using their video promo,  is back again posing with uniformed generals, and announcing his new company One Stop Legal Services, although in the picture caption above he has forgotten the name change and is still calling it One Stop Service Center.

In this leaflet above he promises two types of will for clients who want to make one in Thailand. One of them is legal!

There’s no stopping  Drew Noyes, who was arrested earlier this year with his ‘wife’ Wanrapa Boonsu, the editor of the Pattaya Times, on extortion charges, and who was the subject of a major expose in the Wilmington Morning Star in North Carolina, long before he graced Thailand’s shores.

Now he’s been doing the rounds posing with police generals etc. and hobnobbing with the élite again. He’s mixing with the hoi poloi while trying to raise cash from homes built for Thailand’s ‘working class’. Ah capitalism.

In the Pattaya Times is a new company called Pattaya Management & Development Company Ltd., but this of course points to the address and telephone numbers of  Noyes’ PAPPA Co. Ltd., in Karn Keha Building, Thepprasit Road, Jomtien.

But be careful Pattaya Management & Property Development are currently seeking loans from foreigners to invest (US$90,000) in condos in Lumpini Condotown on Pattaya’s ‘prestigious’ Sukhumvit Road.
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Here’s the blurb!

‘Investments are made by way of a loan to the management company secured by the First Trist Deeds on the underlying assets.

‘This means for each unit for which you make a loan your name will be recorded on the title deed and at the Land Office so that the loan is 100 per cent secured by the CURRENT value of the condominium’.

That’s interesting. People are being asked to put down US$90,000 for three condo units, which are being advertised on the net from 950,000 baht (US.30,914) each and in this case all they get is a promise to pay the cash back with 8 to 10 % interest!

Read on below

Advertising for these properties by LPN has only been in Thai on the internet.  This development was designed as cheap housing for Thai people in Pattaya to give the not so well of a chance to own a home of their own.

This is what Opas Sripayark, Managing Director of L.P.N. Development Public Company Limited had to say:

If all these properties were sold out in the first few weeks then one has to assume that the Pattaya Management and Development Co. Ltd, purely wanted to step in as a middle man and make a killing when they were built. 

But now, for those who bought to speculate, is the time to put their money down. As the condos are about to completed, they have to pay or take out mortgages and the developers are not walking away.
That’s where the foreign punters come in it seems.

This is what L.P.N. Chairman Pakorn Thavisin had to say: That’s him talking to Drew Noyes above. Would he have told Khun Pakorn his plans?

“We do not leave our projects after the sale. We stay with the building and help to make it a community. We even publish a magazine for owners so they know how to live in harmony together since many of them have never lived in a condominium before.”

Of course I guess everybody could be lying. But that’s not good either if you’re investing! But my money is on Khun Pakorn telling the truth.

So do not believe these 100 per cent guarantee promises that you will get your money back plus 8% to 10%.  They are not offering you the deeds of the property. You’ll be making a community – somebody else’s!

Ask around and find out how difficult it is to get someone to repay a loan in Thailand let alone one to you know who.

And it seems almost superfluous to state that the claim that they will be able to ask 2,850 Thai baht a night in rentals from Agoda and Bookings.com is a load of old cobblers.

An independent estate agent I called estimates the possible rental at between 7000 to 10,000 a month but not from a Thai.

“It looks a bit like the Sir Francis Chichester estate in Lambeth”.

Personally if I want to be in Pattaya I will rent a room in Pattaya, not five miles out, and next year I’ll still be able to get one with a pool outside my door at half that price if I can do it now for 800 baht.

And no these properties are not expected to appreciate drastically in 2015 when Thailand becomes the hub of ASEAN, as is claimed. Prices will rise according to the markets.

The figures do not add up.

These units are what they are – nothing else. But who ever bought up a batch of these condos believing they constituted a cash cow to offer to foreigners as security for loans, had no concern that he had deprived them from ordinary people who wanted an affordable place to live.

(1) Name ten comfortable places to stay in Pattaya with pool, restaurant etc for 1000 baht or under!
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(2) Name ten comfortable places to stay in Pattaya with the above for 1500 baht or under!

(2) What can you get in Pattaya for Bt2,850!?