Ut Utthanon, Deputy Director of the LED, which is part of the Ministry of Justice, said that some good bargains will be on offer, with some properties valued at B5 million being offered at starting bids as low as B2 million.
A variety of properties are for auction, ranging from condominiums to seaview villas. Anyone – Thai or foreign – may bid on the properties.
This is the fourth round of sales organised in six provinces, Mr Ut explained. “We have previously had successful auctions in Pattaya, Khon Kaen, Udon Thani, Chiang Mai, Chiang Rai and Phuket. We have held auctions in all these locations because they are attractive to investors
“Phuket is a famous tourist place that receives a lot of tourists every year, which has fuelled property development and driven up prices.
“We have properties in town, near the beach, next to the shore, and on mountainsides with seaview. We have apartments, hotels, villas and resorts as well. This is a good opportunity for investors who want to invest in the tourism business.”
He explained that the LED has responsibility for about B100 billion in problem properties. It is gradually resolving the problems, sometimes through auctions, but also through brokering compromises on debts, through debt restructuring and through legal reconciliation.
Samnao Suwannasampan, Director of Phuket branch of the LED said, “We will be putting seven properties up for auction soon. These, he said, are:
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The troubled 69-unit Chalong Bay View apartments, valued at B278 million;
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39 buildings on 69 rai of land, valued at B509 million;
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The abandoned Peninsula Estate on the east coast of the island, looking out over Phang Nga Bay. The part-completed development, with a hotel and 12 villas, is estimated to be worth B224 million baht;
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Concrete buildings on 29 rai of land valued at B233 million;
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Chanote-title land of 16.5 rai and 36 bungalows in Rassada, just outside Phuket Town and valued at B181 million;
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Land covering 2.5 rai in Talad Yai, Phuket Town, with 14 buildings, estimated at B61.9 million; and
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A classic Thai-design seaview house in Cherng Talay, estimated value B46 million.
“These seven lots should be attractive to many investors,” Mr Samnao said. “I expect them all to be sold within the year.”
A list of properties to go under the hammer can be seen here (Thai language only).