HOTEL APARTMENTS IN PATTAYA CITY AND ON KOH SAMUI ISLAND, THAILAND
PRICES: FROM 90.000 USD
GUARANTEED RENTAL INCOME 10% PER YEAR FOR 10 YEARS
FINANCE OFFERS FOR SOME OF OUR PROJECTS
About the Developer
New Nordic Development Co. Ltd., under the leadership of Norwegian management, has been holding a prominent position in the real estate market of Thailand for 15 years. New Nordic comprises of 3 divisions: Construction, Accommodation-business and Service. The Service Company employs currently over more than 400 employees. New Nordic Accommodation service team to provide a full range of services. The following division includes managers, office staff, receptionists, waiters, cooks, security staff, gardeners, cleaning staff, maintenance workers and many others. New Nordic also performs the function of a property administrator in all its completed projects.
INFORMATION ON NEW NORDIC APARTMENTS SALE
LOCATIONS OF NEW NORDIC THAILAND: Pattaya, Koh Samui,Chumphon, Phuket
Thai New Nordic`s apartments and villas are situated in Pratamnak, the most luxurious, peaceful and quiet part of Pattaya, placed between Pattaya City and the Jomtien side. New projects are developed at Koh Samui island, Chumphon area and Phuket.
Pratamnak apartments are situated only 200-400m from the sea and several beaches. Pattaya is a city known for both business and entertainment; moreover, this location is considered a great base for the planning of trips to the islands, throughout Thailand and to neighbouring countries. This location is only one and a half hour’s drive from the capital city and Suvarnabhumi International Airport.
In the area of New Nordic, you will find many businesses that offer a variety of services. All apartments are suitable either for short-term stays or for long-term accommodations. The Pattaya city center is only 5 minutes away by car and the surrounding district offers a large number of quality attractions. The tourist season essentially lasts all year round, but six months are regarded as the high season (Nov-Apr) and six months are considered the off-peak season (May-Oct).
In 2017 – We launch our new projects at:
-Thailand: Koh Samui, Chumphon, Phuket
-Bali - Indonesia,
NEW NORDIC COMPANY
New Nordic Development Co. Ltd. is under the leadership of Norwegian owners and managers and has held a prominent position in the real estate market in Thailand for 15 years. They have already undertaken a total number of 60 projects. All Pattaya properties are in the same Pratamnak location, forming a coherent, sophisticated development on the popular exotic seaside resort of Pattaya, close to the sea and several beaches. New projects are developed at Koh Samui island, Chumphon area and Phuket.
The New Nordic developer is also creating additional comprehensive synergistic infrastructure with such features as conference rooms, lounges, transportation, taxi services, several swimming pools, tennis courts, parking lots, gyms, saunas, massage centers, roof bars and gardens, spa centers, wine cellars in the Castle 1 and 2, country clubs, various entertainment venues, security services, 24-hours reception desks, many restaurants and coffee bars, bakeries, lawyer´s services, laundry facilities, First Aid and health services, WIFI, 50 stores in the area, boutiques and souvenirs, shopping-relaxation centre in the project Atrium, car-scooter- bicycle rental services, travel agencies with trip offers, etc., which are incorporated into executed projects.
New Nordic offers not only the superior quality of engineering construction according to European standards and the attractive design of all properties but also hotel services and a secure investment. They have their own network of travel agencies in the Nordic countries at their disposal. Their past clients have been primarily Scandinavians, French, Chinese, Germans and Britons, but they also include Australians, Italians, and Americans.
New Nordic Group currently employs over 1000 people. New Nordic also performs the function of property administrator for all its completed projects. Given the high interest in quality hotel services, New Nordic offers not only sales but also the possibility of leaseback property in excellent condition acquired by a new owner. New Nordic Development Co. Ltd. is the owner of apartments until their sale to new owners – their clients. Those clients/new owners who want to use this option can leaseback the purchased estate to the New Nordic Company for 10 years with guaranteed 10% annual rent of the amount of purchase price. Most of the apartments are being sold during the construction process and some of them are even sold before construction begins. With all estates there is an option of 10 years guaranteed rental or repurchase.
ADDITIONAL SERVICES, DRAWING UP THE CONTRACT, ENSURING THE
We ensure also the following services for clients:
BOOKING AND STANDARD PROCESS OF THE BUSINESS WITH THE CLIENT
The sub-agent will report the client and the reservation of the purchased apartment to the following email addresses: firstname.lastname@example.org.
The email should include:
Within one month of booking an apartment, the client will need to pay the non-refundable booking deposit in the amount of 50,000 THB to the bank account written in the Agreement., and the booking is valid for one month.
The sub-agent will subsequently receive the confirmation by email of the booking from the New Nordic Sales Office. In case of issues concerning the payment of the booking deposit, New Nordic can individually confirm the reservation without the reservation deposit for 1-2 weeks, until the purchaser can come in person.
Minimal basic installment is 35% of the apartment price (non-refundable). The remaining installments can be planned over the maturity period of one year.
