But beware! Some companies are run by unscrupulous people who do not mind cheating you off your last baht! A thief does not necessarily enter through your window!
This week I heard/read about a con man who asked his clients to pay their deposit online via PayPal. This guy does have a nice track record! But not a nice one!
His track record contains several bogus projects that looked amazing on his websites but once the clients had paid millions of baht to reserve a unit, he did a “runner” and have not been seen in Thailand since!
Read more below the cartoon!
Listen, folks! For anyone of you who consider buying off plan in Thailand you must consider the track record of the developer.
If it is a public company quoted on the stock exchange and has completed projects around the country and the particular project is publicly underwritten by a bank then you will be as safe as you may be in your home country.
If not, and the project is speculative development riding on the coat tails of the current boom by a firs-time “developer-cowboy” then there will be an element of risk since financial backing will be limited.
Often these cowboys are not cashed up. They need your cash before they even lay the foundations! I for one would not risk that!
But of course there are honest “first-timers” who want to step into the development business in Thailand, and they will for sure get a hard time, since they have no track record to prove their reliability.
But why should you bother about those “first-timers” at all?
There are a lot of sound projects completed by large and well-known entrepreneurs in Pattaya, Bangkok, Phuket and Hua Hin and rest of Thailand who offer good value for money and with genuine proven track records!