Waterfront condo

[Painter]

Just appeared on a news feed....

http://www.nationmultimedia.com/detail/breakingnews/30358460

 

 

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Civil lawsuits lodged for refunds, compensation over troubled Waterfront project in Pattaya

Breaking NewsNovember 13, 2018 17:30

By Theerawat Thongma, 
Dethawee Theewarangkool 
The Nation

3,706 Viewed

The owner of the Waterfront luxury condominium project in Chon Buri’s Bang Lamung district is being hit with two civil lawsuits lodged with Pattaya Provincial Court for a combined Bt100 million in refunds and compensation, a lawyer representing 20 buyers of the condo units said on Tuesday.

The buyers are represented in these cases by Chalermwat Wimuktayon, the founder of Magna Carta Law Office. 

Besides the two suits, which are based on consumer-protection law, another group of damaged persons have consulted about suing state agencies that had the duty to supervise and check on the project but allegedly made a mistake that resulted in damages to consumers, said Panthawat Pimsakul, another Magna Carta lawyer. 

Two state agencies have been identified as the possible guilty parties in this regard, he said, adding that this third lawsuit would be submitted to a court by December.

 

 

Chalermwat and Panthawat are acting on behalf of 20 buyers who were affected because the project owner was unable to hand over or transfer to them the rights over condominium units as per the contracts they had signed. 

The project remains in the under-construction stage because Pattaya City halted its construction pending probes into alleged violation of the Building Control Act, after it was initially found that the project design was different from the one the authority had approved – and there was also an accusation of public-land encroachment.

The Waterfront luxury condo project had passed the required environment impact assessment and received a green light from Pattaya City to commence construction in September 2008. 

However, local activists in 2014 raised a question over the legitimacy of its construction licence and launched a protest against the 53-storey project near Bali Hai Pier, which allegedly blocks the ocean view from the famous Phra Tamnak Hill

[Lanzalad]

I really can't see a way forward with this in any way..

Many will end up loosing money.

[drifter]

Personally, I hope they tear the whole thing down. Ugly, and it louses up a lot of views.

 

Hopefully nobody here put any money into this.

Edited November 15, 2018 by drifter

[davethailand]

I knew 2 Guys in Pattaya, one I'd known for a while as he drank in my mates bar, the second Guy I met through the first guy, both have a few quid (questionable where the 2nd one gets his from) but the first Guy straight, he "bought" 2 or 3 condos in the Waterfront, 2nd Guy hears about it and does the same, we sat there one night and it was like a pissing contest between the pair of them, I actually think they put deposits down on more units.

Wonder if they got anything back?

🙂

[Lanzalad]

23 minutes ago, davethailand said:

I knew 2 Guys in Pattaya, one I'd known for a while as he drank in my mates bar, the second Guy I met through the first guy, both have a few quid (questionable where the 2nd one gets his from) but the first Guy straight, he "bought" 2 or 3 condos in the Waterfront, 2nd Guy hears about it and does the same, we sat there one night and it was like a pissing contest between the pair of them, I actually think they put deposits down on more units.

Wonder if they got anything back?

🙂

I remember a post somewhere showing the company owners pissing it up in Macau a few weeks after the flash sale on this development. 

[Lanzalad]

As i've been in the construction business, ok nothing on this scale but its all the same..

One thing you have to remember its very hard maybe 4 times harder and in cost and in time to put something right when working with concrete..

This is just how it is... even with the correct machinery at ground level, so working on this to dismantle the upper floors makes it a non viable project in cost.

The more floors they take down the greater the cost which will land on the condo owners left plus the payback to the removed properties.

it would be cheaper to pull the whole thing down and liquidate the companies asserts and payback pro rata ... many would not get nothing like the money paid back if any...

[JDM]

On 11/16/2018 at 3:32 AM, davethailand said:

I knew 2 Guys in Pattaya, one I'd known for a while as he drank in my mates bar, the second Guy I met through the first guy, both have a few quid (questionable where the 2nd one gets his from) but the first Guy straight, he "bought" 2 or 3 condos in the Waterfront, 2nd Guy hears about it and does the same, we sat there one night and it was like a pissing contest between the pair of them, I actually think they put deposits down on more units.

Wonder if they got anything back?

🙂

I have a friend who has purchased 18 apartments there he is mega pissed off and I think it was him that started the legal action.

JDM

[Lanzalad]

3 minutes ago, JDM said:

I have a friend who has purchased 18 apartments there he is mega pissed off and I think it was him that started the legal action.

JDM

Bloody hell 18 ... wow that's some money... 

I'll not ask who I think i could guess...

[JDM]

9 minutes ago, Lanzalad said:

Bloody hell 18 ... wow that's some money... 

I'll not ask who I think i could guess...

Not who You did some work for altho he could afford to have been the guy.

The guy (he is a Brit)originally purchased 12 off plan then when the Russian currency crash happened he purchased a further 6 from some Russians.

His mate purchased a complete block in Atlantis off plan he was considering to do the same but considered Waterfront a better location.

He told me it was the worst decision he has ever made.

JDM

[tommy dee]

brief update.. magna has been working on this for 18 months, the main payers are THAIS.  thats why this is really taking off, a lot of very rich thais invested.  it wont be knocked down, but probably taken over by a thai company in the end and adjusted for a finish.

 

[Knuckles]

14 hours ago, JDM said:

I have a friend who has purchased 18 apartments there he is mega pissed off and I think it was him that started the legal action.

