Here is the latest picture of the site for a condo project in Pattaya which has had rave review in the press and on property websites. Construction should have started way back when and should be completed shortly – but wait – What’s that? A ‘For Sale’ sign?
Indeed, investors who have put money in Abatalay Condo – on the menu of a company called CW Assets – might want to call their lawyers now. They might want to get together too.
Thai Police are not much interested in foreigners being defrauded in condo deals in Thailand.
Nor it seems are Consumer Protection Departments keen to investigate. To get your cash back you might need to team up so at least ten of you can bring civil (or criminal) cases – depending on what you find you.
Let’s hope they pay your cash back before offering to put it instead to a future venture.
 |
| Here’s what punters were promised |
But check previous stories on this site. They may help you decide. There is an amusing email exchange with the boss.
Apparently if you ring the number on the board you get the angry owner of the land who says CW Assets never paid.
All they ever forked up was 100,000 baht two years ago – but they have taken cash on some 150 apartments.
That means potential buyers would have had to have put 30,000 baht down plus 1/3 of the purchase value within 21 days – another 300,000 baht.
 |
| Who is registry for Abatalay. The email wild246@gmail is that of Ian Silver who registered Abatalay and several other sites
So could this have happened before – oh dear yes. Royal View Talay went up in smoke involving that guy with the wild246 gmail account.
|
 |
| from newpattaya |
Readers of this site will know we warned what CW Assets could be up to a long time ago.
 |
| from asiatradingonlinr |
But wait CW Assets paid for this land outright. Did not they tell us all so? This below is what they company put on the internet so that prospective buyers should be be assured. CW Assets called it ‘Due Diligence’.
 |
| (We have saved this together with url if victims need it later) |
Well no they did not of course which is why the actual owner of the land had the contract cancelled – see below right.
 |
| Imorn Luekhamharn – the ‘boss. |
Now Abatalay has been pulled completely from CW Asset’s website so I called the company and spoke to a guy calling himself John.
AD:‘What’s happened to Abatalay”, I asked.
J:‘Oh. I spoke to the owner and he said we were waiting for EIA approval (environmental investigation).’
AD:‘But, John, Abatalay is no longer even on your website.’
J:‘Yes, I must mention that to the owner’.
 |
| Cancellation of land sale contract. No 9 million baht was ever paid! |
AD:‘But John there is a for sale sign on the land where Abatalay is mean to be – and the number on the for-sale sign is not CW Asset’s.
J:“Is that true? Thank you for telling me. I must tell the owner that.
AD:“Yes, John and you should tell the 150 people who have put down money there.”
J: “Yes, that’s true”.
AD: “Goodbye John”.
J: “Goodbye and Thank you”.
 |
| Flying Sporran Reader Service |
Note to potential victims: Its probably best to get together on this rather than try and complain individually if you do not get your money back. You can contact each other through this site if needs be.
Didn't either Drew Noyes or Brian Goudie use that same address that's in the whois as the address for their Bangkok office?
That's an address I have seen a lot of
Below is the latest email they are promoting. In July they had a “guaranteed rental income” but August its changed a little and not signed off by anyone. The glitch is the Company ownership—whose company— so one reason to avoid this as any foreigners wishing to buy has no ownership in his name at all. As for a 15% rental return I have seen many condos being built with guaranteed rentals to get the unsuspecting buyer but then ask them for a guaranteed contract with penalty clauses if no rental and watch them back track. Any condos who put a 15% or more as rental income for the buyer is talking thru a hole in their head and anyone who buys without doing their homework then I feel sorry for them. These are sardine cans not luxury condos????
Summer Condo Sale!
Live a wonderful life at beautiful Bang Saray Beach.
Now you can! Get a special discounted price on
selected Bang Saray Beach luxury condos starting
at just 799,000 Baht.
We are presenting SALE PRICES on a selected few
affordable luxury ocean and mountain view condos
close to the nicest beach on the eastern seaboard
of Thailand.
Bang Saray Beach Condominium
Some Bang Saray Beach Condos are ready to move
in now. The condo is located in a natural setting and just
200 meters from the beach. Bang Saray Beach
Condominium offers a perfectly relaxed life by the ocean
side and yet just 15 minutes from Pattaya shopping,
dining and entertainment.
Some units are Ready to Move In
(Company Ownership)
These are perfect investor rental units
delivering up to 15% annual return.
unit # 218 is a 30sqm Studio with balcony.
Ceramic tile floor, full tiled bathrooms,
glass balcony rail. TV and phone lines
Regular price 1,399,000 Baht
On Sale now at 799,000 Baht (14,750 GBP)
unit # 304 is a 25sqm Studio with wonderful
mountain views.
Ceramic tile floor, full tiled bathrooms. TV and phone lines.
Regular price 1,300,000 Baht
On Sale now at 899,000 Baht (16,750 GBP)
unit # 308 is a 30sqm Studio with balcony.
Ceramic tile floor, full tiled bathrooms,
glass balcony rail. TV and phone lines.
Regular price 1,399,000 Baht
On Sale now at 999,000 Baht (18,750 GBP)
Purchase for investment, as a holiday home or to live in
yourself with your family. Your investment in beach side property will certainly give the best annual return and long term appreciation.
Contact us to purchase direct before August 30, 2014 .
Best regards,
Bang Saray Beach Condominium
+66 (0)91 232 7981
sales@bangsaraybeachcondo.com
unit # 304 is a 25sqm Studio with wonderful
mountain views.
Ceramic tile floor, full tiled bathrooms. TV and phone lines.
Regular price 1,300,000 Baht
On Sale now at 899,000 Baht (16,750 GBP)
5 metres by 5 metres! My Pomeranian is currently sleeping in my back room which is bigger than this condo. You actually get tiles on the floor and in the bathroom? My goodness, Hi-So central.
Andrew, you hit the nail on the head with your Due Diligence warning. Due diligence means independently verifying the claims of the developer, legality of the project, and ownership of the assets. Here in Thailand, an ounce of prevention is worth about a ton of cure because the justice system is flawed and slow.
If you're buying off the plan (which some people flatly refuse to do, and for good reason): Hire a real lawyer, not recommended or provided by the developer, with a specialty in real estate in the area you're thinking of buying, before you give a dime to the developer. One thing a legal due diligence won't totally uncover is the reputation of the developer, do your own digging online and through contacts.
If you're buying into an existing development, hire an accountant to look at the books of the committee to make sure they have enough to maintain the property and whether there's a large assessment coming your way once you transfer the unit into your name. Plus undertake whatever legal due diligence is necessary.
Nobody likes to pay lawyers but neglect due diligence at your own peril!