Example installments of the planned project:
When the client completes 100% of purchase price payment of the entire purchase price, from that moment he will receive aliquot amounts for the leaseback monthly, even if the apartment building is still under construction. So, it depends only on the client when he will start to obtain guaranteed monthly rent. Payment of the remaining purchase price of the apartment shall not be later than one year after the signing of the Purchase Contract.
This information is important for the clients – in case of leaseback, the transfer process of the lease to the client´s account will begin once 100% payment of the purchase price has been completed, regardless of whether the apartment is approbated, or in the construction phase, or even if the construction has not even started yet.
LEASEBACK OF THE APARTMENT
New Nordic gives an unbeatable offer to new owners: contractual leaseback of their estates for the period of 10 years with guaranteed rental price to 10% (!) per annum of the total price of any property and during the entire period of lease. In this way, the purchased property becomes a highly lucrative investment.
Rent is sent each month to the Thai account of a client, which will help establish New Nordic. The client can access his account via internet banking or the card that is connected to their account.
CASH BACK - For all costumers
Before start construction the buyer will get „cash back“ at 10% yearly on all paid amounts.
During construction the buyer will get „cash back“ at 10% yearly on all paid amounts.
If the buyer chooses to pay full Purchase amount, the „cash back“ at 10% will be started the following month.
Furthermore, in some projects, New Nordic provides contractual BUYBACK :
- a contractual guarantee to buy back a previously sold property after 5 or 10 years according to the Agreement.
When transferring the property to the company, the buyer does not pay anything; the transfer fees are paid only by the seller. When transferring on the person/name, the buyer and seller together split costs in a 50:50 ratio.
The registration fee is a one-off max. 15 thousand THB.
The sinking fund is a one-off 500 THB per 1 square meter area of the building.
MONTHLY SERVICE FEES:
Monthly service fees are divided between the seller New Nordic and the purchaser in a 50:50 ratio, so the purchaser pays 50 Baht per 1m2 of the apartment area monthly + 350 THB for cable TV. A 7%
VAT is added to the prices and nothing else..
TRANSFER FEES AND TAXES OF IMMOVABLE PROPERTY IN THAILAND
LAND OFFICE transfer tax of immovable property (land, house, condominium)
Transfer Fee 2% over the appraised value of the property
Business Tax 3.3% over the registered (sale) value or appraised value (whichever is higher)
Stamp Duty 0.5% over the registered value
Withholding tax: if the seller is a company withholding tax is fixed at 1% over the registered sale value or appraised value (whichever is higher) if the seller is a private person withholding tax is calculated at a progressive rate based on the appraised value of the property In New Nordic:
If the buyer is registered in a Thai name or as a Thai company the seller shall hold all fees and expenses directly related to the transfer of the Unit(s).
If the buyer is registered in a Foreign name the fees and expenses will be divided equally between the seller and the buyer.
IS IT NECESSARY TO COME TO THAILAND IN PERSON?
Sub-Agents do not have to come to Thailand in person. Agreements are sent by email and all communication is via email. They do not have to accompany the client because New Nordic will completely take care of the clients from the time of their arrival. Of course, sub-agents are welcome when visiting the New Nordic area either with or without the client.
Clients must arrive in person to oversee the inspection, to sign the contract and to establish their bank account.
Clients are advised to plan an extended stay because the first 1-2 days typically are needed just to recover from the journey and adjust to the time difference. This means the client should plan to relax on the first day of their accommodation in New Nordic and reserve the 2nd day for the inspection, signing of the Purchase Agreement and opening a bank account.
Then the client can plan to stay longer according to their specific interests.
The last day of the stay (or the last two days), the client will need to go to the bank for new credit cards and to setup the internet banking as well as to resolve any purchase issues.
THE METHOD OF PAYMENT OF THE PURCHASE PRICE AND FEES
The purchase price (in advance agreed 35% - 100%) can be paid either by bank transfer to the account of New Nordic Development Co. Ltd, from home before departure or in cash when signing Contracts. The amount is paid in THB, which is also set for a bank transfer. Single fees are paid in cash when signing contracts.
MORTGAGES / LOANS FOR THE PROPERTY PURCHASE IN THAILAND
Foreigners are unable to obtain the mortgage or loan currently in Thailand.
REGISTRATION OF PROPERTY BY THE CLIENT
The property is registered to the new owner after final building approval, or at the time the Purchase Agreement is signed, if the property is already approbated.
BUYBACK - GUARANTEE OF REPURCHASE OF THE PROPERTY
New Nordic holding also provides a contractual Buy Back guarantee for the repurchase of some properties according to the client’s interests, as follows: after 5 years, the offer of the repurchase is the same price as the original purchase price. After the sixth year of the property purchase, the offer increases 5% higher than the original purchase price. So, New Nordic Holding can guarantee the repurchase after 6 years for 105% of the original price, after 7 years for 110% of the price, and after 10 years for 125% of the price.
