World's tallest condo due in Pattaya

Wow, this is what I call market saturation. And the extra traffic? It looks like the gay beach is going to be overrun with cows.

Mooooooooooooooooo

100K a sq m? That's a lot of laundry capacity. And a lot of loss potential.


World's tallest condo due in Pattaya

KANANA KATHARANGSIPORN

A German entrepreneur plans to spend six billion baht developing the tallest residential project in the world in Thailand worth 12 billion baht.


The 91-storey Ocean 1 condominium, 327 metres in height, is being spearheaded by Siam Best Enterprises Co. It will occupy a site of 12 rai in Jomtien, south of Pattaya, with 611 units, priced anywhere between five million and 150 million baht each, or 100,000 baht per square metre.


Bruno Pingel, Siam Best's managing director, said it would be a new city icon, adding that its height had already attracted bookings of 12% from buyers from Europe, Australia and the United States.


The company invested 280 million baht in acquiring the land for Ocean I with the construction financed by TMB Bank. It will be launched officially in October.


Siam Best expects to close sales within six months of the launch after receiving several inquiries, and has a lot of demand in hand.


The company is now waiting for the construction permit and environmental assessment to be approved to start work on the site in December, for completion in 2010.


''Ocean I will be the tallest building in Thailand and the tallest residential project in the world. If we are successful in developing this project, we will build Ocean II, which will be higher than Ocean I,'' said Mr Pingel.


According to the real estate research company Emporis Buildings, Mr Pingel's Ocean I would top the current world's highest residence, Q1 Tower in Gold Coast City, Australia, by five metres.


Mr Pingel said there were about 30 residential projects under construction in Pattaya at the moment, the highest of which was only about 20 floors.


Building the world's tallest building in Thailand would attract deep-pocketed buyers from around the world, said Mr Pingel, who chose Pattaya for the venture because it was well-known on the world market.


The 46-year-old businessman started his real estate firm in Pattaya after initially importing furniture 18 years ago.


Siam Best Enterprises currently has 200 million baht in registered capital and has developed five residential projects worth four billion baht in Pattaya.


Last year, the company generated 400 million baht in sales and expected to record one billion baht this year from the sales of existing projects and Ocean I.


Its projects include Majestic Residence, comprised of 74 villas with 14 left for sale; and View Talay Residence Condo V, with 79 units, priced between 1.3 million and 2.8 million baht a unit, which will be opened for sale in the near future.


''We want to shift our focus to high-rise condominiums which generate higher margins than our traditional housing units and villa developments,'' Mr Pingel commented.


Mr Pingel operates six companies at present: Siam Best Enterprise, a residential developer; Pattaya Properties, a sales and marketing arm; View Talay Construction; Jomtien Properties and Law Advisor; View Talay Villa Management; and a local newspaper, the Pattaya Post. The group employs a total of 300 people.

cows ??

OK Elton John who will be in the Penthouse is a bit on the gross side but I'm slim and gorgeous and we will both be living there ( seperated by only 85 floors)

And I hear the tennis star Leyton Hewitt is about to settlle on 2 apartments.

[Aunty]

You know I'm the first to admit I know nothing about real estate, particularly real estate in Pattaya, but I just can't figure out how they are going to make this thing economically viable. It's going to cost hundreds of millions of dollars to build, and hundreds more to make a profit. Given Thailand's foreign ownership laws, I just don't see where all the money (buyers) are going to come from? I just have this awful feeling it's all going to end in tears!

Just another eyeshore replacing the tops of the trees as the highest structures. Won't be long until new restrictions are added to the vendors (what few remain of them) and beach goers. As the high rollers move in and demand their privacy and upscale life styles the working class of thailand will be pushed further and further from the beach areas. I for one would applaud leveling these structures and returning the beach area to the pristine family beaches they once were. I am sure tho that Mother Nature will extract her revenge here one day.

Bruno Pingel is the man who built the very nice View Tallay villas...they were snapped up by foreigners before they were built because of the exceptional quality and I expect this bulding to be no different.

China will supply plenty of new owners..Arab money is being parked..rich Bangkok Thais who want a Pattaya pad...there is no shortage of buyers.

I can understand Luvthai that many will see this as an eyesore..but then Pattaya is almost one giant eyesore..but you will have me waving from the 17th floor to soften the view.

although I am acquainted with the person known as LMTU..as to which floor I will be on do you seriously think I would actually tell you the real one ?? :geek:

Apart from the many invitations I expect to flood in inviting me to chic cocktail parties-eventually makeing it to the penthouse to sup with Elton, I certainly dont want any of you scrubbers on here desperately attempting to track me down in my luxurious condo and begging for just the tiniest glimpse of the sensational view from my balcony.

If the Sawatdee posters are silly enough to miss out on the buy of the century you will just have to stand in the street gazing up forlornly, hoping to catch a glmpse of us glamorous folk in the most fabulous building in Asia ( and I'm not even on commission) and try and work out which gorgeous blonde is me.

[Doug]

By my math, 85 floors below the penthouse, puts you in the middle of the 8 story parkade. Are you living in your Winnibego again? I guess when you're "crusing for trade" it's better to stand in a covered parkade as the johns go by rather than a rainy street corner.

OK you got me Doug..with this morgage I will be running the car wash concession and will probably have to take in washing..how else am I going to meet Elton John or Leyton Hewit or the Hollywod movie star whose (hers/his) identity I am sworn to keep secret ,who is buying 2 condos.

However I shall still venture down to the Jomtien complex to mingle wih ordinary folk ( like you and the others on here). I may be grand and from a different social class but I ain't a snob. You can understand though that if I have a small party and invite members of this forum I would need to have everything cemeted down, as a friend did in Tangiers, so nothing was "accidently" removed by a guest overcome with the excitement

[Smiles]

" ... However I shall still venture down to the Jomtien complex to mingle wih ordinary folk ... "
Well, we'll know you when we see you, that's for sure.
Troweling the makeup on a bit thick aren't we? But in your case .....

One positive thing . . . you look much younger than I imagined.


http://img.photobucket.com/albums/v18/sawatdeephotos/Images2/dragq.jpg


Cheers . . . and see you with your legs apart on the Bondi Hotel steps.