Bad debt property up for auction

PHUKET CITY: The Phuket Legal Execution Department (PLED) will hold its first “distressed property” auction of the year on May 15 at the Phuket Merlin Hotel. The PLED, which is responsible for auctioning off bad-debt properties, currently has on its books 220 properties worth an estimated 750 million baht. Those that are unsold on May 15 will be offered at discounted prices in subsequent auctions. “We hope to bring in 50 million baht from the first auction,” said PLED Chief Saeksan Suksang. “The other auctions will be held June 5, June 26 and July 3. All will take place at the Phuket Merlin Hotel, starting at 9 am.” All 220 properties will be put on the block on May 15 unless debtors can work out loan restructuring agreements with their creditors. K. Saeksan noted, “[Usually] about 30% of the properties [on our list] are saved from going to auction when both sides agree to compromise on repayment terms,” K. Saeksan told the Gazette. He said that about 20 of the properties up for auction on May 15 are valued at more than 10 million baht. One property in Phuket City, covering more than 1.5 rai, is valued at 26.5 million baht. On May 15, bidding on each lot will open at 80% of its estimated value. If a property fails to attract bids, it will be put on the block again at a subsequent auction, with bidding opening at 50% of the estimated value. Prospective bidders must register in advance and pay a 50,000-baht deposit. For more information contact the PLED at Tel: 076-217090-1 or 076-215589.