- HEADLINES [click on headline to view story]:
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S.K. Pattaya opens up new building to local businesses
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Contract protection for buyers of new condominium units
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Raimon Land’s major shareholder increases stake by 14.92%
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S.K. Pattaya opens up new building to local businesses
Pramote Channgam
Construction and cattle conglomerate S.K. Pattaya is offering Jomtien
Beach companies a place to do business and hold meetings at its fully opened
S.K. Pattaya Office Building on Soi Chaiyapruk.
 The
S.K. Pattaya Office Building on Soi Chaiyapruk.
Gen. Samphan Boonyanant, defense minister in the Thaksin Shinawatra cabinet,
presided over the Aug. 17 grand opening attended by Pattaya Mayor Itthiphol
Khunplome, members of the city council and Thaksin Sports and Tourism Minister
Sonthaya Khunplome.
The first two floors of the six-storey building that first opened in December
are home to S.K. Pattaya Construction Development Co. Ltd. and S.K. Pattaya
Ranch Co. Ltd., run respectively by Sanga and Suriya Kijsamrej. The upper three
stories are now available for lease, with the top floor encompassing some state
of the art meeting facilities.
The lobby of the complex also features a furniture and home décor showroom that
shows off the projects undertaken by S.K. Pattaya Construction.
“The new S.K. Pattaya Office Building was started in order to provide a fully
functional construction and real estate business center to consumers,” Sanga
said at the opening.
Honoured guests and local
dignitaries, including Pattaya Mayor Itthiphol Khunplome (far left) and Gen.
Samphan Boonyanant (2nd left), attend the ribbon cutting ceremony to officially
open the new business center.
Contract protection for buyers of new condominium units
David Tan
There is a crucial difference between buying a condominium unit that you
can see and buying the condominium dream appearing on a glossy brochure or
poster. Buying a physical thing that you can see allows you to inspect the thing
before you decide to purchase.
However, when purchasing a new condominium unit, our common sense is clouded by
the ability to purchase the condominium unit at the cheaper price available
before it is built. We pay a deposit (Plus subsequent installment payments) to a
developer for a condominium unit that appears only on a brochure or poster. Such
a bargain purchase, however, exposes the buyer to several risks:
(a) The condominium unit, when completed, may not match how it appears on the
glossy brochure or poster; or
(b) The materials used to built the condominium or other specifications may not
be as promised by the developer; or
(c) The completion of the condominium unit may be delayed and ownership title
transfer of the unit cannot take place at the time anticipated.
At the initial stage, the condominium project developer usually gets the buyer
to sign a ‘to sell and to buy’ condominium unit contract or, in some cases,
incorrectly called a sale contract or reservation contract. In this contract,
the developer promises to sell a condominium unit to the buyer at a future time
and the buyer promises to purchase the unit at the future time.
If any of (a), (b) or (c) above occurs, the buyer certainly has the right to sue
the developer in court for breaching the to sell and to buy contract. However,
unless there are clear stipulations in the contract on the materials,
specifications or ownership title transfer date of the condominium unit, it may
be difficult for the buyer to substantiate a breach of contract claim.
In addition, even when the breach of contract can be substantiated to the court,
few buyers will want to go through the litigation process hoping to claim back
the money that they had paid to the developer.
Buyers Tip
A new law, paragraph 3 of Section 6/1 of the Condominium Act B.E.
2522 (1979) (As amended by Condominium Act No. 4 B.E. 2551 (2008) provides
contract protection to buyers. Paragraph 3 of Section 6/1 provides:
“It is regarded that all advertising materials, text, photos, sale letters are
part of the to sell and to buy contract or sale contract of condominium unit, as
the case may be. If the advertising material, text or photos differs from the to
sell and to buy contract or sale contract of condominium unit, it shall be
interpreted for the benefit of the buyer”.
In practice, “part of the to sell and to buy contract” means that all
advertising materials i.e. brochures, posters, text, photographs, sale letters
must be attached to the to sell and to buy contract and it is stipulated in the
contract that all these are considered part of the contract. As a result of
paragraph 3 of Section 6/1, a to sell and to buy contract must now protect
buyers against developers who lure buyers’ money with empty promises or cannot
fulfill their promises due to whatever reasons. Developers will now have to
think twice about the information that they provide to potential buyers of their
condominium units. They cannot promise something that they cannot deliver and/or
cannot deliver promptly.
Buyers, the next time you enter into a contract to purchase a condominium unit
with a developer, make sure that the glossy brochure and other related sale
documents are attached to and form part of the to sell and to buy contract.
Note: David is a Lecturer of Business Law at Asian University and
author of the book - A Primer of Thai Business Law (Second Edition), available
online at www. chulabook .com. In Bangkok, the book is available at all
Kinokuniya and Asiabooks bookstores. Any questions to David regarding
condominium unit sales and purchases should be sent to [email protected]
Raimon Land’s major shareholder increases stake by 14.92%
This image shows a view from Raimon Land’s recently
completed The Heights Phuket project.
Leading luxury condominium and real estate developer Raimon Land has received
another boost after majority shareholder, Kuwait-based IFA Hotels & Resorts (IFA
HR), increased its stake in the company by 14.92%. With its latest investment,
IFA HR now owns 41.08% of Raimon Land.
Raimon Land Chief Executive Officer, Hubert Viriot, said, “We have seen great
value created by working closely with IFA Hotels & Resorts; the internationally
recognised Raimon Land name will be further elevated through IFA Hotels &
Resorts’ international network spanning the Middle East, Europe, Africa and
North America.”
He added while the global economic downturn continues in most markets across the
world, recent reports indicate positive movement across many countries in Asia.
The past three to four months will show double digit GDP growth in most of Asia
for the second quarter of 2009, with Thailand showing marked improvement for the
same period.
“Fortunately, the Asian market is showing signs of healthy recovery in
comparison to other regions. We strongly believe we will maintain strong sales
levels and will continue to deliver quality products and residences to our
valued customers,” said Viriot.
Talal Jassim Al-Bahar, Chief Executive Officer of IFA HR and Vice Chairman said,
“The increase in our shareholding in Raimon Land is a testament to our belief in
the management, the company, and the great value that Raimon Land adds to our
portfolio. We will continue to support the company and benefit from its growth.”
He said that over the past several years, the company has delivered luxury
residential projects valued at over USD200 million to the Thai market.
Additionally, the company has a project pipeline with a sales value exceeding
USD1 billion.
Al-Bahar added: “Our strategy has always been to focus on emerging markets; Asia
is a key region for us with excellent growth potential which we plan to
capitalise on.”
IFA HR President and Chief Operating Officer Werner Burger said, “This increase
in investment further enhances synergies between both companies and Raimon
Land’s long-term operating viability.”
“Through closer working relationships, both Raimon Land and IFA HR will be
better able to utilise their existing international portfolio and network,
giving their clients access to a more diverse product portfolio including
residences, resorts, private residence clubs and lifestyle experiences around
the world,” Burger said.
Raimon Land recently handed over The Heights Phuket project to its customers.
The company’s Northpoint Pattaya residential development is on track and
scheduled for completion towards the end of this year, followed by handing over
to owners shortly after.
Construction of The River, a major condominium project in Bangkok, continues to
make good progress, with the landmark project rising steadily on the banks of
the Chao Phraya River and is scheduled for completion by 2011. (Source Raimon
Land PR)
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