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Raimon Land awards winner of hit reality TV show “Superstar” THB10 million condominium
Akara “Gof” Amarttayakul, center,
celebrates winning a 10 million baht
condo from property developer Raimon Land.
The Raimon Land-sponsored hit reality television series,
Superstar, came to an exciting end with the winner, actor Akara “Gof”
Amarttayakul, being awarded a two-bedroom luxury condominium at The Lofts
Yennakart, valued at THB10 million.
Akara, who won the audience over with a series of impressive performances, was
selected as winner after an extremely close final round of competition against
the 3 other finalists.
Raimon Land’s sponsorship of Superstar is central to a wider brand awareness
initiative aimed at appealing to more Thai buyers interested in purchasing
up-market condominiums.
Raimon Land Chief Executive Officer, Nigel Cornick, said: “We are thrilled by
the success of Superstar in raising our brand profile and trust it will help to
convince Thais of the stylish lifestyle that is available for people who
purchase our condominiums.”
The 12-week series was filmed on location at The Lofts Yennakart, where the
contestants stayed in two penthouse suites throughout the duration of the show,
with the Saturday Live Show airing from 22.00 to 23.30, and daily highlights
running at prime time from Monday to Friday.
Sales at The Lofts Yennakart have been brisk, with a total of 136 units sold to
date at a value of almost THB1 billion, or 77% of the project, at an average
price per square metre of THB 72,623. A total of 40 units currently remain
available.
The development is also currently offering a 5% discount and special mortgage
programme with international banking institution Standard Chartered Bank until
the end of this year.
Other initiatives aimed at raising Raimon Land’s brand awareness in Thailand
have included a Corporate Showcase at the Emporium Department Store, and the
sponsorship of the Annual Flower Carnival at Nai Lert Park.
Do not risk your deposit money or reservation fee
David Tan
You look at the brochure, poster, master plan etc. of a condominium or
housing development project and you want to purchase one of the condominium
units or houses offered. You express your interest to the developer or seller
and subsequently sign a Sale Contract and pay a deposit or reservation fee for
the condominium unit or house. Do you now have a Sale Contract with the
developer or seller?
Regardless of what the developer or seller tells you, in the eyes of the law,
this is not a Sale Contract. This contract is considered a promise contract. The
developer or seller promises to sell you the condominium unit or house at an
agreed upon future date (when the property has been built) and you promise to
pay the full purchase price at that time.
According to the law: sale of immovable property is payment of the purchase
price and ownership title transfer by registration at the local Land Office;
these have not taken place yet. Both parties are contractually bound to their
promises only.
However, since you (the buyer) had already paid deposit money or a reservation
fee to the developer or seller, if the developer or seller defaults in
transferring the ownership title to you by registration at the Land Office on
the agreed upon future date, you will have to request the developer or seller to
return all deposit money or reservation fee paid by you. If the developer or
seller does not do so, you will have to claim against them in court.
Not transferring ownership title to you may be due to: the developer or seller
not being able to complete building the project on time, you are not satisfied
with the building specifications or materials used, creditor(s) cannot release
mortgage, encumbrance or charge placed on the property, developer or seller
going bankrupt etc.
Real Estate Tip
Do some investigative work. Check on whether the developer or seller
has been in the business for many years, is the company listed on the Stock
Exchange of Thailand, does the company have a capital amount sufficient enough
to fund the project etc. Unless the result of this investigation is positive,
you should not risk making any sort of deposit or reservation fee payment.
Instead, make a one-time payment of the whole purchase price upon the
developer’s or seller’s registration of ownership title transfer of the
completed property to you.
Having said this, if you must pay deposit money or reservation fee, minimize
your risk exposure by negotiating for the lowest possible amount.
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David is a Lecturer of Business Law at Asian
University and author of the book “A Primer of Thai Business Law”,
available online at www.chulabook. com or call 038 233 490 to order.
Any questions or comments to David should be sent to blas.inter@
yahoo.com |
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