NEWS ALERT Lersuang's Tamarind Hills Condo Project Rescued
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.