Housing Bank to auction foreclosed property

PHUKET: The Government Housing Bank (GHB) will hold this year’s first auction of foreclosed property on April 22 at the GHB Phuket branch on Bangkok Rd in Phuket City.

The repossessed properties include land plots, offices, condominiums and houses in Phuket and Phang Nga Provinces with a total estimated value of about 40 million baht.

Withaya Saenphakdee, Manager of the GHB Phuket Branch, said that the bank has an auction list of 78 properties. Most of these are land plots and most are in Phang Nga Province, he said, as many houses subject to foreclosure have already been sold.

“In the last three years, we have sold foreclosed properties worth about 600 million baht. We have many interested parties because our starting prices are advantageous and our loan conditions reasonable,” K. Withaya said.

Cash buyers will be required to put down a 20,000-baht deposit on auction day and complete payment by April 28. For those seeking a loan from the bank itself, the GHB demands a down payment of at least 10% of the property’s price before granting the loan.

K. Withaya commented on the property business in general, “We expect to loan around 2 billion baht this year [to buyers]. Last year’s figure was 1.6 billion baht and there has been huge growth in the property business since then.”

The auction is scheduled to run from 12 am to 4 pm on the third floor of the bank. Registration starts at 10 am. Individual would-be buyers must present personal identification while company representatives must lodge letters of authorization.

For more information contact the GHB Phuket Branch at Tel: 076-218191-3.