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Editorial Welcome to Pattaya City; you have chosen a great time to visit as we start our high season here. The climate is less extreme, making it more conducive for exploring and looking at the property on the market.

2 CONTENTS The Key For Your Next Investment 2 2010 Positive Outlook For Real Estate Investments 8 Magnolia Restaurant By The Lake 14 The Chateau Dale Urban Mall 15 How Does Thailand Stack Up 16 Contract Protection For Buyers Of New Condominium Units 18 Relax At Your Condo 20

16 Publisher Sudaporn Changthong

The planned upgrade of U-Tapoa Pattaya International airport and the many other improvements in the area, can only add value to local properties. With the improving economic climate, now is a good time to invest in one of the quality developments in or near Pattaya. After you have read the latest Relax magazine, contact us or go and have a look for yourself. Whether you are a seller or an investor, don’t forget to make use of the international property exhibitions coming up in Dubai, Kuwait, Beijing and Singapore. More details on page 2-3. Nun beginnt die Hochsaison in Pattaya! Mit –wieder- besseren ökomomischen Verhältnissen in Thailand ist es jetzt eine gute Zeit für ein Investment in qualitativ hochwertige Projekte in und um Pattaya. Auch die kommenden internationalen Immobilienmessen in Dubai, Kuwait, Peking und Singapur sind einen Besuch wert. Mehr darüber auf Seite 2-3. Сейчас самое лучшее время для пребывания здесь, так как сейчас высокий сезон.С улучшением экономического состояния, сейчас самое время для инвестиций в пределах или вблизи Паттайи. Кроме того, не забудьте обратить внимание на предстоящие международные выставки собственности в Дубаи, Кувейте, Пекине и Сингапуре. Подробности на странице 2-3. Velkommen til Pattaya. Vi går nå inn i en flott høysesong, noe som legger til rette for høyere aktivitetsnivå, også innenfor eiendomsmarkedet. Det er gunstig å investere i Pattaya nå. vennligst ta kontakt med oss for mer informasjon eller utforsk Pattayas eiendomsmarked på egen hånd


2010 Positive Outlook for Real Estate Investments

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he economic crisis that started in the United States impacted attitudes toward real estate investment everywhere. Investors tried to cope with the uncertainty and this necessarily caused a more cautious stance toward real estate investment. However, several stories in the last month offer hope, suggesting this might be a time to reconsider the property market. 8

The International Monetary Fund’s chief economist Oliver Blanchard declared that a world economic recovery had begun. Although the economist was cautious in his assessment, he was not the only policymaker expressing a more positive outlook. Even the US Federal Reserve Chairman Ben Bernanke suggested a US recovery was possible.

While the traditional view is that Asia is dependent on the US recovery for its own recovery, Thailand and the rest of Asia may not be as dependent on the prospects of the US for its own success because the increased economic role of Asia, long anticipated, may be already occurring. For example, The New York Times recently quoted Neal Soss, chief econo-


mist for Credit Suisse, “The economic center of gravity has been shifting for some time, but this recession marks a turning point. It’s Asia that’s lifting the world, rather than the U.S., and that’s never happened before.” Although certainly impacted by the crisis, the Thai real estate market did not diverge as greatly as the US from the underlying market fundamentals; therefore, it may find it easier to recover, as stability is restored and investors again begin to look to attractive real estate markets worldwide. Thailand in general and the Pattaya area is likely to benefit from this trend. Therefore, this may be a good time to position one’s

properties for renewed interest in 2010 and beyond. Der thailandische Immobilienmarkt entfernte sich bei weitem nicht so extrem von den fundamentalen Marktdaten wie in den USA. Aus diesem Grunde könnte er sich auch wesentlich schneller erholen, wenn sich die Märkte wieder stabilisieren. Dies gilt allgemein für Thailand und speziell für Pattaya.

удачно,пользуются этой тенденцией. Det thailandske eiendomsmarkedet divergerte ikke i samme grad som f.eks i USA i forhold til markedets opprinnelige verdi. Det kan derfor være enklere å oppnå stabilitet på kort sikt Det dynamiske Pattaya området er spesielt gunstig og vil trolig dra nytte av denne trenden.

