EMERALD PALACE OCTOBER NEWSLETTER
This last month has seen magnificent strides in the building and construction work at Emerald Palace. The main building will be complete at the end of October with the swimming pool being finished on or around 15th November.
The construction teams are working in every area and the painting of the building is almost complete. The UPvC windows will be fully installed by the 18th October and we have the kitchens being installed, on order received to date, on the 27 October.
Next week we shall be ordering the fitness equipment and the sauna, the new manager has taken up her position at Emerald Palace office and is now working on producing menu’s and price list for the food and beverage.
I will be posting the furniture packages onto the web site next Wednesday. The show units will be ready by 14 October to view.
Whilst selling has remained slow we have managed further sales and anticipate that the project will be fully sold out by the end of November.
Please note that Khun Nim is our contact for all furniture orders, to include kitchens you may contact her on e-mail address nim@tpme.co.th
Don’t forget to look on the web site www.emerald-palace.com for the latest photographs.
Richard Haughton
Completion sale of remaining units
The TPME Group are pleased to announce the Emerald Palace Condominium is due for completion in November 2010. Only 3 months to go!
We have only 17 remaining units from 79 available.
Located in the quiet vicinity of Pattaya, which is only five minutes from the city center, The Emerald Palace Condominium is a definite choice for those who want both the serenity of a beachside resort and the convenience of a city life. The prestigious Pratamnak hill is a must visit location.
Spacious 44.5m2 and 52m2 studio rooms, fully fitted furnished bathrooms, down lighting, tiled balcony, fitted wardrobes, air-conditioning, all this starting from only 2,759,000 Baht.
Huge 91.7 m2 and 97.7m2, 1 bedroom apartments with all the above features plus additional air-conditioning for the bedroom. From the 3rd floor up are panoramic sea views looking out from the floor to ceiling windows, starting from 5,685,400 Baht.
There are also 2 twin bedroom suites comprising of 160m2 and 175m2 on the ground floor offering easier access for those who prefer not to use stairs or lifts. Starting from 9,994,400 Baht.
All units will benefit from a high specification build with the following features:
❖ Outdoor swimming pool
❖ Underground parking
❖ Internet room
❖ Cafe/lounge area
❖ Gymnasium/fitness centre
❖ Full time secretary/concierge
❖ Comprehensive library & reading room
❖ Roof garden
❖ Ground level terrace gardens
❖ 24hr manned security
❖ CAT dedicated high speed internet line.
Financing available from
For more information, contact: sales@tpmegroup.com
Emerald Palace Newsletter August 2010
Progress this last month was good with the main common area ceilings being installed and the wiring of the building complete. The main plumbing is now connected the system pending a full test during the later part of August.
The swimming pool is progressing and ground floor is now in the process of being finished off with the kitchen and electrical rooms being plastered. The old in building pool has now been removed and we will complete the floor in the next few weeks.
Enquiries have been good and we have sold 2 further units in early August.
The roof top is now finished off with tiling to the outside library area complete. The roof has now been sealed and the library is is now waiting for the wooden floor and UPVC window to be installed in early September.
The indications are that the building work will be complete with the exception of the pool by the end of September. The licenses have now been applied for and we await the outcome of our application.
Don’t forget to look at the latest photographs in the build progress gallery.
Richard Haughton
Emerald Palace Newsletter July 2010
I was hoping to be more upbeat in this month’s newsletter but the fallout from the current political turmoil continues to impact on both tourism and with the strong Baht we have seen little activity on the sales for Emerald Palace.
However, the building continues and I am delighted to say that the swimming pool construction plus the outdoor snack bar and sala are being started this week. The contractors have cleared the land and the earth moving is starting on June 28th. I will publish photographs in the next few weeks once work is in progress.
The main snagging to all floors is under way and the water pumping system is being installed in the next few days so that the testing of water system can commence. The flooring and window installation continues although we have had some heavy rain in the last month which has caused us a few delays. The outside flooring to the library is being tiled and the final placement of the front elevation roof tiles will be completed in the first week of July.
This month will be slow on the construction side as clearly we are having to hold back until the final finance is in place, the banks have been very thorough, as the be expected and with the current climate they are being extra cautious.
The future for sales is somewhat unknown as there is a complete lack of interest in investing in Thailand by overseas investors and with the flight of current owners we continue to receive more listing for what would have been considered outstanding investments. We too have a request for a resale one of the best units at Emerald Palace, unit 701, which is being offered for sale by the owner. We have of course been marketing this truly wonderful unit in the last week and I am sure it will sell quickly even in this poor market.
