Bangkok--28 May--Master Mind Communications
Department of Legal Execution to hold auctions for over 40 items of pre-owned properties in Bangkok area at starting prices of only 50-80% of official appraised values
The Department of Legal Execution in conjunction with Global Thai Property Mutual Fund and Palarp Asset Management Company is conducting auctions for pre-owned properties in Bangkok for the first time this year starting on June 14, 2007 to unload over 40 property items whose auction prices begin from as low as only 50-80% of the official appraised value. Property Choice executive is asks for the government to consider measures to stimulate the pre-owned property market before the economy worsens.
Kasig Sriswasdi, executive for marketing and property for sales of Capital Advisory Services (Thailand) Co., Ltd., operator of an asset management unit under the name “Property Choice”, disclosed that a series of pre-owned property auctions would start on June 14 this year. “The auctions held in cooperation with the Department of Legal Execution, Global Thai Property Mutual Fund and Palarp Asset Management Company will consist of over 40 property items from singled-detached houses to townhouses, condominiums, shop houses and empty lots situated within Bangkok worth over 50 million baht in combined appraised value,” he said.
After the auction on June 14, there will be 3 more auctions scheduled on June 28, July 12 and July 18 respectively at the Legal Execution office in Bang Koon Non District from 9.00 am onward. The starting auction prices will be only 50-80% of the properties’ official appraised value
“The auctions of properties held by the Department of Legal Execution are conducted for a purpose of speeding up the legal execution process, allowing creditors to regain their debts faster, which is in line with the government policy to improve the existing amount of non-performing loan (NPL) for better economic conditions,” he explained.
In addition, pre-owned properties offer greater benefits for homebuyers clearly in terms of pricing and location. This is why the government should come up with substantial measures to revitalize the industry before consumers slow down on spending. That way it will take a long time for the economy to rebound.
The auctions include almost all kinds of properties in almost every area of Bangkok with attractive starting bid prices. Properties on the auction list include 24-square wah 3-story townhouse units at Rom Ruen place Project worth 1.89 million baht in official appraised value; 52-square wah singled-detach homes at Kamol Niwes Project Prachachuen Soi 8 with official appraised value of 2 million baht; condominium suites at ITF Silom Palace Project in Silom-Narathiwas worth 49,000 baht per square meter in official appraised value; and affordable houses in prime areas of Sukhumvit, Ladprao or Outer Ring Road near Minburi.
Other attractive property items include 31-square wah homes at Porthip Ville Project in Soi Nual Chan 30 worth 1.4 million baht in official appraised value; condominium suites at Sriwara Garden with 490,000 baht (14,000 baht per square meter) official appraised value; PST Condo Ville Rachada-Rama III with 1.9 million baht (24,500 baht per square meter) official appraised value; and The Waterford Royal Suites with 940,000 baht (21,000 baht per square meter) official appraised value. These property items will be offered during the auctions at starting prices of only 50-80% of their official appraised value.
“Apart from these major auctions, the company also holds series of monthly auctions to unload over 1,500 items worth over 1 billion baht in combined appraised value, most of which are mildly valued at 500,000 baht to 1 million baht,” he concluded.
The auctions will be held at the 25 Years Building within the Legal Execution Office in Bang Koon Non District starting on June 14, 2007, from 9.00 am onward. Details of the auctions can be obtained via 0-2250-9500 or at the 32nd floor of CRC All Seasons Place Building or visit www.propertychoice.net .
“Property Choice” is operated by Capital Advisory Services (Thailand) Co., Ltd., leading operator with respect and recognition in the asset management industry, whose slogan is “Property Choice: Choice for homebuyers, alternative for good pre-owned homes”
For more information please contact:
Capital Advisory Services (Thailand) Limited
Tel.0-2250-9500 or www.propertychoice.net
Master Mind Communications Co.,Ltd
Tel : 0-2643-1191-2
Fax : 0-2643-1192