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Unless condo buyers are careful & check the property developer thoroughly they may never get the condo they paid for.

Photo above of beachfront condos in Pattaya,a favourite place to live and stay for tourists and expats (Source: Wikipedia)

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News

Pattaya condos 'may not be built'

5/09/2012

Home buyers must be extra cautious in purchasing condos in Pattaya as smaller developers are expected to face difficulties in actually starting construction of their projects, according to a major developer, SET-listed Raimon Land Plc (RML).

According to the latest Raimon Lands annual research publication Condominium Focus Thailand: Update for Inner-City Bangkok and Pattaya, 28,892 condo units are expected to be completed in Pattaya over the next three years.

However data gathered over the last one year (from the second half of 2011 to the first half of 2012) shows that 3,258 units have already been officially suspended.

Simon Derville, Raimon Land’s deputy vice president for business development said the majority of the units suspended tend to be low rise, 8-storeys high and without beach front or sea view, which makes it difficult to sell.

He forecasts that the number of development projects that would not be able to secure financing due to low pre-sales could reach up to 10,000 units over the next three years.

"If you are buying from someone you never heard of, you should definitely double check, ask a lot of questions and do our own due diligence," he said adding that buyers should find out if the developer actually owns the land if they have secure financing for construction and what their previous construction projects include.

(Source: Bangkok Post, business, Pattaya condos 'may not be built', 5/09/2012, link) 


Real Estate Development Vocabulary

condo - condominium, a legal arrangement where the apartments in a building have individual owners and all the owners pay an annual condo fee for common facilities in the building such as hallways, heating system, elevators and exterior areas (See Wikipedia)
beachfront condo - a condo on the beach

Pattaya - famous beachside resort south of Bangkok, favourite place to live and stay for tourists and expats (See Wikipedia)

Pattaya condos 'may not be built'

expat - a person living outside their country  for a long period of time (for work or retirement, for example)

construction - the work of building or making something, especially buildings, bridges, etc. การก่อสร้าง
starting construction of condo projects

construction projects
condo construction projects

real estate development - the business of building on land to improve it, includes condos, office buildings, homes, etc (See Wikipedia)
real estate developer - a person or business that does "real estate development"

developer - Same as "real estate developer"
development - Same as "real estate development"
development projects

property development - Same as "real estate development"

cautious - careful to avoid danger ระมัดระวังไม่ให้เกิดขึ้น
be extra cautious in purchasing condos

expected - believe will happen คาดว่า (จะเกิดขึ้น)
smaller developers are expected to face difficulties in actually starting construction of their projects

annual - happening once a year ประจำปี
annual research publication

expected
28,892 condo units are expected to be completed

Home buyers must be extra cautious in purchasing condos in Pattaya as smaller developers are expected to face difficulties in actually starting construction of their projects, according to a major developer, SET-listed Raimon Land Plc (RML). According to the latest Raimon Lands annual research publication Condominium Focus Thailand: Update for Inner-City Bangkok and Pattaya, 28,892 condo units are expected to be completed in Pattaya over the next three years.

data - facts or information used for making calculations or decisions ข้อมูล
data gathered
data gathered over the last one year

suspended - stopped for a period of time (temporarily or maybe permanently)
3,258 units have already been officially suspended

business development - (See Wikipedia)

majority - more than 50% ส่วนมาก เสียงส่วนมาก ส่วนใหญ่
the majority of the units suspended

tend - to be likely to behave in a particular way or have a particular characteristic มักจะ
tend to be low rise, 8-storeys high and without beach front or sea view, which makes it difficult to sell.

However data gathered over the last one year (from the second half of 2011 to the first half of 2012) shows that 3,258 units have already been officially suspended. Simon Derville, Raimon Land’s deputy vice president for business development said the majority of the units suspended tend to be low rise, 8-storeys high and without beach front or sea view, which makes it difficult to sell.

forecasts - what experts say will happen in the future คาดการณ์ 

secure - to get or achieve something การได้มาซึ่ง ได้รับ, ทำให้ได้ผล
not able to secure financing

secure - to make something safe ป้องกัน ทำให้ปลอดภัย
have secure financing for construction

reach up to
could reach up to 10,000 units over the next three years

due - adequate; done according to the usual standards or rules

due diligence - being very careful in doing something or making some decision such as buying or selling something; examining the financial records and documents of a business to estimate the value of the business and how much money to offer (See Wikipedia)
do your own due diligence

find out if the developer actually owns the land
find out if they have secure financing for construction
find out what their previous construction projects include

He forecasts that the number of development projects that would not be able to secure financing due to low pre-sales could reach up to 10,000 units over the next three years.

double - to become twice as big, twice as much or twice as many เพิ่มเป็นสองเท่า
double check - check two times just to make sure something is correct or true

"If you are buying from someone you never heard of, you should definitely double check, ask a lot of questions and do our own due diligence," he said adding that buyers should find out if the developer actually owns the land, if they have secure financing for construction and what their previous construction projects include.

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