The Posh Twelve: one-sided news and not totally correct

The Posh Twelve
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This story about The Posh Twelve project (pictured) in Nonthaburi isn’t so much fake news but more evidence of one-sided journalism and failure to tell readers the full picture.

Singapore-listed Pacific Star Development issued a press release yesterday (Tuesday) which has been picked up by numerous media including The Business Times, one of the preeminent publications in the city-state, in which it states is has: ‘… sold all 450 units in its first sales phase for international buyers at its The Posh Twelve mixed use development …’ in Nonthaburi.

Reading this news alone you would be forgiven for thinking that Nonthaburi, and particularly Tiwanon where the project is located, has suddenly become a favourite destination for overseas property buyers.

What the news failed to state is that this project has been on sale for more than three years.

In February 2015, CBRE Thailand published a news story stating it had been made a co-sales agent for the project.

There are also numerous mentions of the launch of The Posh Twelve dating back to early 2015.

The Post Twelve has also been exhibited in Hong Kong and Singapore during that time.

The developer also claimed to have won three prestigious awards, including the top award for ‘Best Residential High-rise Development in Thailand’ at the Asia Pacific Property Awards 2018.

It did indeed collect an accolade in the ‘Best Residential High-Rise Development in Thailand’ at this year’s Awards, but at the five-star second tier level. Other projects were awarded the winning titles.

It did however win the title of ‘Best Interior Design Show Home’ at the Awards held earlier this year.

The developer also claimed The Post Twelve is “located within Bangkok’s expanding core.”

It’s certainly arguable that Tiwanon can lay claim to being within Bangkok’s expanding core. We would say it is suburban Bangkok at least, given the 40 minutes it would take to reach central Bangkok by mass-transit.

Whilst sales have been happening locally,

The resort-style condominium project with 1,372 units is under construction with completion expected during Q1 2020.

The Business Times yesterday reported that: “The second release, for local buyers, is scheduled for launch in August 2018.”

This gives the impression that foreign sales have been made before those to locals however the project has been marked and sold in Thailand for at least three years.

So, again, we have a case where the word of the property developer has been taken at face value without any background research or local knowledge.

It gives a false picture to, in this case, mostly Singapore readers.

Andrew Batt
The author of this article is Andrew Batt, the founder and editor of www.thailandproperty.news. Andrew has been writing about property and real estate issues in Thailand and Southeast Asia for more than 10 years. He has worked for PropertyGuru Group, DDproperty, Dot Property Group, Hipflat and AsiaRents. He has also produced content for leading Thailand property developers and real estate agencies.
Email: andrew.thailandpropertynews@gmail.com.

6 Comments

  1. Yewenhua, thanks for your comment.

    When this project first started selling in 2015 you could buy a unit, depending on size, for as little as THB 60,000 per sqm. The lowest price right now appears to be in the region of THB 160,000 per sqm. Personally, it does not appear you have been cheated by the developer. You have been emailed to continue this discussion, and thank you again.

    Andrew.

  2. I’m from China, I booked it last year, the price nearly 87500 bath/square. today,i read your news, can I conclude that I have been cheated by the developer.what is the fair price in this area?

  3. Thank you, as always, for your comment Gunther. We do not agree. We think it is important to highlight when information that is published anywhere and by anyone is incorrect and/or misleading, and has the ability to mislead readers.

  4. Dis is not an enjoyable article. I do not wish to read article where one media outlet attacks another. My mutter wud say dis is saure trauben. I found most articles this week to be enjoyable but now I must commence with the shaking of my head. Sorry if that isn’t the right use of the phrase.

  5. A comment purporting to be from a senior journalist, and suggesting this story is false, was left at 10.40am this morning. It will not be published. I am in contact with the journalist who did not make the comment. No false or defamatory comments will be approved.

  6. Makes a change from another ‘the sky is the limit’ for Bangkok condo prices type news story, with a quote from CBRE Thailand effectively saying the sky is the limit for prices.

    As for those annual ‘Property Awards’ – punters (and punter is the right word to describe the majority of foreign Bangkok condo investors) should take a close look at the background of the judging panel and decide for themselves how independent the judging panel are and whether they have any vested interests.

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