Latest news from the Boiler Room : situation is “improving”

That’s the good point with the Boiler Room… You think they’re dead, explosed, atomised… but no… like the Terminator they’re always coming back. For that matter, it’s like a movie. Albeit not a very good one.

Anyway. Here are the latest news from the Boiler Room, with a very funny article from the Nation (of course). Ready ?

First the title, it sounds like a bullet, like the drop of 53 % of sales of General Motors in the US in february :

Signs of improvement lead to launch of new projects

A good start indeed. My dear readers know since october that the property market in Thailand is fundamentaly insulated from the crisis. Why ? Because.

So, we have had a crisis in Thailand… But we are lucky : it lasted only 3 months ! Now we have “signs of improvement“. I say : book it and buy it (the article’s title, not the condo). πŸ˜‰

The top 10 property developers in the Thai market are preparing to launch new residential projects worth more than Bt30 billion as they glimpse what some believe are the first signs of improvement in home-buyer confidence.


Sansiri’s chairman Apichart Chutrakul said that although Thailand’s economy had slumped following the global downturn, his company believed that demand still existed for residential projects priced between Bt3 million and more than Bt5 million.

Good. People are going to received 2000 THB in april from the government, reduce their spendings (VAT collections going down), the Bank Of Thailand slashes interest rates, the sales of cars are dropping, the exports are plunging, the industrial production is falling… but THE DEMAND STILL EXISTS for mid to luxury condo.

Great. πŸ˜‰

“We’ve seen good signs in the first two months of this year. The number of visitors to our residential projects has increased about 10 per cent since the last quarter of last year, when the number of visitors fell more than 50 per cent below normal. As a result, we believe that when we launch new projects at this time, we will create a feeling of confidence among our customers and in the overall property market, that things are better than in the last quarter of last year,” he said.

This guy is a winner. In Q3 we have 100 visitors. In Q4, its goes down by -50 % (= 50 visitors). Then january it goes up by 10 % compared to Q4… = 55 visitors.

The total is still much lower than Q3. πŸ˜‰ I guess they don’t teach arithmetic in thai marketing schools.

You want another one (a winner), olympic class ? I give you Sorapot Techakraisri, chief executive of Pace Development’s.

“If investors save their money in the bank or invest it on the Stock Exchange of Thailand, they will get returns on investment lower than 5 per cent. But when they invest in property, they will get an asset that will generate an annual return on investment of between 7 and 10 per cent. This is better than other investment options,” he said. Saladaeng Residences is the company’s second condominium project. The first was successfully developed on Sukhumvit 44/1 in 2004.

Tell me you love it, please. Here we have a casino under LSD and supercharged with yaba. Money on stock market ? You fool ! It’s too dangerous, we have a freaking crisis ! You’ll get a poor return.

But if you invest (ah ah ah) in a condo, you’ll get a ROI of 7 to 10 % ! Striking you think. How ? ! No need to know how, it’s totally irrelevant.

Sorapot tells you 7 to 10 %. Sign here. Sorapot is ready to give you his Mont Blanc pen.

Of course, you would need to find a tenant for your luxury condo (bought from Sorapot) but it’s not a problem. Tenants are running wild (and naked and amok) on Bangkok’s streets, everywhere, in greater number than cockroaches. And they all want to pay a high rent… so you can get your 10 % ROI. They are nice people.

Anyway. Thanks to the Boiler Room you don’t need to go to the cinema to be entertained.

And furthermore… it’s free ! πŸ˜‰

10 Responses to “Latest news from the Boiler Room : situation is “improving””

  1. 1 George P Tuckeer 4 March 2009 at 3:18 am

    Really, TC you are a tad harsh. These people have property to sell, what do you expect them to say?

    But for the Nation to report it the way they have is irresponsible, almost criminal.

  2. 2 ThaiCrisis 4 March 2009 at 3:53 am

    I know. I’m unfair. But I’m really having a blast with the Boiler Room. Life would be bleak without them !
    And the Nation is like a good dog-dog, wagging its tail… It’s hilarious.

    And the good point is : they will continue… So the deeper the crisis will be, the more surreal their “articles” will be.

  3. 3 Halfaboy 4 March 2009 at 5:59 am

    The situation is not improving. It’s a joke. Not in the Nation but in another quality newspaper (the Bangkok Post) two articles got my attention this morning.

    The first one reads that Siam City Cement (SCCC), the country’s second-largest cement company, may reduce its capacity utilisation unless state megaprojects begin this year. The company projects an 8-12% fall in consumption in the local cement market this year as the global downturn dampens construction. See:

    The second article states that Raimon restructures as its market suffers. The company has felt the impact of a heavy reliance on both foreign funds and customers in the global recession. The company yesterday announced the resignation of executive director and CEO Nigel Cornick, effective on March 1. He also resigned from the board of Raimon and its associated companies. We all know mr. Cornick as an always (over-) optimistic person. For details see:

  4. 4 Razorback 4 March 2009 at 7:14 am

    The biggest bullshitter in the boiler room got the boot oday : Nigel Corncik of Raimon land…
    You will be missed pathetic buffoon.

  5. 5 ThaiCrisis 4 March 2009 at 7:46 am

    He has resigned. The company suffers. Although… they have decided to pay a special dividend ! 3 projects on hold.

    The Directors today also announced a stock (bonus issue) and cash dividend equal to Baht 278.98 million to its shareholders.

    A symbol for the end of an era ?

  6. 6 Marvo 4 March 2009 at 10:25 am

    “we believe that when we launch new projects at this time, we will create a feeling of confidence among our customers and in the overall property market”

    Blatant out and out intention of deception if you ask me.

  7. 7 ThaiCrisis 4 March 2009 at 10:37 am

    Exactly. It’s like the snake adviser, Sir Hiss (Robin Hood, Disney cartoon) : “β€˜Trust in me, just in me”. πŸ˜‰

    We can measure the desperation… They have only one word on their lips… “confidence“. If people are “confident“… the party could continue. If people are “confident” condos would be sold like hot cakes.

    Unfortunately, it’s the level zero of economics.

    Solvency is a much more important word nowadays… Someone who loses his job, who can’t get a loan… will not buy a house. Even if he feels utterly “confident” (thanks to powerful drugs).

  8. 8 Gloomy Observer 4 March 2009 at 11:02 am

    In the real world there is now someone selling a unit in the Park Chidlom, the best condo in the city, at 92,000 per meter. That’s FAR below the 160K for new projects elsewhere that have yet to break ground, and which are lower quality. So it begins….

  9. 9 fall 4 March 2009 at 1:55 pm

    Well, if instead he focus on +20M condo, he could be right. ‘Cause people with that kind of net worth aint care about such cheap change.
    You dont ask how much Bentley cost…

  10. 10 sally 5 March 2009 at 11:30 am

    The recent history of Raimon and the firing of Nigel has more to do with the falling apart of Bob MacMillen (ex Seamico co-CEO) and his group of dodgy chums. Raimon was Seamico’s proprty play, Nigel a puppet of Mcmillen & Co.
    These same people have been trying to vote the cash stash out of Seamcio, because they leveraged to the hilt 2 years ago buying stock on the market at 3X what it trades to today. Bob McMillen opened a brokerage in Dubai, and according to sources has blown that too.
    The lesson of the story is that crooks are everywhere in Thailand, and lots of them wear shark skin suits

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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.

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