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The One Villas take
root in Sattahip
Sawittree Namwiwatsuk
Pacific Rim Rich Group Co., Ltd. has launched a 150 million baht
development that will see the construction of 52 private homes in a natural
setting in Sattahip.
 Siri
Chomchan, owner of The One Villas Pattaya development, addresses the assembled
guests and media at the project launch party.
The One Villas Pattaya project will be built in two phases on 34 rai of land in
Najomtien close to Khao Chichan. The first phase calls for 20 homes and is
already half completed. The second phase, 20 percent complete, will see 32 home
built.
Foreign residents are the target buyers with homes starting at 6.8 million baht
each. Each will range between 185 and 220 sq. meters and five design styles are
being offered, with two or three bedrooms each. Each home will also have a
swimming pool.
Planners said the development will feature 24-hour security, well- and city
water and a 10m. common-use area.
The project was launched in October and will take approximately two years to
complete.
A show house at The One Villas
project.
Property developer confidence index hits record high 57.8
Thailand’s property developer confidence index reached a record high of 57.8 in
the fourth quarter of 2009, boosted by an increase in total sales, employment,
and the launch of new projects, according to the Bangkok-based Real Estate
Information Center.
Government Housing Bank president, Kan Prachuabmoh, acting in his capacity as
chairman of the centre, said the index rose from 55.8 in the previous quarter
and 36.3 in the same quarter the year before.
Sales, employment and project launches increased, particularly in December last
year when property developers accelerated project construction, consumers rushed
to buy in response to sales promotions, and commercial banks stepped up lending
because state-supported ownership fees and mortgage reductions were due to
expire.
In addition, at that time property developers needed to speed the activities to
close their balance sheets.
Prachuabmoh said the confidence index in the next six months is expected to edge
up slightly, showing the sector is confident the property market will improve in
the near future as developers gradually inaugurate new projects.
However, he conceded that a spate of anti-government protests, fuel price
fluctuations, and higher steel prices due to the substantial demand for steel in
China remain key negative factors that need to be closely watched and
understood. (TNA)
Counsellor’s Corner
Contract To Buy A Condominium Unit – What To Look Out For
David Tan
Question
I expect to buy a condominium unit in two months time and the seller is
asking me to sign a Sale Contract now. Before I sign the Contract, what
contractual conditions should I look out for?
Answer
First of all, this Contract is not a sale of condominium unit (“Condo Unit”)
contract, not in the eyes of the Thai civil law. It is a contract whereby the
seller promises to sell you the Condo Unit in two months time and you promise to
buy the Condo Unit in two months time, better known as a TO sell and TO buy
contract. The Contract will provide for all the binding conditions between the
seller and you until the time of ownership title transfer i.e. in two months
time.
Furthermore, under Thai civil laws, a sale of a condominium unit only takes
effect upon payment of full purchase price to the seller and the registration of
ownership title transfer by an official of the Land Office. These have not
taken place yet.
The main contractual conditions which you have to look out for are:
(1) The seller agrees to transfer ownership title of the condominium unit to
you at a specified date. Otherwise, you have the right to claim for the damages
for breach of contract. Also, any deposit money, first installment payment etc.
paid towards the purchasing of the Condo Unit must then be returned to you;
(2) The seller covenants or gives warranty that the Condo Unit shall be
transferred to you free and clear of any encumbrances, mortgages or charges;
(3) All drawing plans of the Condo Unit, building materials e.g. teakwood for
walls in kitchen, brochures on the Condo Unit and other specifications of the
Condo Unit are considered a part of the Condo Unit and this is defined in the
Contract. (Note: This is now a requirement under the Condominium Act No. 4 B.E.
2551 (2008). Please see my article Contract Protection for Buyers of New
Condo Units published in the Pattaya Mail newspaper on August 28,
2009; and
(4) The party that is responsible for payment of the transfer fee, income tax,
stamp duty or specific business tax. If these are not specified in the
Contract, then the parties to the Contract will have to comply with the
provisions under the tax laws i.e. you, the purchaser of the Condo Unit, is only
responsible for 50% of the transfer fee.
If the seller is a married person and the Condo Unit is marriage property, the
seller will have to produce a letter of consent from his/her spouse consenting
to the sale of the Condo Unit.
Note: David Tan is a Lecturer of Business Law at Asian University and
author of the book “A Primer of Thai Business Law (Second Edition)”,
available online at www.chulabook.com. In Bangkok, the book is available at all
Kinokuniya and Asiabooks bookstores. Any questions on condominium unit
purchase, sale or development should be e-mailed to Business Legal Advisory
Services at: blas.inter@yahoo.com
Ratanakorn Properties looking forward to a ‘Fab-Feb’
Ratanakorn Properties are getting ready for a fabulous February and they have
four great reasons to be optimistic. Although they have been around for over 16
years, many people are still not familiar with the company and its projects.
This is all about to change however, and here are the reasons why:
Reason No 1 – Ratanakorn have just appointed Mukesh Thakkar as their Director of
Sales and Marketing. Mukesh has now relocated to Pattaya from London to take up
his new position.
 Mukesh
Thakkar.
Commenting on his new appointment Mukesh said: “Well, it started in November
2009 when I was asked on a consultancy basis to prepare a report for Ratanakorn
on its position in the Real Estate market and set out objectives on the way
forward for the company. I studied the local real estate market, looked at the
other developers and their projects and spoke to many people who have been
working here in the real estate business for many years. Equipped with all this
information, I prepared a plan of action on short, medium and long term goals
for the company.
“I concluded that firstly, the profile of Ratanakorn had to be raised to reflect
the company’s position as one of the leading developers in Pattaya. Next a
marketing plan had to be devised to give buyers and agents a greater awareness
of Ratanakorn’s range of projects. I also identified a need to improve the
marketing material and to create a corporate brand. Lastly, the company had to
improve communication between agents, buyers and the sales team to make the
process of buying easier.
“I presented my report to the MD, Tony Ruangratanakorn, and outlined exactly
what I believed needed to be done. A few days later I was asked to come in for a
meeting and was offered the position of Director of Sales and Marketing and a
new sales office at TW condominium Plaza in Pattaya Centre.
“I have been selling Ratanakorn’s properties in the UK for the past 3 years and
am very familiar with the company and their projects, this certainly made the
decision easier. After careful consideration and discussion with my family, I
decided to accept the position as it offered a fantastic challenge and an
opportunity to work with one of the city’s leading developers”.
Reason No 2 – On February 1, Ratanakorn will open their new sales office in the
Plaza at TW Condominium. The office will initially focus on servicing the Real
Estate Agents in Pattaya with all of Ratanakorn’s completed and off plan
condominium projects. The housing and commercial projects will be offered to
agents at a later date.
Reason No 3 – February 1 will also see the launch of Ratanakorns latest project,
Life Star City Tower. The 21 storey tower located in the heart of Pattaya City
will be offered off plan for completion in the 3rd quarter of 2012. The tower
boasts modern designs with the feature being the 15th floor Sky Pool
incorporating: swimming pool, coffee shop, sauna and a golf putting green.
Reason No 4 – By mid February the showroom for Life Star City Tower, which is
located at the new sales office in TW Condominium will be completed and ready
for viewing. The showroom will give prospective buyers an example of the finish
they will receive in Life Star City Tower when complete.
These are indeed four very good reasons for Ratanakorn to expect a Fabulous,
February. It looks like we will be hearing a lot about Ratanakorn Properties in
the future.
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