A group of 25 investors in Yacht Haven Marina in Phuket, Thailand, have begun an Internet campaign to raise awareness to the fact that they have invested in the redevelopment of the marina project 17 years ago but have neither received their condo units nor been refunded their money.
The Yacht Haven Buyers Action Group claims its members invested up to 40 million baht in the project — which calls for a 300-berth marina, condos and a clubhouse — for units in the first phase of development. When the units didn’t materialize, the investors wanted their money back. With signed contracts detailing repayment if the units were not delivered, they won in court, but a second legal action was overturned and is on appeal.
They have circulated several e-mails to media and active yachting industry leaders to share their plight. In today’s terms, they say they are due about 120 million baht ($3.8 million).
The marina has been in the news lately as the potential site for a superyacht charter show run by the organizers of the Singapore Yacht Show, originally expected in the fall but now pushed back to mid-February 2015.
Show organizers said they hope the new dates will allow the developers time to complete existing work. They claim an additional 20 or 30 superyacht berths are under way, meaning that the show will be able to accommodate between 50 and 70 superyachts at the event – a capacity that will, if the marina is finished, be unmatched anywhere else in Asia.