Invest In Pattaya Blog

Park Lane Jomtien

To whom it may concern,

Yesterday, I went to the Park Lane development in Jomtien. As of this week they have filled the lagoon pool with water and I am amazed at the difference it has made. The addition of the water in the pool is one more step to the completed development however it makes a monumental difference on the appearance of Park Lane.  The 1600 sq meter pool, in my opinion, is a key factor for the success of this development. It meanders round the buildings and connects to the resteraunt and gym. There is a shallow section for kids  between building 2 and 4 which is seperated from the deeper area by a foot bridge, connecting building 2 with the resteraunt island.

I also noticed that the training equipment is now being put in the gym. So far there are state of the art running machines, rowing machines and exercise bikes. I also noticed a  plate machine.

In summary it is fantastic to see some of the finnishing touches which are so effective come togeather.

The construction on Park Lane is well ahead of schedule which we all know is not often found within developments of this scale.

Thailand’s popularity with world famous music

Following the success of the festive season, where artists such as Goldie, Judge Jules and a string of other international stars flew into to Thailand to perform, 2010 has set set a high standard to start the year off.

There are few artists who can achieve incredible mainstream success, yet maintain underground credibility – and Calvin Harris is probably the best example of this we have seen in recent years. As well as topping the UK national pop charts with tracks such as the #1 hit ‘I’m Not Alone’, Calvin also maintains a  DJ / live show schedule, headlining the worlds biggest festivals & most respected clubs week – in, week – out. He has recently completed a tour in Thailand performing at numerous venues throughout the country.

Singha Light presents for the first time in history: Tiesto Live in Pattaya! This will take place on Saturday 20th Feb at Bali Hai pier Pattaya. It will be an open air performance and promises to be a night to remember.

Coming up also is the Bangkok Jazz festival, a five day festival devoted to Jazz music, this festival is a place to “relax in the chilled-out atmosphere inspired by jazz music from many international well-known artists.” The festival takes place at Sanam Suea Pa, Dusit District, Bangkok.

There has been a huge increase in high profile DJ’s and bands adding Thailand to their tour dates, the year has started on a good note.

Park Lane Jomtien Resort – 90% Sold!

Special Promotion for our Sea View units.

1 Bedroom Fully furnished. 7th floor – Phase 4

• ROI up to 249%

• Every unit, fully furnished.

• Price for one bedroom Condominium.

• Tropical Landscape.

• 1,800 Sq.m. Swimming pool

• GYM & Restaurant

  Please contact: Sales@iguana-group.com or Call: +(668) 9831 2238

• Click to see the construction update and more information.

HOW TO BUY PROPERTY IN PATTAYA, THAILAND.

THAI PROPERTY PURCHASE PROCESS

Below is the standard purchase process in Thailand, and issues that may affect that purchase:

Thai law allows foreign freehold ownership of a condominium. Forty-nine per cent of a condominium block may be of non-Thai ownership, with some blocks allowing this to rise to 100% if the developer has acquired the appropriate condominium license.

Freehold or leasehold ownership options are available to the overseas buyer. A freehold may be purchased if a condominium is still within its 49% quota for foreign ownership, The land on which a condominium is built falls under the collective ownership of the individual condominium owners, with a majority Thai shareholding, governed by a corporate body usually set up by the owners.

Freehold ownership rules require overseas buyers to send the purchase funds in foreign currency from a bank outside Thailand to a Thai bank. On receipt, a Foreign Exchange Certificate, Thor Tor 3, will be issued. This certificate is used to provide evidence of the sale or deposit of foreign currency in an authorized local bank. A Tor Tor 3 can be obtained at all major banks in Thailand.

A freehold to a condominium may also be purchased by an overseas buyer if the individual in question is permitted to have residence in Thailand under the Immigration Act. Individuals are permitted to enter Thailand under the Investment Promotion Act (IPA). The required supporting documentation comprises a passport and a letter from the Board of Investment of Thailand certifying permission to live in Thailand under the terms of the IPA.

A leasehold will be offered if the foreign ownership quota for the condominium has been fully subscribed. The initial lease duration is for 30 years, with an option to renew for two additional 30-year terms -providing an effective lease of 90 years.

Hyde Park Residence Building 2 – From only 1.29 Million Baht@Thappraya Soi 4

Sunset Boulevard Residence – From only 1.69 Million Baht@Pratumnak Hill Soi 4, Sea view.

Park Lane Jomtien Resort – From only 1 million Baht@Close to Jomtien Beach

Costs of a standard property purchase in Thailand include the following taxes and duties:

• Land Tax is a land levy set at a very low level. It may be allowed to accumulate over a number of years to be collected by the relevant authority. In practice this levy is often not collected.
• The Structures Usage Tax only relates to properties used for commercial purposes and is collected by the municipal or district office.
• TStamp Duty of 0.5% payable on purchase or sale of property.
• SBT will only be imposed if you are selling your property, which you have own less than a period of five years. The tax rate is 3.3% of the selling or assessed price of an asset (whichever is higher).
• The Transferring fee is 2% of the registered value of the property.
• Income Tax, imposed on property of between 1.0 and 3.0%. There is no Capital Gains Tax.