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Phuket King’s Cup regatta wraps up

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Phuket King’s Cup regatta wraps up | The Thaiger

With good winds of about 15 knots returning for the final day of the 32nd Phuket King’s Cup Regatta yesterday, some exciting racing was held off the south-western tip of the resort island as one of Asia’s biggest sailing events came to a close.

With almost 90 keelboats and multihulls as well as 107 dinghy sailors, the waters of the Andaman Sea have been awash in sails this week.

Despite winning one race each on Saturday, Australian Ray Roberts and his TP 52-design boat Team Hollywood took the overall honors in the IRC Zero Class after a close tussle all week with defending champions Kevin and Tom Whitcraft on their Thai-registered boat THA72. Both boats were of the same stripped down design and built for racing, but Roberts’ boat was a little newer and a little lighter and won more races through the week. It was Roberts’ sixth win in the top flight class at the King’s Cup in 23 years of contesting Thailand’s premier sailing event.

Sarab Singh finished third overall in the IRC Zero Class on his boat Wind Sikher, the oldest of the three TP52s racing.

In the IRC 1 Class, Australian Craig Nicholls finished first overall on Aquarii, with Hong Kong’s Nick Burns and Fred Kinmonth second on Mandrake III, followed by the Thai-registered East Marine Emagine of Scott Bradley third.

A Chinese entry took first place in the IRC 2 Class, with Highlead Encouragers (Judy) finishing first overall after seven races. Local sailor Morton Jacobsen’s sports boat Over Here finished second and Great Britain’s John Grendon’s Di Hard third. The three Chinese entries in the IRC 2 Class all finished in the top six in a field of 10.

The Premier Class honors went to Singapore’s Andy Cocks aboard Firstlight, with Hong Kong-registered boat Antipodes second. Third overall was Thailand’s Inthinai Yingsiri on Pine-Pacific.

The fast locally-built Firefly 850 catamarans managed nine races during the regatta with Great Britain’s John Newnham on Twin Sharks taking the overall honors. Germany’s Hans Rahmann on Voodoo finished second and Brit Neil Ayre on Mamba finished a close third.

One of the most photographed boats in this year’s fleet was the imposing 60-foot trimaran SHK Scallywag Fuku Bid from Hong Kong, but despite its speed on the water it had to settle for second place behind the smaller but also very fast Australian trimaran Fugazi with Dan Fidock at the helm in the Racing Multihull Class. Australian Dave Fuller bought up third place on his boat Java.

One of the features of this year’s Phuket King’s Cup Regatta, and the place where the future stars of the sport are nurtured for the years ahead, was the International Dinghy Classes, which featured 107 young sailors from around the country.

“These young sailors will one day be aboard the big keelboats and multihulls and racing in the Phuket King’s Cup Regatta,” said Commander Peera Sagultem of the Royal Thai Navy, who was also the Dinghy Race Officer.

With 12 wins from 12 races, 13-year-okd Thai champion Panwa Boonak kept a clean sheet to take the honors in the Optimist Class. Panwa, who won the 2018 Optimist Asian & Oceanian Championship at the Ngwe Saung Yacht Club & Resort in Myanmar, has proved to be an outstanding sailor in the many events he has contested and will be a great ambassador for Thailand when he represents the kingdom in coming international events.

Another consistently good young Thai sailor with a promising future in the sport is M.L. Weka Bhanubandh, who finished second in the Optimist Class. Patihan Vorrasart came a very credible third in what proved to be a tough field.

Chusitt Punjamala won every race except three in the 12 contested in the Laser Standard Class to finish as the overall winner. He was followed by Arthit Romanyk and Chairat Dangdeemark in second and third places respectively.

In the Laser Radial Class, Janisara Sasha Romanyk finished as the overall winner and she was followed by Sophia Gail Montgomery and Voravong Rachrattanaruk. The Laser 4.7 Class was won by Patcharee Sringham, with Pitchakon Ungpakornkaew second and Nuttapong Yoang-Ngam third.

The 420s was the only team event for the junior sailors, with two aboard each boat. Taking the top prize in the 420 Class was Intira Parnpiboon and Paliga Poonpat, and they were followed by Chanokchon Wangsuk and Piyaporn Khemkaew in second place, with Jedtavee Yongyuenarn and Chakkapat Wiriakitti in third place.

At the end of an exciting week’s racing, Kevin Whitcraft, President of the Phuket King’s Cup Regatta Organising Committee, said: “From the keelboat fleet to the large dingy fleet in the King’s Cup striving for glory on the north end of Kata Beach, it has been a great tribute to our King, our host country and all who revel in the freedom of the seas – particularly in Thai waters.

