Has anyone bought in Phoenix Grove, Pattaya?

[pmun]

I have just bought (leasehold) a 2 bed bungalow. I would be interested in hearing from others in a similar position.

[wharfie]

Originally Posted by pmun

I have just bought (leasehold) a 2 bed bungalow. I would be interested in hearing from others in a similar position.

hi! i have also bought 2 bed linked bungalow...its my first overseas investment
so im going to see how it goes & maybe look to get a 2nd property in the future. i think december is the completion month they have now given.

i originally had chang gardens, but that ran into problems. and was offered lake villas,emerald, or phoenix
tracey

[pmun]

Hi Tracey. Thanks for the reply. This is my wife & I's first foreign purchase too. We went to see the development site last year before they broke ground, we met the developers and had a look at 2 previous projects which are now complete. We were a little worried before as the development was initially due for completion in June 2008. However we have just recieved photos showing the link bungalows at a fairly advanced stage of development so we feel more relaxed now. We're not over the moon that the club house facilities will not be ready by December. Are you renting your's out? If so are you handing it over to the management company to let on your behalf? Or is it solely for your own use? Are you leasing or forming a Thai Company? Keep in touch Tracey so we can continue to share our experiences. Regards. Lee

[chris_stockwell]

Hey Guys, I have also bought or laid a deposit, I have not paid any more as yet as things keep changing, I saw the land before being broke and have received pics, one thing I am confused on is the fact that there will be 182 dwellings and not around 100 as first detailed, I have not been informed of any changes etc. I was going to rent it out but the cost of the furnature package is only covered by the rent you get so you make no gain, so i think it is best to fit out my self. Let me know your thoughts..cheers chris

Originally Posted by pmun

Hi Tracey. Thanks for the reply. This is my wife & I's first foreign purchase too. We went to see the development site last year before they broke ground, we met the developers and had a look at 2 previous projects which are now complete. We were a little worried before as the development was initially due for completion in June 2008. However we have just recieved photos showing the link bungalows at a fairly advanced stage of development so we feel more relaxed now. We're not over the moon that the club house facilities will not be ready by December. Are you renting your's out? If so are you handing it over to the management company to let on your behalf? Or is it solely for your own use? Are you leasing or forming a Thai Company? Keep in touch Tracey so we can continue to share our experiences. Regards. Lee

[johnE]

All at Phoenix Grove,

I understand that this development is with TPME (Thai property and media exhibitions), as is Lake Villas.

It the moment we are having some problems getting the rental guarantee payments on time.

Has anyone else experienced this on their development or with TPME ?

Please respond !

JohnE

[wharfie]

any update on phoenix grove? phase 1 almost complete...my 2 bed linked is phase 2. they offered me one in phase 1 as its taking so long to complete. sum 1 said having trouble getting guaranteed income from lake villas? any more info on that or the current value of 2 bed linked bungalows?

[wharfie]

hi there!
any update on the situation with phoenix grove?

[egeefay]

I took a look at the Phoenix Grove website and all I saw were artist renditions of the houses.

That's not a good sign.

Be careful when buying houses in Thailand "off plan"
In Thailand some Developers can't often get bank financing for a project and rely solely on "buyers" seed money to get started. They'll show you attractive architects renderings...even animated 3 D CAD videos. to wet your appetite.
They'll even claim that most of the lots have been sold and show you graded lots that look like they are in the early stages of development
But Often they end up running into money problems later and can't finish the project. Or even worse.

Phoenix Grove looks like it did get underway but sounds like it has ground to a halt since September 2008

Be alert to attractive promises of common pools , spas, clubhouse and fitness facilities....or developer promises that they will guarantee to rent your property out for you while you are not there.
My Thai relatives bought into a project like that. They got their house...but not the promised facilities.

With that said you might be interested in this posting by a Phoenix Grove owner who went to the site at the end of 2008 to see how his investment was coming along

Visit at Phoenix Grove on 26-11-2008

Not saying that Phoenix Grove in Pattaya is one of those projects but they do seem to be having financing troubles ....not a good sign...especially if you've already put your money down.

Here's some photos of the project...which apparently is what it looks like at this posting

http://www.phoenixgrove.info/index.p...d=69&Itemid=80

In Thailand "Let the Buyer Beware" has more meaning than in the west.

[Sean@Phuket]

While there are some 'dodgy' and 'crooked' developers out there, always remember that NOT all developers in Thailand are of the same classification as egeefay states. A huge majority in fact.

An abundance of developers have great relationships with their buyers and their projects have been completed and handed over, on-time and early.

Though egeefay is correct in offering the word of caution, a reputable developer will have a solid track record of developing and will have bank guarantees stating they have money in-hand to complete their project. Another and the recommended way to purchase property in Thailand is through an Agent. Your REPUTABLE Agent will NOT try selling you a development which they know (and they will know) is on the road to nowhere.

[egeefay]

Sean from Phuket is correct. I do not mean to shed a bad light on all developers in Thailand.

Just exercise extra caution when making real estate purchases in Thailand.
The laws that govern contractors and building standards are far "looser" in Thailand than in the west.
For example, there are no requirements that builders have a license or post a bond.
In Thailand there are very few professional tradesmen (licensed electricians, plumbers, carpenters etc.)
There are very few government inspections to make sure building sites are meeting codes.
And the "general" warranty for many new houses is one year in Thailand as opposed to ten years in many countries in the west.
Also, foreigners are , for the most part, are barred from owning land in Thailand so You can't just buy a house and land in Thailand as you can in the west. There are restrictions and proper prceedures that must be followed

Being extra careful with your investment money in Thailand is advice worth taking. If you are new to the Thailand real estate market, do your homework first. There are many Thailand forums on the internet where buyers are happy to share their experiences and suggestions