Тайский рынок недвижимости не так сильно расхож, как например в США, поэтому, возможно, легче восстановить стабильность. Таиланд в целом и районы Паттайи,наиболее

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New Project Coming in Wongamart The Wave is the latest project from Petch Property Co., Ltd. The CEO Khun Itthi Chavarittamrong, has recently revealed to Relax journal that The Wave will be located in the same area as The Cove, and its construction is planned to start after April next year. This high rise condominium will be the shape of a wave with a total of 222 units. The residential units will be of high quality but low cost, to help buyers own or invest. Half of the building will be one bedroom units, and the others a range of larger units up to the penthouse. The expected main target market is Thais who desire to own a high class haven at a realistic price. The show will open in November.

Raimon Land Launches Condominium Focus Raimon Land has launched the latest issue of its exclusive research journal, Condominium Focus. The publication reveals that the Bangkok and Pattaya real estate markets are showing positive signs despite the global economic downturn. The respected research document also reveals that in Bangkok, in the second quarter of this year condominium presales were more than double those in the fourth quarter of 2008, while off-plan take up rates were still high at 73% and average per metre prices grew at a stable rate of 4% to reach THB 125,910 per square metre. A PDF version of Condominium Focus can be downloaded from their website.

New Luxury Hotel Launch on Thappraya Road Best Western Premier Signature Pattaya is opening early in October 2009. It is an ideal hotel from which to enjoy all the wide range of attractions the resort city of Pattaya has to offer. Its warm hospitality, personalized service and fully facilities are welcoming with 24 hour room service, currency exchange, outdoor swimming pool with Jacuzzi, fitness centre & sauna, Spa, restaurant and bars, limousine service, through meeting and banqueting facilities. Tel. 038 422 451-2, 418 333 www.signaturepattaya.com The Ocean Pearl condominium is located on Phratamnak Hill, close to Pattaya Park Hotel - the Landmark of Pattaya. The modern design and full facilities with the serene location are attractive for relaxation and investment. Perfectly designed units from studios up to 4 bedrooms are available. Construction is 90% complete, and units will be ready to move in around the end of the year. Call 081 439 5000, 038 252 228.

The Ocean Pearl

New Headquarters For SK-Construction Company

The newly built, multi purpose centre for Pattaya’s SK-Construction and furniture company has opened on Chaiyapreuk-1 Road, Jomtien. The ground floor is for the display of their own range of furniture, the upper floors are taken up with administration offices, an architectural design division, and construction / engineering development premises. One complete floor is divided into a great number of show units where clients can select their preferred furniture. (For further information see their website at www.skpattaya.com )

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MAGNOLIA RESTAURANT BY THE LAKE

Best Value And Beautiful Location

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ecause the “Magnolia Condos” at Lake Mabprachan are further than a comfortable walking distance from a quality restaurant, the modern two storey “Magnolia Restaurant” has opened near the front of the Magnolia Condos. The low restaurant prices will gladden the hearts of many, because here you can eat quality food at very competitive prices. Desserts are mainly under 200-baht, and are all available with ice cream as an optional extra. Plenty of good tea and coffee to finish the meal, and the well equipped bar has a large range of drinks & cocktails, plus soft drinks for the kids. As an example you can start with a Caesar salad or a choice of three different soups (chicken, mushroom or asparagus), then on to the main course of Salmon steak with ginger sauce, or a Tenderloin steak with pepper sauce. 14

The “Magnolia Restaurant” is very easy to locate down Siam Country Club Road, as you turn left at the Siam Country Club Golf Course junction, you can spot the large white “Magnolia Condos” on the right. Sie werden Sie wohl kaum das „Mag-Restaurant“ kennen, wenn Sie nicht selbst in der Umgebung des wunderschönen MaprachanSees östlich von Pattaya City leben: Es befindet sich im „Magnolia-Condo“ und ist sicherlich mehr als nur einen Besuch wert! Egal ob Sie es mit Ihrer Familie am Wochenende oder nur für ein Dinner zu zweit zu besuchen: Sie werden nicht enttäuscht sein! Если вы живете в непосредственной близости от прекрасного озера Мабпрачан на восточной стороне города Паттайи, вам известно о ресторане „ Mag Restaurant“, который

является частью „Магнолия Condos“. Не поленитесь туда сходить, и вы не будете разочарованы, будь то романтический ужин, или выходное приключение для всей семьи. Du blir garantert ikke skuffet om du tar deg en tur til Lake Mabprachan og “Mag Restaurant”’ på østsiden av Pattaya City. Om du ikke bor i området vil du sannsynligvis ikke kjenne til denne lille perlen som er en opplevelse enten du kun ønsker et bedre måltid eller en avslappende langhelg.


