Centara Grand Residence goes bust leaving hundreds out of pocket.
More than a hundred Thai and foreign investors are still waiting for the return of money after one of Pattaya’s biggest and most luxurious condo projects has gone bust.
All building has stopped at Centara Grand Residence in Jomtien as the company building the project has said that debts of more than 911,000,000 baht have been racked up.
Basil Development Co Ltd have asked for more time to repay deposits and installment payments despite court orders having already been issued.Yesterday some Thai investors in the project fed up with a lack of action unfurled banners at the site and called for the media to help in the matter.
Debts owed on the property are believed to be in the range of 100s of millions of baht.
It was meant to be one of the most luxurious developments in the area, said reporters as the headline screamed with a Thai proverb that means “beauty is only skin deep”.
Male and female protesters at the site yesterday called for justice in the matter.