The PLC’S – Can’t go wrong
From my experience, I have noticed that for some, the most unexpected problems happen when buyers purchase a condominium “off-plan”. Whether or not the payment terms have a favourable outcome it will depend on mainly one single rule: Did you choose a reliable developer or not?
In my opinion, purchasing an off plan condominium in Pattaya is no more dangerous than purchasing in your own country, as long as you are purchasing from a reliable developer who operates in the country where you are purchasing.
In a nutshell, condo developers in any country may be separated into two major categories. On one side, you have what I call Top Notch Developers. These are mostly (PLC) public limited companies listed on the stock exchange market, such as in Bangkok and Pattaya, Raimon Land, SC Asset, Sansiri, Golden Land Property and Land & Houses as a few good examples I would personally go with. Developers like the ones mentioned above with healthy balance sheets and readily available access to additional financing and a proven track record of past successes.
What amazes me is that, when these big boys do happen to make a mistake, they will do their very best in honouring their contractual commitments and delivering the properties purchased by their customers. If they cannot deliver the property to you, then they will reimburse in full plus Interest. Moreover, Top Notch Developers are also known to honour their warranty commitments.
For me, I can buy without any hesitation.
Small to Medium sized developers
On the other hand, you have small- or medium-sized developers. Don’t get me wrong, these are also very reliable and professional for example, Platinum Group, Q-House Developments, Baan Krong Thong and BLUE SKY Developments. But the hype is that there are also many unprofessional ones lurking in the background which is hard if you don’t know the market here in Pattaya.
So who are the unprofessional ones?
They are most likely wannabe investors who may or may not have any experience in the Pattaya real estate sector who have woken up one morning having finally realised their true awakening. They become ego condo developers overnight thinking everything is easy in Thailand and end up in the deep due to the lack of local knowledge and laws merely finishing on time or in worst cases, not built at all due to the unpredicted consequences.
Not all first-time Developers are bad, and some of the today’s start-ups will become the real estate tycoons of tomorrow. Think Bill Gate’s, he had started off from scratch with minimal capital.
At My Pattaya Condo, It is our priority to guide you into buying the right purchase from the right condominium project in Pattaya. We do our best to list trustworthy properties on our website.
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Written by Johnny
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