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Condo Default Pain Not Limited to Phuket

Category: Real estate, Posted:04 Sep 2010 | 06:00 am

Despite a few isolated cases of developer defaults in the island's challenged condo market, consumer pain in something that can be felt increasingly around the globe.
Take for instance the glitzy luxury Cosmopolitan condo-hotel development in Las Vegas. With management by the Grand Hyatt flag and 2,600 units on offer, the original brainchild of entrepreneur Bruce Eichner has now seen the project revert to Deutsche Bank.
A number of very public legal disputes with disgruntled purchasers have placed the bank under the gun in media accounts. An assortment of well known personalities have issues comments about tying money up for a number of years and units still not being delivered.
Sounds familiar?
Property and the global financial crises have become unlikely bedfellows and for now until the larger outside world goes into an economic upswing expect more pain then pleasure for unhappy off plan investment and real estate buyers.

Other News

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Destination Group Transacts Khao Lak Hotel

Category: Hotels, Posted:21 Sep 2022 | 16:21 pm The Destination Group has acquired a partially completed beachfront 400-key hotel in Khao Lak, Phang Nga. What was named the Mora Resort which is under construction will see Destination fully complete and brand the property. An opening in late 2023 is planned for the hotel which is located near the JW Marriott. Access to Khao […]
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Soho House Bangkok Opening in December

Category: Hotels, Posted:21 Sep 2022 | 13:09 pm Uber global social brand Soho House will debut in Bangkok this December 2022. Located in the former Eugenia hotel in Sukhumvit Soi 31, the property has been reinvented. With three floors of facilities, food, beverage, and cultural events are also set to be showcased. Soho  House Bangkok membership is set at THB135,000 per year, with […]
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UWC Phuket Enters International School Property Market

Category: Real estate, Posted:20 Sep 2022 | 08:46 am One of Phuket’s leading international schools UWC has entered into a development deal for integrated living. The school has subdivided a portion of its land adjacent to the campus and will have properties built by a Phuket real estate group TYSSEN VIP Development. Branded as the Campus Villas, the 44-unit gated estate offers four types […]
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