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.
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