The Chateau Dale Urban Mall E

xpressions of interest are now being sought following the long awaited release of the Chateau Dale Urban Mall, This is a new lifestyle shopping destination, on Thappraya Road, between Pattaya and Jomtien. With parking for 150 cars, the mall will be the first of its kind on this busy road. With a total of 3,000 sq.m. of retail space on 4 rai, servicing a large number of housing and condominium developments in the area. The mall will be the first of its kind on this busy road, where improvements are currently underway. Businesses within the Chateau Dale Urban Mall will include a branded supermarket, quality food and beverage outlets, coffee shop, fresh bakery, theme

pub, beer garden, hair and beauty salons and many other retail options.For more information, please contact Colliers International (sole agents) on 038 364 411. Die Chateau Dale Urban Mall wird ein neues Projekt für ein Lifestyle Shopping Zentrum an der Thappraya Road zwischen Pattaya und Jomtien sein. Die Anlage ist die erste ihrer Art an dieser belebten Strasse. Supermärkte, Quality Food, Kaffeehäuser, Bäckereien, Pubs, Biergärten, Beautysalons und viele andere Geschäfte bieten ihre Produkte und Dienste an. Chateau Dale Urban Mall новое место для шопинга, находящееся на трассе Таппрая, между Паттаей и Джомтье-

ном. Молл станет первым в своем роде строением на этой оживленной дороге. Предприятие в рамках проекта будет включать в себя супермаркет, качественные продукты питания, свежие хлебобулочные изделия, кафе, пабы, пивные, парикмахерские и салоны красоты и другие виды услуг.

Chateau Dale Urban Mall er en ny livsstilorientert shopping mall som befinner seg mellom Pattaya og Jomtien. Et nytt supermarket med kvalitetsmatvarer, europeisk pregete kaffebarer, bakeri med ferske bakevarer, en tematisert pub, tysk bier-garten, frisør og skjønnhetspleie er bare noe av det Chateau Dale Urban Mall tilbyr på sine 3000 m2.

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How Does Thailand Stack Up

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ost western countries have suffered badly in the world financial crisis, especially on the real estate scene, - so how has Thailand come out of this recent event.

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Surprisingly, very well, as we are still rated amongst the top three countries in the Asian region for doing business, in spite of a few the recent political hiccups. Much of this has been due to the

fact that the Kingdom has not burdened itself with internal or overseas borrowings, having learnt its lesson from the 1990’s “financial meltdown.” Many of the banks in western countries loaned exces-


sive amounts of money to borrowers who did not have the financial capacity to repay, and they gambled on the fact that continuing inflation of both salaries and property prices would solve this situation. Furthermore, governments borrowed excessive amounts of money from various world banking institutions, without understanding that once money is borrowed, by using compound interest, the borrower can be faced with a long term debt, that is virtually impossible to repay. Several years ago, George Soros proposed a visit to our Kingdom to give advice on behalf of the World Bank, but he was politely told that this advice was not required. The Thai government certainly did know what it was doing, and their tight fiscal policy has “saved the day,” and has seen them go from strength to strength.

From an investor’s point of view, Thailand still looks good, in spite some of the political disturbances of the last few years, which rarely affect daily life. Some further easing of government restrictions in relation to the ease of foreigners wishing to do business and also regulations regarding land and / or condominium ownership, Trotz politischer Turbolenzen ist Thailand nach wie vor interessant für ausländische Investoren: Ausländer, die in Thailand geschäftlich tätig sind, können sich über neue Erleichterungen von Beschränkungen durch die Regierung freuen. Dies gilt auch für Eigentümerschaft von Land und Condos.

правила, касающиеся земли и / или кооперативной собственности, выставляют Таиланд в выгодном свете от большинства соседних стран. Thailand gjør det bra til tross for den politiske uroen. Lettelse fra myndighetenes restriksjoner når det gjelder utenlandsk forretningsdrift, i tillegg til mindre regulasjon rundt eiendomshold ville imidlertid gjort landet mer konkurransedyktig og attraktiv sammenliknet med sine naboland.

