You may well have become inordinately frustrated patiently staring at the gaping hole in the ground or the skeleton of a rising but stalled edifice, or contracted dyslexia from incessantly reading about the amazing features of some proposed super-condo in some glossy brochure, which never got off the ground. Such are the drawbacks of buying off-plan. That this method of buying property can be eminently rewarding, though, we saw recently in the Northpoint building where, just prior to its completion, a 50m2 studio is now selling for Bt8.3 million, that if bought off-plan in May 2008, would have cost a mere Bt4.5 million. A very healthy return on your investment if you had decided to sell tomorrow, but even the major players can suffer financial crises, as we saw with Raimon Land’s financiers in the economic downturn.

If high-risk but high returns are your preference, don’t let me discourage you, but just consider for a moment the merits of buying an apartment in one of the older high-rises, if you like panoramic perspectives, especially from those that grace the skylines of Jomtien and Wong Amat; one that has evident tangibility in that you can actually see and touch the long finished product and durability in that it is still standing proud after as many as 32 years, like Jomtien Metro. In the first phase of high-rise building, nine high-rise condominium buildings were built from 1988 to 1997. These include Park Beach Condo, Silver Beach Condo, Sky Beach Condo, Saranchol, and Wongamat Garden Beach Condo on Wong Amat Beach and in Jomtien, Grand Condotel, Jomtien Complex Condotel, Jomtien Paradise, and Jomtien Plaza Condotel, not to mention the more recent View Talays.

The reason I want to draw your attention to these older but still majestic buildings is the potentially high returns still realisable from purchasing and later reselling one of them. Saranchol is the probably the best example of truly amazing capital appreciation. Many owner-residents of this still much sought after condominium came a cropper in the Asian Financial Crisis of the late 1990s and a considerable number of very acceptable 255+m2 apartments were repossessed by the banks for a minimal sum of between Bt7-8 million. Granted the banks had the necessary wherewithal and patience to bide their time, but around 2003 when the market began to pick up, especially among foreign purchasers, these selfsame apartments were commanding over Bt20 million, without anything having been spent on them in the interim. This handsome profit is actually more than you can generally expect on the considerably more expensive, but usually markedly smaller more modern high-rises, like Northshore or Northpoint. And you could actually have enjoyed living in them in the interim.

The imposing, grandiose, high-rises on Wong Amat beachfront that can be seen from virtually anywhere in Pattaya have to be seen close up to be believed.  Park Beach and Sky Beach Condos, for example, are truly majestic buildings with imposing Romanesque atrium-lobbies containing central water features with fish ponds, and seating, surrounded with tropical plants, flanked by convenience stores, massage parlours, real estate agent, cafes and other shops. They tower above you as you gaze upwards from the middle of the atrium towards a distant vanishing point and, judging by their quoted apartment sizes, make for very acceptable, high build quality and lavish homes, with acceptable amenities like large swimming pools, tropical gardens and the like. They are often the preferred domains of Bangkok Thais who vacate them during the week and only tend to use them at weekends, meaning they are very peaceful and relaxing during the week without hordes of people flocking around. That may all change at the weekend and holidays, of course, but you could probably easily put up with that minor inconvenience. Having said that, they are still very much in demand and vacant apartments rarely come on the market; plus the fact they still command high purchase prices, typically Bt5.3 million in Sky or Park Beach or as much as  Bt20.5 million for a 2 bedroom apartment in Saranchol.

There are some drawbacks, naturally; the buildings are now growing somewhat long in the tooth, meaning constant maintenance problems, warping of woodwork, electrical problems and lifts breaking down. To be honest, I wouldn’t even consider buying an apartment in any of those condos mentioned unless they were newly renovated and included lots of extras like furniture, LCD TVs etc. It might even be worthwhile prospecting first and then taking your chosen renovator along to give you a quote and point put the potential problems, meaning though that when you find one to your taste, you’ve got a very decent investment with excellent resale value as well as a very acceptable home or rental prospect. Check them out by name on the Internet to get an impression of the price, but be a trifle wary of the admin-sales staff, they’re not always the most accommodating of individuals. Well worth the effort though. Give it a try.