Off-plan property is one of the best deals in Thai real estate, right up until it isn't. Buy from a good developer in a rising market, and you can lock in prices 20–30% below handover value, with flexible payment schedules and choice of unit. Buy from the wrong developer, and you've handed over a deposit on a building that may never finish.
The difference isn't luck. It's twelve verifiable checks that any buyer — or any broker worth their fee — should run before paying a baht.
Here's the list we use internally at East, in the order we run it. If a project fails on more than one or two of these, we don't present it to clients, period.
The developer. Everything flows from this.
Has this developer completed projects in Thailand before? How many? On time? We walk completed projects by the same developer whenever possible. A finished building with happy residents tells you more than a glossy brochure.
Big red flag: a "new" developer with no track record, or one whose previous projects are consistently 12–18+ months late.
Pull the developer's company registration from the DBD (Thailand's Department of Business Development). Look at: paid-up capital, directors, financial filings. Is the SPV (special purpose vehicle) behind this project backed by a parent company with resources, or is it a standalone shell?
Thai-listed parent companies (SET or mai) are audited quarterly and published. A Thai-listed developer is a meaningful trust signal — not a guarantee, but a strong one.
A developer should be able to show you their last completed project at the level of real photography. If everything they give you is renders, something is off.
We always ask: "Can we visit the most recent completed building?" A good developer says yes within 24 hours. A bad one finds reasons to delay.
The legal basis. No permits, no building.
In Phuket, any condominium with more than 80 units or any building taller than 23 metres requires an approved EIA before construction can legally begin. Villas above a certain density threshold also require one.
Sales launches often precede EIA approval — this is common practice, but it's also where projects sometimes stall. Always confirm the EIA status in writing before paying more than a small reservation fee. If the EIA is "pending," ask when it was submitted and what the expected timeline is.
A separate document from the EIA. Verify with the local Municipality (Tessaban) that a construction permit has been issued for this specific building. In Phuket, this is typically Cherngtalay, Kamala, Rawai, or the corresponding district.
No construction permit = no legal construction. Period.
Pull the title deed from the Land Office. Confirm the chanote type — Nor Sor 4 Jor is the highest-grade freehold title and what you want for any major development.
Lower-grade titles (Nor Sor 3, Nor Sor 3 Gor) can exist in rural areas and introduce risk. Check for any registered encumbrances: mortgages, servitudes, or lease registrations. Some land cannot be used for condominium construction at all.
The money. Where does your deposit actually go?
A healthy off-plan payment schedule is tied to construction milestones: foundation completion, structure completion, roof, finishing. Red flag: >50% of total price payable before foundation is poured.
Typical Phuket off-plan schedule: 2–5% reservation, 25–35% at contract signing, the balance staged across milestones, final 10–15% at handover. Any schedule that front-loads payments heavily is transferring risk to you.
Thailand does not have universal mandatory escrow for off-plan purchases (unlike some neighbouring markets). Money usually goes directly to the developer's project account.
What you want to see: a developer-provided completion guarantee, or — in rare high-end cases — a formal bank-backed escrow. Ask what happens to your deposits if the developer fails to deliver. A good sales team has a clear answer. A bad one deflects.
Your sales contract should specify: expected handover date, penalties for developer delays (typically daily interest), your right to rescind after a defined delay (typically 12 months past deadline), and the mechanism for return of funds if rescission is exercised.
If the contract is silent on delays, or imposes penalties only on the buyer (not the developer), that's not a contract — it's a one-way option for the developer.
The product. Is this actually what you want?
Every material, brand, and finish shown in the sales gallery should be specified in writing in your contract. "Or equivalent" is a phrase to negotiate out, not accept.
Typical gap: the show unit has premium brand appliances (Miele, Gaggenau, Siemens), but the contract says "branded appliances." Specify by brand and model, or accept that what you actually get may be the cheapest acceptable equivalent.
The floor plan in the brochure may not match the exact unit you're buying. Ask for the plan for your specific unit number, confirm the actual orientation, check which window views the sea vs. the adjacent building, and walk the location on the master plan.
In off-plan, "sea view" on the brochure might mean a narrow sliver past the next tower. Floor level, facing direction, and distance from amenity zones all matter more than the marketing headline.
Some projects require you to hold for 1–2 years before resale, or impose restrictions on short-term rentals. Hotel-managed properties often mandate that you use the in-house rental program, which can cap your upside.
Read the CC&Rs (covenants, conditions, restrictions) before signing. If you plan to Airbnb or sell within 2 years, these clauses are often the difference between a good deal and an expensive one.
The red flags we always pass on.
When we walk away
- Developer refuses to share EIA & permit status in writing
- Payment schedule frontloads >50% before foundation work starts
- No completed projects from the same developer to visit
- "Off-market" or "pre-launch" urgency tactics pressuring you to deposit within 48 hours
- Discount structure that only works if you pay in full upfront
- Developer's lawyer also represents the buyer (never use the same lawyer for both sides)
- Brochure shows amenities not in the building permit (marketed beach access with no land right, for example)
- Parent company has defaulted on previous project or restructured under bankruptcy
Any single one of these isn't automatically disqualifying. More than one, and the risk-adjusted return isn't there, no matter how attractive the marketing feels.
A quick framework: the three-tier test.
When we evaluate any off-plan opportunity for a client, we sort it into one of three tiers:
Tier 1 — Confident to present
Tier 1 projects pass all twelve checks cleanly. The developer is Thai-listed or has 10+ completed projects on the island. EIA is approved, construction permits issued, piling often started. Payment schedule is milestone-tied. The unit matches the brochure. We'll proactively present these to clients.
Tier 2 — Present with conditions
Tier 2 is strong but has one or two gaps — EIA pending, or a newer developer with a single completed project. We'll present it to clients if the price premium reflects the risk, and we'll structure the deposit to be refundable if key permits don't land by a defined date.
Tier 3 — We don't present
Tier 3 is where the risks and returns don't line up. We don't show these to clients, even if they ask. The short-term trade may work out sometimes, but the probability-weighted outcome for a retail buyer is usually negative.
"The best trade in Phuket isn't the cheapest off-plan. It's the one that delivers on time, at spec, with a developer who'll still be there at handover."
What we do for clients buying off-plan.
When a client is seriously considering an off-plan purchase, our standard process is:
- Developer dossier. We pull the DBD records, look up previous projects, and write a one-page summary of the developer's track record.
- Permits verification. We confirm EIA and construction permit status in writing from the developer. If permits are pending, we call the relevant agency.
- Contract review by independent lawyer. Our lawyer — not the developer's — reviews every clause. The lawyer reports any material risks in writing.
- Reservation fee, not deposit. We secure the unit with a small refundable reservation fee while due diligence completes. Only after lawyer sign-off does the contract deposit go in.
- Milestone tracking. Post-contract, we track construction progress and flag any slippage against the agreed schedule.
None of this is glamorous. But off-plan is the part of the market where careful due diligence most clearly earns its keep. Get it right, and off-plan is genuinely one of the best value trades in Thai property. Get it wrong, and you'll wish you'd bought completed.
If you're weighing an off-plan project right now, happy to run these twelve checks with you before you put money down. Usually takes a few days, and it's the step that saves the most pain.