| Q. |
Can
I, as a non-Thai national, own the land on which my property is built ? |
| A. |
Under Thai law a foreigner
cannot own land. However, it is possible to do so by setting up a
Thai company with which to buy the land. In doing so the foreign national
can only own 49% of the company and would need a Thai national as
a 51% partner or nominee in order to form the company.
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| Q. |
If
I choose to establish my own company as described above, can I buy
my plot on a freehold basis ?
|
| A. |
No !
In order to protect the aesthetics of the development
and to ensure conformity in the designs etc., we have decided that
each property will be sold on a 90-year lease (3 x 30 years, back
to back).
Additionally, we will offer shares in the company that owns the land
to each owner as part of the purchase package. Thus you are leasing
from a company of which you are part owner. This concept allows for
the most comfort and investment security for foreign ownership under
present Thai Laws.
However should Thailand ownership laws change at any time during the
90 year lease period to allow foreigners to own land then all Lakewood
Hills owners will be given the option to purchase the freehold for
a one-off payment of US$10,000 plus all transfer fees.
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|
| Q. |
How do you expect property prices to perform in Phuket ?
|
| A. |
Obviously one can never absolutely
predict any sort of investment return. However, it is a fact that
property in the Laguna area has risen in value by approximately
100% over the last five years! This illustrates the popularity of
Phuket, and particularly the Laguna area when compared against property
values in Bangkok and throughout most of Asia over the same period!
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|
| Q. |
Can
I personalise my property?
|
| A. |
Within the interior walls of
your home you can do whatever you wish once approved by the developer.
Requested changes and/or alterations
can be finalised by the developers architect and must be received
within 60 days of the customer receiving the full set of plans for
the specific property.
However, within the gardens
and in front of the property the only structures that can be built
are those offered as extras (i.e. the Sala / Bar /BBQ and / or the
guest suite / office). However our own builders must build these
to the designated option specification and in the designated space.
Trees, shrubs and flowers, which grow to a maximum
height of 3 metres, can be planted in any quantity, anywhere on
your property. However, the development management committee must
agree anything, which can grow to a height above 3 metres, in writing.
This also pertains to satellite dishes, or other electronic equipment
or structure of any sort. |
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|
| Q. |
What sort of return can I expect if I choose to rent out my property
when I am not in residence?
|
| A. |
The
return for each night’s rental should be approximately as follows:-
|
Large Villa |
Single Storey
Villa |
Low season (May - November) |
US$
550 |
US$
200 |
| High season (Dec - April) |
US$ 750 |
US$ 275
|
| Peak season (Dec 20th
- Jan 5th) |
US$ 1,000+ |
US$ 400 |
Rentals will be generated through our Lakewood Hills
web site, enquiries to our office, from travel operators and by
each owner themselves.
Eventually, our web site will be used exclusively to
generate interest for property rentals when all the Villas and Bungalows
have been sold. Additionally, rentals will be generated through
local contacts and agents.
Whilst the Lakewood Hills management office will not
be marketing the rental of the properties in any other way, our
staff will be pleased to facilitate and book advertisements and
classified advertisements. They will also recommend inexpensive
publications should a group of owners would like to share the expense
of advertising for prospective customers.
Additionally, we are very happy for you to market your
own property and to keep the proceeds of your marketing efforts,
which is quite unique amongst the many property developments on
the island. In this case, a flat fee will be charged on a daily
basis by our management company to cover airport transfers, laundry,
toiletries and household cleaning.
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|
Q. |
Is
there a financing situation available for potential purchasers to
take advantage of ?
|
| A. |
Unfortunately
not.
As
a consequence of the recent financial crisis in Asia, no local (Thai)
banks or finance houses are either willing or legally able to offer
mortgage facilities to non-Thai nationals |
| |
|
| Q. |
If,
at some point in the future I should desire to sell my property, how
easy would it be to do so? |
| A. |
All re-sales of available established
properties in the Laguna area have been relatively quick and in
the main at the very good prices. As of May 2002, it is understood
that in the Laguna area there are no properties other than studio
and one-bedroom apartments available for purchase.
Our Lakeshore Villas development
has seen two re-sales in the last 12 months both of which achieved
premiums of over 40% over the original off-plan price paid less
than 18 months previously.
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