TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

NEWS ALERT Lersuang's Tamarind Hills Condo Project Rescued

Category: Real estate, Posted:13 Nov 2009 | 15:48 pm

One of Phuket's highest profile default ridden developments Tamarind Hills has been restructured and is in the process of project rehabilitation according to new Managing Director Dr. Metta Visessombat who also heads the energy group Sepco Asia. thephuketinsider spoke to Dr. Metta today at the companies new offices on Ban Don Road in Cherngtalay and was updated on the current status of play.
Tamarind Hills which was developed and managed by Lersuang Group has now changed name to Tamarind Hills Layan Co. Ltd; with the former management now fully resigned. Comprised of 142 condominium units of which a total 80 had been sold previously. Designed and launched in two phases with 54 in the first part of which 30 were sold, and 24 units remaining for sale. Phase 2 of 88 units with 50 sold and 38 still for sale.
A sales relaunch is planned for mid December with the remaining units in Phase 1 (24 condos) for sale. Arrangements for financing have been made with the Government Savings Bank who will be bridging loans to recover the ownership of the land which had been secured by third party interests and fund construction to completion. Existing buyers have been offered the ability to retain their units though a premium of 15-20% over the original price in a financial workout scenario. The majority of purchasers have consented to the remedial measures with strident controls of funding and accountability on place. The new developer is now looking at completion and handover starting in April of next year of the initial condos.
The Lersuang Group whose unfinished projects in Phuket include Lersuang Village, Infinity Heights, and Turtle Cove along with another development in Hua Hin were unavailable to comment on this news story. Buyers in Tamarind Hills at launch funded payments into offshore accounts reportedly under the custody of the now defunct Lighthouse Group of Hong Kong. There remains a number of answered questions with the original developers as to the disposition of funds paid to them and also the other mothballed projects. Additionally the situation of a developer who has allegedly transacted land on which they had sold units continues to create unease for many of the purchasers.
From our discussions with Dr. Metta it appears that the current rescue plan has been painstaking methodical and at face value looks to reach some closure for purchasers who bought property and have been in a state of flux for a number of years. There remains no clarity on the status of the other three developments which are tied into separate entities; but the situation does amplify the need for anyone contemplating buying property to seek qualified legal advice.

Other News

Read more

Dusit Ties Up With Layan Verde Phuket Branded Residences

Category: Hotels|Real estate, Posted:26 May 2024 | 16:53 pm Thai hospitality group Dusit International has signed a deal with VillaCarte Group for their upcoming Layan Verde project in Bangtao Phuket. The agreement covers 633 units under two brands – Dusit Residences and a Dusit Collection Hotel. An opening is planned in 2027 with a key highlight being an EDGE environmental certificate. VillaCarte Group has […]
Read more

Koh Samui Gets New Daily Direct Flights From Singapore

Category: Tourism, Posted:14 May 2024 | 09:32 am In a major boost for Koh Samui tourism, Singapore’s Scoot Airlines has commenced daily flights. Currently, there is a daily flight, with a second flight expected to be added in June of this year. Scoot is a subsidiary of Singapore Airlines. The airline is using Embraer E190-E2 aircraft which accommodate 112 passengers on the route. […]
Read more

The C9 Sessions – Understanding Thailand’s Hotel License Regime and Procedures for Branded Residences, Condo Hotels, Mixed Use Projects and Vacation Rentals

Category: Hotels|Real estate, Posted:13 May 2024 | 16:39 pm Branded residences, condo hotels, mixed-use projects, and vacation home rentals are becoming a significant player in Thailand’s hospitality space. As property developers, real estate investors, and property buyers are learning, this is a complex space that requires well-structured projects. Join us for a unique 90-minute co-working lunch learning session about all the moving parts in […]
SiaJai logo

Thailand's Leading Homecare Marketplace