LEGALITY OF APARTMENT OWNERSHIP IN THAILAND
It is completely legal for foreigners to own apartment or condo in Thailand. Buying a unit in a condominium is one of the easiest ways for foreigners to acquire an ownership interest in Thailand real estate. Generally, foreign persons and entities, including Thai entities owned by more than 49% foreign persons or entities, are prohibited from acquiring a freehold interest in land in Thailand. Exceptions include ownership permitted by treaty (of which there are currently none) and ownership permitted by special permissions and approvals, such as the ownership of a limited amount of land by persons investing at least 40 million baht in specified Thai investments.
Because title to a condominium unit includes co-ownership of the common property of the condominium, which in turn includes the land on which the condominium is situated, Thai law places limits on the number of units in a condominium that can be owned by foreign persons or entities.
Background of the Condominium Act
By way of background, the law governing condominiums was enacted as Condominium Act, B.E. 2522 (1979). This law was liberalized to allow foreign investment in condominiums by Condominium Act (No. 2), B.E. 2534 (1991), which allowed foreign persons and entities to own condominium units on a freehold basis, but limited foreign ownership to 40% of the total area of the units of the condominium. This law was again further liberalized to promote foreign investment in condominiums by Condominium Act (No. 3), B.E. 2542 (1999), which raised the foreign ownership limit to 49% (and indeed up to 100% in certain condominiums in certain urban areas, such as Bangkok and Pattaya, for the five-year period). The condominium law was further strengthened recently by Condominium Act (No. 4), B.E. 2551 (2008), which was adopted to provide further protection for purchasers of condominium units from developers, by making developers responsible for the truth of their marketing materials, by making developers responsible for paying the ratable portion of fees and expenses for unsold units and by providing that contracts of sale had to conform to a form established by the Ministry of the Interior. Furthermore, additional protection for buyers of condominium units was provided this year through the enactment of the Escrow Act, B.E. 2551 (2008). Although the provisions of the Escrow Act are optional for condominium purchases, it does provide a way for a potential purchaser to protect deposits for condominium purchases from being used (and potentially lost) by a developer when short of funds.
Unit Title for Owners of Condominium Units
Under the Condominium Act (including No. 1 – 4), a “condominium” is defined as “a building that persons are able to divide the holding of title to in parts where each part comprises title to personal property and co-ownership of common property”; “personal property” is defined as “a condominium unit and includes structures and land provided for each condominium unit owner”; and “common property” is defined as “the parts of the condominium that are not units, the land on which the condominium is situated and other land and property provided for use by or for the common benefit of the co-owners”.
The developer registers the condominium with the Land Department, and a juristic person representing the condominium is created. Each owner of a unit has title to his or her own personal property and co-ownership of the common property, as evidenced by a unit title deed. The unit title deed will contain at least the following information:
1. the position of the land and the area of the land belonging to the condominium;
2. the site, the area and a plan of the unit showing the width, length and height;
3. the ratio of the title to the common property;
4. the personal and family names of the person with title to the unit;
5. the abstract of title;
6. the signature of the Competent Official; and
7. the seal of office of the Competent Official.
Section 15 of the Condominium Act clarifies that common property includes:
8. the land on which the condominium is situated;
9. the land provided for use or for common benefit;
10. the structure and structures for stability and for preventing damage to the building;
11. the building and its parts and the accessories that are provided for use or for common benefit;
12. implements and instruments provided for use or for common benefit;
13. premises provided for common services to the condominium;
14. other property provided for use or for common benefit;
15. office of condominium building juristic person;
16. immovable property bought or acquired under Section 48(1);
17. structures or systems built for maintaining security or environments within the condominium building, for example, the fire prevention system, lighting, air ventilation, air-conditioning, the drainage system, waste water treatment, or disposal of garbage and refuse; and
18. property using the money under Section 18 for maintenance thereof
Therefore, the owner of a unit is a co-owner of the land on which the Thailand condominium is situated. The proportion of a co-owner's ownership interest in common property is based on the proportion of the area of the co-owner's unit to the total area of all units of the condominium.
Ownership of land or property by Thai company.
There are no % limits regarding to ownership of the land or any Thai property owned by a Thai companies. If the client prefers to own a Thailand based company, we are able to help the client to establish it in a few days. Company foundation costs approximately THB 35.000 .Accounting firms will charge for the bookkeeping of about THB 15.000 per year.
REGULAR UPDATES OF APARTMENT OFFERS
Regular updates of apartment offers will be sent every 1-2 weeks via email. The email will contain updates concerning the available areas in m2 in individual projects (Foreign quota) and also the exact specification of the remaining apartments within particular projects along with their prices.
APARTMENTS, EQUIPMENT AND FURNITURE IN APARTMENTS
New Nordic offers the highest level and standard of not only the construction and design of apartments according to European standards but also hotel services and investment security.
Furniture and equipment for the apartments is already included in the purchase price. Apartments are furnished luxuriously, and some of them are highly deluxe – such as in projects Palace, Castle 1 and Castle 2. Air conditioning is standard in all.
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