Thursday, March 2, 2017
You’re Screwed if You Put Down a Deposit for a Luxury Condo in the Centara Grand Residence in Jomtien That’s Under Construction…
All building has stopped at Centara Grand Residence in Jomtien as the company building the project has said that debts of more than 911,000,000 baht have been racked up. Basil Development Co Ltd have asked for more time to repay deposits and installment payments despite court orders having already been issued. Debts owed on the property are believed to be in the range of 100s of millions of baht.
It was meant to be one of the most luxurious developments in the area, as their headline screamed with a Thai proverb that means “beauty is only skin deep”.
Commentary: Hopefully we won’t see a rash of expats that lost all their retirement money with these luxury condo’s start taking leaps off hotel balconies in the next few weeks!