Not everybody can win and I congratulate those who did and I would like to tell one and all, win or lose, to come and join us again for the 33rd regatta which will be held from December 1-7, 2019. The skies will be blue and the winds will be fair.”

All the winners in the various classes were presented with their prizes at a special ceremony on Saturday evening by His Majesty the King’s Personal Representative ACM Chalit Phookphasook.

Phuket King's Cup regatta wraps up | News by The Thaiger Phuket King's Cup regatta wraps up | News by The Thaiger Phuket King's Cup regatta wraps up | News by The Thaiger Phuket King's Cup regatta wraps up | News by The Thaiger



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Bangkok

Top Five things to consider if you’re buying a condo in Thailand

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Top Five things to consider if you’re buying a condo in Thailand | The Thaiger

Not quite a Top Ten but some good straight-talking about buying condominiums in Thailand from Desmond Hughes from Hughes Krupica

One of the most commonly read or spoken summary of foreign ownership of property in Thailand is along the lines of

“Foreigners can buy a foreign freehold condominium in their name”.

At this sentence, many foreign investors switch off, and assume that the rest of the detail provided by the author may be legal mumbo jumbo or a thinly veiled attempt to win their business.

In fact, there is quite a lot you should know about Thai condominiums, before you start property hunting. As my clients don’t generally spend their time reading legal journals and legislation unless they have to, I have set out a mixture of legal and practical matters below without much distinction:

1. Only 49% of the Registrable Area of a condominium can be sold to foreigners.

In Bangkok, this is not likely to have any impact on you. Most of the buyers and owners of condominiums in Bangkok are Thai nationals. Even in condominiums popular with foreigners, it is an uncommon phenomena that foreigners would ever outnumber Thais as owners in a building. You might ask why the rule even exists, but there is a fear and protectionism in many Asian countries, not just Thailand, to try and keep foreigners ‘controlled’ through numbers and perecentages.

In other places – Phuket; Pattaya; Koh Samui; Chiang Mai and Hua Hin particularly you should apply caution to ensuring that the correct ‘quota’ of foreign units is available to be sold to you on a freehold basis.

2. Banks often advertise they will give finance, even potentially to foreigners, but in the end – don’t

I speak from personal experience and from that of my clients. For my first condo investment in Bangkok, I had to take out a loan with HSBC which was then taken over by a Thai bank. My loan had to be in foreign currency, because in order to buy a foreign freehold condominium – you have to send foreign currency into Thailand from overseas to generate ‘foreign exchange transaction forms’ to register the title to a foreigner at the land office. This means a lot of hoops for a bank to jump through simply to provide a mortgage. Foreigners are also viewed as flight risks by Thai banks and they do not wish to spend their time chasing foreign assets. This all means that a very high percentage of the foreign buyer market is cash based, which is good for the stability of that part of the condo market.

If you are tempted to try and take out finance applications to banks, be aware that the banks are looking for you to have some business in Thailand; perhaps to be married to a Thai national who preferable from the bank’s perspective will have some degree of wealth for self-support; and that you have other assets in Thailand with a history of using and paying off credit such as credit cards.

3. There is an oversupply of condominiums in Bangkok at the moment and rental yields are traditionally low in terms of % compared to more expensive Asian neighbors – Hong Kong and Singapore, and further afield

A condo in a prime rentable area at a high investment price can remain rentable due to its extremely useful location and amenities. If such condo has a 24 hour supermarket in the basement of the retail area and dozens of restaurants, as a condo building I am thinking of does have such amenities, then it will remain rentable for some time if the property is maintained. However, another condo at the end of the same ‘Soi’ and post building and delivery could remain unrented after many months and even if the rent is cut to 50% of the market price. Don’t just take my word for the state of the market for condo rentals in Bangkok, ask the agents.

In addition to this, the authorities are taking a closer eye at tax declarations and ‘cracking down’ on undeclared taxes – not just personal income tax, but the ‘business tax’ of 12.5% for renting units out. This all adds to the costs of investing and renting in a condo, and you must calculate this into your budget and forecasts to avoid living in fantasy land about dream returns.

3. You won’t have any say in how the condominium is managed

Unless you buy up over half of the voting rights attached to units in the entire building, you will be a minority voice on issues like the raising of the common area fees; use of the ‘sinking fund’ – the fund to make capital repairs, changes to the rules and regulations and general maintenance decisions, even of some significance. Don’t imagine standing up at an co-owners meeting voicing your opinions and somehow making headway in ‘changing’ the direction of the management of a building. The way in which a building is managed boils down to how the developer has structured ownership, whether the developer retains many units and a large % of the voting rights or not, and whether the developer plans to self-manage or outsource management of the asset to a reputable or not-so-reputable management company.