The only blue in the horizon is the rental market which appears to be robust for this autumn as clearly there are those who wish to still enjoy the pleasures of Thailand but are looking for a less expensive way than staying in hotels. Again this is a reflection of the strong Baht.
Sorry this is not full of joy and happiness but I know you all will want me to be factual. In the event we finalize our funding I will issue a short statement to that effect as this will accelerate our finishing off the whole project.
Wishing you all a wonderful summer and I look forward to seeing as many of you in the near future.
Don’t forget to look on the web site www.emerald-palace.com for the latest photographs.
Richard Haughton
Emerald Palace Newsletter June 2010
This month’s report is tinge with sadness due to the terrible problems in Bangkok and the outcome of the final stages of this conflict has left the International clients with a feeling of insecurity and confusion.
Our sales effort, which up to the mid part of April was moving forward ahead of budget has come to a grinding halt. The appetite for investment in a home or investment has now gone and with the sudden upsurge in condo’s coming onto the market by worried sellers there is now a glut of property available to the very small number of buyers. The market has now become overcrowded and with the new developments hitting this shrinking market. Developers are beginning to run for cover and we now hear of ridiculous price changes and heavy discounting amongst the smaller group.
At the time of the Government court case with the ex prime minister of Thailand and its inevitable outcome we took the view that there would ensue political infighting and possibly riots in certain areas of Thailand. We were proved correct, but the outcome of this judgment was to take steps to ensure that our cash flow was in place to complete Emerald Palace and traditionally we sought bank assistance and would only draw down funding if it became necessary for us to do so. Its our view this is now a necessity and with the support of our bank we make an application for funding the completion of Emerald Palace.
That funding will become available to us in about 4 weeks time and due to the usual time it takes to arrange such finance we are now having to seriously put back our completion date by at least 6 weeks from our revised date of completion of the end of June.
To all our existing customers we apologies for this inconvenience and assure you all that although we are not in funds at present we have working capital and continue to work on Emerald at the same pace as before, the main area being affected by this delay in finance is the swimming pool.
I am delighted to be able to say our cost and income are now almost the same, however, the final payments on transfer do not allow us to complete the construction without the banks assistance or from new sales.
Lets us all hope that next month’s report is more upbeat.
Don’t forget to look on the website for the latest photographs
Richard Haughton
Emerald Palace Newsletter April 2010
I am pleased to say that the building progress is on schedule for completion by June. The main structure has now been completed with the 7th floor being poured and the whole building has now had the bathrooms tiled. The outside terraces have been tiled and the main fin work to create the ceilings is been completed before Songkran.
The upper roof is now tiled and the roof deck has been plastered with only the lift machine room requiring completion. The lift will be fitted after Songkran. The front elevation roof is work in progress and again this will be completed before the holiday.
The windows are now fitted to the 5th and 6th floor and the contract signed for the remainder of the building, it is estimated to take one week per floor with the contractors starting the fittings on 21 April.
The flooring to each of the rooms is being prepared and on the 5th and 6th floor the top wood surface is being fitted before the holiday.
The contract for the swimming pool will be agreed next week with work commencing on 22 April, this will include the outside pool bar and sala.
The balcony rails have been installed on all floors with a few exceptions to allow materials to be hoisted to the upper floors.
The main electrical and water contracts will be finalized during May with four floors being completed to date.
We have begun painting the exterior of the front and back elevations which has make the building look more like a finished condo, the main grey water filter system has now been installed allowing the plumbing team to connect the whole water system up to each room. The electrical boards are now being installed which will allow the electricians to now link every room to the board.
During the last two months the political situation has become tense in Bangkok and in the last week we have seen the situation become worse, I want to say to you all this is not uncommon in Thailand, we as business people are well aware of the background to this unrest and we hope that the country can resolve is problems without blood being shed. I am not worried about the future this country economically is very sound with good employment and the banking system is sound.
However, it has taken a toll on our sales in the last few months; we have in the past 5 days had a bit of uplift in that we sold 7 units with a further pending sale. But these buyers do not want to pay a large sum up front leaving the larger balances on transfer for safety reasons. I have taken the view it’s better to have a sale than no sale and as long as the political situation remains favorable we will at least have the money coming in on transfers.
