Property auction raises B64 million

PHUKET TOWN: Phuket’s first teleconference auction of bad-debt properties has been declared a success, with prices tripling expectations and huge interest being shown in the process. While there were no bids from Bangkok via the telescreen, about 300 interested parties and bidders turned up at the Royal Phuket City Hotel on Sunday, Saeksan Suksang, Chief of Phuket Legal Execution Office (PLED) told the Gazette. He said five of nine properties were sold for a total of 64 million baht – well over the expected 20 million baht. Four more properties failed to reach reserve prices and 10 properties were withdrawn after banks reached agreements with the owners on refinancing deals. The department is now planning another teleconference auction next year. “We have about 1,000 foreclosed assets with a total value of about 4.5 billion baht,” K. Saeksan said. “We will organize another auction for 200 properties in May next year.”