If you don’t check the management plan then I can reference lots of analogous situations where you would take more care – if you buy a car, you should think if there are any decent repair centres nearby and at a reasonable price – Ferraris in Phuket aren’t currently easy to maintain, I would imagine, as a non-Ferrari owner and observer of the state and condition of the roads in that Province. You also wouldn’t, I hope, buy a smart phone without knowing you could have the phone service, fixed and various parts replaced on reasonably short notice. As a property is a far higher value of investment, a lot of investigation into the management plan is necessary.

4. Don’t Believe the Hype – It’s a Sequel

False Media, we don’t need it do we? If you see a glossy marketing brochure and are told that the developer ‘has to deliver on its promises by law’ – be wary. To take one example, I bought a condo under which a ‘private wine cellar area with personal secure wine bottle storage space’ would be provided to every buyer. Amazingly, without any shame at all, the famous developer constructed an unchilled cheap wooden cabinet with glass doors, no locks next to 4 sofa chairs in the open space corridor between a swimming pool and the gym. If you wanted to fry an egg on the ‘wine cabinet’ then that was highly likely to have been possible.

These kind of things are not all ‘horror stories’ – I actually got a decent condo notwithstanding the missing items. However, you will often have to compromise when in more highly regulated and supervised jurisdictions, you would not. Compromise is a very common work in Thai society and it applies to business and consumer purchases too.

5. Set up your ownership for easy re-sale

If you are buying a condo as a ‘foreigner’ and paying cash, then you can buy your condo through a foreign company, and sell the company later. This is only worth doing if the cost of setting up and maintaining the foreign company is reasonable and the company you set up is ‘saleable’ and attractive to others. You should not carry out this kind of structuring to ‘avoid tax’. However, you can set up this kind of structure, pay tax on the purchase, and subsequently deal with your company as you see fit, provided a buyer is willing to buy it. If such a company receives rental income, then even if it is foreign it is till liable to taxes as the use of the ‘immoveable property’ for generating revenue isn’t deemed to be ‘outside’ of Thailand, and that applies even if the company tries to contract for and receive the rent outside of Thailand.

Desmond Hughes has operated and owned 2 law firms in Asia in 14 years spanning Thailand; Vietnam; Indonesia with clients in all of Asia and other markets investing inwards into the region with his existing firm Hughes Krupica possessing a large market shares in its fields of expertise. 

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Phuket

Motorbike driver smashes through glass window after accelerator malfunctions

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Motorbike driver smashes through glass window after accelerator malfunctions | The Thaiger

A female motorbike driver has sustained injuries after her motorbike’s hand grip malfunctioned and she collided with a glass wall. Chalong Police were notified of the incident at an air conditioning shop at 6pm yesterday on Chao Fa West Road in Chalong.

Police and emergency responders arrived and found the shattered glass wall and a damaged motorbike. The injured 40 year old Naowarat Jankarn had already been taken to Chalong Hospital. She sustained injuries from cuts from the broken glass. Pools of blood were found on the floor.

Ms Naowarat told police that she had parked her motorbike in front of the shop since Wednesday . The motorbike was undrivable because the hand grip accelerator was malfunctioning.

Yesterday she started the motorbike, claiming she had forgotten about the broken accelerator.

Motorbike driver smashes through glass window after accelerator malfunctions | News by The Thaiger Motorbike driver smashes through glass window after accelerator malfunctions | News by The Thaiger Motorbike driver smashes through glass window after accelerator malfunctions | News by The Thaiger Motorbike driver smashes through glass window after accelerator malfunctions | News by The Thaiger Motorbike driver smashes through glass window after accelerator malfunctions | News by The Thaiger

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Phuket

Police hunting for driver who threatened others with a gun on Phuket road – VIDEO

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Police hunting for driver who threatened others with a gun on Phuket road – VIDEO | The Thaiger

PHOTO: Tiw Tiw

The Thalang Police are hunting for the driver who was threatening other motorists on Thepkrasattri Road by waving a gun around out of the driver’s window of his red sedan in Thalang this morning.

A Facebook user ‘Tiw Tiw’ has posted the video with a message reading “where are the police, please follow him. The incident happened this morning in Thalang.”

The video shows a car switching from one lane to another.  The driver shows a gun in his car window and then appears to throw it out (at least he used his indicator).

The Thalang Police are investigating the incident and want to find the car driver for questioning.

 

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