JDM

But "only" 10% downpayment/deposit was asked by the developers so losses aren't nearly as dramatic as they could have been had the building continued  onto the next phase. Still a substantial loss for all involved as the sell prices were high.

 

 

[Lanzalad]

8 minutes ago, Knuckles said:

But "only" 10% downpayment/deposit was asked by the developers so losses aren't nearly as dramatic as they could have been had the building continued  onto the next phase. Still a substantial loss for all involved as the sell prices were high.

 

 

Yes the 10% maybe true but they was a contract on date payments and if the buyer misses one payment that are out of contract.

[JDM]

On 11/27/2018 at 6:06 PM, tommy dee said:

brief update.. magna has been working on this for 18 months, the main payers are THAIS.  thats why this is really taking off, a lot of very rich thais invested.  it wont be knocked down, but probably taken over by a thai company in the end and adjusted for a finish.

 

I will ask my mate for an update.

JDM

[misteregg]

A building “expert” ( his words not mine) told me that after 8 years untreated concrete will be unfit for habitation and it will have to be pulled down. So that would be up pretty soon.
I know a very famous ex- BM from Secrets who has bought in there. Also a owner of a big gogo on Walking St.

[Anwar Sadat]

A building “expert” ( his words not mine) told me that after 8 years untreated concrete will be unfit for habitation and it will have to be pulled down. So that would be up pretty soon.

I know a very famous ex- BM from Secrets who has bought in there. Also a owner of a big gogo on Walking St.

It's not Harris Black is it ?

He's worth a few quid.

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[BarryL]

30 minutes ago, misteregg said:

A building “expert” ( his words not mine) told me that after 8 years untreated concrete will be unfit for habitation and it will have to be pulled down. So that would be up pretty soon.
I know a very famous ex- BM from Secrets who has bought in there. Also a owner of a big gogo on Walking St.

Be careful he may be Special forces and can kill you with a pencil. He is no building expert however.

Abandoned buildings get re-started after more than a decade regularly. In Bangkok, this one started life in 2003 as a Crowne Plazza and was abandoned in 2008.

https://property.bangkokpost.com/news/1264942/unfinished-old-hotel-on-sukhumvit-27-sold

It was purchased for 2.5 Billion Baht in 2017 and is currently under construction again in 2018 to be completed in 2019 as a Careton Hotel.

 

 

[Anwar Sadat]

Be careful he may be Special forces and can kill you with a pencil. He is no building expert however.
Abandoned buildings get re-started after more than a decade regularly. In Bangkok, this one started life in 2003 as a Crowne Plazza and was abandoned in 2008.
https://property.bangkokpost.com/news/1264942/unfinished-old-hotel-on-sukhumvit-27-sold
It was purchased for 2.5 Billion Baht in 2017 and is currently under construction again in 2018 to be completed in 2019 as a Careton Hotel.
 
 

There was condo block on beach road near soi 2 or 3. It was abandoned for years then it was restarted. Not sure of the name of the building.

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[BarryL]

1 minute ago, Anwar Sadat said:

There was condo block on beach road near soi 2 or 3. It was abandoned for years then it was restarted. Not sure of the name of the building.

Sent from my MI MAX 2 using Tapatalk
 

I think Northshore

[Bazle]

6 hours ago, BarryL said:

I think Northshore

Yes, so do I but not sois 2 or 3 - more like 4, I think.

[Anwar Sadat]

Yes, so do I but not sois 2 or 3 - more like 4, I think.

So it did happen then our kid ?

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[Krapow]

Can be dodgy alright buying off plan.

My mate lost £20K about 10/12 years ago buying off plan at place called Sawan Sawan I think it was, Thepprasit road direction. 

Don't think he's ever got any back ...

[Bazle]

https://thethaiger.com/news/pattaya/city-officials-plan-to-demolish-abandoned-pattaya-condo-project

After years of talks, threats, and complaints, the abandoned Waterfront condo development at Pattaya’s Bali Hai pier looks set to be demolished. 

Pattaya’s mayor, Sonthaya Khunplume, says officials plan to tear down what many have condemned as an eyesore, “as soon as possible” – and charge the owners for it. According to a Pattaya News report, the date of the demolition, along with the name of the company being hired to carry out the work, have not yet been confirmed.

[tommy dee]

36 minutes ago, Bazle said:

https://thethaiger.com/news/pattaya/city-officials-plan-to-demolish-abandoned-pattaya-condo-project

After years of talks, threats, and complaints, the abandoned Waterfront condo development at Pattaya’s Bali Hai pier looks set to be demolished. 

Pattaya’s mayor, Sonthaya Khunplume, says officials plan to tear down what many have condemned as an eyesore, “as soon as possible” – and charge the owners for it. According to a Pattaya News report, the date of the demolition, along with the name of the company being hired to carry out the work, have not yet been confirmed.

which is impossible for numerous reasons.  there is no thai copany experienced enough to take on the contract.  the so called owners have fled and the company is potless AND the bank owns it, more or less.  its been up for auction numerous times and never made the bank loan  so been rejected.  this is really a regurgitated tale that will go on until finally the " invesotrs" bed in with a new developer and it all goes back to normal 

[1canbrian]

heard the place had been up for auction, but bids not good enough to cover bank debt, now bids  are open to take building down, watch this space

[Pinoydave]

Years ago there was a bloke from Magna Carta Law who used to regularly post on the boards....... would be interesting to hear from him !