В Таиланде хорошо, несмотря на политические беспорядки. Некоторые ослабления государственных ограничений для иностранцев занимающихся бизнессом, плюс смягчающие

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Contract Protection for Buyers of New Condominium Units

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here 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.

a) The condominium unit, when completed, may not match how it appears on the glossy brochure or poster; or

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:

c) The completion of the condominium unit may be delayed and ownership title transfer of the unit cannot take place at the time anticipated.

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b) The materials used to built the condominium or other specifications may not be as promised by the developer; or

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 res-

ervation 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 and claim for all money paid. 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 of that they had paid to the developer.

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 differ 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 of 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

Developers will now have to think twice about the information that they provide to potential buyers of their condominium units.

Wenn Sie einen Kaufvertrag für ein Condominium mit einem Projektentwickler unterzeichnen sollten Sie –zu Ihrem eigenen Schutz- sicherstellen, dass die Verkaufsbroschüre, sowie alle weiteren Verkaufsunterlagen dem Vertrag beiliegen und die darin enthaltenen Aussagen auch Teil des Vertrags sind.

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.

Когда вы подписываете контракт на покупку кондоминиума с компанией разработчика, убедитесь, что глянцевые брошюры и другие соответствующие документы продажи имеются в наличии,а также основные документы контакта по купле и продаже.

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. Written by David Tan. 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 blas. inter@yahoo.com

Når du signerer en kontrakt med en utbygger om å kjøpe en leilighetsenhet, sørg for at reklamebrosjyren og alle andre relaterte salgsdokumenter ligger vedlagt. Disse danner en del av kontrakten og vil kunne beskytte deg i en eventuell tvist.

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Relax at Your Condo

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esides living in a house, a condominium is also popular as a residence. Some people have a condo for weekend or holiday stays, some people live in a condo to be near their work location, and some people live permanently in a condo or flat. You may already be a condo dweller or maybe you are planning to move to one. Try our introduction to make your life more relaxing.

Keep it clean and stylish Keep all parts of your condo clean and tidy so that it looks pleasant both for yourself and your guests. You may also redecorate or renovate your place. Check out the condition now and see how you can improve its look. Think about painting the walls; throw out or donate the old items which you don’t need.

Exercise

Get exercise by going to the gym or running around the gardens before or after work. Try walking up and down the stairs instead of taking the lift.

Go to the swimming pool Lots of people enjoy exercising by swimming. After work or at the weekend is a good time to visit the pool. Just relaxing sitting and drinking juice beside the pool is beneficial and enjoyable.

Make a small garden on your balcony You can spend your time enjoying your plants. The greenery and colorful flowers 20

will freshen and decorate your balcony. Small fruit trees can be grown in pots too.

Using candles Listen to music or practice meditation or Yoga, and light scented candles in your rooms to calm the atmosphere.

Fire damage protection Be careful of accidentally starting fires when using electric equipment. Turn off all equipment every time you go out. Make sure that you do not forget to snuff out candles and cigarettes that may accidentally set fire to your property. Make sure you know where the fire escapes are located.

Dining with friends Invite a small group of your friends to have dinner in your home. Then you can enjoy preparing food & drinks, and dining together. However, be careful that your noisy cheerfulness does not disturb your neighbors!

So verbessern Sie die Sicherheit und die Lebensqualität in Ihrem Heim: Halten Sie es sauber und renovieren Sie es wenn nötig. Trainieren und schwimmen Sie regelmäßig, gestalten Sie einen kleinen Garten und entzünden Sie duftende Kerzen. Informieren Sie sich über das Sicherheitssystem, die

Notausgänge und feiern Sie eine Party mit Ihren Freunden! Постарайтесь расслабиться в вашем кондо с этими идеями: держать его в чистоте, отремонтировать где необходимо, делать упражнения, проводить время в бассейне, сделать небольшой садик, поставить легкие ароматизированные свечи,пожарную сигнализацию,а также устраивайте вечеринки с друзьями.

Følgende aktiviteter kan bidra til at du slapper bedre av i ditt eget hjem: holde leiligheten ren, vedlikeholde der det er nødvendig, mosjonére, tilbringe tid ved svømmebassenget, lage en liten hage, tenne lett parfymerte stearinlys, legge merke til brannrømmingsveier og annen beskyttelse. Ikke glem å invitere til en liten vennefest.


Property & Investment by RELAX issue 15  

property & investment , property & investment by relax, property & investment thailand, property & investment pattaya

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